Märkte & Kurse

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

24.03.2026 / 09:00 CET/CEST
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Classification of NuWays AG to q.beyond AG

     Company Name:                q.beyond AG
     ISIN:                        DE000A41YDG0

     Reason for the research:     Update
     Recommendation:              BUY
     Target price:                EUR 6.5
     Target price on sight of:    12 months
     Last rating change:
     Analyst:                     Philipp Sennewald

QBY puts out upbeat 2028 targets; chg.

Yesterday, QBY presented its "Strategy 2028", marking a pivotal shift in the
investment narrative from a pure margin recovery story to a structured
growth case. In detail:

For FY28, management targets EUR 250m in sales and a ~10% EBITDA margin (1.8x
implied FY28 EV/EBITDA). The building blocks for these, in our view bullish,
targets are a c. 5% organic sales CAGR, AI-driven upside and targeted M&A.
This is underpinned by three strategic pillars:

Industry focus driving margins. Going forward, QBY intends to deepen its
strongholds in logistics (EUR 25m of FY25p sales) and retail (EUR 50m), while
entering healthcare and energy via M&A. Both new verticals currently feature
fragmented IT landscapes and high regulatory complexity, thus posing a
fertile ground for sovereign platforms like QBY's. The M&A filter is
disciplined, targeting companies with >10% EBITDA margins. While the
strategic logic is sound, execution remains unproven . Encouragingly,
management reiterated on the call that capital discipline takes precedence
over deal velocity, even after having passed on several transactions last
year on valuation grounds. A reassuring signal given the EUR 42m net cash
position. Overall, M&A is expected to contribute c. EUR 20m towards the FY28
revenue target, with at least one deal anticipated in FY26 (eNuW). Note that
future inorganic growth is not reflected in our estimates.

Top-line acceleration via AI orchestration. QBY is currently in the midst of
transforming into a sovereign AI orchestrator for the German Mittelstand,
building and operating industry-specific agents on its BSI-certified German
data centre infrastructure. In our view, this is the most value-relevant
pillar and it appears more tangible than typical AI strategy slides. The
company already has a handful of paying external AI clients, is confident of
reaching 20 by YE, and already has >300 agents deployed. The commercial
model targets EUR 100-300k in recurring Managed Service sales per customer,
with setup and development fees on top. The sovereign positioning creates a
genuine moat against hyperscalers in the Mittelstand. However, the key open
question is how quickly the recurring revenue share builds up, as the
consulting-heavy early phase will be margin-dilutive before it inflects.
Management targets >60 enterprise clients by FY28, translating into c. EUR 20m
in AI revenues. We view this as ambitious and position ourselves more
conservatively (eNuW: EUR 10m), preferring to see further tangible progress
first.

Internationalisation. Nearshore hubs in Spain and Latvia are aimed to be
converted into active sales hubs, targeting 10% international revenue share
by FY28 vs. 3% today. This would pose a significant diversification away
from the stagnating German market, though the financial impact remains
comparably modest relative to the other two pillars.

Besides that, management targets FY26 sales of EUR 182-190m and EUR 10-16m,
implying further margin expansion progress at mid-point. CEO Rixen confirmed
on the call that the lower end represents a pure macro stress scenario and
not a strategic investment drag, leaving the underlying margin trajectory
intact.

That said, valuation remains highly undemanding, as shares are trading at
only 3.0x FY26e EV/EBITDA. BUY, new PT of EUR 6.50 (post capital reduction)
based on DCF.

You can download the research here:
https://eqs-cockpit.com/c/fncls.ssp?u=7fb61dfb3bcbd02668aec4e49e05d4a7
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
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Diese Meldung ist keine Anlageberatung oder Aufforderung zum Abschluss
bestimmter Börsengeschäfte.
Offenlegung möglicher Interessenkonflikte nach § 85 WpHG beim oben
analysierten Unternehmen befindet sich in der vollständigen Analyse.
++++++++++

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2296380 24.03.2026 CET/CEST

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