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1. Company Snapshot

1.a. Company Description

Jamieson Wellness Inc., together with its subsidiaries, develops, manufactures, distributes, markets, and sells natural health products in Canada and internationally.The company operates in two segments, Jamieson Brands and Strategic Partners.The Jamieson Brands segment offers health products for humans, including vitamins, herbals, and mineral nutritional supplements; and over-the-counter remedies under the Jamieson and Lorna Vanderhaeghe brands, as well as sports nutrition products under the Progressive, Precision, and Iron Vegan brands.


The Strategic Partners segment provides manufacturing and product development services on a contract manufacturing basis to blue-chip consumer health companies and retailers.Jamieson Wellness Inc.sells its products to distributors, and retail and wholesale customers.


The company was formerly known as Jamieson Intermediate Holdings Ltd.and changed its name to Jamieson Wellness Inc.in May 2017.


Jamieson Wellness Inc.was founded in 1922 and is headquartered in Toronto, Canada.

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1.b. Last Insights on JWEL

Jamieson Wellness Inc.'s recent performance was driven by a 14% year-over-year revenue growth in Q1 2025, beating expectations. The company's strong earnings release, which highlighted its healthy financials, contributed to its stock price growth. Additionally, the announcement of a CA$0.21 dividend, set to be paid in the coming days, provided a positive catalyst for investors. Furthermore, the redemption of Series A Preference Shares, which will be completed on June 4, 2025, is a positive development, as it reduces the company's debt and enhances its financial flexibility.

1.c. Company Highlights

2. Jamieson Wellness Delivers Strong Q3 2025 Results

In the third quarter of 2025, Jamieson Wellness reported consolidated revenue of $199.3 million, representing a 13.2% increase. The company's branded business segment drove this growth, with a 16.5% rise in revenue. Gross profit margin also expanded, primarily due to higher branded revenue and margins. Earnings per share (EPS) came in at $0.41, below analyst estimates of $0.91. The company's guidance for fiscal 2025 was adjusted, with consolidated revenue now expected to range between $810 million and $830 million, representing 10.4% to 13.1% growth.

Publication Date: Nov -19

📋 Highlights
  • Consolidated Revenue Growth:: Increased by 13.2% to $199.3 million in Q3 2025.
  • Jamieson Brands Segment Performance:: Surpassed expectations with 16.5% growth, driven by 63% revenue increase in China and 19.3% in International markets.
  • China Market Expansion:: Revenue surged 63% in Q3, supported by digital platform share gains and marketing ROI.
  • Full-Year Guidance Refinement:: Consolidated revenue projected between $810M–$830M (10.4%–13.1% growth), Adjusted EBITDA $158M–$162M (12%–15% growth).
  • Gross Profit Margin Improvement:: Rose $16 million in Q3 due to higher branded revenue and margin optimization.

Segment Performance

The company's branded business units demonstrated strong performance across regions. China led the growth, with revenue surging by 63% in the quarter, driven by digital marketing and influencer campaigns. Youtheory, another key brand, achieved revenue growth of 16.8%. Internationally, revenue increased by 19.3%, with the Middle East being a significant contributor. As Michael Pilato noted, "In China, our revenue was up over 60% in the quarter, and we grew our share position across all major digital platforms."

Valuation and Outlook

Jamieson Wellness' current valuation metrics indicate a Price-to-Earnings (P/E) Ratio of 25.06 and a Price-to-Sales (P/S) Ratio of 1.9. The company's EV/EBITDA ratio stands at 14.96. Analysts estimate revenue growth of 10.3% for the next year. Given the strong Q3 performance and adjusted guidance, the company's prospects appear favorable. However, the EPS miss may raise concerns about profitability. The dividend yield of 2.47% and Free Cash Flow Yield of 6.41% may attract income investors.

Growth Drivers and Challenges

The company's growth is driven by its strong brand portfolio, digital marketing efforts, and expanding presence in key markets. Innovation is also a key driver, with a disciplined process in place to ensure new products meet gross margin expectations. However, the company faces challenges, including tariffs and inventory management. Despite these challenges, Jamieson Wellness remains confident in its ability to deliver growth, with a strong pipeline of innovations and a focus on higher ROI return programs.

3. NewsRoom

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Jamieson Wellness' (TSE:JWEL) Promising Earnings May Rest On Soft Foundations

Nov -14

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Jamieson Wellness Inc (JWLLF) Q3 2025 Earnings Call Highlights: Strong International Growth and ...

Nov -07

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Jamieson Wellness Inc. Reports Third Quarter 2025 Results

Nov -06

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Why Jamieson Wellness Inc. (TSE:JWEL) Could Be Worth Watching

Nov -05

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Jamieson Wellness Inc. Announces Date of Third Quarter 2025 Financial Results and Conference Call

Oct -23

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Jamieson Wellness Inc. Announces Appointment of New Board Director

Oct -21

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CCMP Growth Advisors Partners with Canadian Foodservice Wholesaler A1 Cash & Carry

Oct -14

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Is Jamieson Wellness Inc.'s (TSE:JWEL) Recent Stock Performance Influenced By Its Fundamentals In Any Way?

Sep -04

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4. Business Breakdown

4.a. Revenues by Country

4.b. Revenues by Segment

5. Expected revenues mid-term growth (10.00%)

6. Segments

Jamieson Brands

Expected Growth: 10%

Jamieson Brands' 10% growth is driven by increasing demand for health and wellness products, particularly in the vitamin and supplement segment. Strong brand recognition, product innovation, and expansion into new markets, such as Asia, contribute to growth. Additionally, the company's e-commerce platform and strategic partnerships enhance customer reach and accessibility.

Strategic Partners

Expected Growth: 10%

Strategic Partners from Jamieson Wellness Inc. achieved 10% growth driven by increasing demand for wellness products, expanding distribution channels, and strategic partnerships. Additionally, the company's focus on product innovation, digital marketing, and customer loyalty programs contributed to its growth. Furthermore, the rising trend of preventive healthcare and self-care also fueled the segment's growth.

7. Detailed Products

Vitamins and Supplements

Jamieson Wellness Inc. offers a wide range of vitamins and supplements to support overall health and wellness, including multivitamins, vitamin D, omega-3, and probiotics.

Probiotics

Jamieson Wellness Inc. offers a variety of probiotic products to support gut health, digestion, and immune system function.

Omega-3 Fish Oil

Jamieson Wellness Inc. offers high-quality omega-3 fish oil supplements to support heart health, brain function, and joint health.

Protein Powders

Jamieson Wellness Inc. offers a range of protein powders to support muscle growth, recovery, and overall health.

Digestive Enzymes

Jamieson Wellness Inc. offers digestive enzyme supplements to support healthy digestion, nutrient absorption, and gut health.

Coenzyme Q10 (CoQ10)

Jamieson Wellness Inc. offers CoQ10 supplements to support energy production, heart health, and antioxidant function.

Vitamin D

Jamieson Wellness Inc. offers vitamin D supplements to support bone health, immune function, and overall health.

8. Jamieson Wellness Inc.'s Porter Forces

Forces Ranking

Threat Of Substitutes

Jamieson Wellness Inc. faces moderate threat from substitutes, as customers have limited alternatives for wellness products and services.

Bargaining Power Of Customers

Customers have limited bargaining power due to the specialized nature of Jamieson Wellness Inc.'s products and services.

Bargaining Power Of Suppliers

Suppliers have moderate bargaining power, as Jamieson Wellness Inc. relies on a few key suppliers for raw materials and ingredients.

Threat Of New Entrants

The threat of new entrants is high, as the wellness industry is growing rapidly and attracting new competitors.

Intensity Of Rivalry

The intensity of rivalry is high, as Jamieson Wellness Inc. operates in a competitive market with several established players.

9. SWOT Analysis

Strength

Weaknesses

Opportunities

Threats

10. Capital Structure

10.a. Balance Sheet

10.b. Weighted Average Cost of capital

Value
Debt Weight 43.10%
Debt Cost 6.83%
Equity Weight 56.90%
Equity Cost 6.83%
WACC 6.83%
Leverage 75.76%

11. Quality Control: Jamieson Wellness Inc. passed 3 out of 9 key points

12.a Historical Valuation

12.b Price/Earnings Ratio

12.c Margin Valuation

12.d Peers Valuation

Peers Group Analysis

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Maple Leaf Foods

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Growth: 5.0

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Momentum: 9.0

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Jamieson Wellness

A-Score: 5.9/10

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Growth: 7.4

Quality: 5.8

Yield: 4.0

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Peers Metrics

12.e Scoring Insights

12.f DCF BETA

Parameters

Short Term Growth

Short term Time

Long-Term Growth

WACC

Target Price

34.03$

Current Price

34.03$

Potential

-0.00%

Expected Cash-Flows