Valuation Update With 7 Day Price Move • Jun 29
Investor sentiment improves as stock rises 16% After last week's 16% share price gain to CA$41.98, the stock trades at a trailing P/E ratio of 23.6x. Average forward P/E is 14x in the Personal Products industry in North America. Total returns to shareholders of 51% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at CA$56.57 per share. Live News • Jun 25
Jamieson Wellness Reviewing Sale Options After Unsolicited Approach and Advisor Appointments Jamieson Wellness confirmed it is in discussions with interested parties about a potential sale of the company, following an unsolicited proposal, and has hired BMO Capital Markets and Canaccord Genuity as financial advisors to review options to “enhance shareholder value.”
The board stated it remains committed to Jamieson Wellness’s existing strategic plan if the review process does not lead to a transaction, signalling that a sale is not guaranteed at this stage.
Jamieson Wellness shares trade at about CA$36.39, with the stock up roughly 8.6% year to date, reflecting a generally positive recent run into this review process.
The key question now is whether any formal bid emerges that the board views as more attractive than continuing with the current plan. This creates uncertainty around timing, potential deal terms and the company’s future direction. Upcoming Dividend • May 28
Upcoming dividend of CA$0.23 per share Eligible shareholders must have bought the stock before 01 June 2026. Payment date: 15 June 2026. Payout ratio is a comfortable 1.1% but the company is paying out more than the cash it is generating. Trailing yield: 2.6%. Lower than top quartile of Canadian dividend payers (5.5%). Lower than average of industry peers (3.2%). Live News • May 16
Jamieson Wellness Expands Credit Facilities to $800 Million With Extended Maturity to 2031 Jamieson Wellness has amended and restated its senior credit facilities through a new agreement with a syndicate of lenders.
The new credit agreement extends the maturity of the company’s credit facilities to May 14, 2031.
Total availability under the revolving credit facilities is now up to $800 million, with an accordion feature that can increase this by up to $400 million.
The refinancing provides Jamieson Wellness with a longer debt timeline and a larger revolving facility, which can support future organic initiatives and any M&A the company chooses to evaluate.
For investors, a key angle to monitor is how actively the company uses this expanded capacity, since larger facilities can support growth but may also increase financial leverage if drawn heavily. Declared Dividend • May 14
First quarter dividend of CA$0.23 announced Shareholders will receive a dividend of CA$0.23. Ex-date: 1st June 2026 Payment date: 15th June 2026 Dividend yield will be 2.7%, which is higher than the industry average of 1.9%. Sustainability & Growth Dividend is covered by earnings (1% earnings payout ratio) but not covered by cash flows (123% cash payout ratio). The dividend has increased by an average of 12% per year over the past 9 years and payments have been stable during that time. Earnings per share has grown by 12% over the last 5 years. Unless this trend reverses, it should provide support to the dividend and adequate earnings cover. New Risk • May 11
New minor risk - Dividend sustainability The dividend is not well covered by cash flows. Cash payout ratio: 123% Dividend yield: 2.6% This is considered a minor risk. Dividends are ultimately paid out of the company's available cash reserves. Companies that pay out too much of their cash flow are at risk of having to reduce or cut their dividend in future. If cash flow growth slows or cash flows fall, then there may not be enough cash reserves to maintain the same dividend. Or in extreme cases, companies may opt to take on debt to maintain the dividend. This risk is mitigated by the fact the dividend is covered by earnings, however, cash flows are generally more important. For dividend paying companies, any reduction in the dividend can significantly impact the share price. Currently, the following risks have been identified for the company: Major Risk Debt is not well covered by operating cash flow (10% operating cash flow to total debt). Minor Risks Dividend is not well covered by cash flows (123% cash payout ratio). Significant insider selling over the past 3 months (CA$389k sold). Reported Earnings • May 11
First quarter 2026 earnings released: EPS: CA$0.21 (vs CA$0.058 loss in 1Q 2025) First quarter 2026 results: EPS: CA$0.21 (up from CA$0.058 loss in 1Q 2025). Revenue: CA$169.8m (up 16% from 1Q 2025). Net income: CA$8.81m (up CA$11.3m from 1Q 2025). Profit margin: 5.2% (up from net loss in 1Q 2025). The move to profitability was driven by higher revenue. Revenue is forecast to grow 9.3% p.a. on average during the next 3 years, compared to a 3.8% growth forecast for the Personal Products industry in North America. Over the last 3 years on average, earnings per share has increased by 15% per year but the company’s share price has only increased by 3% per year, which means it is significantly lagging earnings growth. Announcement • Apr 24
Jamieson Wellness Inc. to Report Q1, 2026 Results on May 07, 2026 Jamieson Wellness Inc. announced that they will report Q1, 2026 results After-Market on May 07, 2026 Recent Insider Transactions • Mar 12
Chief Operating Officer recently sold CA$349k worth of stock On the 9th of March, Regan Stewart sold around 10k shares on-market at roughly CA$35.44 per share. This transaction amounted to 22% of their direct individual holding at the time of the trade. This was the largest sale by an insider in the last 3 months. This was Regan's only on-market trade for the last 12 months. Recent Insider Transactions Derivative • Mar 12
President exercised options to buy CA$835k worth of stock. On the 5th of March, Michael Pilato exercised 52.96k options at around CA$35.44, then sold 28.35k of them at CA$35.44 each and kept the remainder. Since March 2025, Michael's direct individual holding has increased from 57.74k shares to 82.35k. Company insiders have collectively sold CA$2.4m more than they bought, via options and on-market transactions in the last 12 months. Announcement • Mar 09
Jamieson Wellness Inc., Annual General Meeting, May 19, 2026 Jamieson Wellness Inc., Annual General Meeting, May 19, 2026. Declared Dividend • Mar 05
Fourth quarter dividend of CA$0.23 announced Shareholders will receive a dividend of CA$0.23. Ex-date: 6th March 2026 Payment date: 16th March 2026 Dividend yield will be 2.5%, which is higher than the industry average of 1.9%. Sustainability & Growth Dividend is covered by both earnings (59% earnings payout ratio) and cash flows (55% cash payout ratio). The dividend has increased by an average of 12% per year over the past 9 years and payments have been stable during that time. Earnings per share has grown by 7.5% over the last 5 years. Unless this trend reverses, it should provide support to the dividend and adequate earnings cover. Reported Earnings • Feb 27
Full year 2025 earnings released: EPS: CA$1.49 (vs CA$1.25 in FY 2024) Full year 2025 results: EPS: CA$1.49 (up from CA$1.25 in FY 2024). Revenue: CA$822.1m (up 12% from FY 2024). Net income: CA$62.4m (up 20% from FY 2024). Profit margin: 7.6% (up from 7.1% in FY 2024). The increase in margin was driven by higher revenue. Revenue is forecast to grow 8.5% p.a. on average during the next 3 years, compared to a 4.4% growth forecast for the Personal Products industry in North America. Over the last 3 years on average, earnings per share has increased by 8% per year whereas the company’s share price has increased by 6% per year. Announcement • Feb 13
Jamieson Wellness Inc. to Report Q4, 2025 Results on Feb 26, 2026 Jamieson Wellness Inc. announced that they will report Q4, 2025 results After-Market on Feb 26, 2026 Upcoming Dividend • Nov 25
Upcoming dividend of CA$0.23 per share Eligible shareholders must have bought the stock before 01 December 2025. Payment date: 15 December 2025. Payout ratio is a comfortable 14% and this is well supported by cash flows. Trailing yield: 2.7%. Lower than top quartile of Canadian dividend payers (6.0%). Lower than average of industry peers (3.3%). Declared Dividend • Nov 10
Third quarter dividend of CA$0.23 announced Shareholders will receive a dividend of CA$0.23. Ex-date: 1st December 2025 Payment date: 15th December 2025 Dividend yield will be 2.5%, which is higher than the industry average of 1.9%. Sustainability & Growth Dividend is covered by both earnings (14% earnings payout ratio) and cash flows (51% cash payout ratio). The dividend has increased by an average of 14% per year over the past 8 years and payments have been stable during that time. Earnings per share has grown by 8.3% over the last 5 years. Unless this trend reverses, it should provide support to the dividend and adequate earnings cover. Reported Earnings • Nov 07
Third quarter 2025 earnings: Revenues exceed analysts expectations while EPS lags behind Third quarter 2025 results: EPS: CA$0.36 (up from CA$0.25 in 3Q 2024). Revenue: CA$199.3m (up 13% from 3Q 2024). Net income: CA$15.0m (up 42% from 3Q 2024). Profit margin: 7.5% (up from 6.0% in 3Q 2024). The increase in margin was driven by higher revenue. Revenue exceeded analyst estimates by 5.8%. Earnings per share (EPS) missed analyst estimates by 32%. Revenue is forecast to grow 10% p.a. on average during the next 3 years, compared to a 4.7% growth forecast for the Personal Products industry in North America. Over the last 3 years on average, earnings per share has increased by 4% per year whereas the company’s share price has increased by 2% per year. Announcement • Oct 24
Jamieson Wellness Inc. to Report Q3, 2025 Results on Nov 06, 2025 Jamieson Wellness Inc. announced that they will report Q3, 2025 results at 4:00 PM, Eastern Standard Time on Nov 06, 2025 Announcement • Oct 22
Jamieson Wellness Inc. Appoints Gayle Tait to the Board of Directors, Effective October 27, 2025 Jamieson Wellness Inc. announced the appointment of Gayle Tait to the Company’s Board of Directors. Ms. Tait’s executive experience in both public and private companies spans over 25 years, including roles at Google Play, L’Oréal UK consumer products division, and most recently as CEO of Trove, a venture-backed circular economy business. She currently serves on the board of e.l.f. Beauty, where she has helped guide the company through a period of hypergrowth, international expansion and operational scale. During her tenure, e.l.f has become a leader in community-based business, pioneering in non-traditional digital channels to connect with the consumer and bring the values of the company to life. She also contributed to strategy and oversight during e.l.f’s brand acquisitions of Naturium Skin and rhode Beauty. Ms. Tait’s appointment to the Board is effective October 27, 2025, at which time she will also begin serving on the Company’s Governance, Compensation and Nominating Committee. Recent Insider Transactions Derivative • Sep 17
President exercised options and sold CA$271k worth of stock On the 15th of September, Michael Pilato exercised 24k options at a strike price of around CA$25.75 and sold these shares for an average price of CA$37.00 per share. This trade did not impact their existing holding. For the year to December 2018, Michael's total compensation was 23% salary and 77% other compensation. This indicates that these sales could comprise a meaningful part of their income for the year. Since December 2024, Michael's direct individual holding has increased from 43.35k shares to 57.74k. Company insiders have collectively sold CA$4.2m more than they bought, via options and on-market transactions in the last 12 months. Recent Insider Transactions Derivative • Sep 10
Chief Operating Officer exercised options and sold CA$194k worth of stock On the 5th of September, Regan Stewart exercised 9k options at a strike price of around CA$15.75 and sold these shares for an average price of CA$37.06 per share. This trade did not impact their existing holding. Since September 2024, Regan has owned 26.87k shares directly. Company insiders have collectively sold CA$3.8m more than they bought, via options and on-market transactions in the last 12 months. New Risk • Aug 29
New minor risk - Insider selling There has been significant insider selling in the company's shares over the past 3 months. Total value of shares sold: CA$3.9m This is considered a minor risk. There are several reasons why an insider may be selling, including to cover a tax obligation or pay for some other expense. However, we generally consider it a negative if insiders have been selling, especially if they do so below the current price. It implies that they considered a lower price to be reasonable. This is a weak signal, but if there is a pattern of unexplained selling, it can be a sign the insider believes the company's stock is overpriced. Note: We only include open market transactions and private dispositions of directly owned stock by individuals, not by corporations or trusts. Currently, the following risks have been identified for the company: Minor Risks High level of debt (72% net debt to equity). Significant insider selling over the past 3 months (CA$3.9m sold). Buy Or Sell Opportunity • Aug 27
Now 20% overvalued after recent price rise Over the last 90 days, the stock has risen 2.7% to CA$36.39. The fair value is estimated to be CA$30.26, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has grown by 15% over the last 3 years, while earnings per share has been flat. Upcoming Dividend • Aug 25
Upcoming dividend of CA$0.23 per share Eligible shareholders must have bought the stock before 29 August 2025. Payment date: 12 September 2025. Payout ratio is a comfortable 30% and this is well supported by cash flows. Trailing yield: 2.3%. Lower than top quartile of Canadian dividend payers (5.9%). Lower than average of industry peers (2.8%). Recent Insider Transactions Derivative • Aug 17
Insider exercised options and sold CA$309k worth of stock On the 13th of August, Don Bird exercised 27k options at a strike price of around CA$25.75 and sold these shares for an average price of CA$37.14 per share. This trade did not impact their existing holding. Since September 2024, Don's direct individual holding has increased from 19.31k shares to 20.04k. Company insiders have collectively sold CA$2.3m more than they bought, via options and on-market transactions in the last 12 months. Declared Dividend • Aug 11
Second quarter dividend increased to CA$0.23 Dividend of CA$0.23 is 9.5% higher than last year. Ex-date: 29th August 2025 Payment date: 12th September 2025 Dividend yield will be 2.3%, which is higher than the industry average of 1.9%. Sustainability & Growth Dividend is well covered by both earnings (30% earnings payout ratio) and cash flows (37% cash payout ratio). The dividend has increased by an average of 13% per year over the past 8 years and payments have been stable during that time. Earnings per share has grown by 11% over the last 5 years. Unless this trend reverses, it should provide support to the dividend and adequate earnings cover. Buy Or Sell Opportunity • Aug 11
Now 23% overvalued after recent price rise Over the last 90 days, the stock has risen 12% to CA$37.49. The fair value is estimated to be CA$30.39, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has grown by 15% over the last 3 years, while earnings per share has been flat. Reported Earnings • Aug 08
Second quarter 2025 earnings: EPS and revenues miss analyst expectations Second quarter 2025 results: EPS: CA$0.31 (up from CA$0.21 in 2Q 2024). Revenue: CA$199.1m (up 7.7% from 2Q 2024). Net income: CA$13.1m (up 51% from 2Q 2024). Profit margin: 6.6% (up from 4.7% in 2Q 2024). The increase in margin was driven by higher revenue. Revenue missed analyst estimates by 4.5%. Earnings per share (EPS) also missed analyst estimates by 36%. Revenue is forecast to grow 9.6% p.a. on average during the next 3 years, compared to a 4.7% growth forecast for the Personal Products industry in North America. Over the last 3 years on average, earnings per share has fallen by 2% per year whereas the company’s share price has remained flat. Announcement • Jul 25
Jamieson Wellness Inc. to Report Q2, 2025 Results on Aug 07, 2025 Jamieson Wellness Inc. announced that they will report Q2, 2025 results at 4:00 PM, Eastern Standard Time on Aug 07, 2025 Recent Insider Transactions Derivative • Jun 01
CFO & Corporate Secretary exercised options and sold CA$564k worth of stock On the 29th of May, Christopher Snowden exercised 37k options at a strike price of around CA$20.09 and sold these shares for an average price of CA$35.15 per share. This trade did not impact their existing holding. Since June 2024, Christopher has owned 156.82k shares directly. Company insiders have collectively sold CA$2.0m more than they bought, via options and on-market transactions in the last 12 months. Declared Dividend • May 14
First quarter dividend of CA$0.21 announced Shareholders will receive a dividend of CA$0.21. Ex-date: 30th May 2025 Payment date: 13th June 2025 Dividend yield will be 2.5%, which is higher than the industry average of 1.9%. Sustainability & Growth Dividend is covered by both earnings (65% earnings payout ratio) and cash flows (39% cash payout ratio). The dividend has increased by an average of 13% per year over the past 8 years and payments have been stable during that time. Earnings per share has grown by 7.8% over the last 5 years. Unless this trend reverses, it should provide support to the dividend and adequate earnings cover. Reported Earnings • May 09
First quarter 2025 earnings: Revenues exceed analysts expectations while EPS lags behind First quarter 2025 results: CA$0.058 loss per share (improved from CA$0.099 loss in 1Q 2024). Revenue: CA$146.0m (up 14% from 1Q 2024). Net loss: CA$2.45m (loss narrowed 41% from 1Q 2024). Revenue exceeded analyst estimates by 2.5%. Earnings per share (EPS) missed analyst estimates. Revenue is forecast to grow 9.4% p.a. on average during the next 3 years, compared to a 4.0% growth forecast for the Personal Products industry in North America. Over the last 3 years on average, earnings per share has fallen by 8% per year but the company’s share price has increased by 1% per year, which means it is well ahead of earnings. Announcement • Apr 25
Jamieson Wellness Inc. to Report Q1, 2025 Results on May 08, 2025 Jamieson Wellness Inc. announced that they will report Q1, 2025 results at 4:00 PM, US Eastern Standard Time on May 08, 2025 Recent Insider Transactions • Mar 07
President recently sold CA$475k worth of stock On the 5th of March, Michael Pilato sold around 17k shares on-market at roughly CA$28.62 per share. This transaction amounted to 22% of their direct individual holding at the time of the trade. This was the largest sale by an insider in the last 3 months. This was Michael's only on-market trade for the last 12 months. Announcement • Mar 03
Jamieson Wellness Inc., Annual General Meeting, May 27, 2025 Jamieson Wellness Inc., Annual General Meeting, May 27, 2025. Declared Dividend • Mar 03
Fourth quarter dividend of CA$0.21 announced Shareholders will receive a dividend of CA$0.21. Ex-date: 7th March 2025 Payment date: 14th March 2025 Dividend yield will be 2.8%, which is higher than the industry average of 1.9%. Sustainability & Growth Dividend is covered by both earnings (84% earnings payout ratio) and cash flows (69% cash payout ratio). The dividend has increased by an average of 13% per year over the past 8 years and payments have been stable during that time. EPS is expected to remain steady over the next year, which should provide adequate earnings cover for the dividend. Reported Earnings • Feb 28
Full year 2024 earnings: EPS and revenues miss analyst expectations Full year 2024 results: EPS: CA$1.25 (up from CA$1.14 in FY 2023). Revenue: CA$733.8m (up 8.5% from FY 2023). Net income: CA$51.9m (up 8.4% from FY 2023). Profit margin: 7.1% (in line with FY 2023). Revenue missed analyst estimates by 1.1%. Earnings per share (EPS) also missed analyst estimates by 23%. Revenue is forecast to grow 9.5% p.a. on average during the next 3 years, compared to a 3.7% growth forecast for the Personal Products industry in North America. Over the last 3 years on average, earnings per share has fallen by 11% per year but the company’s share price has only fallen by 4% per year, which means it has not declined as severely as earnings. Announcement • Feb 14
Jamieson Wellness Inc. to Report Q4, 2024 Results on Feb 27, 2025 Jamieson Wellness Inc. announced that they will report Q4, 2024 results After-Market on Feb 27, 2025 Recent Insider Transactions Derivative • Dec 03
Chief Operations & People Officer exercised options and sold CA$240k worth of stock On the 29th of November, Regan Stewart exercised 10k options at a strike price of around CA$13.90 and sold these shares for an average price of CA$36.71 per share. This trade did not impact their existing holding. Since December 2023, Regan has owned 26.87k shares directly. Company insiders have collectively sold CA$2.5m more than they bought, via options and on-market transactions in the last 12 months. Board Change • Dec 01
Insufficient new directors There is 1 new director who has joined the board in the last 3 years. The company's board is composed of: 1 new director. 8 experienced directors. 1 highly experienced director. Independent Director Francois Vimard was the last director to join the board, commencing their role in 2023. The company’s insufficient board refreshment is considered a risk according to the Simply Wall St Risk Model. Recent Insider Transactions Derivative • Nov 28
Chief Operations & People Officer exercised options and sold CA$231k worth of stock On the 22nd of November, Regan Stewart exercised 24k options at a strike price of around CA$25.64 and sold these shares for an average price of CA$35.36 per share. This trade did not impact their existing holding. Since December 2023, Regan has owned 26.87k shares directly. Company insiders have collectively sold CA$2.3m more than they bought, via options and on-market transactions in the last 12 months. Recent Insider Transactions Derivative • Nov 19
Chief Operations & People Officer exercised options and sold CA$376k worth of stock On the 15th of November, Regan Stewart exercised 14k options at a strike price of around CA$6.64 and sold these shares for an average price of CA$33.40 per share. This trade did not impact their existing holding. Since December 2023, Regan has owned 26.87k shares directly. Company insiders have collectively sold CA$3.9m more than they bought, via options and on-market transactions in the last 12 months. Announcement • Nov 15
Jamieson Wellness Inc. Appoints of Diane Nyisztor to its Board of Directors, as Member of Governance, Compensation, and Nominating Committee, Effective January 1, 2025 Jamieson Wellness Inc. announced the appointment of Diane Nyisztor to the Company’s Board of Directors, effective January 1, 2025. Ms. Nyisztor is a Chartered Professional Accountant and former senior executive with more than 30 years of experience in global human resources, compensation advisory, corporate governance, and expatriate tax. She served as Senior Vice President and Chief Human Resources Officer at Cogeco Inc. between 2014 and 2021 and was Partner, International Executive Services at KPMG Canada LLP from 2013 to 2014. Prior to that, Ms. Nyisztor held several progressively senior leadership positions in human resources at AtkinsRéalis (formerly SNC-Lavalin Group Inc.). Ms. Nyisztor is also an experienced board member. Since 2016, she has served as a Corporate Director and member of the Corporate Governance and Human Resources committee for Saputo Inc. She also serves on the board of the YMCAs of Québec, where she is Chair of the Human Resources Committee. Ms. Nyisztor’s appointment to the Jamieson Wellness Board of Directors is effective as of January 1, 2025. At that time, she will also begin serving as a member of the Company’s Governance, Compensation, and Nominating Committee. Declared Dividend • Nov 11
Third quarter dividend of CA$0.21 announced Shareholders will receive a dividend of CA$0.21. Ex-date: 29th November 2024 Payment date: 13th December 2024 Dividend yield will be 2.2%, which is higher than the industry average of 1.9%. Sustainability & Growth Dividend is covered by both earnings (20% earnings payout ratio) and cash flows (84% cash payout ratio). The dividend has increased by an average of 15% per year over the past 7 years and payments have been stable during that time. EPS is expected to grow by 51% over the next year, which should provide support to the dividend and adequate earnings cover. Reported Earnings • Nov 08
Third quarter 2024 earnings: EPS in line with analyst expectations despite revenue beat Third quarter 2024 results: EPS: CA$0.25 (up from CA$0.20 in 3Q 2023). Revenue: CA$176.2m (up 16% from 3Q 2023). Net income: CA$10.6m (up 28% from 3Q 2023). Profit margin: 6.0% (up from 5.4% in 3Q 2023). The increase in margin was driven by higher revenue. Revenue is forecast to grow 11% p.a. on average during the next 3 years, compared to a 5.0% growth forecast for the Personal Products industry in North America. Over the last 3 years on average, earnings per share has fallen by 12% per year but the company’s share price has only fallen by 5% per year, which means it has not declined as severely as earnings. Announcement • Oct 25
Jamieson Wellness Inc. to Report Q3, 2024 Results on Nov 07, 2024 Jamieson Wellness Inc. announced that they will report Q3, 2024 results After-Market on Nov 07, 2024 Price Target Changed • Oct 24
Price target increased by 7.3% to CA$38.82 Up from CA$36.19, the current price target is an average from 7 analysts. New target price is 13% above last closing price of CA$34.31. Stock is up 53% over the past year. The company is forecast to post earnings per share of CA$1.55 for next year compared to CA$1.14 last year. Recent Insider Transactions Derivative • Sep 19
President exercised options and sold CA$325k worth of stock On the 13th of September, Michael Pilato exercised 34.49k options at around CA$20.11, then sold 24k of the shares acquired at an average of CA$33.41 per share and kept the remainder. For the year to December 2018, Michael's total compensation was 24% salary and 76% other compensation. This indicates that these sales could comprise a meaningful part of their income for the year. Since December 2023, Michael has owned 33.32k shares directly. Company insiders have collectively sold CA$3.5m more than they bought, via options and on-market transactions in the last 12 months. Recent Insider Transactions Derivative • Aug 30
Chief Operations & People Officer exercised options and sold CA$404k worth of stock On the 26th of August, Regan Stewart exercised 36k options at a strike price of around CA$19.80 and sold these shares for an average price of CA$30.89 per share. This trade did not impact their existing holding. Since September 2023, Regan's direct individual holding has increased from 26.54k shares to 26.87k. Company insiders have collectively sold CA$3.6m more than they bought, via options and on-market transactions in the last 12 months. Upcoming Dividend • Aug 26
Upcoming dividend of CA$0.21 per share Eligible shareholders must have bought the stock before 30 August 2024. Payment date: 13 September 2024. Payout ratio is on the higher end at 88%, and the cash payout ratio is above 100%. Trailing yield: 2.7%. Lower than top quartile of Canadian dividend payers (6.1%). Lower than average of industry peers (3.2%). Declared Dividend • Aug 12
Second quarter dividend increased to CA$0.21 Dividend of CA$0.21 is 11% higher than last year. Ex-date: 30th August 2024 Payment date: 13th September 2024 Dividend yield will be 2.5%, which is higher than the industry average of 1.9%. Sustainability & Growth Dividend is covered by earnings (88% earnings payout ratio) but not covered by cash flows (dividend approximately 9x free cash flows). The dividend has increased by an average of 15% per year over the past 7 years and payments have been stable during that time. EPS is expected to grow by 49% over the next year, which should provide support to the dividend and adequate earnings cover. Reported Earnings • Aug 09
Second quarter 2024 earnings: Revenues exceed analysts expectations while EPS lags behind Second quarter 2024 results: EPS: CA$0.21 (up from CA$0.20 in 2Q 2023). Revenue: CA$184.8m (up 10% from 2Q 2023). Net income: CA$8.65m (up 5.7% from 2Q 2023). Profit margin: 4.7% (down from 4.9% in 2Q 2023). The decrease in margin was driven by higher expenses. Revenue exceeded analyst estimates by 1.0%. Earnings per share (EPS) missed analyst estimates by 49%. Revenue is forecast to grow 11% p.a. on average during the next 3 years, compared to a 6.5% growth forecast for the Personal Products industry in North America. Over the last 3 years on average, earnings per share has fallen by 9% per year but the company’s share price has only fallen by 3% per year, which means it has not declined as severely as earnings. Announcement • Jul 26
Jamieson Wellness Inc. to Report Q2, 2024 Results on Aug 08, 2024 Jamieson Wellness Inc. announced that they will report Q2, 2024 results After-Market on Aug 08, 2024 Recent Insider Transactions • May 28
Independent Director recently bought CA$106k worth of stock On the 24th of May, Tania Clarke bought around 4k shares on-market at roughly CA$26.47 per share. This transaction increased Tania's direct individual holding by 7x at the time of the trade. This was the largest purchase by an insider in the last 3 months. Insiders have collectively bought CA$511k more in shares than they have sold in the last 12 months. Declared Dividend • May 13
First quarter dividend of CA$0.19 announced Shareholders will receive a dividend of CA$0.19. Ex-date: 31st May 2024 Payment date: 14th June 2024 Dividend yield will be 2.9%, which is higher than the industry average of 1.9%. Sustainability & Growth Dividend is covered by earnings (65% earnings payout ratio) but not covered by cash flows (391% cash payout ratio). The dividend has increased by an average of 13% per year over the past 7 years and payments have been stable during that time. EPS is expected to grow by 45% over the next year, which should provide support to the dividend and adequate earnings cover. Reported Earnings • May 10
First quarter 2024 earnings released: CA$0.099 loss per share (vs CA$0.17 profit in 1Q 2023) First quarter 2024 results: CA$0.099 loss per share (down from CA$0.17 profit in 1Q 2023). Revenue: CA$128.0m (down 6.4% from 1Q 2023). Net loss: CA$4.11m (down 158% from profit in 1Q 2023). Revenue is forecast to grow 12% p.a. on average during the next 2 years, compared to a 6.8% growth forecast for the Personal Products industry in North America. Over the last 3 years on average, earnings per share has fallen by 4% per year but the company’s share price has fallen by 11% per year, which means it is performing significantly worse than earnings. Announcement • Apr 28
Jamieson Wellness Inc. to Report Q1, 2024 Results on May 09, 2024 Jamieson Wellness Inc. announced that they will report Q1, 2024 results After-Market on May 09, 2024 Price Target Changed • Mar 15
Price target decreased by 7.3% to CA$35.78 Down from CA$38.61, the current price target is an average from 9 analysts. New target price is 37% above last closing price of CA$26.05. Stock is down 15% over the past year. The company is forecast to post earnings per share of CA$1.60 for next year compared to CA$1.14 last year. Announcement • Mar 14
Jamieson Wellness Inc. Provides Consolidated Earnings Guidance for the Fiscal 2024 Jamieson Wellness Inc. provided consolidated earnings guidance for the fiscal 2024. For the year, consolidated revenue of between $720.0 million to $760.0 million, representing growth of 6.5% to 12.5%. Announcement • Mar 07
Jamieson Wellness Inc. to Report Q4, 2023 Results on Mar 13, 2024 Jamieson Wellness Inc. announced that they will report Q4, 2023 results After-Market on Mar 13, 2024 Declared Dividend • Feb 28
Third quarter dividend of CA$0.19 announced Shareholders will receive a dividend of CA$0.19. Ex-date: 29th February 2024 Payment date: 15th March 2024 Dividend yield will be 2.5%, which is higher than the industry average of 1.9%. Sustainability & Growth Dividend is covered by both earnings (66% earnings payout ratio) and cash flows (85% cash payout ratio). The dividend has increased by an average of 13% per year over the past 7 years and payments have been stable during that time. EPS is expected to grow by 35% over the next year, which should provide support to the dividend and adequate earnings cover. Announcement • Feb 24
Jamieson Wellness Inc., Annual General Meeting, May 23, 2024 Jamieson Wellness Inc., Annual General Meeting, May 23, 2024. Announcement • Feb 23
Jamieson Wellness Inc. Declares Fourth Quarter 2023 Dividend, Payable on March 15, 2024 Jamieson Wellness Inc. announced that the board of directors of the Company has declared a cash dividend for the fourth quarter of 2023 of $0.19 per common share, or approximately $8.0 million in the aggregate. The dividend will be paid on March 15, 2024 to all common shareholders of record at the close of business on March 1, 2024. Recent Insider Transactions Derivative • Dec 22
Board Member exercised options to buy CA$302k worth of stock. On the 14th of December, Louis Aronne exercised options to buy 10k shares at a strike price of around CA$13.90, costing a total of CA$139k. As of today, Louis currently holds no shares directly. Company insiders have collectively sold CA$4.0m more than they bought, via options and on-market transactions in the last 12 months. Recent Insider Transactions Derivative • Dec 11
Chief Science & Innovation Officer exercised options and sold CA$134k worth of stock On the 6th of December, John Doherty exercised 28k options at a strike price of around CA$20.11 and sold these shares for an average price of CA$24.89 per share. This trade did not impact their existing holding. Since March 2023, John has owned 15.65k shares directly. Company insiders have collectively sold CA$3.3m more than they bought, via options and on-market transactions in the last 12 months. Upcoming Dividend • Nov 24
Upcoming dividend of CA$0.19 per share at 2.6% yield Eligible shareholders must have bought the stock before 30 November 2023. Payment date: 15 December 2023. Payout ratio is a comfortable 66% and the cash payout ratio is 79%. Trailing yield: 2.6%. Lower than top quartile of Canadian dividend payers (6.7%). Lower than average of industry peers (3.1%). Valuation Update With 7 Day Price Move • Nov 09
Investor sentiment improves as stock rises 19% After last week's 19% share price gain to CA$27.43, the stock trades at a forward P/E ratio of 15x. Average forward P/E is 20x in the Personal Products industry in North America. Total loss to shareholders of 21% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at CA$34.35 per share. New Risk • Nov 07
New minor risk - Earnings quality The company has large one-off items impacting its financial results. One-off items were 20% of the size of the rest of the company's trailing 12-month earnings before tax. This is considered a minor risk. One-off items are incomes or expenses that the company does not expect to repeat in future periods. Examples include profits from the sale of a business or expenses from a restructuring or legal settlements. If the company's reported statutory earnings include a large proportion of one-off items it means they may be an unreliable indicator of its true business performance as the earnings were skewed by these incomes or expenses. Currently, the following risks have been identified for the company: Major Risk Debt is not well covered by operating cash flow (12% operating cash flow to total debt). Minor Risks Unstable dividend paying track record with dividend experiencing an annual drop of over 20% in the past. Large one-off items impacting financial results. Profit margins are more than 30% lower than last year (7.0% net profit margin). Reported Earnings • Nov 03
Third quarter 2023 earnings: Revenues exceed analysts expectations while EPS lags behind Third quarter 2023 results: EPS: CA$0.20 (down from CA$0.26 in 3Q 2022). Revenue: CA$151.5m (up 9.1% from 3Q 2022). Net income: CA$8.22m (down 24% from 3Q 2022). Profit margin: 5.4% (down from 7.8% in 3Q 2022). The decrease in margin was driven by higher expenses. Revenue exceeded analyst estimates by 2.7%. Earnings per share (EPS) missed analyst estimates by 51%. Revenue is forecast to grow 7.5% p.a. on average during the next 3 years, compared to a 6.4% growth forecast for the Personal Products industry in North America. Over the last 3 years on average, earnings per share has increased by 5% per year but the company’s share price has fallen by 15% per year, which means it is significantly lagging earnings. Announcement • Nov 03
Jamieson Wellness Inc. Revises Consolidated Earnings Guidance for the Year 2023 Jamieson Wellness Inc. revised consolidated earnings guidance for the year 2023. The company expected revenue to range between $680.0 and $690.0 million (+24.0% to +26.0%) from a previous range of +22.0% to +26.0%. Announcement • Oct 18
Jamieson Wellness Inc. to Report Q3, 2023 Results on Nov 02, 2023 Jamieson Wellness Inc. announced that they will report Q3, 2023 results After-Market on Nov 02, 2023 Upcoming Dividend • Aug 24
Upcoming dividend of CA$0.19 per share at 3.0% yield Eligible shareholders must have bought the stock before 31 August 2023. Payment date: 15 September 2023. Payout ratio is a comfortable 61% but the company is paying out more than the cash it is generating. Trailing yield: 3.0%. Lower than top quartile of Canadian dividend payers (6.3%). Higher than average of industry peers (2.6%). Recent Insider Transactions • Aug 13
Independent Chair recently bought CA$298k worth of stock On the 9th of August, Timothy Penner bought around 11k shares on-market at roughly CA$27.14 per share. This transaction increased Timothy's direct individual holding by 1x at the time of the trade. This was the largest purchase by an insider in the last 3 months. This was Timothy's only on-market trade for the last 12 months. 
