Original-Research: CYAN AG - von GBC AG
Einstufung von GBC AG zu CYAN AG
Unternehmen: CYAN AG
Anlass der Studie: Research report (initial coverage)
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
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
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
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
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.
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