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
Valuation remains de-coupled from operations Consolidated FY24 figures finally out - no surprises, sentiment overhang lifted. While the individual financial statements (Einzelabschlüsse) had been available for some time, the delayed publication of the consolidated FY24 accounts had been weighing on sentiment. With those now released, all concerns prove unfounded: results came in as expected, with sales of € 50m and EBITDA of € 3.5m. Cash at year-end stood at € 3.3m. The publication removes a key technical overhang and should allow the investment case to refocus on fundamentals going forward. Strong operational momentum across all markets. FY25 revenues of € 89m (+74% yoy) and record EBITDA of ~€ 6m (eNuW) carried by over 100,000 patients served monthly fully underpin the group’s growth trajectory. Demand remains particularly strong in flowers, the highest-margin product category, while the UK and Poland are growing well above market rates. The initially anticipated demand shock in Germany due to the pending regulatory changes has so far turned out to be less pronounced as initially expected. Nevertheless, management already adjusted its product offering, focusing on higher-margin premium strains which are typically less exposed to demand shocks. We hence remain confident in our growth and margin assumptions for FY26e and beyond. Regulatory risk more manageable than feared. The ongoing debate around amendments to the MedCanG and potential telemedicine restrictions has been a source of share price volatility, but signals from Berlin are increasingly constructive. A full rollback to pre-legalisation status looks highly unlikely; what is emerging instead is a moderate adjustment of existing legislation. If anything, tighter quality requirements around initial consultations could accelerate market consolidation, benefiting established, quality-focused operators like Cantourage at the expense of lower-quality entrants. Governance upgrades underway. ERP implementation, IFRS adoption, and broader infrastructure upgrades are set to deliver materially faster and higher-quality financial reporting going forward. The appointment of new CFO Monique Jaqqam signals a clear commitment to capital markets readiness. Management also flagged ambitions to become an active consolidator, a credible ambition given the Sanity transaction has now established clear M&A pricing benchmarks for the sector. Sanity deal sets a high bar. In February, Sanity Group (German cannabis wholesaler) was bought by Organigram (listed Canadian cannabis producer) for € 250m. The implied multiples (assuming full earnouts) stand at ~ 4.2x EV/Sales (€ 60m sales in FY25) with EBITDA “just positive”. This strongly underpins Cantourage’s attractive valuation of a mere ~ 0.7x EV/Sales FY25e despite an already solid profitability. Importantly, Cantourage's vertically integrated, direct-to-pharmacy model structurally commands superior margins versus Sanity's wholesale-heavy approach, which acts as a mere intermediary in the value chain. Cantourage is progressing well across several topics including its geographical expansion, a broadening product offering and governance structures. So far, this has not adequately been reflected by the valuation as regulatory uncertainties at its home-turf have weighed on the stocks sentiment. We regard them as increasingly more manageable, hence why we confirm our BUY rating with an unchanged € 10 PT based on a DCF. You can download the research here: cantourage-group-se-2026-03-10-update-en-340b5 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 Interessenkonflikte nach § 85 WpHG beim oben analysierten Unternehmen befindet sich in der vollständigen Analyse. ++++++++++
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2288354 10.03.2026 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 | 50,91 | 100,00 | 0,00 | |
| EBITDA1,2 | -0,56 | -0,83 | -2,51 | -0,25 | 3,48 | 6,20 | 0,00 | |
| EBITDA-Margin3 | -105,66 | -15,90 | -17,73 | -1,06 | 6,84 | 6,20 | 0,00 | |
| EBIT1,4 | -0,59 | -0,97 | -6,32 | -4,33 | -0,72 | 4,00 | 0,00 | |
| EBIT-Margin5 | -111,32 | -18,58 | -44,63 | -18,38 | -1,42 | 4,00 | 0,00 | |
| Net Profit (Loss)1 | -0,59 | -0,97 | -5,92 | 4,27 | -1,14 | 3,00 | 0,00 | |
| Net-Margin6 | -111,32 | -18,58 | -41,81 | 18,12 | -2,24 | 3,00 | 0,00 | |
| Cashflow1,7 | -0,56 | -0,83 | -2,11 | -0,20 | 3,07 | 6,00 | 0,00 | |
| Earnings per share8 | -0,05 | -0,08 | -0,47 | -0,34 | -0,09 | 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 | ||||||
| ©boersengefluester.de | ||||||
| Cantourage Group | ||||||
| WKN | ISIN | Legal Type | Marketcap | IPO | Recommendation | Plus Code |
| A3DSV0 | DE000A3DSV01 | SE | 71,81 Mio € | 11.11.2022 | Kaufen | 9F4MF9M4+93 |
| PE 2027e | PE 10Y-Ø | BGFL-Ratio | Shiller-PE | PB | PCF | KUV |
| 15,16 | 16,35 | 0,93 | -57,60 | 1,85 | 23,42 | 1,43 |
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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 | 19.12.2025 | 06.03.2026 |
| Distance 60-days-line | Distance 200-days-line | Performance YtD | Performance 52 weeks | IPO |
| +52,30% | +45,02% | +60,47% | +15,74% | -16,05% |
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