q.beyond AG (von NuWays AG): BUY 04.08.2026, 09:00 Uhr von dpa-AFX Jetzt kommentieren: 0

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



04.08.2026 / 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 5.9
     Target price on sight of:    12 months
     Last rating change:
     Analyst:                     Philipp Sennewald



Entering the healthcare vertical; Chg.



Yesterday, QBY announced the acquisition of a 51% stake in Hamburg-based
GITG, a c. 40 employee SAP healthcare specialist. The key takeaways:



GITG has implemented and supported SAP in healthcare since day one, catering
the entire admin (i.e. patient administration, billing, clinical system
integration) for university hospitals, acute care and rehab clinics across
DACH. A couple dozen consultants, more than 500 projects, SAP Gold Partner.
But most importantly, since 2022 the company has been building a product on
top of that base. When SAP announced it would retire IS-H, the hospital core
system, in 2030 and declined to write a successor, GITG committed to filling
the gap itself: GS-H, a proprietary S/4HANA replacement for patient
management and billing, developed with LMU München as pilot customer.



This builds against a foundation of more than 500 hospitals in DACH still
run IS-H and have a hard deadline to move. Hence, migration demand here is
not cyclical, it is set by a vendor exit date, causing a self-building
pipeline. GS-H is positioned for the cautious majority, replacing the
billing layer while the clinical system stays untouched. Competition however
is real: ATSP is behind S4.health in Germany, live at Uniklinikum Tübingen,
and part of the winning consortium in Austria's BBG framework, where GS-H
placed in the second lot. But the binding constraint across the market is
delivery capacity. Here, QBY's bench and its now three nearshore hubs in
Latvia, Romania and Spain are set to turn GITG's IP into volume, alongside
cross-selling of security, cloud and agent orchestration into the same
accounts.



Numbers on the deal where not disclosed, but here is what one can extract
from the provided information: Given c. 30 billable employees, stripping out
development, board and admin out of the 40 total, and taking daily rates of
EUR 1,500, we arrive at c. EUR 8m sales (eNuW). Considering an EBITDA of c. EUR 1m
(12.5%; also eNuW) and applying the midpoint of a standard multiple range
for such business of 8-12x, this leaves us with a EUR 10m valuation, implying
EUR 5.1m cash out. Going forward, we expect a similar staged structure as with
the productive-data, with call/put options on the remaining 49% being
likely, and probably milestone linked.



Overall, we like the deal as it brings in IP in a market with a legislated
deadline for a price that barely dents the cash pile. Yet caution remains on
reference customers and competition: while GITG has a pilot with LMU, ATSP's
rival S4.health is already in implementation. While we see significant
potential, it will be important to monitor how quickly GS-H converts into
production references.



Quick Q2 preview. QBY will release Q2 figures next Monday. Although Q1 set a
low bar, Q2 is not seen to deliver significant sequential improvements with
sales expected down 2.3% yoy at EUR 43.4m. Consulting should remain on its
recovery track (eNuW: +3% yoy) , but MS looks set to lag behind (-5% yoy).
Thanks to improved utilization, EBITDA should however come in stronger at EUR
2.1m at an implied 4.9% margin. Isolating GITG, the low ends of both the
sales (EUR 182-190m) and EBITDA (EUR 10-16m) guidance should remain in reach, in
our view. Reiterate BUY, unchanged PT of EUR 5.90.




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https://nwr.eqs-cockpit.com/fncls2.ssx?fn=redirect&u=3a8f88b388a3cdcf90e3726cab4b26cd
For additional information visit our website:
https://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
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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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2376670 04.08.2026 CET/CEST