Original-Research: Rubean AG (von NuWays AG): BUY

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Original-Research: Rubean AG - von NuWays AG

Einstufung von NuWays AG zu Rubean AG

Unternehmen: Rubean AG
ISIN: DE0005120802

Anlass der Studie: Update
Empfehlung: BUY
seit: 09.01.2024
Kursziel: 8.00
Kursziel auf Sicht von: 12 Monaten
Letzte Ratingänderung:
Analyst: Frederik Jarchow

FY23 sales in line with estimates // POS rollout has started; chg

Topic: Yesterday, Rubean announced to have reached more than EUR 1.0m in
sales (prelims) and quadrupled number of app users to c. 25k vs 6k at the
end of 2022 (eNuW).

With > EUR 1.0m, Rubean increased sales by >20% yoy, which is slightly better
than expected (eNuW old: EUR 0.98m; 17% yoy). Still, we consider 2023 as a
transition year that was characterized by a delayed product roll-out
resulting in a negative EBIT to the tune of EUR 3.6m (eNuW).

Positively, the recently announced new partnerships with i.e. Correos in
Spain and emerchantpay as well as the quadrupling of app users is seen to
bode well for Rubean and should start to materialize this year.
Importantly, with Correos (12k devices already in use, further 15k should
follow this month), Rubean is not only earning a monthly license fee per
user, but is also participating in every transaction, executed via the
software. Indeed, we consider this highly profitable revenue sharing scheme
as a blueprint for future partnerships.

As RubeanŽs leading softPOS product is ready for rollout, further new
customer wins and partnerships are clearly in the cards for this year
allowing for a continued dynamic top-line development. As Rubean should
already be in advanced discussions with several potential partners, we
expect positive newsflow from several new partnerships within the next
couple of weeks and months that should further ramp-up sales and EBIT going
forward.

In detail, we expect sales of EUR 2.9m and an EBIT of EUR -1.6m for FY24e. Mind
you, that these estimates can be seen as rather conservative, as we have
only considered growing sales with already signed customers.

Thanks to the SaaS model, scalability should kick-in quickly. Operating
break-even should be hence reached already within next year. As said,
considering a high likelihood of additional customer-wins, the break-even
could be achieved even earlier.

In order to reflect the ramp-up potential stemming from the product
roll-out and new partnerships, we reiterate BUY with an unchanged PT of EUR
8.00, based on our DCF.

Die vollständige Analyse können Sie hier downloaden:
http://www.more-ir.de/d/28621.pdf
Die Analyse oder weiterführende Informationen zu dieser können Sie hier downloaden
www.nuways-ag.com/research.

Kontakt für Rückfragen
Die Analyse oder weiterführende Informationen zu dieser können Sie hier downloaden
www.nuways-ag.com/research.
Kontakt für Rückfragen
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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-------------------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 Anlageberatung
oder Aufforderung zum Abschluss bestimmter Börsengeschäfte.

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