ANYHU#464 by MGI
ANY Security Printing Company PLC
Analysis last updated Jul 7, 2026. Market data (price, market cap) is the latest available and may differ.
Growth · Value − Threat = Opportunity. Each 0–100. How we score.
Overview
ANY Security Printing Company PLC is a Budapest-listed security document manufacturer and identity-solutions provider founded in 1851 and traded on the Budapest Stock Exchange's Premium category since 2005. The company earns revenue across three streams: security products (biometric passports, electronic ID cards, visa stickers, tax stamps — roughly 55% of consolidated sales, sold primarily to Central and Eastern European state administrations), card production and personalization (bank payment cards under Mastercard and Visa licenses, electronic identity cards for financial institutions), and forms and data processing (business forms, election ballots, lottery tickets, transactional mail for utility providers). Approximately 60% of revenues come from international markets, a ratio the company has been deliberately expanding through joint ventures in Romania, Slovakia, and Moldova and by reaching new sovereign clients on additional continents. The growth case rests on sustained export wins and biometric upgrade cycles in developing markets, with the company's Document Security Laboratory serving as an R&D anchor for new-generation identity-document capabilities. The moat is grounded in government security clearances, ICAO biometric certifications, intaglio printing infrastructure, and entrenched sovereign procurement relationships that collectively raise the barrier for any new entrant. The path forward demands that export momentum continues to compound, the card and forms segments hold margins as digitization encroaches, and the company broadens its identity-solutions positioning fast enough to stay relevant as digital ID frameworks gradually reduce demand for paper-based state documents.
The six lenses
ANY Security Printing holds a quasi-monopoly in Hungarian state-document production built on government security clearances, ICAO biometric certifications, and capital-intensive intaglio printing infrastructure that collectively create genuine switching costs for sovereign clients. The company has personalized and mailed Hungarian biometric passports and more than 50 document types while holding Mastercard and Visa production licenses — a combination of regulatory and technical moats that is not easily replicated. …
Learn the principle →At its actual small-cap scale, ANY faces no arithmetic headroom constraint, and the growth ceiling is set entirely by the opportunity. Security printing and identity-document personalization address a specialized global market supported by ongoing biometric upgrade cycles, international travel infrastructure investment, and rising demand for certified identity solutions in emerging economies. …
Learn the principle →A five-year revenue CAGR of 18% is exceptional for a printing-sector company and reflects genuine geographic diversification and product-mix enrichment over the period. ROIC of 27% and FCF margin of 19% confirm that growth was earned on strong underlying economics rather than subsidized by dilution or cheap leverage. Full-year 2025 results showed security products growing HUF 3 billion and export revenues rising HUF 3. …
Learn the principle →ANY's financial profile is genuinely solid: 32% gross margin, 16% operating margin, 19% FCF margin, and 27% ROIC collectively describe a capital-efficient business that earns well above its cost of capital and converts earnings reliably into cash. Earnings quality is supported by two decades of consistent dividend payments on the Budapest Stock Exchange's Premium category and a long track record of operating in tightly regulated, specification-driven procurement. …
Learn the principle →Management has built a nine-company CEE group with joint ventures in Romania, Slovakia, and Moldova, and grown the international export share to 60% of consolidated revenue — a meaningful operational achievement for a company of this scale. The 2025 results showed export revenue rising HUF 3. 5 billion while the Document Security Laboratory extended its reach to additional geographies, reflecting steady execution on the international strategy. …
Learn the principle →The most consequential resilience challenge is secular: digital identity frameworks including mobile ID, biometric databases, and digital wallets will compress paper-document volumes on a ten-to-fifteen year view, directly threatening the core revenue streams. Government-contract concentration amplifies single-event risk, as a material tender loss or Hungarian policy shift would have an outsized impact on consolidated results. …
Learn the principle →Business profile
Industrials · Commercial Printing
Management
How the people running it lead, execute, and allocate capital.
Grew consolidated net sales to HUF 71.9 billion in 2025 from roughly HUF 40 billion in the mid-2010s while sustaining ROIC above 20% and lifting the international export share to 60%; built a nine-company CEE group through joint ventures in Romania, Slovakia, and Moldova and expanded product reach to clients on additional continents via the Document Security Laboratory; listed on the Budapest Stock Exchange Premium category since December 2005 and maintained consistent dividend distributions across cycles, proposing approximately 85% of 2025 earnings per share as dividend.
Scorecard
- Moat60Moderate
- Runway60Moderate
- Growth Engine57Moderate
- Financials68Strong
- Management62Moderate
- Risks46Moderate
Six lenses, each 0–100 and rated Strong / Moderate / Weak; the swing factor most decides the outcome. What each lens means.
Fundamentals
How it makes money
Revenue by segment, sized by share. Click a segment for the full detail.
Valuation
Live market multiples, plus a separate estimate of what the business is worth. Information only, not a price target.
Per-share figures (last close, 52-week range, fair value) are in HUF, the local trading currency. Market caps are shown in USD for cross-market comparison; the multiples above are currency-neutral ratios.
Forward Multiple. 12x forward P/FCF on ~$35M of expected FCF (modest revenue softening, ~17% FCF margin), a multiple warranted by 33% ROIC and entrenched sovereign-client moats despite a declining-disrupted trajectory
ConfidenceModerate52/100What's priced in: The market looks too cautious.
The market embeds a -4% annual revenue decline for a decade into the current price — a level of pessimism that overshoots what the evidence warrants, given ICAO mandates for physical travel documents, live export momentum, and government contracts with genuine switching costs. At 8x FCF and 33% ROIC, a business with this moat profile is priced for structural collapse; a flat-to-modestly-declining scenario, which is the more credible near-term path, points to fair value roughly 30% above today's price.
Competes with
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Scores over time
Each nightly run adds a point; trends build as history accumulates.
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