Cantourage Group SE Receives "Buy" Rating from NuWays AG

Cantourage Group SE, tracked under ISIN DE000A3DSV01, has been given a "Buy" recommendation by NuWays AG, with a target price set at EUR 10.00. This evaluation, issued on May 17, 2024, highlights Cantourage's solid financial year 2023 and first quarter of 2024 results, despite facing challenges such as slower patient growth due to anticipated regulatory changes.

The report details that Cantourage's FY23 sales saw a year-over-year increase of 67% reaching €23.6 million, slightly below the expected €24.7 million. In the first quarter of 2024, sales grew by 26% year-over-year to €6.2 million. However, April witnessed a significant sales boost by 160% following the implementation of "legalization light", a policy easing restrictions on medical cannabis, paralleling its sale and prescription to that of common medications like ibuprofen.

The analysis projects high double-digit sales growth and an EBITDA at least breaking even for the upcoming periods, inspired by Germany's recent legislative adjustments and Cantourage's expansive global network. NuWays AG retains a positive outlook for Cantourage, expecting a steady increase in the number of medical cannabis patients, which should fuel further growth.