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
Final FY in line with prelims / Strong FCF highlights release; chg. FY24 sales came in at € 193m, up 1.7% yoy. Top-line was once again driven by the Managed Services segment, where sales increased 4.9% yoy to € 135m. Notably, QBY was able to significantly increase the implementation of AI based solutions in the fields of knowledge and records management. Further, the increased focus on cyber security and integrated software development beared fruit in FY24. On the other hand, Consulting showed declining sales (-5.0% to € 57.3m), which was mainly driven by ongoing investment reluctance in the German Mittelstand. Moreover, QBY continued to give up non- and low-margin projects. The latter already became visible in a strongly improved gross margin of 17.9% (+3.4pp yoy). This was further driven by a reduction of external personell. Going forward, we expect a further gross margin expansion based especially on an increasing near- and off-shoring ratio (management target of 20% in FY25 vs 14% in FY24). Accordingly, EBITDA came in strong at € 10.5m, implying a 5.5% margin (+2.5pp yoy), beating our (€ 9.2m) and street’s (€ 9.2m) old estimates as well as the company’s guidance of € 8-10m. Besides the improved gross margin, efficiency measures in SG&A were the main drivers of the strong improvement. In fact, EBITDA increased 83% yoy even including last years positive net one-offs of € 3.3m. The strong released was highlighted by a substantially improved FCF (excl. leasing expenses) of € 7.0m (eNuW: € 5.7m; FY23: € 3.9m). Mind you, that this figure differs from QBY’s FCF definition (€ 3.2m; total change in net liquidity (excl. M&A)). This should bode especially well for management M&A targets. For FY25, management confirmed in the CC on the FY prelims, that the company is in an advanced stage to acquire 1-2 targets this year. Management is looking for margin accretive deals with € >10m sales. Given the recently imposed special fund for investing € 500bn on infrastructure and the suspension of the debt break for defense spending, we regard it as even more likely that QBY will look for targets with a high public sector exposure (healthcare, energy, defense). This was also confirmed during the call. Given the strong numbers and an undemanding valuation (FY25e EV/EBITDA of 4.0x), we reiterate BUY with an unchanged € 1.30 PT based on DCF. You can download the research here: http://www.more-ir.de/d/32106.pdf 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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2109568 01.04.2025 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 | 3,60 | |
| EBIT-Margin5 | 36,94 | -13,13 | 9,78 | -18,65 | -5,78 | -2,58 | 1,92 | |
| Net Profit (Loss)1 | 73,54 | -19,90 | 9,85 | -33,09 | -16,40 | -4,02 | 2,60 | |
| Net-Margin6 | 30,89 | -13,88 | 6,35 | -19,13 | -8,66 | -2,09 | 1,38 | |
| 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
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 | 101,16 Mio € | 19.04.2000 | Halten | 9F28XVPP+J8 |
| PE 2026e | PE 10Y-Ø | BGFL-Ratio | Shiller-PE | PB | PCF | KUV |
| 27,07 | 29,36 | 0,92 | 58,00 | 1,09 | 9,61 | 0,53 |
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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 | 10.11.2025 | 31.03.2025 |
| Distance 60-days-line | Distance 200-days-line | Performance YtD | Performance 52 weeks | IPO |
| +9,43% | +7,41% | +11,54% | +28,08% | -93,75% |
