ANY Security Printing - Another Strong Set Of Quarterly Results
Summary: ANY Security Printing Co. reported a solid set of results for Q2 as it achieved a net income of HUF 549mn on net sales of HUF 11.7bn. As a result, the Company reached a net profit of HUF 1.6bn in H1/22 driven by the strong export sales, election ballots and the steady demand for personal documents in Hungary.
- Key positives: (1) the Company is well ahead of our full year forecast as EPS was HUF 114 in H1 vs. our FY22 estimate of HUF 120. (2) “Neither the worldwide chip shortage, nor the paper shortage, nor the dramatic increase in the price of all these, were insurmountable obstacles” – CEO said. (3) After the change in the shareholder’s structure, sales activity of the Romanian subsidiary looks very pretty as it added significant value to the ANY’s net income.
- Key negatives: (1) CEO said that it had become more difficult to pass exchange rate fluctuations, rising energy and labour costs onto the customers.
Any Security Printing is a securities products group based in Hungary. Co. produces security products and solutions (tax stamps. stickers with security elements), plastic and paper cards (document cards, bank and telephone cards, commercial cards), personalized business and administration forms, and conventional printing products. Co.'s product offering its organized along three segments: Security Products, Solutions (paper-based documents, excise and tax stamps, security printers and security inks, additives); Card Production, Personalization (document cards, bank cards and loyalty cards); and Form Production, Personalization (transactional mailing, business, lottery and election forms).
Concorde Securities Ltd. is Hungary’s leading independent company engaged in investment banking activities. It provides its clients with integrated financial services, including securities trading, research, corporate financing advisory, capital market transactions, wealth management and investment advisory. The operational management of the company is the responsibility of the CEO, while the owners/managers (who control one-third of the company through their shares and options) are in charge of its strategic governance. Concorde Securities Ltd. is a member of the Budapest, Frankfurt, Warsaw and Bucharest stock exchanges, as well as of the Hungarian Association of Investment Service Providers.
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