Cyan - Growth potential remains
Cyan’s share price has halved year to date. COVID-19 and the Wirecard insolvency affected both H1 sales and its pipeline, leading to a resetting of consensus. Yet H1 sales still more than doubled y-o-y and underlying EBITDA rose to €6.7m (excluding the Wirecard write-down). The prospects for long-term growth remain healthy. At €11, Cyan is valued at 7.0x FY21e consensus EBITDA, a substantial discount to peers. With a new CEO due to arrive in January, it might be time for investors to revisit the story.
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