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: 14.05.2024
Target price: EUR 1.10
Target price on sight of: 12 Monaten
Last rating change:
Analyst: Philipp Sennewald

Strong Q1 figures hint towards successful transformation/ chg.
Yesterday, q.beyond released a strong set of Q1 figures, which exceeded ours and streets profitability estimates as efficiency measures bore fruit despite rather muted top-line growth. In detail:

Q1 sales increased slightly by 1.1% yoy to EUR 47.1m (eNuW: EUR47.5m, eCons: EUR 47.6m), of which 74% were recurring revenues. The muted growth momentum was predominantly due to the Consulting segment, which declined by 8% yoy to EUR 14.2m, which was mainly due to the reduction in low-margin project sales. This also allowed for an improved segment gross margin (+6.3pp to 8.4%). In the mid-term, management aims to continuously improve the Consulting margin driven among others by an increasing offand near-shoring ratio (target: 20% vs 12% after Q1), an improved utilizitation rate as well as higher daily rates. In contrast, the Managed Services segment grew by 5.7% yoy to EUR 32.9m at an improved margin of 21.5%. Hence, q.beyond was able to improve its gross profit by 38.5% to EUR 8.2m (eNuW: EUR 7.8m, eCons: EUR 7.9m), implying a margin of 17.5% (+4.7pp yoy).

On this basis, Q1 EBITDA also significantly improved to EUR 2.0m at an implied margin of 4.2% (eNuW: EUR 1.4m, eCons: EUR 1.4m), which compares to negative EUR 1.3m in the previous year's quarter. Next to the improved gross margin, EBITDA was driven by significantly reduced sales & marketing (-1.5pp yoy sales ratio) and G&A expenses (-0.3pp) as well as the effects of "One q.beyond" strategy (i.e. eliminating duplicate structures). FCF came in at EUR 1.4m (company definition: EUR 0.6m), leading to a continuously comfortable net cash position of
You can download the research here:
http://www.more-ir.de/d/29737.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: [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. ++++++++++

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.

°

Die q.beyond Aktie wird zum Zeitpunkt der Veröffentlichung der Nachricht mit einem Minus von -1,63 % und einem Kurs von 0,722EUR auf Tradegate (14. Mai 2024, 08:43 Uhr) gehandelt.

Rating: Kaufen
Analyst: