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q.beyond AG (von NuWays AG): BUY 24.03.2026, 09:00 Uhr von EQS Research Jetzt kommentieren: 0

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q.beyond 3,633 EUR ±0,00 % Lang & Schwarz

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

24.03.2026 / 09:00 CET/CEST
Dissemination of a Research, transmitted by EQS News - a service of EQS Group.
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: 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 € 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 (€ 25m of FY25p sales) and retail (€ 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 € 42m net cash position. Overall, M&A is expected to contribute c. € 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 € 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. € 20m in AI revenues. We view this as ambitious and position ourselves more conservatively (eNuW: € 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 € 182-190m and € 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 € 6.50 (post capital reduction) based on DCF.

You can download the research here: qbeyond-ag-2026-03-24-update-en-11fd8
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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