Original-Research: KORREKTUR: Rubean AG (von NuWays AG):
Source: EQSClassification of
Company
ISIN: DE0005120802
Reason for the research:
Last rating change:
Analyst:
KORREKTUR: Major cooperation with Global Payments in
Topic: Yesterday,
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
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
With the third important strategic partnership announcement within a short
period of time (i.e. Correos, emerchantpay),
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 € 3.0m and an EBIT of € -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 € 9.00, based on our DCF.
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