Original Research: Rubean AG (from NuWays AG): BUY

Original research: Rubean AG – by NuWays AG

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17.09.2024 / 09:01 Central European Time/Central European Time

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Classification of NuWays AG to Rubean AG

Company name: Rubean AG

ISIN code: DE0005120802

Reason for the investigation: Update

Recommendation: BUY

from: 17.09.2024

Target price: EUR 8.50

Last review change:

Analyst: Frederik Jarchow

Rollout in full swing and new customers in the pipeline

Topic: During our recent roundtable, Rubean provided an update on the current

operations and a promising outlook through the end of the year and beyond. Here

our main conclusions are:

Product rollout in full swing. With 50,000 terminals live in Germany and

Spain, Rubean is now the market leader in both countries. In that

countries, but also abroad, Rubean serves 1) logistics companies (CoD –

Cash on delivery) such as Correos, GLS, dpd and SEUR, 2) retailers such as

REWE, Deichmann and snabble, 3) catering 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. If

recent customer wins are starting to materialize, we expect strong sales

start-up in the future, even without new customer wins that we as

very likely.

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 Latin America and the US we expect further major customers

profits in the coming weeks and months, which also brings with it revenue growth

after 2024.

Huge TAM and SOM. While European mobile POS market grows by 15%

CAGR 2024-28th (according to Statista), Rubeans TAM in Europe should be at

approximately EUR 1.4 billion ARR, while the SOM (Serviceable Obtainable Market; within 3

(according to management) the annual turnover is estimated at 144 million euros.

Based on the current rollout, strong pipeline and huge

market potential in the mPOS space, management is confident that sales will grow in

FY24 to EUR 2.2-2.5 million (+135% yoy at midpoint), in line with our estimates of EUR

2.5 million. Because Rubean is seen as the forerunner of the fast-growing market for

We further expect Rubean to reach mobile payment acceptance systems

profitability within FY25 and taking into account management’s medium-term view of EUR 10+m

in revenue and 40+% EBIT margin in FY27 as reasonable.

To finance further growth opportunities, particularly in Latin America and the US,

Rubean is currently looking for strategic investors willing to buy

1.22 million new shares at a price of EUR 6.00 per share, which we consider a good investment.

honestly.

BUY with an unchanged PT of EUR 8.50, based on our DCF

You can download the study here: http://www.more-ir.de/d/30799.pdf

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NuWays AG – Equity Research

Website: www.nuways-ag.com

E-mail: (email protected)

LinkedIn: https://www.linkedin.com/company/nuwaysag

Address: Mittelweg 16-17, 20148 Hamburg, Germany

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1989233 17.09.2024 Central European Time/Central European Time

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Source: dpa-AFX