WOOD Flash – ANY PLC: 1Q21 results – a return to growth both at home and internationally
ANY PLC has reported net income of HUF 468m, up 60% yoy, due mostly to the low base effect, as the 1Q20 financials were also affected by the COVID-19 pandemic. However, the strong rebound is also clear on a quarterly basis. We view the results as rather neutral, as we appreciate the rebound in revenues, but note, on the negative side, the increase in the cash conversion cycle, which resulted in a higher net debt/EBITDA ratio. ANY PLC trades currently, on our numbers, at 8.0x and 6.4x EV/EBITDAs for 2021E and 2022E, respectively. We rate the company a BUY, with a price target (PT) of HUF 1,424/share.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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