Here is a new company report on Canatu from Inderes following the latest news.
We reiterate our Accumulate rating for Canatu, but lower our target price to 7.0 euros (previously 8.5 EUR) in line with lowered forecasts. Canatu’s long-term growth story remains attractive, and the new reactor order from FST confirms our view that Canatu’s technology is in a strong position in the emerging CNT pellicle market. However, the H1 figures were very weak relative to expectations, and the weak outlook for the full year 2026 effectively means kicking the growth can down the road for the second year in a row. Investor disappointment is reflected in the fallen share price, and in our view, Canatu’s current enterprise value (2026e 144 MEUR) is low relative to the company’s potential if the updated strategy succeeds. Thus, we still see the risk-reward ratio as sufficient, but a sustained rise in the share price will likely require concrete evidence of scalable growth in the coming years.