ANY Security Printing - Worth Thinking About Life Beyond HGBs
Worth thinking about life beyond HGBs
- The market environment is very challenging as recession fears, uncontrolled inflation and higher bond yields fully confused the investment community. In addition to them, the war between Russia and Ukraine made the CEE region unattractive. In particular, the Hungarian stock market trades at near all-time low valuation (forward 12m P/E of 5.3x) and suffers from quite low liquidity, broadly attributable also to the highly unpredictable and always changing taxation in specific sectors in Hungary. As a result of the dried up liquidity in the local stock market, ANY Security Printing Co. has been also a victim as investors are looking for more tradeable securities rather than deep value this time around. Moreover, the alternative risk-free rate offers nearly 14% annual yield, making riskier assets less interesting for investors. So even if ANY offers a dividend yield of c10% after 2022 profit, the market cannot reward this at this stage as it doesn’t count on growth opportunities.
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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