reports
- Mate Somlai-Kiss
Massive export growth ahead
This is a transition of coverage, and we upgraded our estimates following theoutstanding FY23 earnings results. We conservatively expect ANY to distribute a DPSof HUF 258 and HUF 363 after 2023 and 2024 earnings, respectively. Despite themassive share price appreciation seen in 2023, ANY remains attractive, offering acompelling total return upside potential of 38%, as we lift our 12-m ex-div TP to 4,015HUF/sh. We reiterate our Buy recommendation ANY decided to differ from its long-term strategy...
- Gabor Bukta
Excellent year behind and more promising ahead
ANY posted its Q4 report on Friday, AMC. ANY reported net revenues of HUF 55.5bnfor 2023, representing a 28% increase compared to the last year. Net income almostdoubled (+90% YoY), reaching HUF 4.3bn (EPS of HUF 298) in the full year. Followingthe 2023 preliminary report, we must revisit our estimates, hence we put ourrecommendation under review. Our existing forecast looks outdated as we estimatednet sales of HUF 54.7bn for 2024 in August 2023. We believe that ANY's net sales canshow double-di...
- Gabor Bukta
Record quarterly EPS raises our DPS forecast
ANY Security Printing Co. posted a net profit of HUF 2.0bn (+420% YoY or +96% QoQ) on net sales of HUF 17.9bn (+50% YoY or +19% QoQ) for Q3/23, boosted by the extraordinary contribution of export sales. EPS for the 9M/23 reached 243 HUF/sh. As a result, we raise our DPS estimate from HUF 214 to HUF 280. We reiterate our 12m ex-div TP at 2,490 HUF/sh, leaving a 42% total return upside potential. 9M/23 net profit came in at HUF 3.5bn vs HUF 2.0bn a year ago (+73%% YoY), despite the same period...
- Gabor Bukta
The last call to believe in life beyond HGBs
We made some changes to our estimates after the outstanding Q2 report. As a result, welift our 12-m ex-div TP to 2,490 HUF/sh from 2,450 HF/sh, as well as our gross DPSexpectation to HUF 214 from HUF 189. The stock offers roughly 60% upside potential ona 12-month time horizon. We reiterate our Buy recommendation. As known, ANY posted a net profit of HUF 1.5bn for the first half of 2023, thanks to theexceptionally high Q2 net of HUF 1bn. Even though this translated into a roughly 9% YoYdrop, ear...
- Gabor Bukta
Outstanding H1 EPS could spur DPS expectations
ANY Security Printing Co. posted a net profit of HUF 1,021mn (+86% YoY) onnet sales of HUF 15.0bn (+28% YoY) for Q2/23, boosted by the extraordinary contributionof export sales. H1 net profit came in at HUF 1.5bn vs HUF 1.6bn a year ago (-9% YoY),but the base period was favourably affected by the pent-up demand for personaldocuments, as well as the additional income from election ballots. During Q2, ANYbenefitted from the launch of the enormous Angolan project and other export projects,which tog...
Any Security Printing Co Plc: 1 director
A director at Any Security Printing Co Plc bought 737 shares at 1,685.000HUF and the significance rating of the trade was 36/100. Is that information sufficient for you to make an investment decision? This report gives details of those trades and adds context and analysis to them such that you can judge whether these trading decisions are ones worth following. Included in the report is a detailed share price chart which plots discretionary trades by all the company's directors over the last tw...
- Gabor Bukta
Unfavourable FX movements weighed on Q1 profit
On Monday, AMC, ANY Security Printing Co. reported a net income of HUF 474mn (-56%YoY) on net sales of HUF 11.2bn (-4% YoY) for Q1/23. Though results were down YoY, wedon’t attribute much importance to that as Q1 was distorted by several factors, includinga predominantly non-realized FX loss of HUF 245mn. EBIT came in at HUF 863mn (-42% YoY), EBITDA totalled HUF 1,451mn (-29% YoY). Thesignificant drop in earnings were also attributed to the high base period, which waspositively impacted by elec...
- Gabor Bukta
ANY Security Printing - Worth Thinking About Life Beyond HGBs
Worth thinking about life beyond HGBs The market environment is very challenging as recession fears, uncontrolled inflation and higher bond yields fully confused the investment community. In addition to them, the war between Russia and Ukraine made the CEE region unattractive. In particular, the Hungarian stock market trades at near all-time low valuation (forward 12m P/E of 5.3x) and suffers from quite low liquidity, broadly attributable also to the highly unpredictable and always changing t...
- Gabor Bukta
ANY Security Printing - Profit Beats Our Estimate Despite High Energy ...
Profit beats our estimate despite high energy costs Summary: ANY Security Printing Co. reported a net income of HUF 223mn on net sales of HUF 8.0bn for Q4/22. As a result, the Company reached a net profit of HUF 2.24bn on net sales of 43.2bn in 2022. In a nutshell, it was already known in the fourth quarter that the year would not end gently in terms of financial results, as it was roughly expected due to higher energy costs, seasonality, and the adverse impact of the strengthening of the for...
- Gabor Bukta
ANY Security printing - Challenges may overshadow the long term outloo...
Challenges may overshadow the long term outlook Summary: ANY Security Printing Co. reported a net income of HUF 386mn on net sales of HUF 11.9bn in Q3/22. As a result, the Company reached a net profit of HUF 2.0bn on net sales of 35.2bn in the first 9 months of 2022. It’s worth noting that we expect an EPS of HUF 152 for 2022, out of which an EPS of HUF 141 was achieved in the period between January and September. Key negatives: Despite the fact that Q3 revenues unexpectedly rose 2% QoQ on...
- Gabor Bukta
ANY Security Printing - Changing Conditions, But A Solid Outlook
Changing conditions, but a solid outlook Though the market environment is very challenging and recession fears overtook covid-19 as the primary risk, we don’t expect huge and prolonged disruption at ANY thanks to the nature of its defensive business model. Given historical patterns, the Company will certainly be able to pass on the cost pressure to its customers, so changing conditions don’t necessarily mean deteriorating outlook with regard to ANY, in our view. The stock might have lost it...
- Gabor Bukta
ANY Security Printing - Another Strong Set Of Quarterly Results
Summary: ANY Security Printing Co. reported a solid set of results for Q2 as it achieved a net income of HUF 549mn on net sales of HUF 11.7bn. As a result, the Company reached a net profit of HUF 1.6bn in H1/22 driven by the strong export sales, election ballots and the steady demand for personal documents in Hungary. Key positives: (1) the Company is well ahead of our full year forecast as EPS was HUF 114 in H1 vs. our FY22 estimate of HUF 120. (2) “Neither the worldwide chip shortage, nor t...
- Gabor Bukta
ANY Security printing-Awesome earnings boosted by elections
Summary: ANY Security Printing Co. surprisingly reported a solid set of results as it achieved a net income of HUF 1,086mn (+618mn or +132% YoY) on net sales of HUF 11.6bn (+2.0bn or +20% YoY) in the first quarter of 2022. The significant jump in earnings was driven by "the steady increase in document orders as the June deadline for renewal of expiring documents approaches, as well as the uninterrupted completion of printing works for the parliamentary elections and the excellent performance o...
- Gabor Bukta
ANY Security printing
Well on track to print decent dividends We made some major changes to our estimates after record 2021 results as well as lastyear’s M&A transactions. This is driven by our strong view that ANY is well on track toreach higher-than earlier expected profits and pay decent dividends in the coming years. We expect that earnings will easily surpass our previous estimates driven by a slow, butvalue-accretive shift in the product mix. As a result, we remain BUY-rated at a 12m ex-divTP of HUF 2,000 a s...
- Research Team
WOOD Daily: US and Europe macro, FP RO, EUR PW, ALR PW, MIL PW, CDR PW...
HEADLINES: • US and Europe macro: FED vs ECB: balance sheet surprises ahead • Fondul Proprietatea: Hidroelectrica could pay RON 3.8bn in dividends NEUTRAL; Hidroelectrica has submitted non-binding offers for 2GW of renewables • Eurocash: final 4Q21 EBIT lower on write-downs, strong start to 2022 POSITIVE • Alior Bank: to pay PLN 66.5m to the Resolution Fund in 2022 NEUTRAL • Bank Millennium: to book PLN 451.2m of FX mortgage litigation provisions in 1Q22E NEGATIVE • CD Projekt: Release of Wit...
- Research Team
- Research Team
The Rear-View Mirror – EME markets: MSCI EM Europe Index loses half it...
EME Equity Market – March 2022 Market performance – regional benchmarks mostly in the black, despite the MSCI EM Europe Index losing half of its value. Following its decline in February, the MSCI EM Europe Index lost in March as well, declining by 49.5% in EUR terms and 50.1% in USD terms. Russia’s MOEX Index added 13.2% in EUR terms and 9.4% RUB terms (we note that Russian companies’ GDRs are still suspended for trading). The Turkish ISE30 Index added 8.2% in EUR terms and 13.3% in local curren...
PEO BANK POLSKA KASA OPIEKI SA
KER KERNEL HOLDING S.A.
JMT JERONIMO MARTINS SGPS S.A.
OPAP GREEK ORGANISATION OF FOOTBALL PROGNOSTICS SA
KRU KRUK S.A.
EXAE HELLENIC EXCHANGES SA
TCELL TURKCELL ILETISIM HIZMETLERI A.S.
MOL MOL NYRT
EBS ERSTE GROUP BANK AG
CEZ CEZ AS
ACP ASSECO POLAND SA
CDR CD PROJEKT S.A.
RBI RAIFFEISEN BANK INTERNATIONAL AG
OMV OMV AG
PGN POLSKIE GORNICTWO NAFTOWE I GAZOWNICTWO SA
KOMB KOMERCNI BANKA A.S.
TITK TITAN CEMENT CO. SA
BHW BANK HANDLOWY W WARSZAWIE S.A.
BIMAS BIM BIRLESIK MAGAZALAR A.S.
WIZZ WIZZ AIR HOLDINGS PLC
PZU POWSZECHNY ZAKLAD UBEZPIECZEN SPOLKA AKCYJNA
FOYRK FOURLIS HOLDINGS S.A.
GEKTERNA GEK TERNA
CAI CA IMMOBILIEN ANLAGEN AG
PKN POLSKI KONCERN NAFTOWY ORLEN S.A.
SAR GR. SARANTIS S.A.
LPP LPP S.A.
CCOLA COCA-COLA ICECEK A.S.
CIE CIECH S.A.
ANY ALLAMI NYOMDA
AST ASTARTA HOLDING
GTC GLOBE TRADE CENTRE S.A.
DOM DOM DEVELOPMENT SA
EEG1T EKSPRESS GRUPP A.S.
AEGN AEGEAN AIRLINES SA
AUG1L AGROWILL GROUP AB
TTKOM TURK TELEKOMUNIKASYON A.S.
ENA ENEA S.A.
BFT BENEFIT SYSTEMS S.A. ALLOTMENT
MGROS MIGROS TICARET A.S
LWB LUBELSKI WEGIEL BOGDANKA S.A.
PGE PGE POLSKA GRUPA ENERGETYCZNA S.A.
POLY POLYMETAL INTERNATIONAL PLC
LVC LIVECHAT SOFTWARE SA
TPEIR PIRAEUS BANK SA
PPC PUBLIC POWER CORPORATION S.A.
OTP OTP BANK NYRT
PPA PIRAEUS PORT AUTHORITY S.A.
CAR INTER CARS S.A.
FROTO FORD OTOMOTIV SANAYI A.S.
OTKAR OTOKAR OTOMOTIV VE SAVUNMA SANAYI A.S.
THYAO TURK HAVA YOLLARI A.O.
ULKER ULKER BISKUVI SANAYI A.S.
EUR EUROCASH S.A.
ECH ECHO INVESTMENT
FMF FAMUR SA
CPS CYFROWY POLSAT SA
POSR POZAVAROVALNICA SAVA
MAIL MAIL.RU GROUP LTD. SPONSORED GDR
GPW WARSAW STOCK EXCHANGE
MTSS MOBILE TELESYSTEMS PJSC
11B 11 BIT STUDIOS S.A.
TPE TAURON POLSKA ENERGIA S.A.
ALRS ALROSA PJSC
DAT DATAWALK SA
ALR ALIOR BANK SA
TCS TCS GROUP HOLDING PLC SPONSORED GDR CLASS A REGS
BANK OF CYPRUS PCL
HB HELLENIC BANK LTD.
WPL WIRTUALNA POLSKA HOLDING SA
SKK SIRMA GROUP HOLDING JSC
BELA JUMBO S.A.
TLV BANCA TRANSILVANIA S.A.
NVTK NOVATEK JSC SPONSORED GDR REGS
SNG SOCIETATEA NATIONALA DE GAZE NATURALE ROMGAZ SA
H4L1 HALYK SAVINGS BANK OF KAZAKHSTAN GDR
BNET BITTNET SYSTEMS
SNP PETROM S.A.
LKODN OIL COMPANY LUKOIL PJSC SPONSORED ADR
OGZD GAZPROM (GDR)
DNP DINO POLSKA S.A.
COTE CONPET SA
NBGGY NATIONAL BANK OF GREECE S.A. ADS
SNN SOCIETATEA NATIONALA NUCLEARELECTRICA SA
TEL C.N.T.E.E. TRANSELECTRICA
ELSA SOCIETATEA ENERGETICA ELECTRICA
FP. FONDUL PROPRIETATEA S.A. GDR (REG S)
BVB S.C. BURSA DE VALORI BUCURESTI S.A.
TGN SOCIETATEA NATIONALA DE TRANSPORT GAZE NATURALE TRANSGAZ S.A.
A4L ALLTERCO AD
ALPHA ALPHA BANK
EAT AMREST HOLDINGS SE
KAP NATIONAL ATOMIC COMPANY KAZATOMPROM
ARNT-R-A ARENATURIST D.D.
TEN TEN SQUARE GAMES
ADKO ADDIKO BANK
ALG ALLEGRO.EU SA
CZG CESKA ZBROJOVKA GROUP
INPST INPOST S.A.
PCF PCF GROUP SA
HUGE HUUUGE
WINE ALRO SLATINA
4IG PURCARI WINERIES PCL
ONE 4IG NYRT
ONE UNITED PROPERTIES SA
- Gabor Bukta
ANY Security printing - Decent dividend after 2021 profit
Summary: On Tuesday afternoon, ANY reported a net income of HUF 3,607mn for 2021vs. HUF 841mn a year earlier. As a result of the outstanding profit, the BoD proposes adividend of HUF 163 per share to the General Meeting. This translates into a grossdividend yield of 10.4%. The Company continued to operate stable and profitable despite the pandemic in 2021.Overall, results were positively impacted by the huge interest for domestic carddocuments and immunity certificates, while the export remaine...
- Research Team
WOOD Daily: LPP PW; AEGN GA; ANY HB; ADKO AV; BELA GA; RU Macro; PL Ma...
HEADLINES: • LPP: between a rock and a hard place (upgraded to BUY) • Aegean Airlines: hard times (downgraded to HOLD) • ANY PLC: reports record-high revenues of HUF 40.7bn for FY21 • Addiko Bank: 4Q21 results review - strong numbers on better than expected opex and COR POSITIVE • Jumbo: 2021 gross profit margin at 55.6%, EBITDA at EUR 305m • Russia macro: decree on limiting Russian exports • Poland macro: NBP delivers strong hike as inflation worsens • AmRest: Russian KFC operations susp...
- David Lojkasek
WOOD Flash – ANY PLC: reports record-high revenues of HUF 40.7bn for F...
Yesterday (8 March), ANY reported net income of HUF 461m (+65% yoy) for 4Q21 and HUF 3,607m (+360% yoy) for FY21. The high growth rates were the result of the low base in FY20. Similarly, the backlog was higher in 2021, due to the return of orders, cancelled in the previous year, due to the COVID-19 pandemic. The sale of the Bulgarian subsidiary also affected the results, as a one-off gain of HUF 499m was reported in 3Q21.
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