Original-Research: q.beyond AG (von NuWays AG): BUY

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



10.11.2026 / 09:00 CET/CEST
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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 4.90
     Target price on sight of:    12 months
     Last rating change:
     Analyst:                     Philipp Sennewald



Final Q3 offers no surprises



Following the guidance cut from 21 October and the preliminary sales and
EBITDA figures, the weak Q3 published by QBY yesterday did not come as a
surprise. To recap, Q3 sales declined 1.1% yoy to EUR 43.2m, as Consulting
growth (+13.2% yoy to EUR EUR 17.3m) could not fully offset persisting Managed
Services weakness (-8.8% to EUR 25.8m). The newly acquired GITG should have
contributed some EUR 1.5m (eNuW) in its first c. 2 monhts of consolidation to
Consulting, putting organic segment growth at 3.4%. The main organic driver
was an S/4HANA transformation mandate from Vitakraft.



More interesting is the quality of the EBITDA of EUR -7.1m. Of the EUR 9.5m
special items, EUR 7.3m are non-recurring (restructuring, internal S/4HANA
project, licences, Romania), while the EUR 2.2m of variable compensation were
merely pulled forward from Q4, which also explains the correction of the
prelims on 29 October. Adjusted for both, Q3 EBITDA stood at EUR 2.4m (eNuW),
compared with only c. EUR 0.4m in Q3 25 excluding the Plusnet gain. With
adjusted COGS of c. EUR 34m (Q3 25: EUR 36.3m), the cost measures already seem
to bite.



The main issue remains Managed Services as price pressure persists in both
new business and renewals. The adj. Q3 gross margin of 12% (vs 20% target)
should be mainly seen as a volume problem given the largely fixed cost base.
While OI turns points to the turn with the Q3 figures (EUR 49.7m) almost
matching H1, 9m book-to-bill still stands at only 0.8x and new contracts
usually take c. 6 months to ramp up, i.e. top-line effects should become
visible only in FY27e. Positively, management told investors during the cc,
that the Fressnapf renewal, one of QBY's largesst customers, is about to be
signed.



The FY guidance now implies EUR 0-2m EBITDA in Q4 (eNuW: EUR 1.7m), which looks
achievable given the seasonally strong Q4 and the relief from the variable
compensation. However, the bridge for the EUR 8m mid-point cut remains less
comforting, as it is unrelated to the restructuring. Management now
attributes EUR 3m to pipeline shifts into FY27, with the the rest explained by
one-off licence and internal S/4HANA costs (EUR 4m) as well as largely one-off
staff expenses incl. the Romania ramp-up (EUR 1m).



That said, our view has not shifted since our last update two weeks ago: the
story lacks a catalyst at the moment, and a likely withdrawal of the FY28
targets could work in the opposite direction. On the other hand, we continue
to see significant potential in the company, which in our view should be
able to achieve EBITDA margins of c. 10%. Raising data centre utilisation to
80% alone would generate c. EUR 2.5m of EBITDA on sales of c. EUR 4m (eNuW). On
top of this come the savings from the restructuring programme. Q1 27 should
therefore be the first reality check, as it will show whether the measures
are taking effect. BUY, unchanged EUR 4.9 PT based on DCF.



You can download the research here:
https://nwr.eqs-cockpit.com/fncls2.ssx?fn=redirect&u=195db31c59edfd8d53788ce2b2ed79d1
For additional information visit our website:
https://www.nuways-ag.com/research



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
++++++++++
Diese Meldung ist keine Anlageberatung oder Aufforderung zum Abschluss
bestimmter Börsengeschäfte.
Offenlegung möglicher Interessenkonflikte nach § 85 WpHG beim oben
analysierten Unternehmen befindet sich in der vollständigen Analyse.
++++++++++



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2431332 10.11.2026 CET/CEST