Highlights: ANY published its 2Q18 earnings yesterday, after market closed. Net sales jumped by 20% YoY to HUF 7.9 bn mainly due to the Hungarian parliamentary elections. Reported EBITDA of HUF 762 mn was down by 2% YoY, while EBIT also dropped by 8% YoY to HUF 468 mn. Net income came to HUF 306 mn, implying an EPS of HUF 21 (+ 5% YoY), which may suggest that the printing company should increase dividend compared to 2017. Even so we consider net income not too impressive in light of persistently growing wages that will likely weigh on results in the coming quarter. Yet, the weakening forint coupled with advancing exports should be supportive to market sentiment towards the stock.
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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