Here is a new comprehensive report on Canatu from Atte; like other comprehensive reports, this one is not behind a paywall. 
We reiterate our Accumulate recommendation and target price of EUR 8.5 for Canatu. Following last year’s weak performance, there is a clear dent in the company’s growth story, which is also reflected in the share price. Nevertheless, the market for Canatu’s CNT-based pellicle membranes is still forming, and the company’s position here appears strong. Large customer accounts in the semiconductor sector offer the company significant growth potential, as evidenced by the targets set for 2030 (revenue of EUR 100-150 million and EBIT 25-30%). At the current valuation, we find Canatu’s long-term potential attractive, but its realization still requires patience.
Quote from the report:
Achieving Canatu’s growth targets may require increasing the headcount by an average of 10-35 FTEs (full-time equivalents) per year, depending particularly on the development of new business. If the company’s growth materializes, we believe the target operating margin of 25-30% is realistic to achieve. This requires successful strategy execution, particularly in the semiconductor sector and the ramp-up of the reactor business. In our view, this is realistically achievable in light of both the company’s business and the market development trends. However, following last year’s growth disappointments, investors are unlikely to buy into these targets before there is evidence of accelerating growth.
