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Original-Research: q.beyond AG - from NuWays AG
28.10.2025 / 09:00 CET/CEST
Dissemination of a Research, transmitted by EQS News - a service of EQS
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Classification of NuWays AG to q.beyond AG
Company Name: q.beyond AG
ISIN: DE0005137004
Reason for the research: Update
Recommendation: BUY
from: 28.10.2025
Target price: EUR 1.3
Target price on sight of: 12 months
Last rating change:
Analyst: Philipp Sennewald
Q3 preview: Expect margin expansion despite macro headwinds
QBY will release its Q3 results on November 11. We expect continued
macroeconomic pressure to weigh on topline growth, while efficiency measures
should again drive a clear improvement in margins. In detail:
Q3 sales are seen at EUR 44.3m (eNuW), reflecting a still muted demand
environment in German IT Services. Segment-wise, Managed Services sales are
expected flat yoy on an adj. basis at EUR 29.0m (eNuW), as customers continue
to postpone modernization projects. Positively, Consulting revenues are seen
at EUR 15.4m (eNuW), a further sequential improvement qoq, based on improving
utilization and increasing near-shore quotas. Despite soft revenues, we
expect another step-up in margins. With the ongoing one.QBY program,
management continues to optimize structures, leverage near- and off-shoring
(eNuW: 18% vs. 14% a year ago), and implement AI-based efficiency tools. We
therefore forecast a Q3 EBITDA of 3.1m, implying a margin of 7.1% (+2.5pp
yoy).
On this basis, management is seen to confirm the FY25 outlook of EUR 184-190m
sales (eNuW: EUR 185m), EUR 12.15m EBITDA (eNuW: EUR 13.7m), as well as positive
net income (eNuW: EUR 1m) and FCF (eNuW: EUR 7.4m).
All in all, Q3 should underline the effectiveness of ongoing efficiency and
automation measures while highlighting QBY's resilience in a still
challenging market. In our view, the positive margin trend confirms
management's focus on profitable growth rather than pure scale. With macro
headwinds likely persisting into Q4, we view QBY's disciplined cost approach
and high share of recurring revenues (c. 75%) as key stabilizers.
Beyond near-term operations, M&A remains a key value driver. With c. EUR 40m
net cash (incl. leases), QBY has ample flexibility as management is
screening targets of EUR 10-20m sales and double-digit margins, mainly in
energy, healthcare, cybersecurity, and AI. Such acquisitions would broaden
the vertical footprint and strengthen capabilities in high-demand (i.e.
data-sovereign digital solutions). While no deal is expected before YE25,
H1'26 could bring tangible newsflow, adding upside optionality to our
estimates.
Valuation x-read. A further positive read-across stems from Allgeier's sale
of its IT-Managed Services unit to Synova, valued in the "upper double-digit
million euro range". As this should translate to at least EUR 75m EV (eNuW),
the implied sales multiple would be 1.5x. Applying this to QBY's EUR 124m
Managed Service sales in FY25 (eNuW) and even considering a 20% discount
given possibly lower margins (data centre utilization currently at c. 70% at
QBY), would imply an EV of c. EUR 150m. This poses a significant upside to the
company's total current EV of only EUR 72m, thus underscoring the current
undervaluation of the shares.
Based on this, we confirm QBY as part of our AlphaList and keep our
recommendation unchanged: BUY, EUR 1.30 PT based on DCF.
You can download the research here:
https://eqs-cockpit.com/c/fncls.ssp?u=d7ea0eb17c57aa764c01f0f273f0de97
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 Interessenskonflikte nach § 85 WpHG beim oben
analysierten Unternehmen befinden sich in der vollständigen Analyse.
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