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: 28.05.2024
Target price: EUR 10.00
Target price on sight of: 12 Monaten
Last rating change:
Analyst: Christian Sandherr
Debottlenecking production capacities
Topic: Cantourage and Portocanna entered into a strategic partnership which offers Cantourage a capital light way to increase its production capacities significantly amid the surging demand for medical cannabis in Germany.
Legalization light is transforming the market. As of the beginning of April, cannabis is no longer being considered a narcotic in Germany, notably simplifying dispensing by pharmacies and prescriptions by doctors. Receiving a prescription for medical cannabis has become as easy as for ibuprofen 600. With its own telemedicine platform, telecan°, and the global supplier network consisting of more than 60 grower partners, Cantourage is well positioned to benefit from it. This change can also be seen in sales growth figures.
While Q1 (on preliminary basis) started out with “only” 26% yoy sales growth to € 6.2m, growth in April (the first month following the changes from the Cannabis Act) has already shown a significant acceleration to 160% compared to last year. While we do expect growth to somewhat slow down, it is seen to remain in the high double-digits throughout the remainder of the year; eNuW FY24e sales +81% yoy. As a result, EBITDA should turn positive following last year's € 500k loss (eNuW € 1.8m).
In order to facilitate the surged demand, Cantourage entered into a
strategic agreement with Portocanna,
a Portuguese medical cannabis processor. Thanks to its state-of-the-art
production facility, Cantourage
is increasing its annual processable capacities from currently 7-8t to
roughly 14t without having to significantly invest. Assuming an average
selling price of € 7.5 per gram, this should enables Cantourage to process
products worth more than € 100m p.a., in our view. Importantly, this
agreement also provides the company with additional flexibility in regards
to further scaling production capacities if needed during the next few
years.
Besides the additional production capacities, Cantourage is also able to exclusively distribute Portocanna's own production line 'Hexacan', under which Portocanna brings together the products of numerous growers from Portugal and Spain.
Cantourage remains a BUY with an unchanged € 10 PT based on DCF.
You can download the research here:
http://www.more-ir.de/d/29917.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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Offenlegung möglicher Interessenskonflikte nach § 85 WpHG beim oben analysierten Unternehmen befinden sich in der vollständigen Analyse.
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-------------------transmitted by EQS Group AG.-------------------
The issuer is solely responsible for the content of this research. The result of this research does not constitute investment advice or an invitation to conclude certain stock exchange transactions.
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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