Massive export growth ahead
This is a transition of coverage, and we upgraded our estimates following the
outstanding FY23 earnings results. We conservatively expect ANY to distribute a DPS
of HUF 258 and HUF 363 after 2023 and 2024 earnings, respectively. Despite the
massive share price appreciation seen in 2023, ANY remains attractive, offering a
compelling total return upside potential of 38%, as we lift our 12-m ex-div TP to 4,015
HUF/sh. We reiterate our Buy recommendation
ANY decided to differ from its long-term strategy of paying out 100% of its profit as dividend
after 2023 due to the higher growth CAPEX needs this year. Despite this, we continue to
assume that ANY will pay out 100% of profits in the future. With the estimated 2023 DPS of
HUF 258 (incl. an adjustment of HUF 8 above the proposed DPS of HUF 250), ANY still
offers a sturdy dividend yield of c. 8.3%. We have strong reason to believe that the company
will achieve a significant growth in both revenues and profitability in 2024. In our view, ANY
remains the well-known, reliable dividend stock it is known as, however, the projects the
company intends to use the financing for, has the potential to offer outstanding growth in
the coming years, making ANY’s shares even more attractive.
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.
Unfortunately, this report is not available for the investor type or country you selected.
Browse all ResearchPool reportsReport is subscription only.
Thank you, your report is ready.
Thank you, your report is ready.