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
FY26 outlook: Continued growth despite temporary headwinds German market dynamics remain challenging, yet manageable. Germany is in the midst of changing its current cannabis laws. The most likely outcome would require a physical doctor’s visit in order to receive a prescription. As large numbers of patients would have to re-qualify their current prescriptions, it is expected that this would lead to a temporary demand shock as well as a certain “wash-out” of less active patients. Germany is also considering restricting online pharmacies from dispensing medical cannabis. In our view, Cantourage is well positioned to weather potential regulatory changes. For one, the company is already adapting its product mix toward higher-margin premium strains which are typically less exposed to demand shocks. Cantourage is also strengthening its cooperations with offline pharmacies and adapting its telemedicine platform’s, telecan, operational set-up (i.e. connecting patients with physical doctors). UK and Poland to show strong growth. Next to Germany, the UK and Poland are Cantourage’s most important end markets. As both markets are seen to remain on a strong growth path (broadening product offering + focus on premium strains), they should be able to partially offset the stagnating/slightly decrease sales in Germany, in our view. Driving European expansion. Cantourage should be entering additional promising European markets such as Spain and Italy, which are gradually emerging markets following regulatory changes. In October of last year, Spain has officially integrated medicinal cannabis into its healthcare system under strict pharmaceutical rules, allowing only standardized THC/CBD extracts prescribed by specialists and dispensed through hospital pharmacies. While we don’t expect notable revenue contributions for FY26e, the company should define go-to-market strategies and realize first small sales volumes (eNuW). Corporate governance improvements are imminent. As previously announced, Cantourage’s new CFO assumed office at the beginning of the year. Coupled with the extension of the CEO’s contract by five years and additional hires, the group took the necessary steps to significantly enhance leadership continuity, reinforce internal control structures, and improve the quality and timeliness of financial reporting, ultimately establishing a stronger governance platform to support future growth. The outstanding FY24 consolidated annual report is expected to be published shortly, eNuW. We confirm our BUY rating with a € 10 PT based on a DCF. You can download the research here: cantourage-group-se-2026-01-20-update-en-c4af5 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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2262540 20.01.2026 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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