Original-Research: q.beyond AG (von NuWays AG): BUY
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Original-Research: q.beyond AG - from NuWays AG
Classification of NuWays AG to q.beyond AG
Q2 largely in line with expectations + strong order intake Q2 sales increased by 1.8% yoy to € 47.3m (eNuW: € 47.4m; eCons: € 47.3m), which was again driven by the Managed Services segment, where revenues grew by 6.1% yoy to € 33.7m (eNuW: € 33.2m). On the other hand, the ongoing economic weakness continued to negatively impact on the Consulting segment, as the business is usually characterized by shorter-term contracts compared to the Managed Services segment. Segment revenues hence decreased by 7.6% yoy to € 13.5m (eNuW: € 14.1m), which was also driven by the optimization of the consulting portfolio (i.e. reduction in low-margin projects) in accordance with the company’s mid-term strategy. Yet, the segment’s gross margin came in 0.9pp weaker yoy with 6.7%. The Managed Services margin also came in weaker at 20.7% following increased license costs, especially VMware. Overall gross profit came in at € 7.9m (-4.7% yoy), implying a 15.7% margin. A clear highlight of the release in our view was the strong order intake of € 54.2m (+36% yoy, 1.15x b-tb), providing sound visibility on future growth momentum. A recurring revenue share of 75% (Q1: 74%) should provide investors with additional confidence. Despite the weaker gross margin, Q2 EBITDA strongly improved by 113% yoy to € 2.2m (eNuW: € 2.1m; eCons: € 2.2m), implying a 4.7% margin. The drivers behind the improvement were significant reductions in sales & marketing (-23% yoy) as well as G&A expenses (-22% yoy) following the successful implementation of the One q.beyond strategy. Against this backdrop, management confirmed the FY guidance of € 192-198m sales, € 8-10m EBTIDA and positive FCF. As the sales (eNuW: € 194m; eCons: € 195m) and FCF (eNuW: € 6m; eCons: € 4.4m) should be clearly in reach, we even expect the company to achieve the upper end of the EBITDA guidance (eNuW: € 9.7m; eCons: € 9.3m). While this might look ambitious given H1 EBITDA of € 4.2m, we expect ongoing efficiency gains (i.e. higher near-shoring ratio: FY target of 17% vs 12% at H1) as well as scale effects in the Managed Services segment. The stock remains a BUY with an unchanged PT of € 1.10 based on DCF. +++ For further information on the company’s “Strategy 2025”, there will be a roundtable discussion with CEO Rixen and CFO Wolters today at 3:00 p.m. (LINK). +++ You can download the research here: http://www.more-ir.de/d/30445.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. ++++++++++
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1966387 13.08.2024 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 |
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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% |
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