Rankings Chip equipment Canatu
Canatu
51
15070100
A view of the same findings, not a new score. How it works
A good business with a real question mark: the price, a crack, or both.
Biggest deductions
- Margin and returns−9
- Quality of growth−8
- Customer concentration−7
Strengths
- Net cash+3
- Insider buying+1
- Validation from large customers+1
How the score is built
From 100 to 51, step by step: points off for the business, the price and the cracks, back for documented strengths, then three data adjustments.
Start
Score
Hover or select a step to see what drove it. Steps with findings open them below.
Key numbers
As of 3 Nov 2026. Analyst targets tend to be optimistic; read upside as a hint, not a forecast.
- Price
- 4.54 EUR
- Median analyst target
- 7.00 EUR
- Upside to median
- +54.0%
- Analysts
- 3
- Target range
- 5.40 – 8.00 EUR
- 52-week change
- −49%
- P/E (trailing)
- n/a
- Forward P/E
- n/a
- PEG
- n/a
Findings
Every deduction and every plus, with its source. Open a step to read them.
Business
Is the company getting stronger, not just bigger? · 4 findings−25 of −30
- −9Margin and returnsGross margin 76%, but EBITDA was −EUR 11.4m in H1 2026 (−272% of revenue), operating result −18.2m over the last 12 months (−146%), ROIC −11%.
- −8Quality of growthRevenue fell 43% in H1 2026 to EUR 4.2m; semiconductor sales fell from 5.7 to 0.4m because a large customer reduced inventories of inspection membranes that lasted longer than expected. Growth is lumpy and depends on individual orders for reactors.
- −5Capital allocationInvestments of EUR 10.5m in H1 and more employees (182 FTE vs 147) while revenue fell; FCF −EUR 25.6m over the last 12 months. The share count rose 16.6% in a year.
- −3MoatUnique CNT technology with collaborations with Denso (car windows/sensors) and FST (second CNT100 SEMI reactor), but pellicles face competition from Mitsui Chemicals, and commercial scaling is not proven.
Price
Today's multiples against the company's own history and its peers. · 2 findings−8 of −35
- −4Multiples vs own historyEV/Sales 10.1 vs 12.1 in 2025, and P/B 2.05 vs 2.63 (2025), 3.58 (2024) and 1.18 (2023). Lower than last year, but on falling revenue; on 2026e revenue (about 9.6m) EV/Sales is about 13-15.
- −4Absolute price levelEV of EUR 126m for a company with EUR 12.5m in revenue and a large loss. Inderes has lowered its price target to EUR 7.0 (from 8.5), and Inderes estimates EV/Sales 2026e at about 15x; the average price target on stockanalysis is 6.80 (3 analysts, Hold).
Cracks
Cash flow, customers, debt, insiders, guidance and what sits behind the headline numbers. · 4 findings−19 of −35
- −7Customer concentrationA single large semiconductor customer's inventory reduction made semiconductor revenue fall 93% (5.7 to EUR 0.4m) in H1, which shows great dependence on a few customers.
- −5Lowered expectations and visibilityThe company now expects revenue in 2026 to 'fall markedly' from EUR 15.6m without giving a figure, and cites uncertain customer negotiations, timing of the roll-out of the pellicles, delayed reactor approvals and regulation of self-driving cars.
- −4Execution and management changeNew CEO (Maximilian Slawinski) amid a growth disappointment; he promises over EUR 100m in revenue in 2030, i.e. about 10x the 2026 level, which requires several breakthroughs at once.
- −3Cash burnOperating cash flow −9.6m and investments −EUR 10.5m in H1 (about 20m per half-year) vs net cash of 70.8m. Without revenue growth the cash lasts about 2 years.
Plus
Only documented strengths. · 3 findings+5 of +15
- +3Net cashNet cash EUR 70.8m (EUR 2.03 per share, approx. 34% of the market cap) and equity ratio 91.7%.
- +1Insider buyingCEO Maximilian Slawinski bought 13,600 shares at EUR 5.69 (about EUR 77,000) on 27/8-2026; another executive bought 560 shares the day before.
- +1Validation from large customersFST has ordered another CNT100 SEMI reactor (most of the revenue in 2027), and Denso has a development agreement for large CNT films for entire car windows.
Caveats
What the score does not capture, or where the data is weak.
Canatu sells CNT membranes (incl. for inspection/EUV pellicles), CNT reactors for semiconductor customers and films for cars (Denso) and diagnostics; 'Semiconductor equipment' is chosen as the closest industry, and cyclical = yes, because the H1 decline was due to a semiconductor customer's inventory reduction. Listed via SPAC (Lifeline SPAC I) in 2024, so the history is short (multiples from 2023–2026). Market cap 34.80m shares × EUR 5.95 = EUR 207m ≈ DKK 1,545m (Nordnet 1,554). The largest owners are custodian accounts (Citibank, SEB), so the real owners are unknown. No directly listed CNT peers with comparable figures were found. Short register not checked.
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