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

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Original-Research: Rubean AG - from NuWays AG

17.09.2024 / 09:01 CET/CEST

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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: 17.09.2024

Target price: EUR 8.50

Last rating change:

Analyst: Frederik Jarchow

Roll-out in full swing & new customers in the pipeline

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

operations as well as a promising outlook until year end and beyond. Here

are our key takeaways:

Product roll-out in full swing. With 50k terminals live in Germany and

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

countries, but also abroad, Rubean is 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 just start to materialize, we expect a strong sales

ramp-up going forward, even without new customer wins that we consider 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 LATAM & US, we expect further major customer

wins within the next weeks and months, additionally carrying sales growth

beyond 2024.

Huge TAM and SOM. While the European Mobile POS Market is growing at 15%

CAGR 2024-28e (according to Statista), Rubean´s TAM in Europe should be at

around EUR 1.4bn ARR, while the SOM (Serviceable Obtainable Market; within 3

years) is seen at EUR 144m in ARR (according to management).

Based on the current roll-out, the strong pipeline as well as the enormous

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

FY24 to EUR 2.2-2.5m (흾% yoy at midpoint), in line with our estimates of EUR

2.5m. As Rubean is seen at the forefront of the rapidly growing market for

mobile payment acceptance systems we further expect Rubean to achieve

profitability within FY25 and consider managements mid-term vision of EUR 10

in sales and 40% EBIT-margin by FY27 as reasonable.

In order to finance further growth initiatives, especially in LATAM & US,

Rubean is currently looking for strategic investors that are willing to buy

1.22m new shares at a price of EUR 6.00 per share, which we would consider

fair.

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

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

For additional information visit our website: www.nuways-ag.com/research

Contact for questions:

Die Analyse oder weiterführende Informationen zu dieser können Sie hier

downloaden

www.nuways-ag.com/research.

Kontakt für Rückfragen

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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1989233 17.09.2024 CET/CEST

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