Cyan

DB: CYR

€227.2m market cap

€23.24 last close

Cyan supplies cyber security systems for mobile data traffic. It has recently launched two products with strong potential outside its established mobile network operator market

Investment summary

The contract with Orange is another transformative deal that validates both Cyan’s cybersecurity technology and its white label model. Deployment across Orange’s 28 subsidiaries may not prove straightforward and the pace of end-user adoption is difficult to predict precisely at this point. Nevertheless, Cyan’s assumptions appear conservative and suggest the contract could generate additional annual revenues of €25m by FY21. Consensus forecasts group EBITDA to reach €37m by FY21.

Sector
TMT
Share price graph
Price performance
%
1m
3m
12m
Actual (12.0) (22.8) (10.8)
Relative* (12.9) (23.3) (9.2)
52-week high/low €36.5/€20.8
*% relative to local index
Key management
Michael Sieghart CFO