St rong year , attractive dividend – business as usual
Summary: ANY posted solid FY25 results . Revenue reached HUF 71.9bn, up 2% on theyear. EBITDA and EPS both grew by 9% YoY, coming in at HUF 14.3bn and HUF 594,
respectively. Q4 slightly weighed on the full -year results, as the monetization of the next
milestone income s related to Angola did not occur before the end of the fiscal year. As a
result, earnings came in marginally below our estimates. However, this does not raise any
concerns, as ANY is expected to recognize these milestone revenues in the next quarter,
leavi ng us satisfied with the overall FY performance. Shareholders have reason to be happy ,
as management proposed a DPS of HUF 503, implying a payout ratio of nearly 85%, in line
with our expectations. After adjusting for treasury shares, the effective DPS will be HUF
519, corresponding to a dividend yield of 7% based on today’s closing price. We are
currently reassessing our estimates, but for the time being we keep our target price and
recommendation unchanged.
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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