Rubean AG
ISIN: DE0005120802
WKN: 512080
10 April 2024 09:07AM

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

Rubean AG · ISIN: DE0005120802 · EQS - Analysts
Country: Germany · Primary market: Germany · EQS NID: 19357

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: Kaufen
Target price: EUR 9.00
Target price on sight of: 12 Monaten
Last rating change:
Analyst: Frederik Jarchow

Topic: Last week, Rubean announced to have quintuples its turnover in Q1´24 against Q1´23. Further,
Rubean signed a contract with SEUR and reduced its cost base by 10% yoy. In detail:

Turnover increased by 500% yoy to € 493k in Q1, partially due to roll-out of Rubean´s software to new, large customers, acquired already last year that has started to materialize. Still, after having generated a turnover of € 340k in January alone, that should have included one-offs, Rubean has to massively increase its monthly recurring turnover to reach its guidance. For FY24, management expects to grow sales by 135% at mid-point to € 2.2-2.5m. On the back of the recently announced cooperations (i.e. with Global Payment), paired with further likely customer wins, we consider this guidance as achievable, anticipating sequential improvements and € 3.0m sales (eNuW).

Promising start into Q2. Rubean has started Q2 by signing a contract with Geopost´s Spanish subsidiary “SEUR” to equip thousands of devices with the Rubeans leading software. This cooperation is just the latest of a whole series of important strategic partnerships within a short period of time (i.e. Global Payments, Correos, emerchantpay), that all clearly underpin that Rubean´s leading softPOS product is ready and that the roll-out is in full swing.

Reduced cost base. Rubean reduced its cost base by 10% yoy, which was necessary, but should not be seen as a key element of the case. We expect Rubean to achieve profitability by FY25e and its mid-term vision of 40+% EBIT-margin by FY27e purely due to a steep topline growth trajectory and the resulting operating leverage. For FY27e, Rubean is aiming for € 10+m in sales, implying a 78% CAGR2023-27e. As we see Rubean at the forefront of the rapidly growing market for mobile payment acceptance systems that is just at the beginning, the vision looks reasonable.

Additional positive newsflow looming. Throughout FY24, we expect Rubean to announce further partnerships that could turn into additional sales and EBIT drivers during the next few years and could even allow the company to outperform its mid-term targets, in our view.

We hence reiterate BUY with an unchanged PT of € 9.00, based on our DCF.

You can download the research here:
http://www.more-ir.de/d/29357.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. ++++++++++

-------------------transmitted by EQS Group AG.-------------------

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
Quelle: boersengefluester.de and Company information
Explanation

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
Dividends
Dividend '2022
in €
Dividend '2023
in €
Dividend '2024e
in €
Div.-Yield '2024e
in %
0,00 0,00 0,00 0,00%
Financial calendar
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
Performance
Distance 60-days-line Distance 200-days-line Performance YtD Performance 52 weeks IPO
Last Price (EoD)
-2,11%
4,64 €
ATH 15,00 €
-16,41% -22,15% -34,18% -25,16% -9,90%

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