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Max 21

Restructured for growth

Initiation | Technology | 03 Nov 2017

Max 21 has almost completed a double repositioning. It has slimmed down to two core businesses and, in turn, they have been refocused on scalable business models generating recurring streams of service revenue. Both businesses are placed in segments with good growth prospects: Binect in hybrid business communication and KeyIdentity in multi-factor authentication security.

Max 21

Appetite for more growth

Update | Technology | 06 Sep 2018

Max 21 continues its successful turnaround story, with a solid increase in H118 sales related to Binect family products and LinOTP (even if somewhat behind management expectations). Encouraged by the top-line growth and recently introduced cost efficiencies, management has reaffirmed its FY18 revenue guidance at EUR 7m (implying a 27% y-o-y growth) and is now expecting an EBITDA loss no greater than EUR 1.5m (vs EUR 2.5m previously). The reduced cash burn and business outlook for H218 will eliminate the need for a new share issue, according to the company.

Max 21

Growing profits and recurring revenues

Update | Technology | 28 Jun 2018

Max 21’s repositioning, with the sale of loss-making NECDIS at end 2017 and its refocus on creating recurring revenues from hybrid business communications specialist, Binect, and IT security system provider, KeyIdentity, helped sharply reduce EBITDA losses in Q118. Binect achieved a 21% y-o-y increase in revenues and positive EBITDA after break-even in Q417. At KeyIdentity, underlying revenues grew 61% y-o-y and losses at the EBITDA level were reduced by 22% to EUR 451k, helped by cost-cutting and growth in recurring revenues. We see current management guidance for 27% underlying revenue growth and an EBITDA loss of no more than EUR 2.5m, followed by EBITDA break-even in 2019 (one year later than forecast previously), as reasonable and achievable.

Max 21

Restructured for growth

QuickView | Technology | 15 Nov 2017

Max21 has almost completed a double repositioning. It has slimmed down to two core businesses and in turn, they have been refocused on scalable business models generating recurring streams of service revenue. Both businesses are placed in segments with good growth prospects: Binect in hybrid business communication and Keyidentity in multi-factor authentication security.