Original-Research: KORREKTUR: Rubean AG - from NuWays AG Classification of NuWays AG to KORREKTUR: Rubean AG Company Name: KORREKTUR: Rubean AG ISIN: DE0005120802 Reason for the research: Last rating change: Analyst: Frederik Jarchow KORREKTUR: Major cooperation with Global Payments in Germany; chg.

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

Original-Research: KORREKTUR: Rubean AG - from NuWays AG

Classification of NuWays AG to KORREKTUR: Rubean AG

Company Name: KORREKTUR: Rubean AG
ISIN: DE0005120802

Reason for the research: 
Last rating change: 
Analyst: Frederik Jarchow

KORREKTUR: Major cooperation with Global Payments in Germany; chg.
 
Topic: Yesterday, Rubean announced to have won the Global Payments tender
for Germany, which we assume to be basically the tender for the recently
announced joint venture between Commerzbank and Global Payments ("Commerz
Globalpay"). In detail:
 
Earlier this year, Commerzbank announced to have entered a joint venture
with Global Payments in order to offer digital payment services to its SME
clients. With yesterdayŽs corporate news it seems clear that Rubean is
delivering the PhonePOS solution for the joint venture and Global Payments
App "GP tom". RubeanŽs unique PhonePOS solution would enable SME clients of
Commerzbank to use its phones as payment terminals instead of using third
party devices.
 
Attractive pricing scheme. We expect that the contract with Global Payments
has two major components: 1) fixed fee per terminal in use (phone using the
RubeanŽs payment solution) per month and 2) a fixed fee per executed
transaction. Assuming that PhonePOS will be used by 100k SME clients of
Commerzbank until end of FY25 (mind you that Commerzbank is servicing
overall c. 600k SME clients), executing an average of 7 transactions per
day each, we expect Rubean to generate additional EUR 1.0m sales in FY24
(eNuW) and EUR 2.9m additional sales in FY25 (eNuW).
 
With the third important strategic partnership announcement within a short
period of time (i.e. Correos, emerchantpay), Rubean is showing once again
very clearly that its leading softPOS product is ready and that the
roll-out is in full swing. We hence expect positive newsflow from further
new partnerships within FY24 that should further ramp-up sales and EBIT
going forward.
 
As we have already anticipated meaningful cooperations within this year, we
adjust our sales estimates only slightly, remaining rather conservative.
Still, we expect exponentially growing quarterly figures that should result
in slightly increased sales of EUR 3.0m and an EBIT of EUR -1.4m for FY24e.
Mind you, that further customer wins as well as a dynamic development of
existing partnerships could render our estimates as too low.
 
BUY with a new PT of EUR 9.00, based on our DCF.

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