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 in line with est.; consulting on the road to recovery Topic: QBY released Q3 results that were largely in line with our estimates on the top- and bottom-line. Especially profitability remains on a strongly improved level compared to the previous year. In detail: Q3 sales increased 3.5% yoy to € 47.0m (eNuW: € 47.3m; eCons: € 47.4m), again driven by the managed service segment but also a sequential improvement of the consulting segment. Managed service sales increased 6.2% yoy to € 32.9m (eNuW: € 32.8m) and achieved an improved segment gross margin of 79.9% (+1pp yoy). On the other hand, the consulting segment saw a further decline, as sales were down 2.6% yoy to € 14.1m (eNuW: € 14.5m). Yet, we saw a sequential improvement of 4.2% qoq, which is pointing towards a recovery, in our view, as the segment gross margin also improved slightly by 0.4pp qoq to 7.1%. Mind you, 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%; 13% at Q3 ‘24). Overall gross profit came in at € 7.6m (eNuW: € 7.8m; eCons: € 8.4m, implying a margin of 16.2% (+0.9pp yoy). Against this backdrop, Q3 EBITDA improved significantly to € 2.2m (vs. € -0.1m in Q3 '23; eNuW: € 2.2m; eCons: € 2.3m), implying a 4.6% margin. The drivers behind the improvement were significant reductions in sales & marketing (-14% yoy) as well as G&A expenses (-12% yoy) following the successful implementation of the One q.beyond strategy. On this basis, management confirmed the FY guidance of € 192-198m (eNuW: € 193m; eCons: € 193m), EBITDA of € 8-10m (eNuW: € 9.3m; eCons: € 9.2m) as well as positive FCF (eNuW: € 5.6m; eCons: € 4.4m). In our view, the guidance looks absolutely achievable, especially given the seasonally strong Q4 ahead. At 9M, FCF arrived at € 4.7m, which compares to € 2.6m in the same period last year. Overall, the release fully underpins the case in accordance with management’s Strategy 2025, targeting an EBTIDA margin of 7-8% (eNuW: 7.1%; eCons: 6.8%) as well as sustained positive net income (eNuW: € 2.1m; eCons: € 1.4m). Reiterate BUY with an unchanged € 1.10 PT based on DCF. You can download the research here: http://www.more-ir.de/d/31277.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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2027519 12.11.2024 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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