Mangold updates cybersecurity company Cybersecurity 1 “CYBER1” after the quarterly report. CYBER1’s revenues increased by 21.5% in the first quarter of 2022 compared to the same period last year, and are therefore on track to reach the sales estimate for 2022. The EBIT margin was -6.6% for the quarter, which can be attributed to the implementation of the Special Operations Center (SOC) in the new Managed Services business area. CYBER1 has been profitable for the previous four quarters, and Mangold believes they will return to profitability on an annual basis in 2023.
CYBER1 has acquired a number of customers in the new Managed Services business area. The development of the business sector has resulted in higher operating costs, but should generate increased sales and improved margins in the future.
The company conducted a cybersecurity tour in Africa and the Middle East in the spring, which should contribute to increased sales in the future. CYBER1 has also signed a new distribution agreement with Picus Security, active in simulated cyberattacks, which expands the company’s offer. Mangold chooses to lower the gross margin estimate in 2022 and 2023, given the lower margin in the first quarter. The change does not materially affect the valuation, which means that we reiterate the price target of EUR 0.057 per share.
(c) Decision 2022. All rights reserved., sources Press Releases – English