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

04.08.2026 / 09:00 CET/CEST

Dissemination of a Research, transmitted by EQS News - a service of EQS

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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 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

EUR 1,500, we arrive at c. EUR 8m sales (eNuW). Considering an EBITDA of c. EUR 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 EUR 10m valuation, implying

EUR 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 EUR 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 EUR

2.1m at an implied 4.9% margin. Isolating GITG, the low ends of both the

sales (EUR 182-190m) and EBITDA (EUR 10-16m) guidance should remain in reach, in

our view. Reiterate BUY, unchanged PT of EUR 5.90.

You can download the research here:

https://nwr.eqs-cockpit.com/fncls2.ssx?fn=redirect&u=3a8f88b388a3cdcf90e3726cab4b26cd

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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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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