Max 21


Market Cap€10.3m

Last Close €0.57

Max 21 is a technology investment company with 100% stakes in two core subsidiaries: Binect in hybrid business communication and KeyIdentity in IT security.

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Investment summary

Max 21 continues its successful turnaround story, with a solid increase in H118 sales related to Binect family products and LinOTP (even if somewhat behind management expectations). Encouraged by the top-line growth and recently introduced cost efficiencies, management has reaffirmed its FY18 revenue guidance at €7m (implying 27% y-o-y growth) and is now expecting an EBITDA loss no greater than €1.5m (vs €2.5m previously). The reduced cash burn and business outlook for H218 will eliminate the need for a new share issue, according to the company.

Content on Max 21
Max 21 – Appetite for more growth
TMT | Update | 6 September 2018
Max 21 – Restructured for growth
TMT | Initiation | 14 August 2018
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Share price graph
Price performance
Actual 3.6 4.6 (54.0)
Relative* 6.5 1.4 (50.7)
52-week high/low €1.6/€0.4
*% relative to local index
Key management
Nils Manegold CEO