ANY Security printing-Awesome earnings boosted by elections
- Summary: ANY Security Printing Co. surprisingly reported a solid set of results as it achieved a net income of HUF 1,086mn (+618mn or +132% YoY) on net sales of HUF 11.6bn (+2.0bn or +20% YoY) in the first quarter of 2022. The significant jump in earnings was driven by "the steady increase in document orders as the June deadline for renewal of expiring documents approaches, as well as the uninterrupted completion of printing works for the parliamentary elections and the excellent performance of the subsidiaries".
- Key positives: (1) By the end of March, the Company surprisingly achieved more than 30% of our FY22 sales estimate and 63% of our FY22 net income estimate. (2) There is no meaningful setback in form production after the sale of the Bulgarian asset. (3) Margins significantly widened despite the cost inflation.
- Key negatives: (1) Export ratio dropped.
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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