Original-Research: g.beyond AG (von NuWays AG): BUY
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Original-Research: g.beyond AG - from NuWays AG
Classification of NuWays AG to g.beyond AG
Q2 results display continuous operational improvements; chg. Q2 ‘25 sales increased by 2% (adj.) yoy to € 44.4m, while the reported yoy change was -6.1% following the communicated accounting change this year in accordance with IFRS 15. As in Q1, this was again driven by the Consulting segment, which showed 12.0% yoy sales growth to € 15.2m. This came with a further improved profitability, visible in the segment’s 15.0% gross margin (+8.3pp yoy) following an increased near- and off-shoring ratio of 17% (+5% yoy; FY25 target: 20%) as well as an improved utilization. Reported Managed Services sales on the other hand decreased 14.9% yoy to € 22.8m mainly due to the aformentioned accounting change. Yet, the segment margin rose to 22.1% (+1.4pp yoy) resulting in an overall gross margin of 19.7% (+3.0pp yoy; € 8.7m gross profit). On this basis, Q2’25 EBITDA increased disproportionately by 24.2% yoy to € 2.7m thanks to ongoing operating leverage, efficiency gains and despite one-offs connected with internal projects (SAP integration, new time recording system; total FY25e costs: € 1m). Next to the operating results, QBY announced that it has received the funds from the Plusnet transaction (€ 8.6m), which were directly reinvested to reduce trade payables and other liabilities. On this basis, a FCF figure that can act as a comparable is hard to find due to this one-off. Mind you, QBY will have to pay c. € 3.6m taxes during the remainder of FY25 in connection with the transaction. Guidance confirmed. Against the backdrop of the sound release management confirmed the FY outlook of € 184-190m sales, € 12-15m EBITDA as well as sustainably positive net income and FCF, which appears totally sensible in our view given the release as well as the seasonally strong Q4 still ahead. M&A pending. CEO Rixen reiterated that QBY is currently in advanced negotiations for a potential M&A deal which is likely to by modeled like the logineer transaction (e.g. JV with industry partner). The CEO further underscored that targets should be in the € >10m and 10% EBITDA margin ballpark. In our view, it is also likely that targets will increase public sector exposure (i.e. energy, healthcare). Mind you, that future M&A is not included in our calculations. Reiterate BUY with an unchanged PT of € 1.30 based on DCF. You can download the research here: qbeyond-ag-2025-08-12-update-en-fc269 For additional information visit our website: https://www.nuways-ag.com/research-feed Contact for questions: NuWays AG - Equity Research Web: www.nuways-ag.com Email: research@nuways-ag.com LinkedIn: https://www.linkedin.com/company/nuwaysag Adresse: Mittelweg 16-17, 20148 Hamburg, Germany ++++++++++ Diese Meldung ist keine Anlageberatung oder Aufforderung zum Abschluss bestimmter Börsengeschäfte. Offenlegung möglicher Interessenskonflikte nach § 85 WpHG beim oben analysierten Unternehmen befinden sich in der vollständigen Analyse. ++++++++++
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2182500 12.08.2025 CET/CEST
Boersengefluester.de (BGFL) provides an overview of the key figures on sales, earnings, cash flow and dividends to help you better assess the fundamental development of the respective companies. All information is entered manually in our database - the source is the respective annual reports. All estimates for future figures are provided by BGFL.
| The most important financial data at a glance | ||||||||
| 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025e | ||
| Sales1 | 238,05 | 143,42 | 155,16 | 173,02 | 189,28 | 192,59 | 188,00 | |
| EBITDA1,2 | 140,30 | -1,98 | 31,37 | 5,36 | 5,75 | 10,50 | 13,80 | |
| EBITDA-Margin3 | 58,94 | -1,38 | 20,22 | 3,10 | 3,04 | 5,45 | 7,34 | |
| EBIT1,4 | 87,94 | -18,83 | 15,18 | -32,27 | -10,94 | -4,96 | 3,20 | |
| EBIT-Margin5 | 36,94 | -13,13 | 9,78 | -18,65 | -5,78 | -2,58 | 1,70 | |
| Net Profit (Loss)1 | 73,54 | -19,90 | 9,85 | -33,09 | -16,40 | -4,02 | 2,20 | |
| Net-Margin6 | 30,89 | -13,88 | 6,35 | -19,13 | -8,66 | -2,09 | 1,17 | |
| Cashflow1,7 | -17,71 | -4,97 | -7,66 | -1,26 | 6,47 | 10,53 | 9,80 | |
| Earnings per share8 | 0,59 | -0,16 | 0,08 | -0,27 | -0,14 | -0,04 | 0,02 | |
| Dividend per share8 | 0,03 | 0,00 | 0,00 | 0,00 | 0,00 | 0,00 | 0,00 | |
1 in Mio. Euro; 2 EBITDA = Earnings before interest, taxes, depreciation and amortisation; 3 EBITDA in relation to sales; 4 EBIT = Earnings before interest and taxes; 5 EBIT in relation to sales; 6 Net profit (-loss) in relation to sales; 7 Cashflow from operations; 8 in Euro; Source: boersengefluester.de
Auditor: Forvis Mazars
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| INVESTOR-INFORMATION | ||||||
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| q.beyond | ||||||
| WKN | ISIN | Legal Type | Marketcap | IPO | Recommendation | Plus Code |
| 513700 | DE0005137004 | AG | 87,21 Mio € | 19.04.2000 | Halten | 9F28XVPP+J8 |
| PE 2026e | PE 10Y-Ø | BGFL-Ratio | Shiller-PE | PB | PCF | KUV |
| 17,50 | 28,24 | 0,62 | 50,00 | 0,94 | 8,28 | 0,45 |
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Dividend '2023 in € |
Dividend '2024 in € |
Dividend '2025e in € |
Div.-Yield '2025e in % |
| 0,00 | 0,00 | 0,00 | 0,00% |
| Annual General Meeting | Q1-figures | Q2-figures | Q3-figures | Annual press conference |
| 21.05.2026 | 11.05.2026 | 10.08.2026 | 10.11.2025 | 30.03.2026 |
| Distance 60-days-line | Distance 200-days-line | Performance YtD | Performance 52 weeks | IPO |
| -15,05% | -17,65% | -3,02% | -2,49% | -94,57% |
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