Original-Research: q.beyond AG (von NuWays AG): Kaufen
Original-Research: q.beyond AG - from NuWays AG
Classification of NuWays AG to q.beyond AG
Company Name: q.beyond AG
ISIN: DE0005137004
Reason for the research: Update
Recommendation: Kaufen
from: 07.05.2024
Target price: EUR 1.00
Target price on sight of: 12 Monaten
Last rating change:
Analyst: Philipp Sennewald
Q1 figures set to display operational improvements / chg.
q.beyond's Q1 figures, which will be released on May 13th, are seen to
provide investors with confidence
regarding the company’s outlook. While top-line growth is expected to come
in rather muted, the imposed efficiency measures should already become
visible on the bottom-line.
Q1 sales look set to increase by 2% yoy to € 47.5m (eNuW). Compared to the previous year, q.beyond will report under a new segmentation, comprising the two segments Managed Services (2023: € 129m sales) and Consulting (€ 60.3m). While overall sales growth is seen to remain muted throughout the year, we expect the company to also benefit from the general acceleration of the SAP S/4HANA transformation. Just recently, the company announced to have completed another conversion project with regional newspaper Neue Westfälische. Mind you, SAP ERP customers are getting more and more under pressure regarding the transformation, as SAP will fade out mainstream maintenance for the old ECC by the end of 2027.
EBITDA in Q1 is seen to improve strongly to € 1.4m (eNuW), up from € -1.3m in Q1 ’23. Main drivers for the improved profitability should be an increased near- and off-shoring ratio, which management is aiming to lift from 11% in 2023 to 20% by 2025. This alone should allow for a gross margin improvement of c. 2pp (eNuW). Moreover, we expect an increased focus on the consulting and development business, where gross margins of >20% should be well achievable driven by increased daily rates.
With this, q.beyond should be on track to achieve its full year guidance. While the sales outlook looks conservative with implied 3.0% yoy growth at mid-point (eNuW: 3.1% yoy) the company looks set to achieve at least the lower end of the EBITDA guidance of € 8-10m (eNuW: € 8.2m) as we expect gradual profitability improvements driven by the aforementioned effects throughout the year.
Besides this, inorganic growth might become a factor towards YE, as implied by CEO Rixen in the call for the FY prelims. In fact, with more than € 30m net cash the company looks well equipped to tap the M&A market again. Here, one possibility could be to partner up with a company from a respective industry in order to access new verticals, comparably to logineer.
q.beyond remains a BUY with an unchanged PT of € 1.00 based on DCF.
You can download the research here:
http://www.more-ir.de/d/29617.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
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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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-------------------transmitted by EQS Group AG.-------------------
The issuer is solely responsible for the content of this research. The result of this research does not constitute investment advice or an invitation to conclude certain stock exchange transactions.
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 | ||||||||
| 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024e | ||
| Sales1 | 366,84 | 238,05 | 143,42 | 155,16 | 173,02 | 189,28 | 192,50 | |
| EBITDA1,2 | 35,06 | 140,30 | -1,98 | 31,37 | 5,36 | 5,75 | 9,10 | |
| EBITDA-Margin3 | 9,56 | 58,94 | -1,38 | 20,22 | 3,10 | 3,04 | 4,73 | |
| EBIT1,4 | 8,48 | 87,94 | -18,83 | 15,18 | -32,27 | -10,94 | -1,90 | |
| EBIT-Margin5 | 2,31 | 36,94 | -13,13 | 9,78 | -18,65 | -5,78 | -0,99 | |
| Net Profit (Loss)1 | 3,28 | 73,54 | -19,90 | 9,85 | -33,09 | -16,40 | -2,70 | |
| Net-Margin6 | 0,89 | 30,89 | -13,88 | 6,35 | -19,13 | -8,66 | -1,40 | |
| Cashflow1,7 | 34,13 | -17,71 | -4,97 | -7,66 | -1,26 | 6,47 | 0,00 | |
| Earnings per share8 | 0,03 | 0,59 | -0,16 | 0,08 | -0,27 | -0,14 | -0,02 | |
| Dividend per share8 | 0,03 | 0,03 | 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 | 85,71 Mio € | 19.04.2000 | Halten | 9F28XVPP+J8 |
| PE 2025e | PE 10Y-Ø | BGFL-Ratio | Shiller-PE | PB | PCF | KUV |
| 34,40 | 26,56 | 1,30 | -43,00 | 0,91 | 13,24 | 0,45 |
|
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 |
| -7,03% | -8,87% | +15,44% | +13,91% | -94,71% |
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