|
Original-Research: Rubean AG - from NuWays AG
Classification of NuWays AG to Rubean AG
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 € 1.4bn ARR, while the SOM (Serviceable Obtainable Market; within 3 years) is seen at € 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 € 2.2-2.5m (+135% yoy at midpoint), in line with our estimates of € 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 € 10+m 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 € 6.00 per share, which we would consider fair. BUY with a unchanged PT of € 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 ++++++++++ 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. ++++++++++
The EQS Distribution Services include Regulatory Announcements, Financial/Corporate News and Press Releases. |
||||||||||||||||||
1989233 17.09.2024 CET/CEST
P R O D U C T S U G G E S T I O N S
The information presented here has been provided by our content partner EQS-Group. The originator of the news is the respective issuer, the company relating to the news, a publication service provider (press or information agency) which uses the distribution service of EQS to transmit company news to shareholders, investors, investors or interested parties. The original publications and other company-relevant information can be found at eqs-news.com.
The information you can access does not constitute investment advice. The presentation of our cooperation partners, where the implementation of investment decisions would be possible depending on the individual risk profile, is solely at the discretion of the person using the service. We only present companies of which we are convinced that the range of services and customer service will satisfy discerning investors.
If you are considering leverage products, familiarise yourself with the typical characteristics of the financial instruments beforehand. Take the time to determine the risk content of the planned investment before making an investment decision. Bear in mind that a total loss cannot be ruled out with leverage products.
For newcomers to the subject, we offer various options in both the training and the tools section, through which you can train theoretical knowledge and practical experience and thus improve your skills. The offer ranges from participation in webinars to personal mentoring. The range is continuously being expanded.
1 Lab features are usually functionalities that emerge from the think tank of the investor community. In the early stages, these are experimental functionalities whose development process is largely determined by use and the resulting feedback from the community. When integrating external services or functionalities, the functionality can only be guaranteed to the extent that the individual process elements, such as interfaces, interact with each other.
