Original-Research: q.beyond AG (von NuWays AG): BUY
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Original-Research: q.beyond AG - from NuWays AG
01.10.2025 / 09:00 CET/CEST
Dissemination of a Research, transmitted by EQS News - a service of EQS
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The issuer is solely responsible for the content of this research. The
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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: 01.10.2025
Target price: EUR 1.30
Target price on sight of: 12 months
Last rating change:
Analyst: Philipp Sennewald
Conference feedback: Capital allocation in investor's focus
Here are the key takeaways from our annual Paris conference in Paris (CEO
attendance):
Data centre currently not for sale: In the past years, discussions
intensified around the possible disposal of the company's data centre in
Hamburg. The asset has a book value of EUR 15m (eNuW), implying significant
hidden reserves given an estimated market value of EUR 40m, (at 70%
utilization). Management's goal is to rent out the remaining computing power
by YE26. With this, the market value should increase to EUR 60m (eNuW). Mr
Rixen stated that it could be sensible to keep the asset, given the
increased demand of German SMEs for domestic computing power due to data
sovereignty discussions. In our view, this could pose as a strategic
advantage for QBY going forward, which is seen to result in increased
pricing power given the general supply constraints.
Besides this, capital allocation was in the centre of discussions, driven by
the company's net cash position of EUR 40m (eNuW for FY25). Here, management
provided a clear priority ranking:
1.
M&A: Following the example set with the logineer transaction (via JV
with Roehlig Logistics), the company aims to enter new verticals via
acquiring industry expertise, handing them a competitive advantage over
more generalist peers. To be more precise, QBY is seen to focus on the
energy and healthcare sector. The CEO further underscored that targets
should be in the EUR 10-20m sales range and 10% EBITDA margin ballpark.
Multiples in the sector are currently compressing and are now seen to be
in the range of 5-6x EV/EBITDA. Note that future M&A is not reflected in
our model, which why any transaction would provide upside to our
estimates. While we expect no deal to be announced during the remainder
of FY25, H1'26e is likely to provide newsflow in this regard.
2.
Share buy-backs: From FY26 onwards, management intends to launch a share
buy-back program, capitalizing on the depressed valuation of the shares.
While this should deliver solid EPS accretion for investors, it would
also provide a possible M&A currency. On the other hand, we see the risk
of further reducing liquidity, which could hinder the stock from
realizing its fair value.
3.
Dividends. Management currently prioritizes share buy-backs over
dividends, given the more attractive return at the current valuation - a
stance we consider sensible. While we would not rule out future payouts,
we do not include them in our estimates for now.
Aside from this, current trading remains on track, with management confident
regarding FY25 and mid-term outlook. H1'25 already showed encouraging
progress: gross margin rose to 20% (Q2), consulting margins more than
doubled to 15%, and EBITDA rose to EUR 2.7m in Q2, underlining the shift
toward higher-margin business and the benefits of the transformation.
Going forward, margin expansion will be driven by AI integration (incl. the
new "Private Enterprise AI" platform), expanded Security services (Cyber
Defence Center Riga), increased near- and offshoring (already at 17%, with
>=20% FY25 target), and a focused industry-specific business model.
Reiterate BUY with an unchanged PT of EUR 1.30 based on DCF.
You can download the research here:
https://eqs-cockpit.com/c/fncls.ssp?u=1ac8b6960f2cc8801d02345b4ac5ea7f
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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2206466 01.10.2025 CET/CEST
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