Original-Research: q.beyond AG (von NuWays AG): BUY
|
Original-Research: q.beyond AG - from NuWays AG
Classification of NuWays AG to q.beyond AG
Q3 preview: Expect margin expansion despite macro headwinds Q3 sales are seen at € 44.3m (eNuW), reflecting a still muted demand environment in German IT Services. Segment-wise, Managed Services sales are expected flat yoy on an adj. basis at € 29.0m (eNuW), as customers continue to postpone modernization projects. Positively, Consulting revenues are seen at € 15.4m (eNuW), a further sequential improvement qoq, based on improving utilization and increasing near-shore quotas. Despite soft revenues, we expect another step-up in margins. With the ongoing one.QBY program, management continues to optimize structures, leverage near- and off-shoring (eNuW: 18% vs. 14% a year ago), and implement AI-based efficiency tools. We therefore forecast a Q3 EBITDA of 3.1m, implying a margin of 7.1% (+2.5pp yoy). On this basis, management is seen to confirm the FY25 outlook of € 184-190m sales (eNuW: € 185m), € 12.15m EBITDA (eNuW: € 13.7m), as well as positive net income (eNuW: € 1m) and FCF (eNuW: € 7.4m). All in all, Q3 should underline the effectiveness of ongoing efficiency and automation measures while highlighting QBY’s resilience in a still challenging market. In our view, the positive margin trend confirms management’s focus on profitable growth rather than pure scale. With macro headwinds likely persisting into Q4, we view QBY’s disciplined cost approach and high share of recurring revenues (c. 75%) as key stabilizers. Beyond near-term operations, M&A remains a key value driver. With c. € 40m net cash (incl. leases), QBY has ample flexibility as management is screening targets of € 10-20m sales and double-digit margins, mainly in energy, healthcare, cybersecurity, and AI. Such acquisitions would broaden the vertical footprint and strengthen capabilities in high-demand (i.e. data-sovereign digital solutions). While no deal is expected before YE25, H1’26 could bring tangible newsflow, adding upside optionality to our estimates. Valuation x-read. A further positive read-across stems from Allgeier’s sale of its IT-Managed Services unit to Synova, valued in the “upper double-digit million euro range”. As this should translate to at least € 75m EV (eNuW), the implied sales multiple would be 1.5x. Applying this to QBY’s € 124m Managed Service sales in FY25 (eNuW) and even considering a 20% discount given possibly lower margins (data centre utilization currently at c. 70% at QBY), would imply an EV of c. € 150m. This poses a significant upside to the company’s total current EV of only € 72m, thus underscoring the current undervaluation of the shares. Based on this, we confirm QBY as part of our AlphaList and keep our recommendation unchanged: BUY, € 1.30 PT based on DCF. You can download the research here: qbeyond-ag-2025-10-28-previewreview-en-7aea5 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. ++++++++++
The EQS Distribution Services include Regulatory Announcements, Financial/Corporate News and Press Releases. |
||||||||||||||||||||
2219452 28.10.2025 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 |
|
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% |
Founded in 2013 by Gereon Kruse, the financial portal boersengefluester.de is all about German shares - with a clear focus on second-line stocks. In addition to traditional editorial articles, the site stands out in particular thanks to a large number of self-developed analysis tools. All tools are based on a completely self-maintained database for more than 650 shares. As a result, boersengefluester.de produces Germany's largest profit and dividend forecast.
Contact
