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: Q3 Review
Empfehlung: BUY
seit: 14.11.2023
Kursziel: EUR 1,00
Kursziel auf Sicht von: 12 Monaten
Letzte Ratingänderung:
Analyst: Philipp Sennewald
Q3 profitability even weaker than expected; chg.
Yesterday, q.beyond released weak Q3 figures, showing a slowdown in growth and profitability even below our recently revised estimates as well as significantly below consensus. In detail:
Q3 sales increased 5.4% yoy to EUR 45.5m (eNuW: EUR 45.1m; eCons: EUR 46.1m), which was predominantly driven by the accelerated recovery of the SAP segment with 12.3% growth to EUR 8.8m (eNuW: EUR 8.7m) following a sales offensive in recent quarters. However, the otherwise strong Cloud & IoT segment showed a significant slowdown in growth with a yoy increase of 3.8% (vs 13.4% in H1; -3% organically, excluding productive data acquisition) to EUR 36.6m (eNuW: EUR 36.4m). Besides the general market weakness, the company states price reductions for key customers (e.g. Tchibo) as the main reason for the performance.
Q3 EBITDA decreased 95% yoy to EUR 0.1m (eNuW: EUR 0.6m; eCons: EUR 1.2m), implying a 0.2% margin (-380 bps yoy). Here, especially the reduced segment margin of the Cloud & IoT segment (-130 bps yoy) following inflationary cost increases as well as a substantially lower other operating income of EUR 0.2m (vs EUR 1.6m in Q3'22) weighed on profitability.
Despite the weak operating result, management confirmed the FY guidance of EUR 185-191m sales, EUR 5-7m EBITDA and FCF of > EUR -4m. While the sales (eNuW: EUR 186m; eCons: EUR 187m; 9M: EUR 138m) and FCF (eNuW: EUR 1.4m; eCons: EUR -2.2m; 9M: EUR 1.1m) outlook look in reach, the EBITDA target appears more than ambitious in light EUR -0.1m after 9M and will only be reached thanks to a significant other operating income contribution. This however depends on a decision by the tax authorities concerning the Plusnet sale in 2019, which will, according to management, at least partly turn out in favor of q.beyond leading to the anticipated one-off. Adjusting for this, the EBITDA is seen at EUR 0.3m (eNuW).
Going forward, especially the increasing near- and off-shore focus, higher utilization rates as well as the one q.beyond strategy are seen to have a positive impact on profitability. Moreover, the net cash position of EUR 37.3m should be partly put to work in the form of value accretive M&A in 2024e, leaving a certain upside to our estimates.
Despite shares looking mispriced after the recent weakness and the stock trading at only 0.2x EV/Sales 2023e, there is no catalyst for a possible re-rating in sight, in our view. We confirm BUY with a PT of EUR 1.00 based on DCF, while at the same time highlighting the absence of catalysts in the short term.
Die vollständige Analyse können Sie hier downloaden:
http://www.more-ir.de/d/28247.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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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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