First Berlin Equity Research has published a research update on Cantourage Group SE (ISIN: DE000A3DSV01). Analyst Ellis Acklin reiterated his BUY rating and maintained his EUR 11.00 price target.

Abstract
Cantourage brass are working to bolster and clean up financial reporting to improve transparency around operating performance. As part of this evolution, the MedCan specialist has published its initial 2026 guide calling for revenue of €85m to €95m and AEBITDA of €10m to €12m. The new guidance closes an important visibility gap, particularly after Q2 KPIs revealed a dramatic shift in the revenue mix as lower-margin German products were deliberately pruned in favour of earnings quality. We have now recalibrated FBe to the midpoint of guidance, lowering our topline assumptions while leaving earnings broadly intact. The resulting model changes have only a minor valuation impact, and our €11 TP remains unchanged (88% upside). We stay Buy-rated on Cantourage.