Rankings Pharma & medtech Cantourage

Cantourage

Pharma & medtech · GermanyRank 219 of 829Prices 2 Nov 2026Model 1.470+ zone

15070100

In the 70+ zone: a score above 70 with more than 20% upside to the median analyst target.

Biggest deductions

Regulation in Germany−7
Quality of growth−6
Moat−6

Strengths

Net cash and equity ratio+2
Margin improvement+2

How the score is built

From 100 to 74, step by step: points off for the business, the price and the cracks, back for documented strengths, then three data adjustments.

100Start

74Score

Hover or select a step to see what drove it. Steps with findings open them below.

Key numbers

As of 2 Nov 2026. Analyst targets tend to be optimistic; read upside as a hint, not a forecast.

Price: 5.60 EUR
Median analyst target: 10.50 EUR
Upside to median: +87.5%
Analysts: 3
Target range: 10.00 – 11.00 EUR
52-week change: +85%
P/E (trailing): 552.2
Forward P/E: 57.9
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? · 3 findings−17 of −30

Margin
The EBITDA margin was 6.1% in 2025 (EUR 5.7m on 92.8m) and 13.1% in Q2 2026; the net margin was only about 3% in 2025. The gross margin of 36.4% is typical of an importer/wholesaler of medical cannabis.
boerse-online.de
−5
Quality of growth
Revenue fell 21.9% in Q2 2026 to EUR 21.8m, and Germany fell from 23.3 to 10.1m. Guidance for 2026 (85-95m) is below 2025 (92.8m). Growth in the UK (+146%) and Poland (+250%) does not offset the fall in the home market.
bourse.lavenir.net
−6
Moat
Cantourage buys flowers from many growers and sells to pharmacies; the product is largely a commodity, and the company itself is cutting low-margin trade in Germany. Own brands (GRAMZ., only 0.5m EUR in revenue) and the telemedicine platform Telecan are small.
bourse.lavenir.net
−6

Price

Today's multiples against the company's own history and its peers. · 1 finding−3 of −35

Multiples vs own history and peers
EV about EUR 54m gives EV/Sales about 0.64 TTM and EV/EBITDA about 5 on guidance (10-12m). P/B is 1.34 versus 0.90 at the end of 2025, and the share price is up 64% in a year. Cheap on the company's own EBITDA guidance, but more expensive than at the turn of the year and dependent on the adjusted figure holding.
stockanalysis.com
−3

Cracks

Cash flow, customers, debt, insiders, guidance and what sits behind the headline numbers. · 3 findings−15 of −35

Regulation in Germany
The amendment to the Medizinal-Cannabisgesetz (ban on telemedicine first-time prescriptions and shipment of flowers) is in the Bundestag after the cabinet decision in October 2025; the Bundesrat has demanded tightening, while the SPD opposes blanket bans. If the law passes, it hits the telemedicine channel, which has driven the German market.
pharmazeutische-zeitung.de
−7
Management change
CEO and co-founder Philip Schetter announced on 10/9-2026 that he is stepping down early for personal reasons; there is no successor. He was also unavailable in 2025, when Patrick Hoffmann joined the board as deputy.
apotheke-adhoc.de
−4
Information quality and liquidity
The quarterly figures are unaudited HGB figures, and adjusted EBITDA is a company-defined measure. The stock trades on average about 7,500 shares a day (about EUR 38,000), and institutions own only 0.37% according to stockanalysis.
stockanalysis.com
−4

Plus

Only documented strengths. · 2 findings+4 of +15

Net cash and equity ratio
Net cash of EUR 9.3m (1.9m a year earlier) and an equity ratio of 71.3% at 30 Jun 2026.
bourse.lavenir.net
+2
Margin improvement
EBITDA rose 45% to EUR 2.9m in Q2 2026 despite lower revenue, and the gross margin rose 7.9 percentage points to 36.4%. Guidance for 2026 is adjusted EBITDA of EUR 10-12m versus 5.7m in 2025.
goldesel.de
+2

Caveats

What the score does not capture, or where the data is weak.

Cantourage is NOT in restructuring; the ordinary calibration is used. stockanalysis shows only the parent company's HGB figures (revenue 3.9m EUR), so all operating figures are from the company's own announcements. Market cap is 12.47m shares × 5.08 EUR = 63.4m EUR (approx. 473m DKK; Nordnet 483). TTM revenue (approx. 85m EUR) and growth are our own calculations: FY2025 92.8m minus H1 2025 (estimated approx. 50m) plus H1 2026 (42.4m). Only net cash (9.3m EUR) is disclosed, not gross cash and debt. Adjusted EBITDA (10-12m EUR) is the company's own unaudited HGB-based measure. Net income 2025 (approx. 3m) is an analyst estimate. ROIC has not been examined (0 points), and the shareholder structure and dilution over the last 12 months are not verified. The price targets (10-11 EUR from Montega/NuWays, paid research) are not used.