€122.2m market cap

€12.5 last close

Cyan supplies cybersecurity systems for mobile data networks. Following the recent acquisition of I-New, its two major products are: content management software sold as a white-label product to mobile network operators; and a traffic management solution for MVNOs that enables them to reduce network traffic and corresponding costs.

Investment summary

Cyan’s share price has halved year to date. COVID-19 and the Wirecard insolvency affected both H1 sales and its pipeline, leading to a resetting of consensus. Yet H1 sales still more than doubled y-o-y and underlying EBITDA rose to €6.7m (excluding the Wirecard write-down). The prospects for long-term growth remain healthy. At €11, Cyan is valued at 7.0x FY21e consensus EBITDA, a substantial discount to peers. With a new CEO due to arrive in January, it might be time for investors to revisit the story.

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Share price graph
Price performance
Actual 25.0 16.3 (34.1)
Relative* 8.6 13.3 (34.4)
52-week high/low €23.9/€9.3
*% relative to local index
Key management
Michael Sieghart CFO