ANY Security Printing - Profit Beats Our Estimate Despite High Energy Costs
Profit beats our estimate despite high energy costs
- Summary: ANY Security Printing Co. reported a net income of HUF 223mn on net sales of HUF 8.0bn for Q4/22. As a result, the Company reached a net profit of HUF 2.24bn on net sales of 43.2bn in 2022. In a nutshell, it was already known in the fourth quarter that the year would not end gently in terms of financial results, as it was roughly expected due to higher energy costs, seasonality, and the adverse impact of the strengthening of the forint, which wiped out approximately HUF 51 million in Q4. Having said that, the Company reached an EPS of HUF 156 in 2022, exceeding our estimate of HUF 152, so overall we are glad to see that extreme high energy prices didn’t put a more severe pressure on the company during the 3 months through December. More importantly, ANY proposed to distribute the entire 2022 net profit to its shareholders, which translates into a dividend yield of around 10.5%.
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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