Original-Research: Rubean AG (von NuWays AG): Buy
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: Buy
from: 28.02.2024
Target price: 9.00
Target price on sight of: 12 Monaten
Last rating change:
Analyst: Frederik Jarchow
Major cooperation with Commerz Globalpay; chg.
Topic: Yesterday, Rubean announced to have won the Global Payment tender for Germany, which is basically the tender for the recently announced joint venture between Commerzbank and Global Payments (“Commerz Globalpay”). In detail:
Earlier this year, Commerzbank announced to have entered a joint venture with Global Payment in order to offer digital payment services to its SME clients. With yesterday´s corporate news it became clear that Rubean is delivering the PhonePOS solution for the joint venture and Global Payments App “GP tom”. Rubean´s unique PhonePOS solution enable SME clients of Commerzbank to use its phones as payment terminals instead of using third party devices.
Attractive pricing scheme. We expect that the contract with Global Payment has two major components: 1) fixed fee per terminal in use (phone using the Rubean´s payment solution) per month of (eNuW: c. € 1.40-1.50) and 2) a fixed fee per executed transaction (eNuW: € 0.02-0.03). Assuming that PhonePOS will be used by 100k SME clients of Commerzbank until end of FY25 (mind you that Commerzbank is servicing overall c. 600k SME clients), executing an average of 7 transactions per day each, we expect Rubean to generate additional € 1.0m sales in FY24 (eNuW) and € 2.9m additional sales in FY25.
With the third important strategic partnership announcement within a short period of time (i.e. Correos, emerchantpay), Rubean is showing once again very clearly that its leading softPOS product is ready and that the roll-out is in full swing. We hence expect positive newsflow from further new partnerships within FY24 that should further ramp-up sales and EBIT going forward.
As we have already anticipated meaningful cooperations within this year, we adjust our sales estimates only slightly, remaining rather conservative. Still, we expect exponentially growing quarterly figures that should result in slightly increased sales of € 3.0m and an EBIT of € -1.4m for FY24e. Mind you, that further customer wins as well as a dynamic development of existing partnerships could render our estimates as too low.
BUY with a new PT of € 9.00, based on our DCF.
You can download the research here:
http://www.more-ir.de/d/29003.pdf
For additional information visit our website
www.nuways-ag.com/research.
Contact for questions
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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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.
Boersengefluester.de (BGFL) provides an overview of the key figures on sales, earnings, cash flow and dividends to help you better assess the fundamental development of the respective companies. All information is entered manually in our database - the source is the respective annual reports. All estimates for future figures are provided by BGFL.
| The most important financial data at a glance | ||||||||
| 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024e | ||
| Sales1 | 0,13 | 0,19 | 0,24 | 0,41 | 0,64 | 0,83 | 0,00 | |
| EBITDA1,2 | -0,40 | -0,50 | -0,66 | -1,68 | -1,24 | -1,45 | 0,00 | |
| EBITDA-Margin3 | -307,69 | -263,16 | -275,00 | -409,76 | -193,75 | -174,70 | 0,00 | |
| EBIT1,4 | -0,41 | -0,52 | -0,68 | -1,85 | -1,40 | -1,60 | 0,00 | |
| EBIT-Margin5 | -315,39 | -273,68 | -283,33 | -451,22 | -218,75 | -192,77 | 0,00 | |
| Net Profit (Loss)1 | -0,43 | -0,56 | -0,72 | -1,84 | -1,44 | -1,58 | 0,00 | |
| Net-Margin6 | -330,77 | -294,74 | -300,00 | -448,78 | -225,00 | -190,36 | 0,00 | |
| Cashflow1,7 | -0,51 | -0,55 | -0,70 | -1,67 | -1,28 | -1,43 | 0,00 | |
| Earnings per share8 | -0,35 | -0,48 | -0,40 | -0,68 | -0,44 | -0,58 | -0,36 | |
| Dividend per share8 | 0,00 | 0,00 | 0,00 | 0,00 | 0,00 | 0,00 | 0,00 | |
1 in Mio. Euro; 2 EBITDA = Earnings before interest, taxes, depreciation and amortisation; 3 EBITDA in relation to sales; 4 EBIT = Earnings before interest and taxes; 5 EBIT in relation to sales; 6 Net profit (-loss) in relation to sales; 7 Cashflow from operations; 8 in Euro; Source: boersengefluester.de
Auditor: Baker Tilly
All relevant valuation ratios, dates and other investor information on your share at a glance. Good to know: All data comes from boersengefluester.de and is updated daily. This means you are always up to date. You can get brief explanations of the key figures by moving the cursor or mouse over the relevant field.
| INVESTOR-INFORMATION | ||||||
| ©boersengefluester.de | ||||||
| Rubean | ||||||
| WKN | ISIN | Legal Type | Marketcap | IPO | Recommendation | Plus Code |
| 512080 | DE0005120802 | AG | 16,72 Mio € | 16.09.2016 | 8FWH3GW6+2H | |
| PE 2025e | PE 10Y-Ø | BGFL-Ratio | Shiller-PE | PB | PCF | KUV |
| 0,00 | 0,93 | 0,00 | -11,43 | 2,23 | -11,68 | 20,17 |
|
Dividend '2022 in € |
Dividend '2023 in € |
Dividend '2024e in € |
Div.-Yield '2024e in % |
| 0,00 | 0,00 | 0,00 | 0,00% |
| Annual General Meeting | Q1-figures | Q2-figures | Q3-figures | Annual press conference |
| 21.08.2024 | 04.04.2024 | 16.07.2024 | 05.11.2024 | 28.06.2024 |
| Distance 60-days-line | Distance 200-days-line | Performance YtD | Performance 52 weeks | IPO |
| -16,41% | -22,15% | -34,18% | -25,16% | -9,90% |
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