Report

ANY Security printing - Q2 EPS of HUF 120 cemented our bullish view

Summary: ANY reported a net profit for Q2/21 of HUF 1,722mn or EPS of HUF 120 on
sales of HUF 12.8bn, resulted in a massive record quarter after Q1. On the back of the
huge interest for domestic card documents, export ratio dropped to 28% from c.44%.

Underlying
Allami Nyomda

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).

Provider
Concorde Securities
Concorde Securities

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.

Analysts
Gabor Bukta

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