q.beyond AG (von NuWays AG): BUY

^
Original-Research: q.beyond AG - from NuWays AG

13.05.2025 / 09:00 CET/CEST
Dissemination of a Research, transmitted by EQS News - a service of EQS Group.
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.

Classification of NuWays AG to q.beyond AG

Company Name: q.beyond AG
ISIN: DE0005137004

Reason for the research: Update
Recommendation: BUY
from: 13.05.2025
Target price: EUR 1.30
Target price on sight of: 12 months
Last rating change:
Analyst: Philipp Sennewald

Q1 in line as profitability improves further

Yesterday, QBY released a solid set of Q1 results, showing steady implied sales growth as well as margin and cash generation expansion. In detail:

Q1 reported sales decreased by 1.5% yoy to EUR 46.6m (eNuW: EUR 46.5m). Mind you, that QBY performed an accounting change this year, resulting in lower reported sales, as the company only reports the profits from certain customer relationships in accordance with IFRS 15. Taking this into account, sales increased yoy by 2% according to management. In contrast to recent quarters, this was predominantly driven by the Consulting segment, which even grew 4.2% in reported sales to EUR 14.8m. More importantly though the segment's gross margin was increased by 5.1pp yoy to 13.5%, which was mainly caused by an increased near- and off-shoring ratio of 16% (+2pp vs FY24), a better utilization as well as a generally increased sales focus on consulting and development. As the Managed Services gross margin also slightly improved to 21.5% (+0.5pp yoy), overall gross margin improved by 1.8pp to 19.3% (EUR 8.9m gross profit).

Against this backdrop Q1 EBITDA increased disproportionately by 16.7% to EUR 2.3m (eNuW: EUR 2.5m), implying a 5% margin (+0.8pp yoy). This was even negatively impacted by a EUR 0.3m one-off in connection with a customer insolvency, which is largely explaining the gap to our estimate. Overall, the improved gross margin should have been the main reason for the EBITDA margin expansion.

The company was also able to convert 78% of EBITDA into FCF, resulting in a EUR 1.8m FCF (+33.5% yoy). With this, net cash per Q1 amounted to EUR 28.3m (incl. leases), providing the company with a comfortable M&A war chest. Here, we expect at least one deal this year, which should either increase the company's public sector exposure (e.g. health care, energy) or allow for regional expansion.

On the back of the strong release, management also confirmed the FY25 guidance of EUR 184-190m sales (eNuW: EUR 190m), EUR 12-15m EBITDA (eNuW: EUR 14.7m) as well as positive net income (eNuW: EUR 1.5m). In our view, Q1 should serve investors with confidence, that QBY is able to deliver on the outlook and might even achieve the upper end of it. Mind you, that Q4 is the seasonally strongest quarter of the company.

Reiterate BUY with an unchanged EUR 1.30 PT based on DCF.

You can download the research here: http://www.more-ir.de/d/32570.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: [e-mail]
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.
Archive at www.eqs-news.com

2135800 13.05.2025 CET/CEST

°

 

Zusätzliche Unternehmensinformationen zur q.beyond Aktie

Die q.beyond Aktie wird zum Zeitpunkt der Veröffentlichung der Nachricht mit einem Plus von +1,52 % und einem Kurs von 0,938 auf Tradegate (13. Mai 2025, 07:35 Uhr) gehandelt.

Auf 7 Tage gesehen hat sich der Kurs der q.beyond Aktie um +1,17 % verändert. Der Verlust auf 30 Tage beträgt -6,71 %.

Die Marktkapitalisierung von q.beyond bezifferte sich zuletzt auf 108,13 Mio..

Rating: BUY
Analyst:

So handeln Sie das Kursziel

Der Analyst erwartet ein Kursziel von 0,91€, was eine Steigerung von +2,17% zum aktuellen Kurs entspricht. Mit diesen Produkten können Sie die Kurserwartungen des Analysten übertreffen.

 

Morgan Stanley

 

Alle Partner

Übernehmen

Für Ihre Einstellungen haben wir keine weiteren passenden Produkte gefunden.
Bitte verändern Sie Kursziel, Zeitraum oder Emittent.Alternativ können Sie auch unsere Derivate-Suchen verwenden
Knock-Out-Suche | Optionsschein-Suche | Zertifikate-Suche

Werbung Disclaimer