Record profit exceeds our FY estimates, raises our TP
ANY posted Q3/24 results yesterday, AMC. The company reported results thatexceeded our full-year forecasts, with revenues of HUF 18 bn, up +1% YoY, while net
profit reached HUF 2 bn (+3% YoY). This translates into a quarterly EPS of HUF 144.
9M/24 EPS of HUF 409 (excluding treasury shares) exceeded our FY/24 forecast of HUF
399. Considering the results of the first three quarters, after reviewing our model we
made changes to our estimates. Despite the exceptional performance of the company,
we remain slightly cautious looking into the future, as we note that the widened margins
might not be sustainable in the long run.
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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