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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 EQ

Group.

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result of this research does not constitute investment advice or an

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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 month

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 ha

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 platform

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, politician

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 Abschlu

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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