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1,375DKK
−1,79% (−0,025)
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Ylin1,400
Alin1,340
Vaihto
0,3 MDKK
1,375DKK
−1,79% (−0,025)
Päätöskurssi
Ylin1,400
Alin1,340
Vaihto
0,3 MDKK
1,375DKK
−1,79% (−0,025)
Päätöskurssi
Ylin1,400
Alin1,340
Vaihto
0,3 MDKK
1,375DKK
−1,79% (−0,025)
Päätöskurssi
Ylin1,400
Alin1,340
Vaihto
0,3 MDKK
1,375DKK
−1,79% (−0,025)
Päätöskurssi
Ylin1,400
Alin1,340
Vaihto
0,3 MDKK
1,375DKK
−1,79% (−0,025)
Päätöskurssi
Ylin1,400
Alin1,340
Vaihto
0,3 MDKK
2025 Q3 -tulosraportti

Vain PDF

126 päivää sitten

Tarjoustasot

DenmarkFirst North Denmark
Määrä
Osto
1 651
Myynti
Määrä
28 441

Viimeisimmät kaupat

AikaHintaMääräOstajaMyyjä
1 092--
46--
8 513--
1 487--
284--
Ylin
1,4
VWAP
1,381
Alin
1,34
VaihtoMäärä
0,3 235 641
VWAP
1,381
Ylin
1,4
Alin
1,34
VaihtoMäärä
0,3 235 641

Huomioi, että vaikka osakkeisiin säästäminen on pitkällä aikavälillä tuottanut hyvin, tulevasta tuotosta ei ole takeita. On olemassa riski, että et saa sijoittamiasi varoja takaisin.

Välittäjätilasto

Ostaneet eniten

Ostaneet eniten
VälittäjäOstettuMyytyNettoSisäinen
Anonyymi235 641235 64100

Myyneet eniten

Myyneet eniten
VälittäjäOstettuMyytyNettoSisäinen
Anonyymi235 641235 64100

Yhtiötapahtumat

Datan lähde: FactSet, Quartr
Seuraava tapahtuma
2025 Q4 -tulosraportti
26.2.

1 päivä

Menneet tapahtumat
2025 Q3 -tulosraportti
22.10.2025
2025 Q2 -tulosraportti
21.8.2025
2025 Q1 -tulosraportti
8.5.2025
2024 Q4 -tulosraportti
27.2.2025
2024 Q3 -tulosraportti
29.11.2024

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Kirjaudu
  • 5 t sitten
    ·
    5 t sitten
    ·
    It looks like the annual report for 2025 is coming tomorrow. I think it would be good form if they also just mention how the start-up process has been in Germany, because they themselves have stated that it is an important market and they expect that this market will add value to the company. https://stenocare.com/investor-relations/
    34 min sitten · Muokattu
    ·
    34 min sitten · Muokattu
    ·
    Stenocare has had the Astrum 10-10 product approved for over a year in Germany. Is this what you call a start-up phase or are you referring to the relaunch of astrum through WEECO?
  • 20 t sitten · Muokattu
    ·
    20 t sitten · Muokattu
    ·
    Astrum 10-10 can be bought at a German pharmacy and has received 4.52 out of 5 stars. There are 4823 who have reviewed the oil. It must be said to be a success, considering that it has only been available since February 1, 2026. https://can-doc.de/products/astrum-10-10-ext-stenocare
    9 t sitten
    ·
    9 t sitten
    ·
    This is super positive news, but the actual earnings from this will probably not appear until Q1 at the earliest. Stenocare has also switched to a different revenue model where they only book sales as revenue when the oil has been sold from the distributor/pharmacy to the customer/patient. This means we won't see a big boost in sales, only to then see them having to pay back the money for returned goods. So we should get a more transparent view on the revenue!
    9 t sitten
    ·
    9 t sitten
    ·
    Yes, naturally, it cannot happen before Q1 since sales only started here in February. It's good that you've noted this detail of the financial statement, because then we know that the numbers in the financial statement will not be changed due to refund.
  • 20.2.
    ·
    20.2.
    ·
    It would be interesting to see how much business these new partnerships around the world actually generate. It must be relatively limited, because when one compares their Danish/national sales with the total, the difference seems minimal. That said, one should perhaps be aware that such news (about new markets etc.) only has value when proven in practice. There is a risk that it will be a waste of time and resources for the company, rather than focusing on what actually generates business - i.e., the Danish market, where they stand strong, especially after the CannGros acquisition. If it were up to me, the company would position itself more exclusively here and work purposefully towards becoming a (continued) leading player in the Nordics. With a strong local foothold and a clear focus, it could in the long term make the company a well-positioned M&A object for larger players who want access to the market - a market that is still relatively unexplored for many of the major players, primarily due to a lack of volume today, but which will most likely grow over time. Just my take.
    2 päivää sitten
    ·
    2 päivää sitten
    ·
    Just letting your marketing strategy be guided by a map with population figures, that sounds easy, so easy that it will almost certainly fail. There should be many much deeper considerations behind which markets one wants to try – how, and with what precisely. Right now, stenocare is fumbling around a bit in Norway, and also as far away as in Australia, a bit in Germany – and now also in France. It honestly seems a bit random, which might also be the explanation for why we haven't seen a proper breakthrough anywhere yet. Focus is often more effective than buckshot, where you spread a terrible amount of energy and marketing money thinly across a lot of markets without significant effect anywhere.
    8 t sitten
    ·
    8 t sitten
    ·
    Sounds like we agree. :)
  • 18.2. · Muokattu
    ·
    18.2. · Muokattu
    ·
    This post is about Cantourage Group SE, which is the leading German player in the medical cannabis market in Germany/Europe – and the coverage I continuously provide on the company. The background is the recently announced transaction where Organigram Global Inc. acquires Sanity Group GmbH. The headline speaks for itself: ”Organigram to acquire Sanity Group for up-front consideration of €113.4 million plus a maximum earnout of up to €113.8 million tied to financial performance.” The press release can be read here: https://www.organigram.ca/_files/ugd/dad9ab_8cd368c0bdf540ef98a6f62780e15a38.pdf?utm_medium=social&utm_campaign=sanity The transaction involves an upfront payment of €113.4 million and a possible earnout of an additional €113.8 million, bringing the total potential payment to approximately €227 million. In the official valuation table, it appears that the total potential valuation – including Organigram's existing ownership stake – can reach €250 million. Looking at Sanity's development, growth is as follows: from €9 million in revenue in 2023 to €60 million in 2025, including €19 million in the fourth quarter of 2025 alone. The gross margin has simultaneously improved from 15 % in 2023 to 47 % in 2025. According to the announcement, the upfront valuation of €130 million corresponds to an LQA multiple of 1.7x based on Q4 2025 annualized revenue, and the earnout model uses multiples of 1.75x revenue and 12.5x EBITDA. The interesting thing – and the reason I bring it into the coverage of Cantourage – is the direct comparability. Cantourage delivered revenue of €74.9 million and an EBITDA of €3.9 million in the first nine months of 2025. The market capitalization is around €50 million. In other words: Cantourage generated more revenue in nine months than Sanity did in all of 2025, and yet Cantourage is traded at a market capitalization less than half of Sanity's upfront purchase price. Looking at the full earnout structure, the potential payment for Sanity corresponds to more than four times Cantourage's current market cap. This is not a question of comparing two identical companies point by point. It is a reference transaction in the same regulatory environment, the same geographical market, and the same overall value chain. Sanity is described as one of the leading players in Germany and is estimated to have a #2 market position as of January 2026, only surpassed by Cantourage Group. When an international strategic player is willing to pay up to €250 million for a German platform with €60 million in annual revenue and positive EBITDA, it serves as a concrete benchmark for the sector. The German medical cannabis market was estimated in the announcement to be over €2 billion in 2025 with an expectation of more than €4.5 billion in 2028. Consolidation is thus not theoretical – it is underway, and it is happening at multiples significantly above listed peer valuations. For me, the transaction does not change the fundamentals of Cantourage. But it clarifies the asymmetry that currently exists between private M&A pricing and the stock market's valuation. And precisely for this reason, it is relevant in the ongoing analysis of Cantourage. I maintain my assessment that there is still significant upside in the case surrounding Cantourage Group SE. If one looks solely at the recently announced transaction concerning Sanity Group GmbH as a reference point, the current valuation of Cantourage appears significantly low. If the market were to apply similar transaction logic and relative multiples, it indicates, in my estimation, a share price in the range of €6.5–8.0 – potentially higher, if a strategic premium is included. This is, mind you, without adding further upside related to future performance, market shares, etc. The central point is not the precise price target, but the structural point: A concrete, comparable M&A reference has emerged in the same market, and it points to a significant gap between private transaction value and the stock market's current pricing of Cantourage. Disclaimer: I myself have a solid position in Cantourage Group (with entry at a price of €3.02).
    19.2.
    ·
    19.2.
    ·
    It's strange that you are writing about another company on Stenocare's page?
    19.2.
    ·
    19.2.
    ·
    That is very much one of StenoCare's biggest competitors. It is probably an investor community where one shares good investment advice, I think. :)
  • 15.2.
    ·
    15.2.
    ·
    Stenocare has posted a link on Linkedin to an article about Stenocare and their products. https://businessofcannabis.com/access-saturation-consolidation-why-denmark-foreshadows-the-future-of-europes-medical-cannabis-markets/
    15.2.
    ·
    15.2.
    ·
    Very informative article, which confirms that the measures Stenocare has taken recently will benefit their business.
Yllä olevat kommentit ovat peräisin Nordnetin sosiaalisen verkoston Sharevillen käyttäjiltä, ​​eikä niitä ole muokattu eikä Nordnet ole tarkastanut niitä etukäteen. Ne eivät tarkoita, että Nordnet tarjoaisi sijoitusneuvoja tai sijoitussuosituksia. Nordnet ei ota vastuuta kommenteista.

Uutiset

AI
Viimeisin
Tämän sivun uutiset ja/tai sijoitussuositukset tai otteet niistä sekä niihin liittyvät linkit ovat mainitun tahon tuottamia ja toimittamia. Nordnet ei ole osallistunut materiaalin laatimiseen, eikä ole tarkistanut sen sisältöä tai tehnyt sisältöön muutoksia. Lue lisää sijoitussuosituksista.

Tuotteita joiden kohde-etuutena tämä arvopaperi

2025 Q3 -tulosraportti

Vain PDF

126 päivää sitten

Uutiset

AI
Viimeisin
Tämän sivun uutiset ja/tai sijoitussuositukset tai otteet niistä sekä niihin liittyvät linkit ovat mainitun tahon tuottamia ja toimittamia. Nordnet ei ole osallistunut materiaalin laatimiseen, eikä ole tarkistanut sen sisältöä tai tehnyt sisältöön muutoksia. Lue lisää sijoitussuosituksista.

Shareville

Liity keskusteluun SharevillessäShareville on aktiivisten yksityissijoittajien yhteisö, jossa voit seurata muiden asiakkaiden kaupankäyntiä ja omistuksia.
Kirjaudu
  • 5 t sitten
    ·
    5 t sitten
    ·
    It looks like the annual report for 2025 is coming tomorrow. I think it would be good form if they also just mention how the start-up process has been in Germany, because they themselves have stated that it is an important market and they expect that this market will add value to the company. https://stenocare.com/investor-relations/
    34 min sitten · Muokattu
    ·
    34 min sitten · Muokattu
    ·
    Stenocare has had the Astrum 10-10 product approved for over a year in Germany. Is this what you call a start-up phase or are you referring to the relaunch of astrum through WEECO?
  • 20 t sitten · Muokattu
    ·
    20 t sitten · Muokattu
    ·
    Astrum 10-10 can be bought at a German pharmacy and has received 4.52 out of 5 stars. There are 4823 who have reviewed the oil. It must be said to be a success, considering that it has only been available since February 1, 2026. https://can-doc.de/products/astrum-10-10-ext-stenocare
    9 t sitten
    ·
    9 t sitten
    ·
    This is super positive news, but the actual earnings from this will probably not appear until Q1 at the earliest. Stenocare has also switched to a different revenue model where they only book sales as revenue when the oil has been sold from the distributor/pharmacy to the customer/patient. This means we won't see a big boost in sales, only to then see them having to pay back the money for returned goods. So we should get a more transparent view on the revenue!
    9 t sitten
    ·
    9 t sitten
    ·
    Yes, naturally, it cannot happen before Q1 since sales only started here in February. It's good that you've noted this detail of the financial statement, because then we know that the numbers in the financial statement will not be changed due to refund.
  • 20.2.
    ·
    20.2.
    ·
    It would be interesting to see how much business these new partnerships around the world actually generate. It must be relatively limited, because when one compares their Danish/national sales with the total, the difference seems minimal. That said, one should perhaps be aware that such news (about new markets etc.) only has value when proven in practice. There is a risk that it will be a waste of time and resources for the company, rather than focusing on what actually generates business - i.e., the Danish market, where they stand strong, especially after the CannGros acquisition. If it were up to me, the company would position itself more exclusively here and work purposefully towards becoming a (continued) leading player in the Nordics. With a strong local foothold and a clear focus, it could in the long term make the company a well-positioned M&A object for larger players who want access to the market - a market that is still relatively unexplored for many of the major players, primarily due to a lack of volume today, but which will most likely grow over time. Just my take.
    2 päivää sitten
    ·
    2 päivää sitten
    ·
    Just letting your marketing strategy be guided by a map with population figures, that sounds easy, so easy that it will almost certainly fail. There should be many much deeper considerations behind which markets one wants to try – how, and with what precisely. Right now, stenocare is fumbling around a bit in Norway, and also as far away as in Australia, a bit in Germany – and now also in France. It honestly seems a bit random, which might also be the explanation for why we haven't seen a proper breakthrough anywhere yet. Focus is often more effective than buckshot, where you spread a terrible amount of energy and marketing money thinly across a lot of markets without significant effect anywhere.
    8 t sitten
    ·
    8 t sitten
    ·
    Sounds like we agree. :)
  • 18.2. · Muokattu
    ·
    18.2. · Muokattu
    ·
    This post is about Cantourage Group SE, which is the leading German player in the medical cannabis market in Germany/Europe – and the coverage I continuously provide on the company. The background is the recently announced transaction where Organigram Global Inc. acquires Sanity Group GmbH. The headline speaks for itself: ”Organigram to acquire Sanity Group for up-front consideration of €113.4 million plus a maximum earnout of up to €113.8 million tied to financial performance.” The press release can be read here: https://www.organigram.ca/_files/ugd/dad9ab_8cd368c0bdf540ef98a6f62780e15a38.pdf?utm_medium=social&utm_campaign=sanity The transaction involves an upfront payment of €113.4 million and a possible earnout of an additional €113.8 million, bringing the total potential payment to approximately €227 million. In the official valuation table, it appears that the total potential valuation – including Organigram's existing ownership stake – can reach €250 million. Looking at Sanity's development, growth is as follows: from €9 million in revenue in 2023 to €60 million in 2025, including €19 million in the fourth quarter of 2025 alone. The gross margin has simultaneously improved from 15 % in 2023 to 47 % in 2025. According to the announcement, the upfront valuation of €130 million corresponds to an LQA multiple of 1.7x based on Q4 2025 annualized revenue, and the earnout model uses multiples of 1.75x revenue and 12.5x EBITDA. The interesting thing – and the reason I bring it into the coverage of Cantourage – is the direct comparability. Cantourage delivered revenue of €74.9 million and an EBITDA of €3.9 million in the first nine months of 2025. The market capitalization is around €50 million. In other words: Cantourage generated more revenue in nine months than Sanity did in all of 2025, and yet Cantourage is traded at a market capitalization less than half of Sanity's upfront purchase price. Looking at the full earnout structure, the potential payment for Sanity corresponds to more than four times Cantourage's current market cap. This is not a question of comparing two identical companies point by point. It is a reference transaction in the same regulatory environment, the same geographical market, and the same overall value chain. Sanity is described as one of the leading players in Germany and is estimated to have a #2 market position as of January 2026, only surpassed by Cantourage Group. When an international strategic player is willing to pay up to €250 million for a German platform with €60 million in annual revenue and positive EBITDA, it serves as a concrete benchmark for the sector. The German medical cannabis market was estimated in the announcement to be over €2 billion in 2025 with an expectation of more than €4.5 billion in 2028. Consolidation is thus not theoretical – it is underway, and it is happening at multiples significantly above listed peer valuations. For me, the transaction does not change the fundamentals of Cantourage. But it clarifies the asymmetry that currently exists between private M&A pricing and the stock market's valuation. And precisely for this reason, it is relevant in the ongoing analysis of Cantourage. I maintain my assessment that there is still significant upside in the case surrounding Cantourage Group SE. If one looks solely at the recently announced transaction concerning Sanity Group GmbH as a reference point, the current valuation of Cantourage appears significantly low. If the market were to apply similar transaction logic and relative multiples, it indicates, in my estimation, a share price in the range of €6.5–8.0 – potentially higher, if a strategic premium is included. This is, mind you, without adding further upside related to future performance, market shares, etc. The central point is not the precise price target, but the structural point: A concrete, comparable M&A reference has emerged in the same market, and it points to a significant gap between private transaction value and the stock market's current pricing of Cantourage. Disclaimer: I myself have a solid position in Cantourage Group (with entry at a price of €3.02).
    19.2.
    ·
    19.2.
    ·
    It's strange that you are writing about another company on Stenocare's page?
    19.2.
    ·
    19.2.
    ·
    That is very much one of StenoCare's biggest competitors. It is probably an investor community where one shares good investment advice, I think. :)
  • 15.2.
    ·
    15.2.
    ·
    Stenocare has posted a link on Linkedin to an article about Stenocare and their products. https://businessofcannabis.com/access-saturation-consolidation-why-denmark-foreshadows-the-future-of-europes-medical-cannabis-markets/
    15.2.
    ·
    15.2.
    ·
    Very informative article, which confirms that the measures Stenocare has taken recently will benefit their business.
Yllä olevat kommentit ovat peräisin Nordnetin sosiaalisen verkoston Sharevillen käyttäjiltä, ​​eikä niitä ole muokattu eikä Nordnet ole tarkastanut niitä etukäteen. Ne eivät tarkoita, että Nordnet tarjoaisi sijoitusneuvoja tai sijoitussuosituksia. Nordnet ei ota vastuuta kommenteista.

Tarjoustasot

DenmarkFirst North Denmark
Määrä
Osto
1 651
Myynti
Määrä
28 441

Viimeisimmät kaupat

AikaHintaMääräOstajaMyyjä
1 092--
46--
8 513--
1 487--
284--
Ylin
1,4
VWAP
1,381
Alin
1,34
VaihtoMäärä
0,3 235 641
VWAP
1,381
Ylin
1,4
Alin
1,34
VaihtoMäärä
0,3 235 641

Huomioi, että vaikka osakkeisiin säästäminen on pitkällä aikavälillä tuottanut hyvin, tulevasta tuotosta ei ole takeita. On olemassa riski, että et saa sijoittamiasi varoja takaisin.

Välittäjätilasto

Ostaneet eniten

Ostaneet eniten
VälittäjäOstettuMyytyNettoSisäinen
Anonyymi235 641235 64100

Myyneet eniten

Myyneet eniten
VälittäjäOstettuMyytyNettoSisäinen
Anonyymi235 641235 64100

Yhtiötapahtumat

Datan lähde: FactSet, Quartr
Seuraava tapahtuma
2025 Q4 -tulosraportti
26.2.

1 päivä

Menneet tapahtumat
2025 Q3 -tulosraportti
22.10.2025
2025 Q2 -tulosraportti
21.8.2025
2025 Q1 -tulosraportti
8.5.2025
2024 Q4 -tulosraportti
27.2.2025
2024 Q3 -tulosraportti
29.11.2024

Tuotteita joiden kohde-etuutena tämä arvopaperi

2025 Q3 -tulosraportti

Vain PDF

126 päivää sitten

Uutiset

AI
Viimeisin
Tämän sivun uutiset ja/tai sijoitussuositukset tai otteet niistä sekä niihin liittyvät linkit ovat mainitun tahon tuottamia ja toimittamia. Nordnet ei ole osallistunut materiaalin laatimiseen, eikä ole tarkistanut sen sisältöä tai tehnyt sisältöön muutoksia. Lue lisää sijoitussuosituksista.

Yhtiötapahtumat

Datan lähde: FactSet, Quartr
Seuraava tapahtuma
2025 Q4 -tulosraportti
26.2.

1 päivä

Menneet tapahtumat
2025 Q3 -tulosraportti
22.10.2025
2025 Q2 -tulosraportti
21.8.2025
2025 Q1 -tulosraportti
8.5.2025
2024 Q4 -tulosraportti
27.2.2025
2024 Q3 -tulosraportti
29.11.2024

Tuotteita joiden kohde-etuutena tämä arvopaperi

Shareville

Liity keskusteluun SharevillessäShareville on aktiivisten yksityissijoittajien yhteisö, jossa voit seurata muiden asiakkaiden kaupankäyntiä ja omistuksia.
Kirjaudu
  • 5 t sitten
    ·
    5 t sitten
    ·
    It looks like the annual report for 2025 is coming tomorrow. I think it would be good form if they also just mention how the start-up process has been in Germany, because they themselves have stated that it is an important market and they expect that this market will add value to the company. https://stenocare.com/investor-relations/
    34 min sitten · Muokattu
    ·
    34 min sitten · Muokattu
    ·
    Stenocare has had the Astrum 10-10 product approved for over a year in Germany. Is this what you call a start-up phase or are you referring to the relaunch of astrum through WEECO?
  • 20 t sitten · Muokattu
    ·
    20 t sitten · Muokattu
    ·
    Astrum 10-10 can be bought at a German pharmacy and has received 4.52 out of 5 stars. There are 4823 who have reviewed the oil. It must be said to be a success, considering that it has only been available since February 1, 2026. https://can-doc.de/products/astrum-10-10-ext-stenocare
    9 t sitten
    ·
    9 t sitten
    ·
    This is super positive news, but the actual earnings from this will probably not appear until Q1 at the earliest. Stenocare has also switched to a different revenue model where they only book sales as revenue when the oil has been sold from the distributor/pharmacy to the customer/patient. This means we won't see a big boost in sales, only to then see them having to pay back the money for returned goods. So we should get a more transparent view on the revenue!
    9 t sitten
    ·
    9 t sitten
    ·
    Yes, naturally, it cannot happen before Q1 since sales only started here in February. It's good that you've noted this detail of the financial statement, because then we know that the numbers in the financial statement will not be changed due to refund.
  • 20.2.
    ·
    20.2.
    ·
    It would be interesting to see how much business these new partnerships around the world actually generate. It must be relatively limited, because when one compares their Danish/national sales with the total, the difference seems minimal. That said, one should perhaps be aware that such news (about new markets etc.) only has value when proven in practice. There is a risk that it will be a waste of time and resources for the company, rather than focusing on what actually generates business - i.e., the Danish market, where they stand strong, especially after the CannGros acquisition. If it were up to me, the company would position itself more exclusively here and work purposefully towards becoming a (continued) leading player in the Nordics. With a strong local foothold and a clear focus, it could in the long term make the company a well-positioned M&A object for larger players who want access to the market - a market that is still relatively unexplored for many of the major players, primarily due to a lack of volume today, but which will most likely grow over time. Just my take.
    2 päivää sitten
    ·
    2 päivää sitten
    ·
    Just letting your marketing strategy be guided by a map with population figures, that sounds easy, so easy that it will almost certainly fail. There should be many much deeper considerations behind which markets one wants to try – how, and with what precisely. Right now, stenocare is fumbling around a bit in Norway, and also as far away as in Australia, a bit in Germany – and now also in France. It honestly seems a bit random, which might also be the explanation for why we haven't seen a proper breakthrough anywhere yet. Focus is often more effective than buckshot, where you spread a terrible amount of energy and marketing money thinly across a lot of markets without significant effect anywhere.
    8 t sitten
    ·
    8 t sitten
    ·
    Sounds like we agree. :)
  • 18.2. · Muokattu
    ·
    18.2. · Muokattu
    ·
    This post is about Cantourage Group SE, which is the leading German player in the medical cannabis market in Germany/Europe – and the coverage I continuously provide on the company. The background is the recently announced transaction where Organigram Global Inc. acquires Sanity Group GmbH. The headline speaks for itself: ”Organigram to acquire Sanity Group for up-front consideration of €113.4 million plus a maximum earnout of up to €113.8 million tied to financial performance.” The press release can be read here: https://www.organigram.ca/_files/ugd/dad9ab_8cd368c0bdf540ef98a6f62780e15a38.pdf?utm_medium=social&utm_campaign=sanity The transaction involves an upfront payment of €113.4 million and a possible earnout of an additional €113.8 million, bringing the total potential payment to approximately €227 million. In the official valuation table, it appears that the total potential valuation – including Organigram's existing ownership stake – can reach €250 million. Looking at Sanity's development, growth is as follows: from €9 million in revenue in 2023 to €60 million in 2025, including €19 million in the fourth quarter of 2025 alone. The gross margin has simultaneously improved from 15 % in 2023 to 47 % in 2025. According to the announcement, the upfront valuation of €130 million corresponds to an LQA multiple of 1.7x based on Q4 2025 annualized revenue, and the earnout model uses multiples of 1.75x revenue and 12.5x EBITDA. The interesting thing – and the reason I bring it into the coverage of Cantourage – is the direct comparability. Cantourage delivered revenue of €74.9 million and an EBITDA of €3.9 million in the first nine months of 2025. The market capitalization is around €50 million. In other words: Cantourage generated more revenue in nine months than Sanity did in all of 2025, and yet Cantourage is traded at a market capitalization less than half of Sanity's upfront purchase price. Looking at the full earnout structure, the potential payment for Sanity corresponds to more than four times Cantourage's current market cap. This is not a question of comparing two identical companies point by point. It is a reference transaction in the same regulatory environment, the same geographical market, and the same overall value chain. Sanity is described as one of the leading players in Germany and is estimated to have a #2 market position as of January 2026, only surpassed by Cantourage Group. When an international strategic player is willing to pay up to €250 million for a German platform with €60 million in annual revenue and positive EBITDA, it serves as a concrete benchmark for the sector. The German medical cannabis market was estimated in the announcement to be over €2 billion in 2025 with an expectation of more than €4.5 billion in 2028. Consolidation is thus not theoretical – it is underway, and it is happening at multiples significantly above listed peer valuations. For me, the transaction does not change the fundamentals of Cantourage. But it clarifies the asymmetry that currently exists between private M&A pricing and the stock market's valuation. And precisely for this reason, it is relevant in the ongoing analysis of Cantourage. I maintain my assessment that there is still significant upside in the case surrounding Cantourage Group SE. If one looks solely at the recently announced transaction concerning Sanity Group GmbH as a reference point, the current valuation of Cantourage appears significantly low. If the market were to apply similar transaction logic and relative multiples, it indicates, in my estimation, a share price in the range of €6.5–8.0 – potentially higher, if a strategic premium is included. This is, mind you, without adding further upside related to future performance, market shares, etc. The central point is not the precise price target, but the structural point: A concrete, comparable M&A reference has emerged in the same market, and it points to a significant gap between private transaction value and the stock market's current pricing of Cantourage. Disclaimer: I myself have a solid position in Cantourage Group (with entry at a price of €3.02).
    19.2.
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    19.2.
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    It's strange that you are writing about another company on Stenocare's page?
    19.2.
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    19.2.
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    That is very much one of StenoCare's biggest competitors. It is probably an investor community where one shares good investment advice, I think. :)
  • 15.2.
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    15.2.
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    Stenocare has posted a link on Linkedin to an article about Stenocare and their products. https://businessofcannabis.com/access-saturation-consolidation-why-denmark-foreshadows-the-future-of-europes-medical-cannabis-markets/
    15.2.
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    15.2.
    ·
    Very informative article, which confirms that the measures Stenocare has taken recently will benefit their business.
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