Cyan

DB: CYR

€267.5m market cap

€30.1 last close

Cyan supplies cyber security systems for mobile data traffic. It has recently launched two products with strong potential outside its established mobile network operator market

Investment summary

The acquisition of I-New transforms Cyan’s scale and growth prospects still further. Recent interim results highlighted a business on track to exceed FY18 pro forma guidance of €20m and expand EBITDA margins significantly. With a largely recurring revenue base, orders with an annualised contract value (ACV) of over €6m already signed and a qualified pipeline of €100m in ACV, the company also appears well positioned to deliver FY19 revenue guidance of €35m (implying 75% y-o-y organic pro forma revenue growth).

Sector
TMT
Share price graph
Price performance
%
1m
3m
12m
Actual (1.7) (5.9) 25.4
Relative* (9.2) (13.6) 26.8
52-week high/low €36.5/€20.5
*% relative to local index
Key management
Michael Sieghart CFO