€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.
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.