WOOD Flash – ANY PLC: weaker 4Q18, but full-year results in line with our estimates
ANY reported its 4Q18 results yesterday (6 March). The company reported revenues of HUF 7.4bn, 4.9% lower than our expectations and 2.7% lower yoy. The margin for the quarter was weaker than expected, due mainly to higher operating expenses and an FX loss above our estimate, with an EBITDA margin of 8.1%, vs. our expectation of 10.7%, and EBITDA of HUF 596m, 28.7% lower than we forecast. Net profit was HUF 183m for the quarter, slightly less than half of our expectation, supported by lower tax and minorities. For FY18, ANY reported revenues of HUF 30.5bn, significantly higher than our estimate, by 17.6%, and up 16.6% yoy. However, most of the revenues gain came from lower profitability products, resulting in EBITDA of HUF 3bn, only slightly higher than our forecast, and 2.7% below the 2017 levels. In terms of net profit, the full-year results were also in line with our expectations, at HUF 1.1bn. We view the 4Q18 results as slightly negative, as the EBITDA margin for the quarter is the lowest since 4Q15. The share price is up 17% since its lows in October 2018, outperforming the market, particularly as the company reported strong 3Q18 numbers. Given the positive momentum since, we could see a negative market reaction to the weaker 4Q18 numbers, in our view. In terms of dividends, the company typically has a 100% payout, and we expect a DPS of HUF 77, in line with our initial estimate, translating into a yield of 5.7%.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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