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
FY25 EBITDA to come in ahead of market estimates Cantourage announced that at the end of November, the company’s EBITDA already stood at €5.5m, exceeding the market’s expectations of € 4.8m (eNuW old: € 4.9m) already by roughly10%. Mind you, at the end of Q3, EBITDA stood at € 3.9m as a result of a third quarter with a notablylower profitability. This was the result of price pressure following political uncertainties, whichtriggered industry-wide de-stocking in Germany. In our view, the fact that the first two months of Q4came with a decent margin again, underpins that (1) de-stocking has notably decreased and pricesshould be somewhat normalising and (2) Cantourage is able to weather challenging marketconditions well thanks to its unique set-up. Our new FY25 estimates now imply a FY EBITDA margin of 6.8% compared to 5.5% previously.Our FY25 sales estimate of € 89m remained unchanged. Cantourage to weather potential regulatory changes in Germany well. Cantourage is wellpositioned due to its ability to adapt its product mix toward higher-margin premium strains, strengthencooperation with offline pharmacies and actively manage inventories. At the same time, stronggrowth in earlier-stage markets such as the UK and Poland and an improving governance setupsignificantly reduce dependence on Germany and enhance resilience against regulatory headwinds. Improving corporate governance around the corner. As recently announced, the group’s newCFO will be starting in January, alongside the five-year extension of the CEO’s contract, whichtogether should notably improve leadership stability, strengthen internal controls and enhance thequality and timeliness of financial reporting, laying a more robust governance foundation for futuregrowth. The still pending FY24 consolidated annual report is expected to be release shortly, eNuW. Valuation remains attractive. Shares continue to trade at a subdued valuation of 0.4x EV/sales (6xEV/EBITDA) FY25e despite >70% growth improving governance structures and the announcedbetter than expected margins this year. Mind you, in September, US-listed High Tide announced the 51% acquisition of Remexian Pharma at an implied EV/sales multiple of 0.84x. Canify, which isrumoured to IPO in 2026, is currently raising money at 2-3x EV/sales (eNuW). We confirm our BUY rating with an unchanged € 10.50 PT based on a DCF. You can download the research here: cantourage-group-se-2025-12-22-update-en-21729 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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2249658 22.12.2025 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 | ||||||||
| 2020 | 2021 | 2022 | 2023 | 2024 | 2025e | 2026e | ||
| Sales1 | 0,53 | 5,22 | 14,16 | 23,56 | 51,40 | 100,00 | 0,00 | |
| EBITDA1,2 | -0,56 | -0,83 | -2,51 | -0,25 | 4,00 | 6,20 | 0,00 | |
| EBITDA-Margin3 | -105,66 | -15,90 | -17,73 | -1,06 | 7,78 | 6,20 | 0,00 | |
| EBIT1,4 | -0,59 | -0,97 | -6,32 | -4,33 | -0,20 | 4,00 | 0,00 | |
| EBIT-Margin5 | -111,32 | -18,58 | -44,63 | -18,38 | -0,39 | 4,00 | 0,00 | |
| Net Profit (Loss)1 | -0,59 | -0,97 | -5,92 | 4,27 | -0,30 | 3,00 | 0,00 | |
| Net-Margin6 | -111,32 | -18,58 | -41,81 | 18,12 | -0,58 | 3,00 | 0,00 | |
| Cashflow1,7 | -0,56 | -0,83 | -2,11 | -0,20 | 2,80 | 6,00 | 0,00 | |
| Earnings per share8 | -0,05 | -0,08 | -0,47 | -0,34 | -0,02 | 0,24 | 0,31 | |
| 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 | 41,77 Mio € | 11.11.2022 | Kaufen | 9F4MF9M4+93 |
| PE 2027e | PE 10Y-Ø | BGFL-Ratio | Shiller-PE | PB | PCF | KUV |
| 8,82 | 12,47 | 0,71 | -33,50 | 1,04 | -50,63 | 0,81 |
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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 |
| +8,03% | -18,73% | +0,89% | -29,34% | -47,22% |
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