Market Cap€35.5m

Last Close €2.65

Cyan supplies cybersecurity for end customers of mobile/fixed network operators and insurers. The acquisition of I-New created a second BSS/OSS segment addressing MVNOs (Mobile Virtual Network Operators). This segment includes traffic management solutions that enable MVNOs to reduce network congestion and corresponding costs. Cyan’s products are sold as white label solutions.

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Investment summary

Cyan’s H121 results reflected ongoing challenges, with revenues dropping 80% y-o-y and EBITDA turning negative as large prior year contracts did not repeat. Subsequently, in August management announced a strategic realignment focused on generating recurring revenues in the higher-margin cybersecurity business and reducing costs. With shares trading in line with peers, there is little room for delay in execution. However, Cyan’s business has long-term potential, operates in an expanding market, an €8m September capital raise boosted its balance sheet and management launched a plan to return to profitability and growth.

Content on Cyan
Cyan – Reset and regroup
TMT | Update | 14 May 2021
Cyan – Growth potential remains
TMT | Update | 29 October 2020
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Share price graph
Price performance
Actual (11.7) (35.0) (79.5)
Relative* (13.0) (36.3) (82.0)
52-week high/low €13.6/€2.5
*% relative to local index
Key management
Michael Sieghart CFO