Original-Research: Rubean AG - from NuWays AG 07.11.2024 / 09:05 CET / CEST Dissemination of a Research, transmitted by EQS News - a service of EQS Group AG.
07.11.2024 - 09:06:49Original-Research: Rubean AG (von NuWays AG): Buy
Original-Research: Rubean AG - from NuWays AG
07.11.2024 / 09:05 CET/CEST
Dissemination of a Research, transmitted by EQS News - a service of EQS
Group AG.
The issuer is solely responsible for the content of this research. The
result of this research does not constitute investment advice or an
invitation to conclude certain stock exchange transactions.
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Classification of NuWays AG to Rubean AG
Company Name: Rubean AG
ISIN: DE0005120802
Reason for the research: Update
Recommendation: Buy
from: 07.11.2024
Target price: EUR 8.50
Target price on sight of: 12 months
Last rating change:
Analyst: Frederik Jarchow
Q3 figures in line with estimates // Roll-out in full swing
Topic: Rubean published an interim statement with details on sales and
personnel expenses that both developed as expected. In detail:
9M sales grew by 117% yoy to EUR 1.3m, in line with our estimates of EUR 1.4m,
mainly driven by the further roll-out of SoftPOS that continues to
materialize. Especially the cooperation with Europeans largest shoe reseller
Deichmann contributed strongly to the Q3 results.
EBITDA should have improved to EUR -1.9m (eNuW) thanks to increased sales
strict, cost discipline, i.e. visible in reduced 9M personnel expenses of EUR
2.1m (-6% yoy). Material expenses as well as other operating expenses should
have remained stable yoy (eNuW).
Overall, Rubean is seen well on track: With >50k terminals live in Germany
and Spain, Rubean is the market leader in both countries. In those
countries, but also abroad, Rubean is now serving 1) logistic companies (CoD
- Cash on Delivery) such as Correos, GLS, dpd and SEUR, 2) retailers such as
REWE, Deichmann and snabble, 3) hospitality companies such as CTS eventim,
Gewinnblick, Ordermann and Waldbühne Berlin as well as 4) banks and
acquirers such as Sparkasse, BBVA, Global Payments and emerchantpay. As
recent customer wins (i.e. Deichmann) just start to materialize, we expect a
strong sales ramp-up going forward, even without new customer wins that we
consider as very likely. Planned sales of c. EUR 1m in Q4 are in reach, in our
view. With that Rubean would reach its sales guidance of EUR 2.2-2.5m (135%
yoy at midpoint) in line with our estimates.
Strong Pipeline of more well-known potential customers. As Rubean is
currently in negotiations with potential customers in dozens of countries
not only in Europe, but also in LATAM & US, we expect further major customer
wins within the next weeks and months, additionally carrying sales growth
beyond 2024. In light of the rapidly growing market for mobile payment
acceptance systems we further expect Rubean to achieve profitability within
FY25 and consider management's mid-term vision of EUR 10+m in sales and 40+%
EBIT-margin by FY27 as reasonable.
BUY with a unchanged PT of EUR 8.50, based on our DCF.
You can download the research here: http://www.more-ir.de/d/31209.pdf
For additional information visit our website: 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 Interessenskonflikte nach § 85 WpHG beim oben
analysierten Unternehmen befinden sich in der vollständigen Analyse.
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2024415 07.11.2024 CET/CEST
