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
Full steam ahead, FY24 guidance raised; PT up Topic: Cantourage raised its FY24e guidance following continued sequential growth throughout Q4 with November sales reaching € 7.2m, exceeding the previously strongest quarter by 31%. Cantourage announced a particularly strong November sales figure of € 7.2m, a 31% increase compared to October (previous annual high). With this, Jan. to Nov. sales stand at € 42.9m, a roughly 80% increase compared to the full year 2023 figure. The driver behind this strong growth is the reclassification of medical cannabis (no longer qualified as a narcotic) in Germany, which took effect at the end of April and hence made obtaining a prescription notably easier. This is also visible in the estimated number of cannabis patients, which is seen to have doubled to 0.5-0.6m. Further, Cantourage is also experiencing a sharp increase in demand at its treatment facility in UK. Taking into account continued strong demand throughout the remainder of the year as stated in yesterday’s press release, the company should be on track to reach Q4 sales of some € 19m (eNuW), a significant acceleration compared to before the legislative changes (Q1 sales of € 6.2m). The strong sales development is seen to increasingly feed down to the bottom line with a Q4 EBITDA margin expectation of 8.1% (eNuW) compared to a slightly negative figure last year. More importantly, we also expect Cantourage to begin generating positive free cash flows. For FY24e, the company is seen to report € 1.5m, a notable improvement compared to FY23’s € -3.1m. As a result of the strong operational ytd. performance management increased its FY24e guidance, now expecting € 46-50m sales (eNuW € 49.2m) and € 3-4m EBITDA (eNuW € 3.6m); old guidance: at least € 40m sales and € 2m EBITDA. While EBIT should still be slightly negative, it is important to note that is only due to the planned amortization of the operating GmbH value that was transferred into the SE as part of the listing in 2022. Business to further scale during FY25e and beyond. Thanks to unbroken demand on the back of growing patient numbers and further de-bottlenecking at its processing sites, Cantourage should be well positioned to remain at the forefront of the dynamic market, reflected by our sales growth estimates. BUY with a new € 11.50 PT (old: € 10.00) based on DCF. You can download the research here: http://www.more-ir.de/d/31501.pdf For additional information visit our website: https://www.nuways-ag.com/research-feed 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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2045487 06.12.2024 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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