WOOD Flash – ANY PLC: 2019 results – stronger top line mitigated by cost inflation
ANY reported its 2019 results yesterday (9 March), after the market closed. The top-line growth surprised to the upside, at HUF 34.1bn for the year, up 11.8% yoy and 2.3% higher than our expectations, due to a much stronger than expected performance from its security products business in 4Q19. This did not translate into gains on the bottom line, mitigated by higher-than-expected labour and other costs related to inventory valuations, combined with a higher tax bill, which resulted in net income of HUF 1.3bn for 2019, +11.7% yoy, but 1.9% lower than our expectations (and 8.6% lower than our expectations for 4Q19). We expect a DPS announcement of HUF 86, marginally lower than our expectations (HUF 87.75/share), at a 6.8% yield. Overall, we view the results as neutral, and reiterate our HOLD rating on the name, as we believe its growth prospects are captured in the share price, while there is a threat of digitalisation in the long run.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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