Preparing for production ramp-up
We revisited our estimates for ANY Security Printing after Q3 results as we clearly see that revenues and net profit of the Company will not meet our forecasts this year. We, however, remain BUY-rated and raise our 12-m target price to HUF 1,635 a share, implying a 28% upside potential from the previous closing, which reflects the following: (1) very strong liquidity position with HUF 2.3bn cash as at 30 Sept, (2) a HUF 502 million non-refundable subsidy that was provided by the Ministry of Foreign Affairs in Hungary, (3) convincing outlook on growing production and (4) high dividends (ordinary + extra) for the next year. We are conservative on sales evolvement, which could trigger, in our view, more upside in the mid-term.
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.