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

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 5.9
Target price on sight of:	12 months
Last rating change:
Analyst:	Philipp Sennewald

Entering the healthcare vertical; Chg.

Yesterday, QBY announced the acquisition of a 51% stake in Hamburg-based GITG, a c. 40 employee SAP healthcare specialist. The key takeaways:

GITG has implemented and supported SAP in healthcare since day one, catering the entire admin (i.e. patient administration, billing, clinical system integration) for university hospitals, acute care and rehab clinics across DACH. A couple dozen consultants, more than 500 projects, SAP Gold Partner. But most importantly, since 2022 the company has been building a product on top of that base. When SAP announced it would retire IS-H, the hospital core system, in 2030 and declined to write a successor, GITG committed to filling the gap itself: GS-H, a proprietary S/4HANA replacement for patient management and billing, developed with LMU München as pilot customer.

This builds against a foundation of more than 500 hospitals in DACH still run IS-H and have a hard deadline to move. Hence, migration demand here is not cyclical, it is set by a vendor exit date, causing a self-building pipeline. GS-H is positioned for the cautious majority, replacing the billing layer while the clinical system stays untouched. Competition however is real: ATSP is behind S4.health in Germany, live at Uniklinikum Tübingen, and part of the winning consortium in Austria's BBG framework, where GS-H placed in the second lot. But the binding constraint across the market is delivery capacity. Here, QBY's bench and its now three nearshore hubs in Latvia, Romania and Spain are set to turn GITG's IP into volume, alongside cross-selling of security, cloud and agent orchestration into the same accounts.

Numbers on the deal where not disclosed, but here is what one can extract from the provided information: Given c. 30 billable employees, stripping out development, board and admin out of the 40 total, and taking daily rates of € 1,500, we arrive at c. € 8m sales (eNuW). Considering an EBITDA of c. € 1m (12.5%; also eNuW) and applying the midpoint of a standard multiple range for such business of 8-12x, this leaves us with a € 10m valuation, implying € 5.1m cash out. Going forward, we expect a similar staged structure as with the productive-data, with call/put options on the remaining 49% being likely, and probably milestone linked.

Overall, we like the deal as it brings in IP in a market with a legislated deadline for a price that barely dents the cash pile. Yet caution remains on reference customers and competition: while GITG has a pilot with LMU, ATSP's rival S4.health is already in implementation. While we see significant potential, it will be important to monitor how quickly GS-H converts into production references.

Quick Q2 preview. QBY will release Q2 figures next Monday. Although Q1 set a low bar, Q2 is not seen to deliver significant sequential improvements with sales expected down 2.3% yoy at € 43.4m. Consulting should remain on its recovery track (eNuW: +3% yoy) , but MS looks set to lag behind (-5% yoy). Thanks to improved utilization, EBITDA should however come in stronger at € 2.1m at an implied 4.9% margin. Isolating GITG, the low ends of both the sales (€ 182-190m) and EBITDA (€ 10-16m) guidance should remain in reach, in our view. Reiterate BUY, unchanged PT of € 5.90.
 

You can download the research here: qbeyond-ag-2026-08-04-update-en-ed017
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
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