Solid H1 results, unchanged outlook
ANY posted solid H1/25 earnings Tuesday, AMC. Q2/25 revenues came in atHUF 15.2bn, down -11% YoY, resulting in H1/25 revenues at HUF 38.7bn (+11% YoY). It is
worth noting, that Q2/24 revenues were supported by election related revenues, therefore
we do not attribute much importance to the quarterly decline. Similarly, quarterly net profit
saw a -24% decline YoY, while H1/25 net profit attributable to the owners of ANY increased
on the year by +40% to HUF 5.3bn. Q2 EPS of HUF 97 puts H1 EPS to HUF 372. Profitability
in Q2/25 also slightly decreased while H1 margins expanded YoY. This earnings dynamic
comes as no surprise, as Q1/25 earnings were boosted by significant milestone incomes
mainly driven by African projects. We leave our estimates unchanged, forecasting FY/25
EPS of 625 and a DPS of HUF 547, on revenues of HUF 76.7bn, leaving our ex-div TP at
HUF 6,725 with a Neutral recommendation.
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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