Original-Research: Rubean AG - von NuWays AG Einstufung von NuWays AG zu Rubean AG Unternehmen: Rubean AG ISIN: DE0005120802 Anlass der Studie: Update Empfehlung: BUY seit: 06.02.2024 Kursziel: 8.00 Kursziel auf Sicht von: 12 Monaten Letzte Ratingänderung: Analyst: Frederik Jarchow Promising start into 2024 Topic: Yesterday, Rubean announced to have reached more than EUR 340k of sales only in January.
06.02.2024 - 09:06:28Original-Research: Rubean AG (von NuWays AG): BUY
Original-Research: Rubean AG - von NuWays AG Einstufung von NuWays AG zu Rubean AG Unternehmen: Rubean AG ISIN: DE0005120802 Anlass der Studie: Update Empfehlung: BUY seit: 06.02.2024 Kursziel: 8.00 Kursziel auf Sicht von: 12 Monaten Letzte Ratingänderung: Analyst: Frederik Jarchow Promising start into 2024 Topic: Yesterday, Rubean announced to have reached more than EUR 340k of sales only in January. This represents the highest monthly turnover in the companyŽs history. Rubean has realized more than one-third of previous yearŽs sales in only one month. According to management, the sales-jump is the result of the sharp increase in user numbers as well as one-offs from contract work that should potentially further expand the capabilities of RubeanŽs payment platform. Indeed, no. of user quadrupled to c. 25k in FY23 from 6k in FY22 (eNuW). We hence expect that roughly one-third of January revenues are stemming from recurring license fees, while two-third of the revenues are coming from contract works and have a one-off character. As a result, we anticipate Q1 sales to come in at EUR 0.5-0.6m (eNuW). Positively, contract works often are initially necessary in order to onboard new customers and hence a precondition for future recurring license fees. This, paired with the recently announced new partnerships with i.e. Correos in Spain and emerchantpay as well as the quadrupling of app users should bode well for Rubean and is seen to become visible in a strongly growing topline. Importantly, with Correos, Rubean is not only earning a monthly license fee per user, but is also participating in every transaction, executed via the software. Note, we consider this highly profitable revenue sharing scheme as blueprint for future partnerships (eNuW). As RubeanŽs leading softPOS product is ready for roll-out, further customer wins and partnerships are clearly in the cards for this year, further driving sales growth. Rubean should already be in advanced discussions with several potential partners. We hence expect positive newsflow from new partnerships within the next couple of weeks and months. Rubean runs a scalable Saas business model. With an increasing number of customers (eNuW: several customer wins to come in the short-term), the scalable nature of the group's set-up should increasingly become visible. While EBIT is still seen to be negative at EUR -1.6m in FY24e, the operating breakeven is likely to be reached in FY25e. BUY with an unchanged PT of EUR 8.00, based on our DCF. Die vollständige Analyse können Sie hier downloaden: http://www.more-ir.de/d/28819.pdf Die Analyse oder weiterführende Informationen zu dieser können Sie hier downloaden www.nuways-ag.com/research. Kontakt für Rückfragen 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 ++++++++++ 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. ++++++++++ -------------------übermittelt durch die EQS Group AG.------------------- Für den Inhalt der Mitteilung bzw. Research ist alleine der Herausgeber bzw. Ersteller der Studie verantwortlich. Diese Meldung ist keine Anlageberatung oder Aufforderung zum Abschluss bestimmter Börsengeschäfte.
