Original-Research: Rubean AG (von NuWays AG): Buy
^
Original-Research: Rubean AG - from NuWays AG
14.01.2025 / 09:00 CET/CEST
Dissemination of a Research, transmitted by EQS News - a service of EQS
Group.
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.
---------------------------------------------------------------------------
Classification of NuWays AG to Rubean AG
Company Name: Rubean AG
ISIN: DE0005120802
Reason for the research: Update
Recommendation: Buy
from: 14.01.2025
Target price: EUR 7.00
Target price on sight of: 12 months
Last rating change:
Analyst: Frederik Jarchow
FY24 figures below estimates // Dynamic growth to continue; chg
Topic: Rubean published preliminary FY24 figures, below guidance and
expectations, but with a still strong sequential growth dynamic in Q4.
Further, the successful capital increase should secure liquidity into FY25.
In detail:
Sales grew by 91% yoy to EUR 1.9m, below our estimates of EUR 2.5m and the
guidance of EUR 2.2-2.5m, mainly caused by a slower than initially expected
roll-out of SoftPOS. Consequently, certain revenues that were already
anticipated in FY24 should materialize throughout FY25. Still, the growth
trajectory remains fully intact with 44% qoq sales growth in Q4.
EBITDA should have improved to EUR -2.9m (eNuW new) thanks to increased sales
and strict cost discipline, i.e. visible in rather stable OPEX (eNuW:
personnel expenses of EUR 3.1m, material expenses of EUR 0.4m as well as other
operating expenses of EUR 1.3m). Still, as sales came in below our initial
estimates, we trimmed EBITDA from EUR -2.0m (eNuW old).
SoftPOS-rollout in full swing: 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) retailer 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. More tailwinds should come from LATAM & US,
where we see strong pick-up demand, expecting major customer wins carrying
sales in FY25 (eNuW: EUR 3.5m) and beyond. With that, paired with ongoing cost
discipline, profitability within FY25 is still in reach.
Apart from that, Rubean successfully placed 146k new shares at EUR 6.00,
securing liquidity into FY25 and financing growth. Further, Rubean continues
the promising discussions with a potential strategic partner initiated in
FY24.
BUY with a new PT of EUR 7.00, based on our DCF.
You can download the research here: http://www.more-ir.de/d/31619.pdf
For additional information visit our website:
https://www.nuways-ag.com/research-feed
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
++++++++++
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.
++++++++++
---------------------------------------------------------------------------
The EQS Distribution Services include Regulatory Announcements,
Financial/Corporate News and Press Releases.
Archive at www.eqs-news.com
---------------------------------------------------------------------------
2066833 14.01.2025 CET/CEST
°