contentSlug

type

ContentSlug_ContentQuery

slug

ContentPageContentQuery

content

trendingContent

query ContentSlug_ContentQuery(
  $contentSlug: String!
  $type: [ContentType!]
) {
  ...ContentPageContentQuery_13QmVO
}

fragment CompanyDetails_Content on Content {
  __isContent: __typename
  companies {
    name
    description
    pageUrl
    id
  }
}

fragment ContentBasicInfo on Content {
  __isContent: __typename
  id
  type
  title
  lang
  companies {
    viewerIsFollowing
    id
    name
    pageUrl
  }
  tags {
    viewerIsFollowing
    id
    name
    pageUrl
  }
  ...PublishingDetails
  ...Reactions
}

fragment ContentMetadata on Content {
  __isContent: __typename
  type
  title
  lang
  pageUrl
  alternatePageUrls: translations {
    __typename
    pageUrl
    lang
  }
  imgUrl
  description
  ... on Video {
    liveTime
    videoUrl
  }
  ... on Webcast {
    liveTime
    videoUrl
  }
}

fragment ContentPageContentQuery_13QmVO on Query {
  content(slug: $contentSlug, type: $type) {
    __typename
    id
    type
    title
    isPremium
    lang
    htmlBody
    summary
    companies {
      forum {
        latestPosts {
          ...ForumPosts
        }
      }
      name
      id
      viewerIsFollowing
      pageUrl
      defaultInstrument {
        isin
        id
        marketOpen
        marketClose
        marketplace {
          region
        }
        returns {
          total
        }
      }
    }
    tags {
      viewerIsFollowing
      id
      name
      pageUrl
    }
    createdAt
    ... on Video {
      liveTime
    }
    ... on Webcast {
      liveTime
    }
    slug
    ... on CompanyReport {
      reportUrl
    }
    ... on ThirdPartyCompanyReport {
      reportUrl
    }
    ... on StockExchangeRelease {
      reportUrl
    }
    ...ContentBasicInfo
    ...ContentMetadata
    ...PriceAndRecommendation_Content
    ...CompanyDetails_Content
    ...ReportLink_Content
    ...KeyFigures_Content
  }
  ...TrendingContent_1jQ2Cn
}

fragment ForumPosts on ForumPost {
  text
  likesCount
  url
  author
  postedAt
  authorImgUrl
}

fragment KeyFigures_Content on Content {
  __isContent: __typename
  companies {
    defaultInstrument {
      estimateData {
        modelType
        reportingCurrency
      }
      snapshot {
        transaction {
          date
          actualized {
            year
            quarter
            revenue
            revenueGrowth
            ebitAdjusted
            ebitReported
            ebitda
            enterpriseValue
            epsAdjusted
            dividend
            dividendYield
            sharePrice
          }
          estimates {
            year
            quarter
            revenue
            revenueGrowth
            ebitAdjusted
            ebitReported
            ebitda
            enterpriseValue
            epsAdjusted
            dividend
            dividendYield
            sharePrice
          }
        }
      }
      id
    }
    id
  }
}

fragment PriceAndRecommendation_Content on Content {
  __isContent: __typename
  createdAt
  companies {
    name
    pageUrl
    defaultInstrument {
      priceData {
        tradeCurrency
      }
      snapshot {
        priceData {
          date
          lastPrice
          tradeCurrency
        }
        transaction {
          date
          recommendation
          targetPrice
        }
        prevTransaction {
          recommendation
        }
      }
      id
    }
    id
  }
}

fragment PublishingDetails on Content {
  __isContent: __typename
  createdAt
  publishers {
    name
    imgUrl
  }
  authors {
    __typename
    id
    name
    slug
    imgUrl
    jobTitle
  }
  ... on Video {
    liveTime
  }
  ... on Webcast {
    liveTime
  }
}

fragment Reactions on Content {
  __isContent: __typename
  id
  reactionGroups {
    reactionType
    reactionsCount
    viewerReacted
  }
}

fragment ReportLink_Content on Content {
  __isContent: __typename
  type
  isPremium
  ... on CompanyReport {
    reportUrl
  }
  ... on ThirdPartyCompanyReport {
    reportUrl
  }
  ... on StockExchangeRelease {
    reportUrl
  }
}

fragment TrendingContent_1jQ2Cn on Query {
  trendingContent(type: ARTICLE) {
    __typename
    id
    title
    lang
    pageUrl
    createdAt
    type
    imgUrl
    companies {
      squareLogoUrl
      name
      id
    }
    authors {
      __typename
      imgUrl
      id
    }
    publishers {
      imgUrl
    }
  }
}


canatu-delivered-second-s-100-reactor-to-major-customer-in-semiconductor-sector-as-expected

__typename

title

isPremium

lang

htmlBody

summary

companies

createdAt

publishers

authors

reactionGroups

pageUrl

translations

imgUrl

description

Analyst

Atte Riikola

Canatu is a technology company active in deep technology that creates carbon nanotubes (Canatu CNT), related products and manufacturing equipment for the semiconductor, automotive and medical diagnostics industries. The company operates through two business models, firstly using their own reactors to develop and manufacture CNT products. Second, the company sells its CNT reactors and licenses its related technology, allowing customers to produce the products themselves under a limited license.

Rarely do tenbaggers stay long at the valuation levels that made them tenbaggers, and one characteristic of this is a very high P/S. For example, QT is now only a sixth of its 180€ share price. So, markets should not be underestimated. It’s quite possible that Canatus will also see a massive overshoot upwards someday.

I certainly wouldn’t value, for example, a medical device company at a P/S of ten or an automotive OEM. You can take as a comparison, for instance, Siemens Healthineers, whose P/S is around 2, or DENSO (in some collaboration with Canatu), whose P/S is 0.5. A stock shouldn’t really be valued based on P/S, but rather on future cash flow. If we assume for Canatu, for example, a 300M€ revenue and a 100M€ profit (which in itself would already be very strong), a market capitalization of 3 billion would require a growth rate of around 20% even after 10 years.

You are now focusing your assessment on the semiconductor sector. In ten years, other fields might also gain momentum. Some of them might even generate hype.

Seriously, that 10X would require a market capitalization of over 3.5 billion. If you look at Canatu’s own estimates of the market size, for example, it’s completely incomprehensible to expect such an increase in value, and in a relatively short time at that.

Canatu is indeed a good candidate to become a ten-bagger with a 10-year horizon, as there are other potential applications besides pellicles for the semiconductor industry, and the company’s playing field is global.

Does Inderes believe that Cantu’s share price will increase tenfold with a 12% or even greater probability? One might infer something like that from the size of the bet.

Look what ended up in the Model Portfolio.  We bought Canatu, a manufacturer of advanced carbon nanotubes, as a new company for the Model Portfolio. After its SPAC listing in September 2024, Canatu has had to postpone its ambitious growth targets, and the stock has been under pressure this year. In our opinion, the company’s long-term potential remains unchanged, and in the semiconductor sector, demand for the company’s EUV pellicle films made from carbon nanotubes is accelerating in the coming years. The company’s valuation (2025e-2026e EV/S 14x-7x) requires strong growth in the coming years, but we see a realistic path for the company to multiply its revenue over the next 5 years. Should this materialize, the stock would also, in our view, offer an excellent return from current levels. Due to a significantly higher-than-average risk level, we added the company to the Model Portfolio with a smaller 3.5% weighting. With this transaction, the Model Portfolio’s cash weighting decreased to just over 13%.                   Inderes              Mallisalkku: Otimme pienen rivin Canatua salkkuun - Inderes    Ostimme edistyneitä hiilinanoputkia valmistavaa Canatua uutena yhtiönä Mallisalkkuun.

Canatu

The news was expected, as the company had already announced in its IPO prospectus that it would deliver the first two reactors this year. 

Translation: Original published in Finnish on 12/18/2024 at 7:22 am EET.
Canatu&#xa0;<a href="https://www.inderes.se/releases/canatu-delivers-second-s-100-reactor-for-cnt-pellicle-membrane-production-to-global-semiconductor-leader">announced</a> on Tuesday that it has successfully delivered its second S-100 reactor to a major global semiconductor customer. The news was expected, as the company had already announced in its IPO prospectus that it would deliver the first two reactors this year. The first reactor was delivered to another major customer in September.
The news shows that Canatu&apos;s strategy is moving in the right direction as planned, setting the stage for strong growth in the coming years. The ramp-up of the reactor business is central to Canatu&apos;s growth, as recurring revenue from royalties and non-discretionary consumables will gradually start to grow as customers use them to manufacture CNT-based EUV pellicle membranes. We have explained the reactor business in more detail in our recent <a href="https://www.inderes.se/research/canatu-intiation-of-coverage-attractive-growth-story-also-reflected-in-valuation">Initiation of coverage report</a>.

	2023	24e	25e
Revenue	13.6	22.7	30.3
growth-%	62.1 %	66.8 %	33.6 %
EBIT (adj.)	-0.6	-3.4	-2.4
EBIT-% (adj.)	-4.7 %	-15.1 %	-7.9 %
EPS (adj.)	-0.04	-0.09	-0.04
Dividend	0.00	0.00	0.00
Dividend %
P/E (adj.)	neg.	neg.	neg.
EV/EBITDA	844.0	neg.	neg.

Canatu delivered second S-100 reactor to major customer in semiconductor sector as expected

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Key Estimate Figures21.10.2024

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