Original-Research: Rubean AG (von NuWays AG): Kaufen
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Original-Research: Rubean AG - from NuWays AG
Classification of NuWays AG to Rubean AG
Company Name: Rubean AG
ISIN: DE0005120802
Reason for the research: Update
Recommendation: Kaufen
Target price: EUR 9.00
Target price on sight of: 12 Monaten
Last rating change:
Analyst: Frederik Jarchow
Topic: Last week, Rubean announced to have quintuples its turnover in Q1Ž24
against Q1Ž23. Further,
Rubean signed a contract with SEUR and reduced its cost base by 10% yoy. In
detail:
Turnover increased by 500% yoy to EUR 493k in Q1, partially due to roll-out
of RubeanŽs software to new, large customers, acquired already last year
that has started to materialize. Still, after having generated a turnover
of EUR 340k in January alone, that should have included one-offs, Rubean has
to massively increase its monthly recurring turnover to reach its guidance.
For FY24, management expects to grow sales by 135% at mid-point to EUR
2.2-2.5m. On the back of the recently announced cooperations (i.e. with
Global Payment), paired with further likely customer wins, we consider this
guidance as achievable, anticipating sequential improvements and EUR 3.0m
sales (eNuW).
Promising start into Q2. Rubean has started Q2 by signing a contract with
GeopostŽs Spanish subsidiary "SEUR" to equip thousands of devices with the
Rubeans leading software. This cooperation is just the latest of a whole
series of important strategic partnerships within a short period of time
(i.e. Global Payments, Correos, emerchantpay), that all clearly underpin
that RubeanŽs leading softPOS product is ready and that the roll-out is in
full swing.
Reduced cost base. Rubean reduced its cost base by 10% yoy, which was
necessary, but should not be seen as a key element of the case. We expect
Rubean to achieve profitability by FY25e and its mid-term vision of 40+%
EBIT-margin by FY27e purely due to a steep topline growth trajectory and
the resulting operating leverage. For FY27e, Rubean is aiming for EUR 10+m in
sales, implying a 78% CAGR2023-27e. As we see Rubean at the forefront of
the rapidly growing market for mobile payment acceptance systems that is
just at the beginning, the vision looks reasonable.
Additional positive newsflow looming. Throughout FY24, we expect Rubean to
announce further partnerships that could turn into additional sales and
EBIT drivers during the next few years and could even allow the company to
outperform its mid-term targets, in our view.
We hence reiterate BUY with an unchanged PT of EUR 9.00, based on our DCF.
You can download the research here:
http://www.more-ir.de/d/29357.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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The result of this research does not constitute investment advice
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