Original-Research: Cantourage Group SE (von NuWays AG): Kaufen
Original-Research: Cantourage Group SE - from NuWays AG
Classification of NuWays AG to Cantourage Group SE
Company Name: Cantourage Group SE
ISIN: DE000A3DSV01
Reason for the research: Update
Recommendation: Kaufen
from: 17.05.2024
Target price: EUR 10.00
Target price on sight of: 12 months
Last rating change:
Analyst: Christian Sandherr
Solid FY23 and Q1'24 prelims // accelerating growth in April; chg.
Topic: Cantourage issued solid FY23 and Q1 2024 prelims, which were impacted by slower patient growth amid the looming (at that time) regulatory changes. Sales figures for April (following legalization light) show a significant acceleration.
FY23 sales grew by 67% yoy to € 23.6m (preliminary figures), slightly below our estimate of € 24.7m as Q4 grew 'only' 30% yoy to € 6.4m vs the expected 50% to € 7.5m. To a large degree, this can be explained by a slower patient growth in anticipation of the at that time looming Cannabis Act. FY23 EBITDA came in at € - 0.5m following a roughly € 400k loss after the first nine months. The implied € 100k loss in Q4 is despite the slowed growth. Management guided for high double-digit percentage sales growth and and at least break-even EBITDA.
Legalization light tailwinds kicking in. While Q1 (on preliminary basis) started out with “only” 26% yoy sales growth to € 6.2m, April (the first month following the changes from the Cannabis Act) has already shown a significant acceleration to 160%, which can be traced back to cannabis no longer being considered a narcotic, notably simplifying dispensing by pharmacies and prescriptions by doctors. Receiving a prescription for medical cannabis has become as easy as for ibuprofen 600. While it is difficult to reliably access the detailed impact on FY growth, we feel comfortable with our estimated growth acceleration carried by Cantourage's broad global supplier network with more than 60 grower partners and its own recently launched telemedicine platform, telecan°.
Accordingly, we expect sequential growth during the coming quarters as the number of medical cannabis patients is seen to surge. Mind you, in Canada, the number of medial cannabis patients grew from 24k in 2015 to 330k in 2018, the year of the full legalization and Germany had roughly 4m cannabis users in 2021 with the majority buying from black markets.
While management has not issued a FY24 guidance yet, we expect them to do so once the company is able to better assess the sustainable impact from the Cannabis Act, likely with H2 figures, in our view.
We confirm our BUY rating with a € 10 PT (old: € 11), based on DCF.
You can download the research here:
http://www.more-ir.de/d/29797.pdf
For additional information visit our website
www.nuways-ag.com/research.
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
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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 | ||||||
| ©boersengefluester.de | ||||||
| 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 |
|
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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