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Original-Research: Rubean AG - from NuWays AG

14.01.2025 / 09:00 CET/CEST

Dissemination of a Research, transmitted by EQS News - a service of EQS

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The issuer is solely responsible for the content of this research. The

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Classification of NuWays AG to Rubean AG

Company Name: Rubean AG

ISIN: DE0005120802

Reason for the research: Update

Recommendation: Buy

from: 14.01.2025

Target price: EUR 7.00

Target price on sight of: 12 months

Last rating change:

Analyst: Frederik Jarchow

FY24 figures below estimates // Dynamic growth to continue; chg

Topic: Rubean published preliminary FY24 figures, below guidance and

expectations, but with a still strong sequential growth dynamic in Q4.

Further, the successful capital increase should secure liquidity into FY25.

In detail:

Sales grew by 91% yoy to EUR 1.9m, below our estimates of EUR 2.5m and the

guidance of EUR 2.2-2.5m, mainly caused by a slower than initially expected

roll-out of SoftPOS. Consequently, certain revenues that were already

anticipated in FY24 should materialize throughout FY25. Still, the growth

trajectory remains fully intact with 44% qoq sales growth in Q4.

EBITDA should have improved to EUR -2.9m (eNuW new) thanks to increased sales

and strict cost discipline, i.e. visible in rather stable OPEX (eNuW:

personnel expenses of EUR 3.1m, material expenses of EUR 0.4m as well as other

operating expenses of EUR 1.3m). Still, as sales came in below our initial

estimates, we trimmed EBITDA from EUR -2.0m (eNuW old).

SoftPOS-rollout in full swing: 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) retailer 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. More tailwinds should come from LATAM & US,

where we see strong pick-up demand, expecting major customer wins carrying

sales in FY25 (eNuW: EUR 3.5m) and beyond. With that, paired with ongoing cost

discipline, profitability within FY25 is still in reach.

Apart from that, Rubean successfully placed 146k new shares at EUR 6.00,

securing liquidity into FY25 and financing growth. Further, Rubean continues

the promising discussions with a potential strategic partner initiated in

FY24.

BUY with a new PT of EUR 7.00, based on our DCF.

You can download the research here: http://www.more-ir.de/d/31619.pdf

For additional information visit our website:

https://www.nuways-ag.com/research-feed

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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2066833 14.01.2025 CET/CEST

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