Q2 Results Signal Transformation for Cantourage Group SE

In a recent research update, First Berlin Equity Research maintained its "BUY" recommendation for Cantourage Group SE, setting a target price of €11. Analyst Ellis Acklin noted that the company's Q2 figures indicate a transformation, supporting the central case scenario. Cantourage's business strategy is now more internationally focused, with improved earnings quality that surpasses the headline revenue decline.

Revenue fell by 22% year-over-year to €21.8 million, largely due to a strategic shift within Germany towards high-margin premium business, which boosted the gross margin from 28.5% to 36.4%. EBITDA witnessed a significant 45% rise, reaching €2.9 million and resulting in a robust margin of 13.1%, exceeding expectations.

Growth in the UK and Poland marked an important diversification shift, with these markets now contributing over 50% to group revenues, reducing dependence on Germany. Furthermore, net cash improved to €9.3 million. The future guidance expected this month will help refine forecasts, but the investment case remains intact with a promising 90% upside.