BUY
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Original-Research: Cantourage Group SE - from NuWays AG
Classification of NuWays AG to Cantourage Group SE
Ongoing strong operations, CEO with temporary personal leave 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 has 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 platforms 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, politicians 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 € 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 € 13 PT based on DCF and add Cantourage to the NuWays Alpha list. You can download the research here: cantourage-group-se-2025-07-11-update-en-5d167 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 ++++++++++ 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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