Original-Research: Rubean AG (von NuWays AG): Buy
Original-Research: Rubean AG - from NuWays AG
Classification of NuWays AG to Rubean AG
Q3 figures in line with estimates // Roll-out in full swing Topic: Rubean published an interim statement with details on sales and personnel expenses that both developed as expected. In detail: 9M sales grew by 117% yoy to € 1.3m, in line with our estimates of € 1.4m, mainly driven by the further roll-out of SoftPOS that continues to materialize. Especially the cooperation with Europeans largest shoe reseller Deichmann contributed strongly to the Q3 results. EBITDA should have improved to € -1.9m (eNuW) thanks to increased sales strict, cost discipline, i.e. visible in reduced 9M personnel expenses of € 2.1m (-6% yoy). Material expenses as well as other operating expenses should have remained stable yoy (eNuW). Overall, Rubean is seen well on track: 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) retailers 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. Planned sales of c. € 1m in Q4 are in reach, in our view. With that Rubean would reach its sales guidance of € 2.2-2.5m (135% yoy at midpoint) in line with our estimates. Strong Pipeline of more well-known potential customers. As Rubean is currently in negotiations with potential customers in dozens of countries not only in Europe, but also in LATAM & US, we expect further major customer wins within the next weeks and months, additionally carrying sales growth beyond 2024. In light of the rapidly growing market for mobile payment acceptance systems we further expect Rubean to achieve profitability within FY25 and consider management’s mid-term vision of € 10+m in sales and 40+% EBIT-margin by FY27 as reasonable. BUY with a unchanged PT of € 8.50, based on our DCF. You can download the research here: http://www.more-ir.de/d/31209.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 ++++++++++ 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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2024415 07.11.2024 CET/CEST
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 | ||||||
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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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