Rubean AG Reports Quintuple Turnover in Q1, Analyst Maintains Buy Rating

Rubean AG, a significant player in the mobile payment acceptance systems market, reported a 500% year-on-year turnover increase to €493k in Q1 2024. This surge was attributed to the rollout of Rubean's software to new, large customers. Despite a substantial turnover in January, which included one-offs, Rubean aims for a massive increase in monthly recurring turnover to meet its FY24 sales growth guidance of 135%.

Moreover, Rubean AG has recently signed a contract with "SEUR," a subsidiary of Geopost, marking a promising start to Q2. This agreement to equip thousands of devices with Rubean's software follows a series of strategic partnerships aimed at enhancing its softPOS product rollout. Analyst Frederik Jarchow from NuWays AG reaffirmed a BUY recommendation with a €9.00 target price, based on a DCF valuation method.

The company has also implemented a 10% year-on-year cost reduction strategy. Despite these cuts being deemed as not a core element of Rubean's case, they support the company's path toward achieving a profitability goal by FY25 and a mid-term vision of exceeding 40% EBIT-margin by FY27. Expectations for Rubean's future include further partnership announcements, increasing sales, and potentially surpassing its mid-term targets.