ANY Security printing
Well on track to print decent dividends
We made some major changes to our estimates after record 2021 results as well as last
year’s M&A transactions. This is driven by our strong view that ANY is well on track to
reach higher-than earlier expected profits and pay decent dividends in the coming years.
We expect that earnings will easily surpass our previous estimates driven by a slow, but
value-accretive shift in the product mix. As a result, we remain BUY-rated at a 12m ex-div
TP of HUF 2,000 a share, reflecting higher earnings forecasts and the rollover effect, but
also higher WACC in light of the rising Hungarian and Romanian yields. Our new TP
implies a 27% upside potential including a DPS of HUF 163, which is expected to be
distributed to ANY’s shareholders in early 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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