Original-Research: q.beyond AG (von NuWays AG): BUY
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Original-Research: q.beyond AG - von NuWays AG
Einstufung von NuWays AG zu q.beyond AG
Unternehmen: q.beyond AG
ISIN: DE0005137004
Anlass der Studie: Update
Empfehlung: BUY
seit: 25.01.2024
Kursziel: 1.00
Kursziel auf Sicht von: 12 Monaten
Letzte Ratingänderung:
Analyst: Philipp Sennewald
One q.beyond to drive margins in 2024e
In light of the ongoing restructuring process as well as macro-headwinds,
we observed a rather uninspiring operating performance, especially on the
bottom-line, as of 9M '23. Despite that, q.beyond is seen to achieve its FY
'23 guidance: EUR185-191m sales, EUR 5-7m EBITDA and > EUR -4m FCF. While the
lower end of the sales guidance should be reached (eNuW: EUR 186m) and FCF
generation should even be positive (eNuW: EUR 1.4m), meeting the EBITDA
outlook (eNuW: EUR 5.1m) still depends on a decision by the tax authorities
concerning the Plusnet sale in 2019. The group's operating EBITDA looks set
to come in at only EUR 0.3m (eNuW).
That said, the company is seen to publish preliminary FY figures in early
March, (final: March 30th) as well as an initial FY '24 guidance. As
management aims to reap the fruits of the imposed efficiency measures in
connection with the 2025 Strategy, investors should expect an outlook,
targeting sales growth in the mid-to-high-single-digit range (eNuW: +7%;
eCons: +5.4%), positive FCF generation (eNuW: EUR 5.3m; eCons: EUR 3.7m) as
well as EBITDA of EUR 6-9m (eNuW: EUR 6.1m; eCons: EUR 8.1m).
As a reminder, with the 2025 Strategy, management set itself three
strategic priorities: (1) Ongoing focus on key verticals (retail, logistics
& manufacturing) coupled with an expansion of the consulting and
development business, (2) effective go-to-market with an increased emphasis
on the indirect sales channels (35% of Q3 order intake) as well as (3) the
continuous implementation of One q.beyond, which is the company's current
efficiency program. Here, the focus is on streamlined processes via the
elimination of duplicate structures, an optimized order-to-cash process and
an increased near-/offshoring share (target: >20% vs c. 10% currently).
While some of those measures, such as the improved receivables management,
already took effect (improved FCF guidance (old: > EUR 8m), the
implementation of One q.beyond is seen to fully unfold from 2024e onwards,
thus allowing for expanding margins.
We hence turn cautiously optimistic but keep our PT unchanged at EUR 1.00.
While the stock should have downside protection thanks to the EUR 37m net
cash position as well as a land plot in Hamburg (EUR 17m book value), an
upbeat FY guidance in March as well as a strong start into the year (Q1 to
be released on May 8th) could serve as re-rating catalysts. Remains a BUY.
Die vollständige Analyse können Sie hier downloaden:
http://www.more-ir.de/d/28751.pdf
Die Analyse oder weiterführende Informationen zu dieser können Sie hier downloaden
www.nuways-ag.com/research.
Kontakt für Rückfragen
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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-------------------übermittelt durch die EQS Group AG.-------------------
Für den Inhalt der Mitteilung bzw. Research ist alleine der Herausgeber bzw.
Ersteller der Studie verantwortlich. Diese Meldung ist keine Anlageberatung
oder Aufforderung zum Abschluss bestimmter Börsengeschäfte.
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