Rubean AG
ISIN: DE0005120802
WKN: 512080
05 June 2024 09:01AM

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

Rubean AG · ISIN: DE0005120802 · EQS - Analysts
Country: Germany · Primary market: Germany · EQS NID: 19979

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
from: 05.06.2024
Target price: EUR 9.00
Target price on sight of: 12 Monaten
Last rating change:
Analyst: Frederik Jarchow

Capital increase to secure growth financing; chg.

Topic: Rubean successfully placed a 10% capital increase. Further, it agreed with Cyclcebit to convert the outstanding convertible bond into a regular bond that is now due in three tranches. Both initiatives should ease the liquidity situation. In detail:

Capital increase secures growth ambitions. By using the existing authorized capital, all 327,626 shares were placed at an average share price of € 6.06 per share, increasing Rubean's share capital from € 3.276m to € 3.604m. The proceeds from the capital increase amounts to € ~2m and should be i.e. used to finance the ramp-up of closed and upcoming partnerships that should fuel the company's topline, ones up and running.

Agreement with cyclebit relaxes liquidity situation. Rubean and Cyclebit reached an agreement on the modalities of the expiring convertible loan of € 3.4m from 2022. Cyclebit waives the option to convert the loan into shares and agreed on the repayment in three stages together with interest. We expect the repayment of the first tranche (eNuW: 1/3 of the total amount) including interest within the next weeks and the next tranches not before FY25. This should ease the liquidity situation and let room to finance the growth of the company.

Product roll-out in full swing. Rubean has signed a whole series of important strategic partnerships within a short period of time (i.e. SEUR, Global Payments, Correos, emerchantpay), all that indicate that Rubean´s leading softPOS product is ready and that the roll-out is in full swing. Consequently, management expects for FY24 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).

As we see Rubean at the forefront of the rapidly growing market for mobile payment acceptance systems, we expect Rubean to achieve profitability by FY25 and and consider managements mid-term vision of € 10+m in sales and 40+% EBIT-margin by FY27 as reasonable. However, in light of the expected steep growth trajectory resulting from partnerships starting to materialize, delays in execution could have a huge impact on estimates.

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

You can download the research here:
http://www.more-ir.de/d/29979.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
©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
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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