ANY Security Printing - Changing Conditions, But A Solid Outlook
Changing conditions, but a solid outlook
- Though the market environment is very challenging and recession fears overtook covid-19 as the primary risk, we don’t expect huge and prolonged disruption at ANY thanks to the nature of its defensive business model. Given historical patterns, the Company will certainly be able to pass on the cost pressure to its customers, so changing conditions don’t necessarily mean deteriorating outlook with regard to ANY, in our view.
- The stock might have lost its attractiveness due to the rapid rise in risk-free rates in Hungary. Having said that, shares in ANY are significantly outperforming the BUX index YTD. They are down by only 1% in total return terms, adjusted for a DPS of 168 HUF, which was distributed to the shareholders in May.
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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