Original-Research: q.beyond AG (von NuWays AG): BUY
|
Original-Research: q.beyond AG - from NuWays AG
Classification of NuWays AG to q.beyond AG
Q2 set to confirm strong first quarter improvements Topic: q.beyond will report Q2/H1 figures on August 12th . We expect a slight sequential improvement compared to the already strong first quarter. Q2 sales are seen to increase 2.1% yoy to € 47.4m, which should again be driven by the Managed Service segment (eNuW: € 33.2m). On the other hand, we expect sales from the Consulting segment to slightly decline qoq to € 14.1m (eNuW), due to the continuous reduction in low-margin project sales. As we expect a slightly lower utilization in Q2 on the other hand, we hence expect the gross margin to remain stable at 8.5%. Mind you, that management is targeting to significantly increase the Consulting margin in the mid-term, driven by an increased utilization as well as a higher near- and off-shoring ratio (target: 20%, eNuW: 13% at H1 ’24). As the Managed Service margin should also remain stable, we expect the company to report a gross profit of € 8.3m for Q2, implying a 17.6% margin. On this basis, Q2 EBITDA looks set to come in at € 2.1m (Q1: € 2.0m), implying a 4.3% margin as well as a 98% yoy improvement. Besides the already increased near- and off-shoring ratio, the strong yoy improvements should have been driven by continued implementation of the One q.beyond strategy allowing for cost reductions in sales & marketing as well as G&A. With this, management should confirm the FY guidance of € 192-198m in sales (eNuW: € 194m), € 8-10m EBITDA (eNuW: € 9.7m) and a positive FCF (eNuW: € 6.0m). While our EBITDA forecast might look ambitious at first glance after H1 (eNuW: € 4.1m EBITDA), it should be justified by ongoing efficiency gains throughout the second half of the year. Overall, the release is seen to fully support the company’s transformation according to its Strategy 2025, where management is targeting an EBITDA margin of 7-8% (eNuW: 7.1%) as well as a sustainable positive net income. Valuation continues to look undemanding, as shares are trading at only 7.1x EV/EBITDA '24e (4.1x '25e). Hence, the stock remains a BUY with an unchanged PT of € 1.10 based on DCF. You can download the research here: http://www.more-ir.de/d/30329.pdf For additional information visit our website: www.nuways-ag.com/research 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. ++++++++++
The EQS Distribution Services include Regulatory Announcements, Financial/Corporate News and Press Releases. |
||||||||||||||||||
1957547 31.07.2024 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 | ||||||||
| 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024e | ||
| Sales1 | 366,84 | 238,05 | 143,42 | 155,16 | 173,02 | 189,28 | 192,50 | |
| EBITDA1,2 | 35,06 | 140,30 | -1,98 | 31,37 | 5,36 | 5,75 | 9,10 | |
| EBITDA-Margin3 | 9,56 | 58,94 | -1,38 | 20,22 | 3,10 | 3,04 | 4,73 | |
| EBIT1,4 | 8,48 | 87,94 | -18,83 | 15,18 | -32,27 | -10,94 | -1,90 | |
| EBIT-Margin5 | 2,31 | 36,94 | -13,13 | 9,78 | -18,65 | -5,78 | -0,99 | |
| Net Profit (Loss)1 | 3,28 | 73,54 | -19,90 | 9,85 | -33,09 | -16,40 | -2,70 | |
| Net-Margin6 | 0,89 | 30,89 | -13,88 | 6,35 | -19,13 | -8,66 | -1,40 | |
| Cashflow1,7 | 34,13 | -17,71 | -4,97 | -7,66 | -1,26 | 6,47 | 0,00 | |
| Earnings per share8 | 0,03 | 0,59 | -0,16 | 0,08 | -0,27 | -0,14 | -0,02 | |
| Dividend per share8 | 0,03 | 0,03 | 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
All relevant valuation ratios, dates and other investor information on your share at a glance. Good to know: All data comes from boersengefluester.de and is updated daily. This means you are always up to date. You can get brief explanations of the key figures by moving the cursor or mouse over the relevant field.
| INVESTOR-INFORMATION | ||||||
| ©boersengefluester.de | ||||||
| q.beyond | ||||||
| WKN | ISIN | Legal Type | Marketcap | IPO | Recommendation | Plus Code |
| 513700 | DE0005137004 | AG | 85,71 Mio € | 19.04.2000 | Halten | 9F28XVPP+J8 |
| PE 2025e | PE 10Y-Ø | BGFL-Ratio | Shiller-PE | PB | PCF | KUV |
| 34,40 | 26,56 | 1,30 | -43,00 | 0,91 | 13,24 | 0,45 |
|
Dividend '2022 in € |
Dividend '2023 in € |
Dividend '2024e in € |
Div.-Yield '2024e in % |
| 0,00 | 0,00 | 0,00 | 0,00% |
| Annual General Meeting | Q1-figures | Q2-figures | Q3-figures | Annual press conference |
| 22.05.2025 | 12.05.2025 | 11.08.2025 | 11.11.2024 | 31.03.2025 |
| Distance 60-days-line | Distance 200-days-line | Performance YtD | Performance 52 weeks | IPO |
| -7,03% | -8,87% | +15,44% | +13,91% | -94,71% |
Founded in 2013 by Gereon Kruse, the financial portal boersengefluester.de is all about German shares - with a clear focus on second-line stocks. In addition to traditional editorial articles, the site stands out in particular thanks to a large number of self-developed analysis tools. All tools are based on a completely self-maintained database for more than 650 shares. As a result, boersengefluester.de produces Germany's largest profit and dividend forecast.
Contact
