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
Q3 preview: Stable development & improved consulting; chg. q.beyond will release its Q3 report on November 11th. We expect a further positive development, as well as an improvement in the consulting segment. Here is what to expect: Q3 sales are seen to increase by 4.1% yoy to € 47.3m (eNuW). The main driver should again be the managed service segment, where we expect sales to grow by 6% yoy to € 32.8m with a stable segment gross margin of 21% (eNuW). Moreover, we expect a sequential improvement in the consulting segment with sales being flat yoy at € 14.5m (eNuW). While the company is still trimming the segment on efficiency, thus reducing the amount of low-margin projects, we estimate an improved utilization, allowing for a stable segment gross margin of 6.5% (eNuW). Keep in mind, that management targets to substantially increase the consulting margin going forward, driven by an increased utilization as well as a higher near- and off-shoring ratio (target: 20%; eNuW: 14% at Q3 ‘24e). Overall, we expect the gross margin to be stable at 16.6% (eNuW). Against this backdrop, Q3 EBITDA looks set to come in at € 2.2m (eNuW; Q3 ’23: € 0.1m), implying a margin of 4.3%. Next to the already imposed measures regarding near- and off-shoring the strong yoy improvement is driven by the continuous implementation of the One q.beyond strategy, leading to cost reduction in sales & marketing as well as G&A. On this basis, we expect management to confirm the FY guidance of € 192-198m sales (eNuW: € 193m), € 8-10m EBITDA (eNuW: € 9.3m) and positive FCF (eNuW: € 5.6m). While our EBTIDA estimate might look bullish at first sight, mind you that QBY’s strongest quarter is still ahead with Q4 and further efficiency gains are expected to come. All in all, the Q3 figures are seen to fully support the equity story in accordance with QBY’s Strategy 2025, where management is targeting an EBITDA margin of 7-8% (eNuW: 7.1%) as well as sustained positive net income. Valuation remains undemanding with shares trading at only 6.6x EV/EBITDA ‘24e (3.5x ‘25e). We hence reiterate BUY with an unchanged € 1.10 PT based on DCF. You can download the research here: http://www.more-ir.de/d/31135.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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2017663 29.10.2024 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 | ||||||||
| 2019 | 2020 | 2021 | 2022 | 2023 | 2024e | 2025e | ||
| Sales1 | 238,05 | 143,42 | 155,16 | 173,02 | 189,28 | 192,50 | 0,00 | |
| EBITDA1,2 | 140,30 | -1,98 | 31,37 | 5,36 | 5,75 | 9,10 | 0,00 | |
| EBITDA-Margin3 | 58,94 | -1,38 | 20,22 | 3,10 | 3,04 | 4,73 | 0,00 | |
| EBIT1,4 | 87,94 | -18,83 | 15,18 | -32,27 | -10,94 | -1,90 | 4,40 | |
| EBIT-Margin5 | 36,94 | -13,13 | 9,78 | -18,65 | -5,78 | -0,99 | 0,00 | |
| Net Profit (Loss)1 | 73,54 | -19,90 | 9,85 | -33,09 | -16,40 | -2,70 | 2,90 | |
| Net-Margin6 | 30,89 | -13,88 | 6,35 | -19,13 | -8,66 | -1,40 | 0,00 | |
| Cashflow1,7 | -17,71 | -4,97 | -7,66 | -1,26 | 6,47 | 0,00 | 0,00 | |
| Earnings per share8 | 0,59 | -0,16 | 0,08 | -0,27 | -0,14 | -0,02 | 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
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 | 89,70 Mio € | 19.04.2000 | Halten | 9F28XVPP+J8 |
| PE 2026e | PE 10Y-Ø | BGFL-Ratio | Shiller-PE | PB | PCF | KUV |
| 24,00 | 28,44 | 0,84 | -45,00 | 0,95 | 13,86 | 0,47 |
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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 |
| -2,31% | -5,01% | -1,10% | +17,26% | -94,46% |
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