Unbelievable year, and many more to come
ANY Security Printing Co. posted FY/24 results today AMC. The company reported astellar set of results yet again, that well exceeded our previous forecasts. Revenues
came in at HUF 70.5 bn, up +27% YoY, while net profit reached HUF 7.9 bn (+86%
YoY), resulting in an EPS of HUF 552. ANY plans to distribute dividends of HUF
464/share (excluding treasury shares), resulting in a DivY of 9.1%. FY/24 results
convince us about longer-term elevated profitability, therefore, after reviewing our
estimates, we set our new 12m ex-div TP at HUF 6,000 with a BUY 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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