Jamieson Wellness Inc. (JWEL:CA)
Analyst Update
National Bank of Canada raised its target price on Jamieson to C$45 from C$40.50, reflecting a more positive long-term earnings outlook tied to an emerging GLP-1–related opportunity embedded in the firm’s forward model.
National Bank’s revised valuation incorporates a sizable US$3.5 billion addressable market opportunity linked to GLP-1 companion products by 2027. As GLP-1 medications, used in obesity and diabetes management gain widespread adoption globally, complementary nutritional and supplementation products designed to mitigate side effects (such as muscle loss, nutrient deficiencies, or gastrointestinal challenges) are expected to see incremental demand. Jamieson’s established brand equity, distribution scale, and product innovation capabilities position it to participate meaningfully in this expanding niche.
By explicitly modeling this GLP-1–adjacent growth vector, the bank is effectively assigning incremental revenue and margin upside beyond the company’s core vitamin, mineral, and supplement franchise. This enhances medium-term top-line visibility and supports higher EBITDA estimates in outer years, justifying a modest multiple expansion within its valuation framework.
Importantly, Jamieson continues to demonstrate resilient core demand, disciplined cost control, and solid cash flow generation. Combined with international expansion initiatives and portfolio premiumization, the added GLP-1 companion category introduces a structural growth layer rather than a purely cyclical uplift.
National Bank’s higher target reflects improved long-duration growth optionality, strengthening Jamieson’s strategic positioning within the broader health and wellness ecosystem while supporting a more constructive risk-reward profile.
