WOOD Flash – ANY PLC: 1Q19 results – no surprises, continuing the dynamics of past quarters
ANY reported its 1Q19 results on 17 May, with revenues of HUF 7.44bn, 3.5% lower yoy, but 0.5% higher qoq, due mainly to revenues related to election ballots increasing the results in the base period, 1Q18. The EBITDA margin for the quarter, at 10.1%, was slightly higher than the 9.7% reported in the same quarter last year, due to lower materials and personnel expenses, while the EBITDA was HUF 755m, up 1.1% yoy and 26.7% qoq. The net profit came in at HUF 315m, marginally below 1Q18’s HUF 319m, on higher depreciation charges, but mitigated by lower tax and minorities. We view the results as neutral, and in line with our 2019E full-year expectations, with the EBITDA and net profit for the quarter representing around 25% of our full-year targets. At its shareholder meeting in April, the company approved a dividend payment of HUF 79/share, a yield of 5.8% on the 17 May close, in line with our expectations.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).
WOOD & Company is the leading investment bank in Emerging Europe. Founded in 1991 and head-quartered in Prague, our footprint spans the region and touches investors around the globe.
A pioneer in Emerging Europe, WOOD executed many of the first CEE equity trades and landmark investment banking transactions. Our electronic trading platform was the first in the region, and remains the best. We are continually expanding our relevance and reach in these ever-evolving markets.
Our equity market share reflects our stature: 7% in Warsaw, 20% in Bucharest, 16% in Hungary, 40% in Prague and 5% in Vienna. Our distribution is unparalleled, with the largest salesforce in the region, servicing a uniquely diverse investor base.
We couple local expertise with a truly international perspective. With offices on the ground in the region, and in key financial hubs such as London and Milano, we are never far from our clients and we remain at the forefront of what’s afoot in the CEE emerging and frontier landscape.
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