WOOD Flash – ANY Security Printing Company: 3Q20 results review - numbers improve, amid recovering sales
ANY reported its 3Q20 results on Friday (20 November), after the market closed. Net income came in at HUF 205m, down 42.5% yoy but better qoq, amid recovering sales, while a better cash conversion cycle improved cash flows. Export revenues improved marginally qoq, to reach HUF 2,713m in 3Q20, accounting for 38% of total sales. Contrary to our expectations for the quarter and the rest of the year, net debt to EBITDA actually decreased, on slightly lower debt and an increased cash position.We have updated our estimates and price target only recently and believe the company is on track to meet our estimates. We have a BUY recommendation on ANY and believe the results support our thesis. Currently, the stock trades at 8.2x our EV/EBITDA for 2021E and 6.6x our EV/EBITDA for 2022E.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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