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Original-Research: Cantourage Group SE - from NuWays AG
19.05.2025 / 09:00 CET/CEST
Dissemination of a Research, transmitted by EQS News - a service of EQS
Group.
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.
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Classification of NuWays AG to Cantourage Group SE
Company Name: Cantourage Group SE
ISIN: DE000A3DSV01
Reason for the research: Update
Recommendation: BUY
from: 19.05.2025
Target price: EUR 13.00
Target price on sight of: 12 months
Last rating change:
Analyst: Christian Sandherr
Growth further accelerating, EUR 100m sales in reach; chg.
April turned out to be yet another record month with sales having reached EUR
11.1m, a yoy increase of roughly 250%, surpassing the previous record month
March (EUR 10.7m). This increase should largely be the result of successful
de-bottlenecking efforts on Cantourage's side during the past few months,
which began positively impacting the group's top-line from last month
onwards. With strongly growing demand, the company has been working on
raising its processing capacities at its German site as well as through
partnerships (e.g. with a Portuguese contract manufacturer).
EUR 100m annual sales in sight. While management has so far not issued a FY25
guidance, we would expect it to point towards the EUR 100m sales level, in
line with our new sales estimate. Reaching EUR 100m sales would require
monthly sales of some EUR 8m, which looks achievable in light of the recent
operating developments.
Scale to kick in. While the company did not announce profitability figures,
the strong sales growth should feed down to EBITDA. Taking into account last
year's margin (eNuW: 7.5%) and the operating developments since the start of
the year, the FY25 EBITDA margin looks set to surpass 10% despite ongoing
investments into growth.
Share price de-coupled from fundamentals. Despite expected FY25e sales
growth of 94% yoy, Cantourage should be able to reach a 10% EBITDA margin,
implying an attractive EV/EBITDA multiple of 5.8x. We confirm our BUY rating
with a EUR 13 PT based on DCF.
You can download the research here: http://www.more-ir.de/d/32648.pdf
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
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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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2139996 19.05.2025 CET/CEST
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