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 Q1Ž24

against Q1Ž23. Further,

Rubean signed a contract with SEUR and reduced its cost base by 10% yoy. In


Turnover increased by 500% yoy to EUR 493k in Q1, partially due to roll-out

of RubeanŽs software to new, large customers, acquired already last year

that has started to materialize. Still, after having generated a turnover

of EUR 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 EUR

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 EUR 3.0m

sales (eNuW).

Promising start into Q2. Rubean has started Q2 by signing a contract with

GeopostŽs 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 RubeanŽs 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 EUR 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 EUR 9.00, based on our DCF.

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