Report

Excellent year behind and more promising ahead

ANY posted its Q4 report on Friday, AMC. ANY reported net revenues of HUF 55.5bn
for 2023, representing a 28% increase compared to the last year. Net income almost
doubled (+90% YoY), reaching HUF 4.3bn (EPS of HUF 298) in the full year. Following
the 2023 preliminary report, we must revisit our estimates, hence we put our
recommendation under review. Our existing forecast looks outdated as we estimated
net sales of HUF 54.7bn for 2024 in August 2023. We believe that ANY's net sales can
show double-digit growth this year. In addition, the company has plenty of room to
reduce costs, which we detail later.  

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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