Qbeyond: Entering the healthcare vertical; Chg. - NuWays AG Research
Yesterday, QBY announced the acquisition of a 51% stake in Hamburg-based GITG, a c. 40 employee SAP healthcare specialist.
ANNONS
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.
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.
