Original-Research: CYAN AG (von GBC AG)

Pressemitteilung: Original-Research: CYAN AG (von GBC AG)

Original-Research: CYAN AG - von GBC AG

Einstufung von GBC AG zu CYAN AG

Unternehmen: CYAN AG

Anlass der Studie: Research report (initial coverage) Empfehlung: Buy
Kursziel: 35.80 EUR
Letzte Ratingänderung: -
Analyst: Marcel Goldmann, Cosmin Filker

CYAN AG is a leading European provider of white-label IT security solutions with more than 15 years' experience in IT security with headquarters in Munich. The main focus of the company is mobile security solutions for end users of mobile operators (MNOs), virtual mobile operators (MVNOs) and banks (B-2-B-2-C Business Model). CYAN's IT solutions can be easily integrated into existing customer IT infrastructure and marketed through a revenue share model, enabling them to generate significant additional revenue.
The main focus of the CYAN Group is the protection of mobile data traffic. This is the segment of the global IT security market that is growing at an extremely fast rate. This is due to the fact that the number of digital devices (smart phones, etc.) is steadily increasing and users of such devices are increasingly using them for important and personal matters such as email, mobile online banking, online shopping and social media - for example, the use of mobile banking in Europe increased by 250.0% last year. However, this user behaviour also increases the risk of cyber-attacks - 12.0% of EU citizens have already been victims of cyber-crime. Against this background, we also assume that this market will continue to record considerable growth rates in the future.
The key competitive advantage of the Cyan security solution is that it is implemented directly in the customer's data centre - be it MNO, MVNO or a financial institution. This eliminates the need for end users to have downloads, as is typically the case with other security providers such as Norton or F-Secure.
The CYAN solution is particularly attractive for MNOs, because white label products are very scalable and more profitable than competitor solutions. CYAN is currently the only supplier worldwide in this niche (USP). As a result, an MNO or MVNO can achieve significant additional revenue with CYAN solutions.
For the Mobile Virtual Network Operators (MVNO) customer group, CYAN has been offering a solution since mid-2017 that will enable significant cost savings without major investment requirements on behalf of the MVNO (not OPEX/CAPEX). At its peak, 20.0% of the purchased data volume can be saved, whereby the revenue with the MVNO is shared.
Likewise, CYAN has developed special security solutions for the third group of customers, financial and insurance companies, which can be directly integrated into the existing bank customer app (in-app solution). In this way, the respective device and internet browsing can be made safer and the actual banking transaction can be protected against threats deriving from the internet.
In the past, CYAN AG has focused very heavily on the development of its comprehensive IT security offer and has already been able to gain the first well-known major customers, such as T-Mobile Austria and Poland, in the context of an exclusive group contract with the company Deutsche Telekom (T-Mobile). Since Q3/2017, the described MVNO and banking products have also been offered and marketed. Since then, contracts have been concluded in these segments with the company Sberbank (EU), the South African company MyBucks and, in particular, with I-New - an MVNO platform. The contract with I-NEW will now roll out the Cyan solution on 24 MVNOs worldwide. In addition, the company has a heavily populated project pipeline of potential customers that will enable further significant revenue growth. After the fixed costs have already been covered by the previous business, the new business has margins of more than 80.0%.
In March of this year, the CYAN Group announced a successful initial public offering. As part of this, EUR 31.70 million in investor funds (gross issuing proceeds) was raised. Most of the funds raised will be used to fully acquire the CYAN Security Group (current participation: 51.0%).  
We expect significant growth in sales and earnings for further business development. Overall, CYAN AG has laid a solid foundation for benefiting from the expected dynamic growth in the IT security market. For the past financial year 2017, we expect sales of EUR 4.90 million and an operating result (EBIT) of EUR 2.36 million. For the coming year of 2018, we anticipate that the course of profitable growth will continue and calculate a turnover of EUR 10.66 million and an EBIT of EUR 5.76 million. In the following financial years, the expected economies of scale should become even more pronounced, enabling long-term double-digit EBIT margins of more than 70.0%.
On this basis, we evaluated the IT company using our DCF model and in doing so, we determined a fair value of EUR 35.80. Based on the current share price level, this results in a BUY rating.

Die vollständige Analyse können Sie hier downloaden:

Kontakt für Rückfragen
Jörg Grunwald
Halderstraße 27
86150 Augsburg
0821 / 241133 0
[email protected]
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