Due to the transfer of coverage in ANY Security Printing Company we reviewed our valuation model and investment case. Based on our broadly conservative base case scenario, we upgrade our recommendation from Neutral to Accumulate of ANY Security Printing Company with a 12-m ex-div TP of HUF 1395 (prev. HUF 1557) which implies a 27% TR upside to the current share price, however we stress that we have applied a 5% liquidity discount due to the low daily turnover of the stock. We believe ANY preserves its attractiveness in the region and to be able to offer an exceptional investment opportunity if hard times come due to its bulletproof dividend paying profile.
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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