reports
- Mate Somlai-Kiss
Unbelievable year, and many more to come
ANY Security Printing Co. posted FY/24 results today AMC. The company reported a stellar set of results yet again, that well exceeded our previous forecasts. Revenues came in at HUF 70.5 bn, up +27% YoY, while net profit reached HUF 7.9 bn (+86% YoY), resulting in an EPS of HUF 552. ANY plans to distribute dividends of HUF 464/share (excluding treasury shares), resulting in a DivY of 9.1%. FY/24 results convince us about longer-term elevated profitability, therefore, after reviewing ou...
- Mate Somlai-Kiss
Record profit exceeds our FY estimates, raises our TP
ANY posted Q3/24 results yesterday, AMC. The company reported results that exceeded our full-year forecasts, with revenues of HUF 18 bn, up +1% YoY, while net profit reached HUF 2 bn (+3% YoY). This translates into a quarterly EPS of HUF 144. 9M/24 EPS of HUF 409 (excluding treasury shares) exceeded our FY/24 forecast of HUF 399. Considering the results of the first three quarters, after reviewing our model we made changes to our estimates. Despite the exceptional performance of the company...
- Mate Somlai-Kiss
H1/24 profit exceeds Q1-Q3/23
ANY posted H1/24 results yesterday, AMC. The company reported impressive half yearly revenues of HUF 34.8 bn, up +32.8% YoY. Net profit came in at HUF 3.8 bn, which exceeds the profit of the first three quarters of 2023 (HUF 1.5 H1/23 and HUF 3.5 bn Q1-Q3/23). EPS for the first half of ’24 came in at of HUF 265, matching the amount of the DPS paid after 2023 (HUF 261). Export revenues were boosted by strong Q1 while Q2 was weaker due to the lack of milestone incomes for the quarter. HU muni...
- Mate Somlai-Kiss
Excellent start to 2024
ANY posted Q1/24 results on Friday, AMC. The company reported outstanding quarterlyrevenues of HUF 17.8 bn, up +59% YoY and +55% QoQ. Net profit more thanquadrupled (+316% YoY), coming in at HUF 2 bn resulting in an EPS of HUF 137. TheAngolan project may have improved results significantly. Following the exceptional 2023results, ANY started 2024 stronger than expected. We continue to believe that ANY'stop line can show double-digit growth rate this year, with further export expansion andthe EP a...
- 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...
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