WOOD Flash – ANY PLC: 1Q20 review – top-line growth surprises negatively
ANY reported its 1Q20 results yesterday (18 May), after the market closed. The top-line growth surprised negatively, at HUF 7bn for the quarter, -6.1% yoy and 6.6% lower than our expectations, due mainly to its security products and solutions business unit. On the bottom line, however, the company reported net income of HUF 292m, 24.3% higher than our expectations, but 7.5% lower yoy. This is due to a combination of lower-than-expected personnel expenses, FX gains due to the weaker HUF, other income, partly mitigated by a lower gross margin, due to higher material expenses over the quarter. In management’s statement, the tone gives us the indication that the company’s top line will be affected further by the COVID-19 outbreak, particularly its documents business in Hungary. We view the results as negative overall, and expect further weakness in the second quarter. The decision to not pay a dividend at this stage further weighs on the company negatively, although we might see a reversal towards the end of the year, as the company’s cash position is relatively strong.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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