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
from:	22.12.2025
Target price:	EUR 10.50
Target price on sight of:	12 months
Last rating change:
Analyst:	Christian Sandherr

FY25 EBITDA to come in ahead of market estimates

Cantourage announced that at the end of November, the company’s EBITDA already stood at €5.5m, exceeding the market’s expectations of € 4.8m (eNuW old: € 4.9m) already by roughly10%. Mind you, at the end of Q3, EBITDA stood at € 3.9m as a result of a third quarter with a notablylower profitability. This was the result of price pressure following political uncertainties, whichtriggered industry-wide de-stocking in Germany. In our view, the fact that the first two months of Q4came with a decent margin again, underpins that (1) de-stocking has notably decreased and pricesshould be somewhat normalising and (2) Cantourage is able to weather challenging marketconditions well thanks to its unique set-up.

Our new FY25 estimates now imply a FY EBITDA margin of 6.8% compared to 5.5% previously.Our FY25 sales estimate of € 89m remained unchanged.

Cantourage to weather potential regulatory changes in Germany well. Cantourage is wellpositioned due to its ability to adapt its product mix toward higher-margin premium strains, strengthencooperation with offline pharmacies and actively manage inventories. At the same time, stronggrowth in earlier-stage markets such as the UK and Poland and an improving governance setupsignificantly reduce dependence on Germany and enhance resilience against regulatory headwinds.

Improving corporate governance around the corner. As recently announced, the group’s newCFO will be starting in January, alongside the five-year extension of the CEO’s contract, whichtogether should notably improve leadership stability, strengthen internal controls and enhance thequality and timeliness of financial reporting, laying a more robust governance foundation for futuregrowth. The still pending FY24 consolidated annual report is expected to be release shortly, eNuW.

Valuation remains attractive. Shares continue to trade at a subdued valuation of 0.4x EV/sales (6xEV/EBITDA) FY25e despite >70% growth improving governance structures and the announcedbetter than expected margins this year. Mind you, in September, US-listed High Tide announced the 51% acquisition of Remexian Pharma at an implied EV/sales multiple of 0.84x. Canify, which isrumoured to IPO in 2026, is currently raising money at 2-3x EV/sales (eNuW).

We confirm our BUY rating with an unchanged € 10.50 PT based on a DCF.

You can download the research here: cantourage-group-se-2025-12-22-update-en-21729
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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Offenlegung möglicher Interessenskonflikte nach § 85 WpHG beim oben analysierten Unternehmen befinden sich in der vollständigen Analyse.
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