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 yesterdayŽs corporate news it seems clear that Rubean is delivering the PhonePOS solution for the joint venture and Global Payments App "GP tom". RubeanŽs 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 RubeanŽs 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.

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http://www.more-ir.de/d/29009.pdf
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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: [e-mail]
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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. ++++++++++

transmitted by EQS Group AG.

The issuer is solely responsible for the content of this research. The result of this research does not constitute investment advice or an invitation to conclude certain stock exchange transactions.

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Die Rubean Aktie wird zum Zeitpunkt der Veröffentlichung der Nachricht mit einem Minus von -2,78 % und einem Kurs von 7,00EUR auf Tradegate (28. Februar 2024, 09:04 Uhr) gehandelt.