Original-Research: Cantourage Group SE (von NuWays AG): BUY
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Original-Research: Cantourage Group SE - von NuWays AG
Einstufung von NuWays AG zu Cantourage Group SE
Unternehmen: Cantourage Group SE
ISIN: DE000A3DSV01
Anlass der Studie: Q3 Review
Empfehlung: BUY
seit: 21.11.2023
Kursziel: EUR 11,00
Kursziel auf Sicht von: 12 Monaten
Letzte Ratingänderung:
Analyst: Christian Sandherr
Continued strong growth in Q3; chg.
Topic: Cantourage reported preliminary Q3 figures with significant sales
growth and notable EBITDA improvements. The planned abolishment of the
narcotic drug status of medical cannabis in Q1 2024e should further drive
patient numbers and sales growth going forward.
Q3 sales grew by 79% yoy to EUR 6.1m (9M: +85% yoy to EUR 17.2m). At the same
time, EBITDA came in at EUR -0.6m, a notable improvement compared to last
year's figure (EUR -1.2m), 9M with EUR 0.4m EBITDA loss. The discrepancy to our
old Q3 estimates (EUR 7.3m sales and EBITDA break-even) was driven by delays
in the approval of new production facilities, which offer significantly
higher throughput rates but also weaker demand at the beginning of the
quarter.
The confirmed FY23 guidance (high double-digit percentage sales growth
while reaching EBITDA break-even) points towards continued strong growth as
well as further significant EBITDA improvement during Q4. Above all, this
should be carried by the ongoing ramp-up, i.e. a gradually increasing
number of fully onboarded cultivators i.e. having a product deployed at
pharmacies.
Regulatory tailwinds to materialize towards the end of Q1 2024e. Medical
cannabis is still a fairly young market in Germany (approved for
therapeutical purposes since 2017), which still records low adoption rates
amongst suitable patients, largely as a result of complex prescription
processes that potential patients have to go through. With the 'Cannabis
Act', which should become effective towards the end of Q1 2024 (eNuW), this
should materially change as getting a prescription for cannabis should
become as easy as getting one for ibuprofen 600. Through this, medical
cannabis could also become part and benefit from the German e-script
universe, which just launched in July this year.
Cantourage should be well prepared to benefit from this thanks to its broad
global supplier network with more than 60 grower partners, its own
telemedicine platform, telecan°, and a growing distribution network across
Europe. The company looks set to grow sales at a 59% CAGR (2022-25e) while
at the
same time reaching a high single-digit EBITDA margins thanks to the
resulting operating leverage.
Reiterate BUY with a new EUR 11 PT (old: EUR 12.5) based on DCF.
Die vollständige Analyse können Sie hier downloaden:
http://www.more-ir.de/d/28351.pdf
Die Analyse oder weiterführende Informationen zu dieser können Sie hier downloaden
www.nuways-ag.com/research.
Kontakt für Rückfragen
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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-------------------übermittelt durch die EQS Group AG.-------------------
Für den Inhalt der Mitteilung bzw. Research ist alleine der Herausgeber bzw.
Ersteller der Studie verantwortlich. Diese Meldung ist keine Anlageberatung
oder Aufforderung zum Abschluss bestimmter Börsengeschäfte.
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