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
Q1’25e set for further profitability improvements Topic: Next Tuesday, q.beyond is going to release its Q1 report, which is seen to show further improvements on the bottom-line and provide confidence regarding the company’s FY25 outlook. In detail: Q1 sales are seen to slightly decline by 1.4% to € 46.5m (eNuW). Yet, the expected decline is solely due to accounting in accordance with IFRS 15. As a result, a total of € 12.6m of FY24 sales, which are mainly related to SAP and Microsoft contracts, will no longer be accounted as revenues, as only the profits from the respective customer relationshops will be accounted for. Eliminating this effect, sales growth should be in the low to mid single-digit % range (eNuW). This should again be driven by Managed Services, but also a recovery of Consulting. Here we expect a significant improvement on the gross margin side to 12% (+3.6pp yoy). Overall gross margin is seen to come in at 19.3%, implying € 9.0m gross profit. Q1 EBITDA is expected to improve strongly by 27.6% to € 2.5m (eNuW), implying a 5.5% margin. Main drivers behind this should be again an improved near- and off-shoring ratio, which management aims to lift to 20% by YE’25 (14% as of FY24). This alone should explain a good part of the gross margin improvement. Moreover, the anticipated recovery of Consulting is seen to be a further driver. Given an improved utilization, margins in the region of 20% should be absolutely achievable going forward. With this, the company should be well on track to achieve the FY25 guidance. While the sales outlook looks conservative, implying 2.2-5.6% growth (excluding the aforementioned accounting effect; eNuW: +5.5%), the q.beyond should be able to achieve the upper end of the communicated EBITDA target of € 12-15m (eNuW: € 14.7m), as we expect gradual improvements as well as a seasonally strong Q4. Putting all this aside, inorganic growth is likely to become a factor as well, as implied by CEO Rixen during the latest conference calls. In fact, with € 30m net cash (incl. leases) management has a well equipped war chest on hand to tap the M&A market. Here, we regard targets with a high public sector exposure (health-care, energy, defense) as likely, given the recent infrastructure special funds and the debt break suspension in Germany. Reiterate BUY with an € 1.30 PT based on DCF. You can download the research here: http://www.more-ir.de/d/32508.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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2132716 08.05.2025 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 | 3,20 | |
| EBIT-Margin5 | 36,94 | -13,13 | 9,78 | -18,65 | -5,78 | -2,58 | 1,70 | |
| Net Profit (Loss)1 | 73,54 | -19,90 | 9,85 | -33,09 | -16,40 | -4,02 | 2,20 | |
| Net-Margin6 | 30,89 | -13,88 | 6,35 | -19,13 | -8,66 | -2,09 | 1,17 | |
| 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 | 87,21 Mio € | 19.04.2000 | Halten | 9F28XVPP+J8 |
| PE 2026e | PE 10Y-Ø | BGFL-Ratio | Shiller-PE | PB | PCF | KUV |
| 17,50 | 28,24 | 0,62 | 50,00 | 0,94 | 8,28 | 0,45 |
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Dividend '2023 in € |
Dividend '2024 in € |
Dividend '2025e in € |
Div.-Yield '2025e in % |
| 0,00 | 0,00 | 0,00 | 0,00% |
| Annual General Meeting | Q1-figures | Q2-figures | Q3-figures | Annual press conference |
| 21.05.2026 | 11.05.2026 | 10.08.2026 | 10.11.2025 | 30.03.2026 |
| Distance 60-days-line | Distance 200-days-line | Performance YtD | Performance 52 weeks | IPO |
| -15,05% | -17,65% | -3,02% | -2,49% | -94,57% |
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