WOOD Flash – ANY PLC: 3Q19 results – strong top-line growth
ANY reported its 3Q19 results yesterday (20 November), after the market closed. The top line showed strong growth, with revenues at HUF 9.2bn for the quarter, up 22.7% yoy and 6.2% qoq, due to the strong performance in its card and form businesses. EBITDA was reported at HUF 987m, at a margin of 10.7%, up 12% yoy and 19.1% qoq, with higher materials and personnel expenses offset by gains in other expenses (mainly inventories). The company incurred a higher tax charge in the quarter, at HUF 209m, resulting in net income of HUF 357m, up 7.5% yoy and 6.2% qoq. While, on the top line, we see upside risk for our full-year estimate, with the 9M19 revenues at 91% of our full-year target, on a net income basis, we believe the company is likely to be fairly in line, due to wage pressure and a lower profitability sales mix putting pressure on its cost base. Overall, we view the results as neutral. On our 2019 P/E of 16.3x and EV/EBITDA of 8.6x, we see the company as fairly valued and we reiterate our HOLD rating.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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