WOOD Flash – ANY PLC: 2Q19 beats our expectations, but still in line with our full-year target
ANY reported its 2Q19 results on Friday (16 August). Revenues came in at HUF 8.65bn, 9.2% higher yoy and 8.3% above our expectations, due to the strong performance in security products and card production. EBITDA was reported at HUF 829m, at a margin of 9.6%, 8.8% higher yoy and 11.2% above our expectations, driven by the increase in sales, combined with a small gain in profitability on both material and personnel expenses, while partly mitigated by a lower-than-expected other expenses gain. This translated into a beat on net income of 12%, with HUF 336m reported for the quarter, up 10% yoy and 6.6% qoq. While the performance over the quarter was stronger than expected, driven by the top-line performance, we believe the 1H19 results are on track to meet our 2019E target, with the EBITDA at 52% of our full-year estimate. We view the results as neutral overall.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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