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13.08.2024 09:01 Original-Research: q.beyond AG (von NuWays AG): BUY ^ Original-Research: q.beyond AG - from NuWays AG 13.08.2024 / 09:01 CET/CEST Dissemination of a Research, transmitted by EQS News - a service of 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. --------------------------------------------------------------------------- Classification of NuWays AG to q.beyond AG Company Name: q.beyond AG ISIN: DE0005137004 Reason for the research: Update Recommendation: BUY Target price: EUR 1.10 Last rating change: Analyst: Philipp Sennewald Q2 largely in line with expectations + strong order intake Q2 sales increased by 1.8% yoy to EUR 47.3m (eNuW: EUR 47.4m; eCons: EUR 47.3m), which was again driven by the Managed Services segment, where revenues grew by 6.1% yoy to EUR 33.7m (eNuW: EUR 33.2m). On the other hand, the ongoing economic weakness continued to negatively impact on the Consulting segment, as the business is usually characterized by shorter-term contracts compared to the Managed Services segment. Segment revenues hence decreased by 7.6% yoy to EUR 13.5m (eNuW: EUR 14.1m), which was also driven by the optimization of the consulting portfolio (i.e. reduction in low-margin projects) in accordance with the company's mid-term strategy. Yet, the segment's gross margin came in 0.9pp weaker yoy with 6.7%. The Managed Services margin also came in weaker at 20.7% following increased license costs, especially VMware. Overall gross profit came in at EUR 7.9m (-4.7% yoy), implying a 15.7% margin. A clear highlight of the release in our view was the strong order intake of EUR 54.2m (+36% yoy, 1.15x b-tb), providing sound visibility on future growth momentum. A recurring revenue share of 75% (Q1: 74%) should provide investors with additional confidence. Despite the weaker gross margin, Q2 EBITDA strongly improved by 113% yoy to EUR 2.2m (eNuW: EUR 2.1m; eCons: EUR 2.2m), implying a 4.7% margin. The drivers behind the improvement were significant reductions in sales & marketing (-23% yoy) as well as G&A expenses (-22% yoy) following the successful implementation of the One q.beyond strategy. Against this backdrop, management confirmed the FY guidance of EUR 192-198m sales, EUR 8-10m EBTIDA and positive FCF. As the sales (eNuW: EUR 194m; eCons: EUR 195m) and FCF (eNuW: EUR 6m; eCons: EUR 4.4m) should be clearly in reach, we even expect the company to achieve the upper end of the EBITDA guidance (eNuW: EUR 9.7m; eCons: EUR 9.3m). While this might look ambitious given H1 EBITDA of EUR 4.2m, we expect ongoing efficiency gains (i.e. higher near-shoring ratio: FY target of 17% vs 12% at H1) as well as scale effects in the Managed Services segment. The stock remains a BUY with an unchanged PT of EUR 1.10 based on DCF. +++ For further information on the company's "Strategy 2025", there will be a roundtable discussion with CEO Rixen and CFO Wolters today at 3:00 p.m. (LINK). +++ You can download the research here: http://www.more-ir.de/d/30445.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 ++++++++++ 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 --------------------------------------------------------------------------- 1966387 13.08.2024 CET/CEST ° Weitere Nachrichten |
Name | Kurs | Währung | Datum | Zeit | Handelsplatz |
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Q.BEYOND AG | 0,814 | EUR | 14.08.24 | 17:36 | Xetra |
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