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: 18.07.2024
Target price: EUR 8.50
Last rating change:
Analyst: Frederik Jarchow
H1 turnover up by 370% yoy // FY23 figures out; chg
Topic: Rubean published an H1 trading statement that showed ongoing dynamic topline growth. Further, the company published final FY23, in line with estimates. Lastly, Rubean announced that Commerz Globalpay went live with Rubean´s SoftPOS solution in Germany. In detail:
Final FY23 figures in line with estimates. Sales came in at € 1.0m (21% yoy) and EBIT at € -3.8m (vs FY22: € -4.0m) both in line with our estimates (eNuW: € 1.0m sales; € -3.6m EBIT). Lower personnel expenses (-12% yoy; € 2.9m vs eNuW: € 3.2m) partially compensating for slightly higher other OpEx of €1.3m (16% yoy) and material expenses of € 0.4m (58% yoy). Still, the negative net income of € -3.9m resulted in a deficit uncovered by the equity of € 3.8m, thus requiring a strong FY24 .
Strong H1´24 with dynamic sequential improvements. With a turnover of € c.839k in H1 (370% yoy), after € 493k in Q1 (incl. a € 250-300k one-off, eNuW), Rubean kicked off the year really strong. The growth was mainly driven by the newly won partners that are starting to materialize. Still, the product rollout and thus the sales ramp-up was slower than initially expected (eNuW: € 1.2m in H1´24).
Yet, the product roll-out remains in full swing despite minor delays. Rubean has signed a whole series of important strategic partnerships within a short period of time (i.e. SEUR, Global Payments, Correos, emerchantpay), that all show very clearly that Rubean´s leading softPOS product is ready and that the roll-out is in full swing. The go-live of Commerz Globalpay (joint veture between Global Payments and Commerzbank) with Rubean´s Soft-POS solution underlines this once more. Consequently, management still expects for FY24 to grow sales by 135% at mid-point to € 2.2-2.5m. On the back of the recently announced cooperations, paired with further likely customer wins, we consider this as achievable, but reduce our estimates to € 2.5m in order to reflect certain delays which resulted in a softer than anticipated H1´24.
Nevertheless, we see Rubean at the forefront of the rapidly growing market for mobile payment acceptance systems and hence expect the company to achieve profitability within FY25 but consider managements mid-term vision of € 10+m in sales and 40+% EBIT-margin by FY27 as ambitious.
BUY with a reduced PT of € 8.50 (old: € 9.00), based on our DCF.
You can download the research here:
http://www.more-ir.de/d/30237.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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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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