Original-Research: Cantourage Group SE (von NuWays AG): BUY

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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

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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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2139996 19.05.2025 CET/CEST

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