NuWays AG: Cantourage Group SE | Rating: BUY

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, € 100m sales in reach; chg.

April turned out to be yet another record month with sales having reached € 11.1m, a yoy increase of roughly 250%, surpassing the previous record month March (€ 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).

€ 100m annual sales in sight. While management has so far not issued a FY25 guidance, we would expect it to point towards the € 100m sales level, in line with our new sales estimate. Reaching € 100m sales would require monthly sales of some € 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 € 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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