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
Cantourage strengthening its leadership structure Cantourage has moved to solidify its leadership structure with the appointment of Monique Jaqqam as CFO from January 2026 and the renewal of CEO Philip Schetter’s contract for another five years. This is part of the ongoing professionalisation of the company’s governance structure, which is necessary to lay the structural foundation for further strong growth. Jaqqam brings over 20 years of international experience across finance, private equity, real estate and hospitality. Her track record in financial transformation, organizational restructuring and building modern finance infrastructures, demonstrated at Future Group, BaseCamp Student and Kempinski, should materially strengthen Cantourage’s internal capabilities, particularly within the finance department. Delays in regards to the publication of consolidated financial reports as seen with the FY24 annual report (eNuW: to be released shortly), should henceforth be a thing of the past. FY25 figures to come in strong with sales of € 89m (eNuW, +72% yoy) and EBITDA of € 4.9m (eNuW, 5.5% margin). This is despite the currently challenging situation in the company’s most important end market, Germany. As a reminder, the Federal Ministry of Health is evaluating measures that could restrict telemedicine-based cannabis prescriptions and curb mail-order distribution. As a result, cannabis-focused pharmacies are therefore showing more cautious ordering patterns, triggering inventory reductions (cannabis flowers are perishable goods). Nevertheless, we regard Cantourage as well positioned to weather those temporary headwinds, adapting the product offering, increasing cooperations with offline pharmacies and entering additional markets to decrease the dependency on Germany. Beyond its home market, Cantourage has built a meaningful position in the UK, where cumulative deliveries reached 1.5 tons of medical cannabis as of September (eNuW: low double-digit € million in sales). The company is also expanding its footprint in Poland and preparing market entries in additional European countries. This broader geographic reach gradually reduces Cantourage’s reliance on Germany and adds new structural growth drivers. Conclusion: With a strengthened management team, an increasing governance setup, the ongoing European expansion as well as a strong positioning in its home-turf Cantourage looks well positioned to capitalise on the industry’s prospects. Valuation remains subdued with shares trading on 0.4x EV/sales FY26e despite >70% growth. We confirm our BUY rating with an unchanged € 10.50 PT based on a DCF. You can download the research here: cantourage-group-se-2025-12-11-update-en-7f075 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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2243726 11.12.2025 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 | ||||||||
| 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025e | ||
| Sales1 | 0,00 | 0,53 | 5,22 | 14,16 | 23,56 | 51,40 | 100,00 | |
| EBITDA1,2 | 0,00 | -0,56 | -0,83 | -2,51 | -0,25 | 4,00 | 10,00 | |
| EBITDA-Margin3 | 0,00 | -105,66 | -15,90 | -17,73 | -1,06 | 7,78 | 10,00 | |
| EBIT1,4 | 0,00 | -0,59 | -0,97 | -6,32 | -4,33 | -0,20 | 6,00 | |
| EBIT-Margin5 | 0,00 | -111,32 | -18,58 | -44,63 | -18,38 | -0,39 | 6,00 | |
| Net Profit (Loss)1 | 0,00 | -0,59 | -0,97 | -5,92 | 4,27 | -0,30 | 4,00 | |
| Net-Margin6 | 0,00 | -111,32 | -18,58 | -41,81 | 18,12 | -0,58 | 4,00 | |
| Cashflow1,7 | 0,00 | -0,56 | -0,83 | -2,11 | -0,20 | 2,80 | 6,00 | |
| Earnings per share8 | 0,00 | -0,05 | -0,08 | -0,47 | -0,34 | -0,02 | 0,32 | |
| 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 | 38,40 Mio € | 11.11.2022 | Kaufen | 9F4MF9M4+93 |
| PE 2026e | PE 10Y-Ø | BGFL-Ratio | Shiller-PE | PB | PCF | KUV |
| 8,11 | 9,63 | 0,84 | -30,80 | 0,96 | -46,55 | 0,75 |
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Dividend '2023 in € |
Dividend '2024 in € |
Dividend '2025e in € |
Div.-Yield '2025e in % |
| 0,00 | 0,00 | 0,00 | 0,00% |
| Annual General Meeting | Q1-figures | Q2-figures | Q3-figures | Annual press conference |
| 25.06.2025 | 20.05.2025 | 10.07.2025 | 07.11.2024 | 06.06.2024 |
| Distance 60-days-line | Distance 200-days-line | Performance YtD | Performance 52 weeks | IPO |
| -1,79% | -28,07% | -39,61% | -46,43% | -52,47% |
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