Original-Research: q.beyond AG (von NuWays AG): BUY
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Original-Research: q.beyond AG - from NuWays AG
11.11.2025 / 09:00 CET/CEST
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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
Target price: EUR 1.3
Target price on sight of: 12 month
Last rating change:
Analyst: Philipp Sennewald
Q3 falls behind expectations amid macro headwinds; chg.
Yesterday, QBY released a mixed bag of Q3 results, showing a further
improvement in Consulting but a weaker-than-expected Managed Services
segment. In addition, the Elevate project and AI-related personnel hires
weighed on margins. In detail:
Q3 sales declined 7.2% yoy to EUR 43.6m (eNuW: EUR 44.3m) following a continued
weakness of the Managed Services segment (-14% yoy to EUR 28.3m), which is
only partly explained by the communicated accounting change (eNuW: EUR 3m yoy
effect). Although this comes in a tough macro environment, it still fell
short of our EUR 29m estimate. On the other hand, the Consulting segment
continued to show resilience, as sales grew 8.7% yoy to EUR 15.3m (eNuW: EUR
15.4m) driven by an improved mix as well as a better utilization, which also
becomes visible in a 6pp uptick in the segment's gross margin to 13.1%.
Overall, the group's gross margin improved 0.6pp yoy to 16.8% but is
significantly down an a sequential basis (-2.7pp vs H1) following the weak
Managed Services performance.
Q3 EBITDA came in at EUR 3.0m (eNuW: EUR 3.1m), a 6.9% margin. However, this was
significantly supported by the completion of the external tax audit related
to the 2019 sale of the Plusnet telecommunications subsidiary, with the
definitive tax assessment notices resulting in other operating income of EUR
2.6m. Hence, operating EBITDA amounted to only EUR 0.4m, or a 0.9% margin.
Although management mentioned during the conference call that certain costs
were incurred only in anticipation of the forthcoming tax assessment (eNuW:
EUR 0.5m), this still represents a slight setback in QBY's transformation
path, in our view.
Nonetheless, management confidently confirmed the FY25 guidance of EUR
184-190m sales (eNuW new: EUR 184m), EUR 12-15m EBITDA (EUR 12.1m) as well as
positive net income (EUR 1.0m) and FCF (EUR 1.3m). Despite the mixed Q3, we view
this as reasonable given (a) the one-off nature of some costs incurred in Q3
as well as (b) the seasonally strongest quarter still ahead. Reaching the
low end of the sales and EBITDA range, implies a 2.8% sales decline (vs
-4.9% at 9m) as well as a 7.8% EBITDA margin (Q4'24: 8.2%).
Importantly, management continues to implement key strategic measures, such
as continuously expanding the near- and off-shoring ratio (+5pp yoy to 18%),
intensifying the AI and cloud portfolio, winning new enterprise clients such
as Sauels, and improving operational efficiency through higher resilience,
cost control, and a stronger mix of recurring and consulting revenues. For
this reason, our confidence in the case remains, as we see a clear path for
further efficiency gains supporting margin expansion.
At 5.5x EV/EBITDA FY25e (3.8x FY26e), shares remain at a highly attractive
level. We hence confirm BUY at an unchanged PT of EUR 1.30 based on DCF and
keep the stock in our Alpha List.
You can download the research here:
https://eqs-cockpit.com/c/fncls.ssp?u=e9ac5a9d0463e909c03c1ea85e9ae81d
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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