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

Classification of NuWays AG to Cantourage Group SE

Company Name:	Cantourage Group SE
ISIN:	DE000A3DSV01
Reason for the research:	Update
Recommendation:	BUY
Target price:	EUR 10.5
Target price on sight of:	12 months
Last rating change:
Analyst:	Christian Sandherr

Cantourage strengthening its leadership structure

Cantourage has moved to solidify its leadership structure with the appointment of Monique Jaqqam as CFO from January 2026 and the renewal of CEO Philip Schetter’s contract for another five years. This is part of the ongoing professionalisation of the company’s governance structure, which is necessary to lay the structural foundation for further strong growth.

Jaqqam brings over 20 years of international experience across finance, private equity, real estate and hospitality. Her track record in financial transformation, organizational restructuring and building modern finance infrastructures, demonstrated at Future Group, BaseCamp Student and Kempinski, should materially strengthen Cantourage’s internal capabilities, particularly within the finance department. Delays in regards to the publication of consolidated financial reports as seen with the FY24 annual report (eNuW: to be released shortly), should henceforth be a thing of the past.

FY25 figures to come in strong with sales of € 89m (eNuW, +72% yoy) and EBITDA of € 4.9m (eNuW, 5.5% margin). This is despite the currently challenging situation in the company’s most important end market, Germany. As a reminder, the Federal Ministry of Health is evaluating measures that could restrict telemedicine-based cannabis prescriptions and curb mail-order distribution. As a result, cannabis-focused pharmacies are therefore showing more cautious ordering patterns, triggering inventory reductions (cannabis flowers are perishable goods). Nevertheless, we regard Cantourage as well positioned to weather those temporary headwinds, adapting the product offering, increasing cooperations with offline pharmacies and entering additional markets to decrease the dependency on Germany.

Beyond its home market, Cantourage has built a meaningful position in the UK, where cumulative deliveries reached 1.5 tons of medical cannabis as of September (eNuW: low double-digit € million in sales). The company is also expanding its footprint in Poland and preparing market entries in additional European countries. This broader geographic reach gradually reduces Cantourage’s reliance on Germany and adds new structural growth drivers.

Conclusion: With a strengthened management team, an increasing governance setup, the ongoing European expansion as well as a strong positioning in its home-turf Cantourage looks well positioned to capitalise on the industry’s prospects. Valuation remains subdued with shares trading on 0.4x EV/sales FY26e despite >70% growth. We confirm our BUY rating with an unchanged € 10.50 PT based on a DCF.
 

You can download the research here: cantourage-group-se-2025-12-11-update-en-7f075
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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