Original-Research: Cantourage Group SE (von NuWays AG): Buy
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Original-Research: Cantourage Group SE - from NuWays AG
Classification of NuWays AG to Cantourage Group SE
FY24 guidance issued, growth to remain stellar
Topic: Cantourage issued a bullish FY24 sales growth guidance, carried by strongly increased demand for medical cannabis following the partially legalization at the beginning of April. Cantourage expects FY24 sales of € 37-43m (eNuW: € 43m). Above all, the strong growth is driven by the partial legalization of medical cannabis in Germany at the end of April. With this receiving a prescription for medical cannabis became as easy as for ibuprofen 600. Cantourage is also recording strongly accelerating demand in the UK. Since April the group recorded continued sequential improvements, putting the upper end of the FY guidance well in reach, in our view. In August alone, Cantourage recorded sales of € 4.9m, a 189% yoy increase. During the first eight months of FY24, sales stood at € 24.9m (+62% yoy). While management has only stated to be expecting a positive FY24 EBITDA, we remain confident that the company will be able to meet our € 1.8m estimate. This should be driven by the positive operating leverage and despite needed investments to facilitate the strong growth, including increasing production capacities at its processing site, broadening of its supplier network and start up costs for the partnership with Portocanna, a Portuguese medical cannabis processor. Cantourage looks well prepared for strong growth beyond 2024. During the past two years, the company completed several initiatives which should enable sales of € 100m. It’s global supplier network includes >60 growers, through which Cantourage can offer a broad set of flowers with little cluster risk. Thanks to the recently signed partnership with Portocanna, roughly 14t of flowers can be processed annually. Its own telemedicine platform, telecan°, puts the company in direct contact with patients, which can receive advice on cannabis therapies and obtain prescriptions in an uncomplicated manner. Growth potentials supported by market developments. Several years after the legalization of medical cannabis in US states, the percentage of patients (vs. total population) reached roughly 4%. Applying similar assumptions to Germany, 3.3m patients seem possible (vs. 0.25m before April). Assuming consumption twice a week and an ASP of € 7.5/g, this would create a € 1.2-1.4bn market opportunity. We confirm our BUY rating with an unchanged € 10 PT based on DCF. You can download the research here: http://www.more-ir.de/d/30723.pdf For additional information visit our website: www.nuways-ag.com/research Contact for questions: NuWays AG - Equity Research Web: www.nuways-ag.com Email: research@nuways-ag.com LinkedIn: https://www.linkedin.com/company/nuwaysag Adresse: Mittelweg 16-17, 20148 Hamburg, Germany ++++++++++ Diese Meldung ist keine Anlageberatung oder Aufforderung zum Abschluss bestimmter Börsengeschäfte. Offenlegung möglicher Interessenskonflikte nach § 85 WpHG beim oben analysierten Unternehmen befinden sich in der vollständigen Analyse. ++++++++++
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1981905 05.09.2024 CET/CEST
Boersengefluester.de (BGFL) provides an overview of the key figures on sales, earnings, cash flow and dividends to help you better assess the fundamental development of the respective companies. All information is entered manually in our database - the source is the respective annual reports. All estimates for future figures are provided by BGFL.
| The most important financial data at a glance | ||||||||
| 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024e | ||
| Sales1 | 0,00 | 0,00 | 0,53 | 5,22 | 14,16 | 23,56 | 48,00 | |
| EBITDA1,2 | 0,00 | 0,00 | -0,56 | -0,83 | -2,51 | -0,25 | 3,60 | |
| EBITDA-Margin3 | 0,00 | 0,00 | -105,66 | -15,90 | -17,73 | -1,06 | 7,50 | |
| EBIT1,4 | 0,00 | 0,00 | -0,59 | -0,97 | -6,32 | -4,33 | -0,40 | |
| EBIT-Margin5 | 0,00 | 0,00 | -111,32 | -18,58 | -44,63 | -18,38 | -0,83 | |
| Net Profit (Loss)1 | 0,00 | 0,00 | -0,59 | -0,97 | -5,92 | 4,27 | -0,05 | |
| Net-Margin6 | 0,00 | 0,00 | -111,32 | -18,58 | -41,81 | 18,12 | -0,10 | |
| Cashflow1,7 | 0,00 | 0,00 | -0,56 | -0,83 | -2,11 | -0,20 | 0,00 | |
| Earnings per share8 | 0,00 | 0,00 | -0,05 | -0,08 | -0,47 | -0,34 | -0,01 | |
| Dividend per share8 | 0,00 | 0,00 | 0,00 | 0,00 | 0,00 | 0,00 | 0,00 | |
1 in Mio. Euro; 2 EBITDA = Earnings before interest, taxes, depreciation and amortisation; 3 EBITDA in relation to sales; 4 EBIT = Earnings before interest and taxes; 5 EBIT in relation to sales; 6 Net profit (-loss) in relation to sales; 7 Cashflow from operations; 8 in Euro; Source: boersengefluester.de
Auditor: PKF Wulf Gruppe
All relevant valuation ratios, dates and other investor information on your share at a glance. Good to know: All data comes from boersengefluester.de and is updated daily. This means you are always up to date. You can get brief explanations of the key figures by moving the cursor or mouse over the relevant field.
| INVESTOR-INFORMATION | ||||||
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| Cantourage Group | ||||||
| WKN | ISIN | Legal Type | Marketcap | IPO | Recommendation | Plus Code |
| A3DSV0 | DE000A3DSV01 | SE | 64,21 Mio € | 11.11.2022 | Kaufen | 9F4MF9M4+93 |
| PE 2025e | PE 10Y-Ø | BGFL-Ratio | Shiller-PE | PB | PCF | KUV |
| 57,22 | 36,78 | 1,56 | -51,50 | 1,60 | -77,83 | 2,73 |
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Dividend '2022 in € |
Dividend '2023 in € |
Dividend '2024e in € |
Div.-Yield '2024e in % |
| 0,00 | 0,00 | 0,00 | 0,00% |
| Annual General Meeting | Q1-figures | Q2-figures | Q3-figures | Annual press conference |
| 26.06.2024 | 15.05.2024 | 09.07.2024 | 07.11.2024 | 06.06.2024 |
| Distance 60-days-line | Distance 200-days-line | Performance YtD | Performance 52 weeks | IPO |
| +7,92% | -15,30% | -28,27% | -27,67% | -20,52% |
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