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: Buy from: 28.02.2024 Target price: 9.00 Target price on sight of: 12 Monaten Last rating change: Analyst: Frederik Jarchow Major cooperation with Commerz Globalpay; chg.

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

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: Buy
from: 28.02.2024
Target price: 9.00
Target price on sight of: 12 Monaten
Last rating change: 
Analyst: Frederik Jarchow

Major cooperation with Commerz Globalpay; chg.
 
Topic: Yesterday, Rubean announced to have won the Global Payment tender
for Germany, which is 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 Payment in order to offer digital payment services to its SME
clients. With yesterdayŽs corporate news it became clear that Rubean is
delivering the PhonePOS solution for the joint venture and Global Payments
App "GP tom". RubeanŽs unique PhonePOS solution 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 Payment
has two major components: 1) fixed fee per terminal in use (phone using the
RubeanŽs payment solution) per month of (eNuW: c. EUR 1.40-1.50) and 2) a
fixed fee per executed transaction (eNuW: EUR 0.02-0.03). 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.
 
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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http://www.more-ir.de/d/29003.pdf
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www.nuways-ag.com/research.

Contact for questions
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Kontakt für Rückfragen
NuWays AG - Equity Research
Web: www.nuways-ag.com
Email: [e-mail]
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Adresse: Mittelweg 16-17, 20148 Hamburg, Germany
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