Märkte & Kurse

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Original-Research: Rubean AG - from NuWays AG

17.09.2024 / 09:01 CET/CEST
Dissemination of a Research, transmitted by EQS News - a service of EQS
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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 (+135% 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+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 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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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.
++++++++++

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1989233 17.09.2024 CET/CEST

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