Rubean AG Forecasts Conservative FY24 Guidance Yet Exhibits Ambitious Mid-Term Growth Plans

Rubean AG has published its revenue forecast for FY24, expecting a conservative increase in sales of 135% to €2.2-2.5m, despite its partnerships and potential customer acquisitions. This guidance, deemed conservative by NuWays AG, falls slightly short of the anticipated €3.0m. However, the company remains optimistic about its mid-term vision, projecting a sales target exceeding €10m by FY27, translating to a 78% CAGR from 2023-2027. This exceeds NuWays AG's forecast of €9.0m, underpinning the anticipated growth in the mobile payment acceptance systems market.

Moreover, Rubean aims for a 40+% EBIT margin by FY27, aligning with NuWays AG's estimate of 41%, benefited by scale effects from its scalable business model. In terms of app users, Rubean sets an ambitious target of 1 million users by 2025, coming from 25k reported in FY23, despite NuWays AG's more conservative projection of 350k.

The company's effort in securing strategic partnerships, such as with Global Payments and Correos, alongside its move to regular operations with various national postal services and large banks, portrays a solid foundation for exceeding its guidance. With its softPOS product's roll-out gaining momentum, Rubean is well-positioned for further growth, warranting a "BUY" recommendation with a target price of €9.00 from NuWays AG.