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
    }
  }
}


mallisalkku-otimme-pienen-rivin-canatua-salkkuun

__typename

title

isPremium

lang

htmlBody

summary

companies

createdAt

publishers

authors

reactionGroups

pageUrl

translations

imgUrl

description

Analyst

Atte Riikola

Juha Kinnunen

Rauli Juva

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

Ostimme edistyneitä hiilinanoputkia valmistavaa Canatua uutena yhtiönä Mallisalkkuun.

<p>Ostimme edistyneit&#xe4; hiilinanoputkia valmistavaa Canatua uutena yhti&#xf6;n&#xe4; Mallisalkkuun. Syyskuussa 2024 tapahtuneen SPAC-listautumisen j&#xe4;lkeen Canatu on joutunut potkimaan kovia kasvutavoitteitaan eteenp&#xe4;in, ja osake on ollut t&#xe4;n&#xe4; vuonna paineessa. Mielest&#xe4;mme yhti&#xf6;n pitk&#xe4;n aikav&#xe4;lin potentiaali on yh&#xe4; ennallaan, ja puolijohdesektorilla kysynt&#xe4; yhti&#xf6;n hiilinanoputkista valmistetuille EUV pellicle -kalvoille on l&#xe4;hivuosina kiihtym&#xe4;ss&#xe4;. Yhti&#xf6;n arvostus (2025e-2026e EV/S 14x-7x) vaatii tulevina vuosina voimakasta kasvua, mutta n&#xe4;emme yhti&#xf6;ll&#xe4; realistisen polun moninkertaistaa liikevaihtonsa seuraavan 5 vuoden aikana. T&#xe4;m&#xe4;n toteutuessa my&#xf6;s osake tarjoilisi n&#xe4;kemyksemme mukaan nykytasoilta erinomaisen tuoton. Huomattavasti keskim&#xe4;&#xe4;r&#xe4;ist&#xe4; korkeamman riskitason vuoksi otimme yhti&#xf6;n Mallisalkkuun pienemm&#xe4;ll&#xe4; 3,5 %:n painolla. Kaupan my&#xf6;t&#xe4; Mallisalkun k&#xe4;teispaino laski reiluun 13 %:iin.</p>

	2024	25e	26e
Revenue	22.0	14.9	29.8
growth-%	62.1 %	-32.4 %	100.1 %
EBIT (adj.)	-4.8	-11.6	-7.6
EBIT-% (adj.)	-21.9 %	-78.2 %	-25.5 %
EPS (adj.)	-0.01	-0.24	-0.15
Dividend	0.00	0.00	0.00
Dividend %
P/E (adj.)	neg.	neg.	neg.
EV/EBITDA	neg.	neg.	neg.

Mallisalkku: Otimme pienen rivin Canatua salkkuun

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Key Estimate Figures31.08.

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