^Original-Research: q.beyond AG - von NuWays AGEinstufung von NuWays AG zu q.beyond AGUnternehmen: q.beyond AGISIN: DE0005137004Anlass der Studie: UpdateEmpfehlung: BUYseit: 25.01.2024Kursziel: 1.00Kursziel auf Sicht von: 12 MonatenLetzte Ratingänderung: Analyst: Philipp SennewaldOne 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 thebottom-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 thelower end of the sales guidance should be reached (eNuW: EUR 186m) and FCFgeneration should even be positive (eNuW: EUR 1.4m), meeting the EBITDAoutlook (eNuW: EUR 5.1m) still depends on a decision by the tax authoritiesconcerning the Plusnet sale in 2019. The group's operating EBITDA looks setto come in at only EUR 0.3m (eNuW). That said, the company is seen to publish preliminary FY figures in earlyMarch, (final: March 30th) as well as an initial FY '24 guidance. Asmanagement aims to reap the fruits of the imposed efficiency measures inconnection 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) aswell as EBITDA of EUR 6-9m (eNuW: EUR 6.1m; eCons: EUR 8.1m). As a reminder, with the 2025 Strategy, management set itself threestrategic priorities: (1) Ongoing focus on key verticals (retail, logistics& manufacturing) coupled with an expansion of the consulting anddevelopment business, (2) effective go-to-market with an increased emphasison the indirect sales channels (35% of Q3 order intake) as well as (3) thecontinuous implementation of One q.beyond, which is the company's currentefficiency program. Here, the focus is on streamlined processes via theelimination of duplicate structures, an optimized order-to-cash process andan 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), theimplementation 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 netcash position as well as a land plot in Hamburg (EUR 17m book value), anupbeat FY guidance in March as well as a strong start into the year (Q1 tobe 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.pdfDie Analyse oder weiterführende Informationen zu dieser können Sie hier downloadenwww.nuways-ag.com/research.Kontakt für RückfragenNuWays AG - Equity ResearchWeb: www.nuways-ag.comEmail: research@nuways-ag.comLinkedIn: https://www.linkedin.com/company/nuwaysagAdresse: Mittelweg 16-17, 20148 Hamburg, Germany++++++++++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.++++++++++-------------------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 Anlageberatungoder Aufforderung zum Abschluss bestimmter Börsengeschäfte.°