Buy Rating Backed by Strong Year-End Momentum, Margin Expansion, and Improving Earnings Quality

In a report released today, Martin Comtesse from Jefferies maintained a Buy rating on CANCOM SE, with a price target of €32.00.

Martin Comtesse has given his Buy rating due to a combination of factors, chiefly the solid finish to the year with revenue growing and profitability improving sharply. The 46% year-on-year increase in EBITDA and the margin uplift to 8.0%, supported by meaningful cost savings and the absence of restructuring expenses, indicate that operational efficiency measures are gaining traction and improving earnings quality.

Moreover, the company’s full-year revenue landed in the upper half of its guidance range, demonstrating resilient demand despite a previously lowered outlook, while EBITDA still met guidance, underscoring a credible forecasting framework. Strong seasonal operating cash inflows further support balance-sheet strength, and the robust Q4 momentum, including record performance at BC8, suggests a favorable run-rate heading into the new year, justifying a positive stance on the shares.

In another report released on January 28, Deutsche Bank also maintained a Buy rating on the stock with a €33.00 price target.