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Max 21 (MA1)

Business description

Max 21 is a technology investment company with 100% stakes in two core subsidiaries: Binect in hybrid business communication and KeyIdentity in IT security.

Stock data

Market cap.€27.3m
Last close€1.57
High / Low (52 weeks)€1.8 / €1.1
Stock market listingDE
Forecast net debt (m)N/A
Forecast gearing ratio (%)N/A
TeamTechnology
SectorTechnology

Price performance

%1m3m12m
Actual23.634.2(11.2)
Relative *23.532.9(12.8)

* % Relative to local index

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Investment summary

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 €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 €2.5m, followed by EBITDA break-even in 2019 (one year later than forecast previously), as reasonable and achievable.

Last updated on 28/06/2018

Key management

Nils Manegold, CEO

Company address

Robert-Koch-Stra├če 9
Weiterstadt
64331
Germany
+49 6151 629100
View website