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: 06.02.2024
Kursziel: 8.00
Kursziel auf Sicht von: 12 Monaten
Letzte Ratingänderung:
Analyst: Frederik Jarchow

Promising start into 2024

Topic: Yesterday, Rubean announced to have reached more than EUR 340k of
sales only in January. This represents the highest monthly turnover in the
companyŽs history.

Rubean has realized more than one-third of previous yearŽs sales in only
one month. According to management, the sales-jump is the result of the
sharp increase in user numbers as well as one-offs from contract work that
should potentially further expand the capabilities of RubeanŽs payment
platform. Indeed, no. of user quadrupled to c. 25k in FY23 from 6k in FY22
(eNuW). We hence expect that roughly one-third of January revenues are
stemming from recurring license fees, while two-third of the revenues are
coming from contract works and have a one-off character. As a result, we
anticipate Q1 sales to come in at EUR 0.5-0.6m (eNuW).

Positively, contract works often are initially necessary in order to
onboard new customers and hence a precondition for future recurring license
fees. This, paired with the recently announced new partnerships with i.e.
Correos in Spain and emerchantpay as well as the quadrupling of app users
should bode well for Rubean and is seen to become visible in a strongly
growing topline. Importantly, with Correos, Rubean is not only earning a
monthly license fee per user, but is also participating in every
transaction, executed via the software. Note, we consider this highly
profitable revenue sharing scheme as blueprint for future partnerships
(eNuW).

As RubeanŽs leading softPOS product is ready for roll-out, further customer
wins and partnerships are clearly in the cards for this year, further
driving sales growth. Rubean should already be in advanced discussions with
several potential partners. We hence expect positive newsflow from new
partnerships within the next couple of weeks and months.

Rubean runs a scalable Saas business model. With an increasing number of
customers (eNuW: several customer wins to come in the short-term), the
scalable nature of the group's set-up should increasingly become visible.
While EBIT is still seen to be negative at EUR -1.6m in FY24e, the operating
breakeven is likely to be reached in FY25e.

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/28819.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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