Cyan AG
XETRA:CYR

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Cyan AG
XETRA:CYR
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Price: 2.02 EUR Market Closed
Market Cap: €43.8m

EV/EBITDA

121
Current
1 923%
Cheaper
vs 3-y average of -6.6

Enterprise Value to EBITDA (EV/EBITDA) ratio compares a company`s total enterprise value to its earnings before interest, taxes, depreciation, and amortization. It shows how much investors are paying for each dollar of the company`s earnings, including both equity and debt.

EV/EBITDA
121
=
Enterprise Value
€51.1m
/
EBITDA
€399k

Enterprise Value to EBITDA (EV/EBITDA) ratio compares a company`s total enterprise value to its earnings before interest, taxes, depreciation, and amortization. It shows how much investors are paying for each dollar of the company`s earnings, including both equity and debt.

EV/EBITDA
121
=
Enterprise Value
€51.1m
/
EBITDA
€399k

Valuation Scenarios

Cyan AG is trading above its industry average

If EV/EBITDA returns to its Industry Average (11.9), the stock would be worth €0.2 (90% downside from current price).

Statistics
Positive Scenarios
0/2
Maximum Downside
-93%
Maximum Upside
No Upside Scenarios
Average Downside
91%
Scenario EV/EBITDA Value Implied Price Upside/Downside
Current Multiple 121 €2.02
0%
Industry Average 11.9 €0.2
-90%
Country Average 9 €0.15
-93%

Forward EV/EBITDA
Today’s price vs future ebitda

Today's Enterprise Value EBITDA Forward EV/EBITDA
€51.1m
/
Jul 2025
€399k
=
121
Current
€51.1m
/
Dec 2025
€-151.5k
=
-337.5
Forward
€51.1m
/
Dec 2026
€1.4m
=
36.2
Forward
€51.1m
/
Dec 2027
€2.7m
=
19.1
Forward
€51.1m
/
Dec 2028
€5.7m
=
9
Forward
€51.1m
/
Dec 2029
€7.5m
=
6.9
Forward

Forward EV/EBITDA shows whether today’s EV/EBITDA still looks high or low once future ebitda are taken into account.

Peer Comparison

All Multiples
EV/EBITDA
P/E
All Countries
Close
Market Cap EV/EBITDA P/E
DE
Cyan AG
XETRA:CYR
43.8m EUR 121 -22.3
US
Microsoft Corp
NASDAQ:MSFT
3.2T USD 17.5 26.5
US
Oracle Corp
NYSE:ORCL
498.2B USD 20.5 30.8
US
Palo Alto Networks Inc
NASDAQ:PANW
145.7B USD 80.3 97.9
US
CrowdStrike Holdings Inc
NASDAQ:CRWD
113.5B USD 3 311.1 -698.7
US
ServiceNow Inc
NYSE:NOW
93.4B USD 33.1 53.2
US
VMware Inc
XETRA:BZF1
58B EUR 22.1 47.9
US
Fortinet Inc
NASDAQ:FTNT
62.7B USD 26.8 33.8
CN
Knowledge Atlas Technology JSC Ltd
HKEX:2513
452.6B HKD -101.4 -76.4
US
Xperi Holding Corp
LSE:0M2A
54.6B USD 212.5 491.7
CN
MiniMax Group Inc
HKEX:100
262.2B HKD -17.7 -16.2
EV/EBITDA Multiple
EBITDA Growth EV/EBITDA to Growth
DE
Cyan AG
XETRA:CYR
Average EV/EBITDA: 427.2
121
N/A N/A
US
Microsoft Corp
NASDAQ:MSFT
17.5
19%
0.9
US
Oracle Corp
NYSE:ORCL
20.5
43%
0.5
US
Palo Alto Networks Inc
NASDAQ:PANW
80.3
49%
1.6
US
CrowdStrike Holdings Inc
NASDAQ:CRWD
3 311.1
344%
9.6
US
ServiceNow Inc
NYSE:NOW
33.1
48%
0.7
US
V
VMware Inc
XETRA:BZF1
22.1
19%
1.2
US
Fortinet Inc
NASDAQ:FTNT
26.8
17%
1.6
CN
K
Knowledge Atlas Technology JSC Ltd
HKEX:2513
Negative Multiple: -101.4 N/A N/A
US
Xperi Holding Corp
LSE:0M2A
212.5
N/A N/A
CN
MiniMax Group Inc
HKEX:100
Negative Multiple: -17.7 N/A N/A
P/E Multiple
Earnings Growth PEG
DE
Cyan AG
XETRA:CYR
Average P/E: 111.7
Negative Multiple: -22.3
N/A N/A
US
Microsoft Corp
NASDAQ:MSFT
26.5
18%
1.5
US
Oracle Corp
NYSE:ORCL
30.8
37%
0.8
US
Palo Alto Networks Inc
NASDAQ:PANW
97.9
50%
2
US
CrowdStrike Holdings Inc
NASDAQ:CRWD
Negative Multiple: -698.7 N/A N/A
US
ServiceNow Inc
NYSE:NOW
53.2
54%
1
US
V
VMware Inc
XETRA:BZF1
47.9
39%
1.2
US
Fortinet Inc
NASDAQ:FTNT
33.8
15%
2.3
CN
K
Knowledge Atlas Technology JSC Ltd
HKEX:2513
Negative Multiple: -76.4 N/A N/A
US
Xperi Holding Corp
LSE:0M2A
491.7
N/A N/A
CN
MiniMax Group Inc
HKEX:100
Negative Multiple: -16.2 N/A N/A

Market Distribution

Higher than 97% of companies in Germany
Percentile
97th
Based on 2 491 companies
97th percentile
121
Low
0.1 — 6.2
Typical Range
6.2 — 13.6
High
13.6 —
Distribution Statistics
Germany
Min 0.1
30th Percentile 6.2
Median 9
70th Percentile 13.6
Max 6 112.6

Cyan AG
Glance View

Market Cap
43.8m EUR
Industry
Technology

cyan AG is a holding company, which engages in the provision of security solutions. The company is headquartered in Muenchen, Bayern and currently employs 148 full-time employees. The company went IPO on 2018-03-28. The firm provides white labeled security solutions that are individually tailored to the business partners and directly integrated into their existing data center. Its main goal is to protect the mobile-end devices from cyber attacks while surfing through the Internet. The Company’s customers are network operators, virtual network operators, governments, as well as banks and insurance groups. In addition, the Company operates with its own research and development centers in Czech Republic and Poland, as well as collaborates with universities and international institutes and financials, such as social organizations. The firm is active in Germany.

CYR Intrinsic Value
1.36 EUR
Overvaluation 33%
Intrinsic Value
Price €2.02
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