SNDL Remains Cheap But Risky

SNDL remains rated hold after a lackluster Q4, with no compelling catalyst to upgrade to buy. SNDL trades at a discount to tangible book value and maintains a debt-free, cash-rich balance sheet, supporting downside protection. Valuation appears fair at 4.3x 2026E adjusted EBITDA, with peer multiples notably higher, but sector-wide challenges persist.