Max 21


€10.3m market cap

€0.57 last close

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

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.

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