28.02.2024-
Original-Research: KORREKTUR: Rubean AG (von NuWays AG):
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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 yesterday´s corporate news it seems clear that Rubean is
delivering the PhonePOS solution for the joint venture and Global Payments
App "GP tom". Rubean´s 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
Rubean´s 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.
You can download the research here:
http://www.more-ir.de/d/29009.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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Offenlegung möglicher Interessenskonflikte nach § 85 WpHG beim oben analysierten Unternehmen befinden sich in der vollständigen Analyse.
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The result of this research does not constitute investment advice
or an invitation to conclude certain stock exchange transactions.
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