Cyan

DB: CYR

Market Cap€54m

Last Close €4.35

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 share price has fallen 37% in the last two weeks. FY20 results confirmed the impact of COVID-19 continued into Q4 and management has reset expectations for FY21 (‘flat sales’). A new CEO is focused on growing (recurring) cybersecurity sales, albeit from a lower base. At a share price of €7.7, Cyan trades at a discount to peers but, after a second year of cutting forecasts, it may take time for it to re-establish its growth trajectory and for investors to regain confidence in the story.

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
%
1m
3m
12m
Actual 40.1 (48.6) (53.4)
Relative* 42.9 (48.1) (62.2)
52-week high/low €14.6/€2.8
*% relative to local index
Key management
Michael Sieghart CFO