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Original-Research: Cantourage Group SE - from NuWays AG
11.07.2025 / 09:00 CET/CEST
Dissemination of a Research, transmitted by EQS News - a service of EQS
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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: 11.07.2025
Target price: EUR 13.00
Target price on sight of: 12 months
Last rating change:
Analyst: Christian Sandherr
Ongoing strong operations, CEO with temporary personal leave
Operations remain strong. Cantourage released preliminary Q2 sales of EUR
27.9m, implying a 158% yoy increase. H1 sales of EUR 53.5m already exceed 2024
FY sales of EUR 51m. With this the company remains on track to reach our EUR
100m sales estimate for FY25e (so far no guidance issued by management), if
not exceed it. Worth highlighting, sales in June came in weaker than
expected due to temporary export restrictions in Portugal, which host the
group's largest processing capacities. Demand for the product across the
company's key end markets continued to exceed supply.
While Cantourage did not release preliminary profitability KPIs, we would
expect the EBITDA margin to be largely in line with Q1, for which the
company announced 11-13%. As a result, we regard our FY25 estimate of 10.3%
as rather conservative.
CEO's temporary leave with no impact on operations. CEO Philip Schetter has
informed the supervisory board that, for personal reasons, he will be unable
to perform his executive duties until further notice. A full return to work
is planned. In order to ensure continuity, the supervisory board appointed
Patrick Hoffmann as interim CEO effective immediately until the end of the
year. Importantly, Patrick Hoffman is part of the founding team of
Cantourage and a member of the supervisory board which is why we expect a
smooth transition and no operational disruptions.
Impact from potentially tightening regulation of telemedicine platforms
limited. In particular, asynchronous telemedicine has been receiving
increasing criticism as patients are able to get an initial prescription by
entering data online without having to speak to a doctor. Hence, politicians
are calling for tighter regulation of the process, such as an in-person
appointment for the initial prescription. While Cantourage's own
telemedicine platform already meets high standards, potential changes could
quickly be implemented.
Share price de-coupled from fundamentals. Cantourage is seen fully on track
to reach and potentially even exceed EUR 100m sales (almost 100% growth yoy)
and 10% EBITDA margin this year. Further, the demand for flowers still
outgrows supply, which indicates further growth going forward. Yet, the
valuation remains attractive with shares trading at an unjustified 5.4x
EV/EBITDA multiple. We hence confirm our BUY rating with an unchanged EUR 13
PT based on DCF and add Cantourage to the NuWays Alpha list.
You can download the research here:
https://eqs-cockpit.com/c/fncls.ssp?u=ef601c994e4b96b81edc56c103d805b2
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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2168354 11.07.2025 CET/CEST
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