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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