Report
David Lojkasek

WOOD Flash – ANY PLC: 3Q21 – on track to book record 2021E revenues, very likely to beat our forecast

Yesterday (18 November), after the market closed, ANY Security Printing Company reported its 3Q21 results. The company booked revenues of c.HUF 9.2bn, 29% higher yoy, but 28% short of its record-high revenues reported in 2Q21. The company generated c.HUF 1.7bn of EBITDA, +92% yoy, implying a very solid margin of 18%, and reported net income of c.HUF 1bn. Following the strong 2Q21, ANY has reported another very solid quarter, so we see the chances of it achieving record-high revenues in 2021E and, at the same time, beating our estimates as very likely.
Underlying
Allami Nyomda

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).

Provider
Wood and Company
Wood and Company

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.

Analysts
David Lojkasek

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