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 € 47.1m (eNuW: €47.5m, eCons: € 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 € 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 € 32.9m at an improved margin of 21.5%. Hence, q.beyond was able to improve its gross profit by 38.5% to € 8.2m (eNuW: € 7.8m, eCons: € 7.9m), implying a margin of 17.5% (+4.7pp yoy).
On this basis, Q1 EBITDA also significantly improved to € 2.0m at an
implied margin of 4.2% (eNuW: € 1.4m, eCons: € 1.4m), which compares to
negative € 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 € 1.4m (company definition: € 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: 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.
++++++++++
-------------------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.
P R O D U C T S U G G E S T I O N S
The information presented here has been provided by our content partner EQS-Group. The originator of the news is the respective issuer, the company relating to the news, a publication service provider (press or information agency) which uses the distribution service of EQS to transmit company news to shareholders, investors, investors or interested parties. The original publications and other company-relevant information can be found at eqs-news.com.
The information you can access does not constitute investment advice. The presentation of our cooperation partners, where the implementation of investment decisions would be possible depending on the individual risk profile, is solely at the discretion of the person using the service. We only present companies of which we are convinced that the range of services and customer service will satisfy discerning investors.
If you are considering leverage products, familiarise yourself with the typical characteristics of the financial instruments beforehand. Take the time to determine the risk content of the planned investment before making an investment decision. Bear in mind that a total loss cannot be ruled out with leverage products.
For newcomers to the subject, we offer various options in both the training and the tools section, through which you can train theoretical knowledge and practical experience and thus improve your skills. The offer ranges from participation in webinars to personal mentoring. The range is continuously being expanded.
1 Lab features are usually functionalities that emerge from the think tank of the investor community. In the early stages, these are experimental functionalities whose development process is largely determined by use and the resulting feedback from the community. When integrating external services or functionalities, the functionality can only be guaranteed to the extent that the individual process elements, such as interfaces, interact with each other.
