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

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: 18.12.2023
Kursziel: € 8,00
Kursziel auf Sicht von: 12 Monaten
Letzte Ratingänderung:
Analyst: Frederik Jarchow

PhonePOS rollout is starting right now; chg

Topic: After Rubean 1) solved its liquidity issues, 2) finally published its FY22 figures that were in line with expectations and 3) announced several promising partnerships, we are more optimistic that the rollout of POS is starting right now and should have the potential to ramp-up sales.

Liquidity issues off the table for now. Several capital increases throughout 2023 that amount to an aggregated € 3.7m, as well as an increased debt position of € 4.9m (eNuW) should secure the liquidity for the short term. Yet, as the company's equity remains negative at € -3.6m, we would expect additional capital increases to be in the cards.

FY22 sales came in at € 0.8m (+26% yoy) with EBIT of € -4.0m (vs. € -4.1m in FY21). While sales was bang in line with estimates (eNuW: € 0.8m) EBIT was slightly better than anticipated (eNuW: € -4.3m), thanks to lower personnel and other operating costs.

Promising customer wins. While we consider FY23e as a transition year that was mainly characterized by the delayed product rollout, which should result in sales of only c. € 1.0m (eNuW +17% yoy) and a negative EBIT to the tune of € 3.6m, promising recently announced partnerships with i.e. Correos in Spain and emerchantspay, should ramp-up sales in FY24e and beyond. Importantly, with Correos (12k devices already in use, further 15k should follow in January), Rubean is not only earning a monthly license fee per user, but is also participating in every transaction, executed via the software.

POS roll-out to ramp-up sales. In numbers, we expect sales of € 2.9m and an EBIT of € -1.6m for FY24e. Mind you, that these estimates can be seen as rather conservative, as we have only considered growing sales with signed customers. As Rubean´s leading softPOS product is ready for rollout, further new customer wins and partnerships are in the cards and could further lift sales. Thanks to the SaaS model, scalability should kick-in quickly. Operating break-even should be hence reached within FY25. As said, with new customer-wins that are likely, the break-even could be achieved even earlier.

To reflect delays of the rollout, we cut FY23e and beyond. As the product rollout is in full swing, we expect the hypergrowth to start right now. Positive surprises to our rather conservative estimates are likely.

We reiterate BUY with a reduced PT of € 8.00, based on our DCF.

Die vollständige Analyse können Sie hier downloaden: http://www.more-ir.de/d/28553.pdf
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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