ANY Security Printing PLC (ANY) fair value: what the stock is really worth
As of Oct 30, 2026: fair value (intrinsic value) of ANY Security Printing PLC stock HUF 11,825, price HUF 6,020, upside +96.4%, quality 71 out of 100. Rating: strongly undervalued. Calculated from audited financials with 26 valuation models and 37 quality factors, updated daily.
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Price vs Fair Value
White line = price, green steps = our fair value per fiscal year. As of Nov 1, 2026.
How to read this chart
60‑month range 1,079 HUF – 8,360 HUF · fair‑value band 6,974 HUF – 15,591 HUF · the 6,020 HUF price screens below the 11,825 HUF fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). As of Nov 1, 2026.
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ANY Biztonsági Nyomda Nyrt. operates as a security printing company in Europe.
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It offers ID&Trust's solution that allows governments to issue vaccination, immunity and test certificates; documents and e-IDs; passport and visa solutions, including biometric passport; ID project management solutions; tax and excise stamps; document security solutions, including document printers, paper additives, security inks, and verification devices; and contactless bank cards with applications in public transport, loyalty, and e-banking.
The company also provides digital solutions for tickets, personal ID, car documents, documents, finance, and health; business, lottery, and election forms; meal vouchers and printed matter with security features; security labels; and tickets and passes for public transport.
It serves government, financial, retail, and transport sectors. The company was formerly known as State Printing Company PLC. ANY Biztonsági Nyomda Nyrt. was founded in 1851 and is based in Budapest, Hungary.
Stock analysis
ANY Security Printing PLC (ANY) currently trades at 6,020 HUF, while our model-based Fair Value estimate is 11,825 HUF, implying the stock looks roughly 49.1% undervalued today.
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Valuation
Bull case: the Growth Earnings group reads highest at a median of 12,600 HUF per share, and 21 of the 26 models we run sit above the 6,020 HUF price.
Bear case: the Economic Profit group reads lowest at 3,180 HUF, and 5 of the 26 models stay below the price. Data coverage for this calculation is high.
Scenario range: 6,974 HUF (bear) to 15,591 HUF (bull), the price of 6,020 HUF sits below it. Bear and bull are the same models on cautious and optimistic assumptions, a range, not a price target.
Quality & growth
The Quality Score stands at 71/100 (solid quality), in the Industrials sector.
Healthy Growth: Revenue growth appears healthy and is supported by profitability and cash-flow quality.
ANY Security Printing PLC reported revenue of 71.9B HUF in FY2025 versus 40.7B HUF in FY2021, a compound +15.3%/yr. Reported net income was 8.5B HUF in FY2025, compounding +24.0%/yr from FY2021.
Key figures
Market cap 86.4B HUF (≈ $265M) Micro · P/E ratio 12.0 · P/S ratio 1.30 · EPS (TTM) 502.18 HUF · Dividend yield 8.6% · Net margin 10.9% · Return on equity 35.5% · Return on assets (EBIT) 20.4%.
Competitive moat
Our AI-assisted moat analysis scores the competitive advantage at 74 out of 100 (medium confidence).
What moves the price
The share trades about 25% below its 52-week high and at its 52-week low, currently below its 200-day average.
For context, the median of 10 Industrials peers we cover trades at −13% fair-value upside, at 96%, ANY screens cheaper than that median.
Fair Value models
Bear6,974 HUFFair Value 11,825 HUFBull15,591 HUF
Price 6,020 HUF · Upside +96.4%
Model ⓘEach model values the company its own way (discounted cash flow, earnings, assets, dividends). The fair value above starts from their evidence-weighted blend, not from a single model. In cyclical trough or peak years, after dilution or a stock split it is adjusted afterwards, so it can sit above or below the models.Bear ⓘBear = the cautious scenario: the same model computed with conservative anchors (lower growth, margins and valuation multiples). Together with Bull it frames a plausible valuation range, not a price target.BaseBull ⓘBull = the optimistic scenario: the same model computed with favourable anchors (higher growth, margins and valuation multiples). Together with Bear it frames a plausible valuation range, not a price target. If a model's bull case is above four times its base value, the table shows that limit with a > sign (like the overall Bull above): beyond it no assumption holds.Coverage ⓘCoverage = how well-backed THIS model's estimate is for this stock (0–100): how complete and reliable its input data are, and how well the model fits the company. The final Fair Value is an evidence-weighted blend, so better-evidenced models count more. Green ≥70, amber 50–69, grey below 50.
Growth Quality ⓘGrowth is valuable only when reinvestment earns attractive returns (Aswath Damodaran): sustainable growth depends on return on capital, reinvestment and efficiency. Basis: total company revenue over the periods shown on the cards (3Y/5Y/all years), not per share, so a merger can show up as a growth jump; per-share earnings growth is in the value-creation card.100/100
Revenue growth appears healthy and is supported by profitability and cash-flow quality.
Revenue growth 1 year
+1.9%
Revenue growth 3 years ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump. Per-share growth (which does include buybacks) is in the value-creation card.
+18.5%
Revenue growth 5 years ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump. Per-share growth (which does include buybacks) is in the value-creation card.
+21.2%
Start year 2020 (pandemic)
Revenue growth 7 years ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump. Per-share growth (which does include buybacks) is in the value-creation card.
+13.0%
’18
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’21
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’25
What shareholders gained per year (last 5 years), in HUF (mathematically smoothed) ⓘWhat the business itself delivers per year: earnings growth per share plus the dividend yield. This is what you get IF the market keeps valuing the stock the same way: it contains no assumption about the market changing its mind. Computed per share, so buybacks count and a merger does not pass as growth. For a company that pays no dividend it is pure earnings growth per share. Period: earnings growth per share as CAGR over the last 5 reported fiscal years (annual statements), plus the current dividend yield. The start value is the median of the three years around the start, so a single crisis year (a pandemic or a write-down) does not distort the rate. Smoothed = median of all growth paths between the years of the window (trend line on the logarithm of earnings per share): a single extreme year cannot distort the rate. The reported figure stays in the tooltip. Measured in HUF: this currency has depreciated against the euro and dollar over the long run, so part of the nominal rate is currency erosion that never reaches a EUR/USD investor.
+69.7%
Earnings growth per share plus dividend.
Earnings per share, growth per year+61.1%
Dividend (yield on the price)8.6%
Profit margin 2020 to 2025 ⓘOperating margin then vs now, from reported annual statements. A falling margin after a boom year is the classic peak-earnings signal: the growth rate then leans on an inflated base.6% → 18%
2025 sits 100% above its own trend. The rate follows the median trend of the last 5 years, not that single year.
Growth Forecast
Little optimism in the price
The price assumes less growth than the company has delivered so far.
What the price assumes ⓘThis turns our valuation around: instead of asking what the share is worth, it asks what growth the current price requires. It uses the cash the company keeps after all spending (free cash flow), the same discount rate as our models, five years of growth, then slowing evenly to 2 % a year by year ten. Compared with the analysts' sales forecasts extended to the same five years (at least three analysts, for context only, it does not enter the Fair Value): within 3 percentage points counts as "in line" (amber), below that little optimism (green), above that a lot of optimism (red).
+5.0%
Yearly growth needed for the next five years to justify today's price.
What forecasts expect
n/a
No analyst forecast available.
After inflation (Hungary: IMF forecast 3.3% a year to 2030, 5.6% from 2016 to 2025) that is about +1.7% a year for the price.
Compare ANY Security Printing PLC with another stock
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Peer GroupⓘHow this stock ranks against its industry: the green marker is this stock, the band is the typical 25–75% peer range, and the tick is the median.Specialty Business Services · 227 stocks
Beats the industry median on 10/14 measures
Overall it ranks above its industry peers.
Valuation
Quality Score71 · Top 25%
Fair Value upside+96.4% · Top 25%
Profitability
Return on equity (12 months)35.5% · Top 25%
Return on assets17.6% · Top 25%
Net margin (12 months)10.9% · Above median
Operating margin (12 months)13.3% · Above median
Growth and dividend
Revenue growth (quarter YoY)5.1% · Below median
Dividend yield (12 months)8.6% · Top 25%
Balance sheet
Debt / equity0.16× · Above median
Valuation Multiplesvs Specialty Business Services median · lower = cheaper
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Is ANY Security Printing PLC (ANY) overvalued or undervalued?
As of Nov 1, 2026, our model estimates a fair value of 11,825 HUF versus a price of 6,020 HUF, about +96% upside (undervalued).
What is the fair value of ANY?
Our model-based fair value for ANY Security Printing PLC is 11,825 HUF (as of Nov 1, 2026), built from audited fundamentals. The current price: 6,020 HUF.
What is the quality score of ANY?
ANY Security Printing PLC has a Quality Score of 71/100. It measures business quality (profitability, growth, cash flow, balance-sheet strength, investment discipline, share issuance). Market factors such as price momentum and volatility do not enter the number; they are shown separately in the detail view.
What is the price target for ANY Security Printing PLC (ANY)?
Our model-based price target is the fair value of 11,825 HUF (as of Nov 1, 2026) from 26 valuation models. Cautious scenario 6,974 HUF, optimistic scenario 15,591 HUF. It is a calculation from audited fundamentals, not an analyst target.
What is the ANY Security Printing PLC stock forecast for 2026?
Our models put fair value at 11,825 HUF, about +96% upside versus a price of 6,020 HUF (undervalued). Cautious scenario 6,974 HUF, optimistic scenario 15,591 HUF. The calculation is refreshed regularly with new filings.
What is the revenue of ANY Security Printing PLC (ANY)?
ANY Security Printing PLC reported trailing-twelve-month revenue of about 66.3B HUF (latest available figure, as of Nov 1, 2026).
Does ANY Security Printing PLC pay a dividend?
ANY Security Printing PLC currently shows a dividend yield of 8.62% relative to its recent price (as of Nov 1, 2026).
What growth is priced into ANY Security Printing PLC (ANY)?
For today's price to be fair in a discounted-cash-flow model, ANY Security Printing PLC would have to grow free cash flow by +5.0 % per year for five years (discount rate 13.5 %, then slowing evenly to 2 % perpetual growth by year ten). Over the last 5 years revenue grew +21.3 % per year. As of Nov 1, 2026.
What discount rate (WACC) does the fair value of ANY use?
Our models discount ANY Security Printing PLC at 13.5 %: a base by market capitalisation (micro), damped by beta 0.44, country premium for Hungary. The same rate applies in all 26 models.
What is a reverse DCF?
A reverse DCF turns the usual calculation around. Instead of deriving a value from assumptions, it takes today's price as given and asks: what free-cash-flow growth would a company have to deliver for exactly this price to be fair? The result is not a forecast but the expectation already priced in. For ANY Security Printing PLC that is +5.0 % per year a year over ten years, using the same discount rate (13.5 %) and the same formula as our fair value.
How much growth has ANY Security Printing PLC (ANY) delivered so far?
Over the past 5 years revenue at ANY Security Printing PLC grew +21.3 % a year. The price currently implies +5.0 % per year free-cash-flow growth a year. Comparing the two shows how much confidence is in the price: if it demands more than has been delivered, the business has to accelerate for the maths to work.
How fast is the sector of ANY Security Printing PLC (ANY) growing?
The median revenue growth in the sector is +7.8 % a year. That is the yardstick for the growth priced into ANY Security Printing PLC (+5.0 % per year a year): it shows whether the expectation is within the usual range or beyond it.
What is the free cash flow yield of ANY Security Printing PLC (ANY)?
The free-cash-flow yield on the price is 9.90 %: that much free cash flow ANY Security Printing PLC produces per unit of market value. When it exceeds the discount rate of our models (13.5 %), the business already earns more than its cost of capital demands, and the price needs little additional growth.
What is the intrinsic value of ANY Security Printing PLC (ANY)?
Intrinsic value and fair value mean the same thing: what the business is worth on its numbers, independent of the share price. For ANY Security Printing PLC it is 11,825 HUF per share (as of Nov 1, 2026), against a price of 6,020 HUF. It is the blended result of 26 valuation models (cash flow, earnings, asset, dividend).
Is ANY Security Printing PLC stock overvalued or undervalued in 2026?
As of Nov 1, 2026, ANY trades below its calculated fair value: price 6,020 HUF, fair value 11,825 HUF, a gap of about +96% (undervalued). The calculation is refreshed with each new quarterly report, so the verdict can change during the year.
Is fair value the same as the market price of ANY?
No. The price is what the market pays today (6,020 HUF); the fair value is what the company's own numbers justify (11,825 HUF). For ANY Security Printing PLC the two are 5,805 HUF per share apart. That gap is exactly why we show both numbers side by side.
How much is ANY Security Printing PLC worth?
The market values ANY Security Printing PLC at about 86.4B HUF (market capitalisation, as of Nov 1, 2026). Per share that is 6,020 HUF; our models calculate a fair value of 11,825 HUF per share.
What do the bullish and bearish scenarios say about ANY?
Our models span a range for ANY Security Printing PLC: cautious scenario 6,974 HUF, base 11,825 HUF, optimistic 15,591 HUF per share (as of Nov 1, 2026, price 6,020 HUF). The range comes from different growth and margin assumptions, not from analyst opinions.
What is the P/E ratio of ANY?
ANY Security Printing PLC trades at a price-to-earnings ratio of 12.0 (as of Nov 1, 2026). A P/E on its own says little: it compares the price with ONE year of profit, while our fair value of 11,825 HUF is built from several models across several years. Other multiples: P/B 5.0, P/S 1.3, EV/EBITDA 6.2.
How solid is the balance sheet of ANY Security Printing PLC (ANY)?
Balance-sheet figures for ANY Security Printing PLC (as of Nov 1, 2026): return on equity 35.5%, debt of 0.16 per unit of equity. They feed the Quality Score of 71/100, which measures business quality independently of the share price.
How far is ANY from its 52-week high?
ANY Security Printing PLC trades at 6,020 HUF, about 25% below its 52-week high of 8,060 HUF and at the low of 6,020 HUF (as of Oct 30, 2026). Distance from the high says nothing about value: that is what the fair value of 11,825 HUF is for.
Which stocks are comparable to ANY Security Printing PLC?
From the same area (Industrials) we also value Cintas Corporation, Thomson Reuters Corporation, Copart, Inc, Global Payments Inc, among others. Each of them has its own fair-value calculation on this site using the same models, so the comparison is like for like.
Is ANY Security Printing PLC stock attractive at the current price?
The data as of Nov 1, 2026: price 6,020 HUF, calculated fair value 11,825 HUF (+96%), Quality Score 71/100, from 26 models. Whether that fits your horizon and risk tolerance is your call. We provide the calculation, not investment advice.
How is the fair value of ANY calculated?
We run ANY Security Printing PLC through 26 models from four families: discounted cash flow, earnings models, asset and balance-sheet models, and dividend models. Every model gets the same audited fundamentals; the result is the weighted average of 11,825 HUF, with the spread shown as a cautious and an optimistic scenario.
Is it still worth investing in stocks now?
The global stock market currently sits 14.9 % above its aggregate fair value. ANY Security Printing PLC currently trades 49 % below its own fair value, and the market average says nothing about that. An expensive market is no reason to stay out and no reason to buy everything at once: keep a broad savings plan running, buy single stocks only with money you can do without, and hold part of your money liquid while the market is high. The full picture including sectors is on is it worth investing now.
What is the share price of ANY Security Printing PLC (ANY)?
The closing price on Oct 30, 2026 was 6,020 HUF. Our model-based fair value is 11,825 HUF, about +96% upside (undervalued). We carry closing prices from our data provider, not a live tick.
What should I pay attention to with ANY Security Printing PLC right now?
The price is below even our cautious bear case (6,974 HUF). The market is more pessimistic than our downside scenario. Solid quality (71/100) at a price below fair value, the discount is the argument here, not the business quality. A fairly wide model range (6,974 HUF to 15,591 HUF) leaves room in how you read the outcome.
Key figures of ANY Security Printing PLC
How large is the market capitalisation of ANY Security Printing PLC (ANY)?
The market capitalisation of ANY Security Printing PLC is 86.4B HUF (≈ $265M). The stock-market value of the whole company: share price times number of shares. It is what the market asks for the entire business today.
What is the P/S ratio of ANY Security Printing PLC (ANY)?
The price-to-sales ratio of ANY Security Printing PLC is 1.30 (last twelve months). Price to sales: market value relative to yearly revenue. Useful when profit is thin or distorted.
What are the earnings per share of ANY Security Printing PLC (ANY)?
Earnings per share at ANY Security Printing PLC are 502.18 HUF (price ÷ EPS = P/E 12.0). Earnings per share over the last twelve months: total profit spread across every single share.
What is the dividend yield of ANY Security Printing PLC (ANY)?
The dividend yield of ANY Security Printing PLC is 8.6% (payout 103%). Yearly dividend relative to the share price. 3% pays 3 per 100 invested. Below: how much of profit is used for it.
What is the net margin of ANY Security Printing PLC (ANY)?
The net margin of ANY Security Printing PLC is 10.9% (last twelve months). How much of every unit of revenue ends up as profit. 10% means 10 cents of profit per dollar of sales.
What is the return on equity of ANY Security Printing PLC (ANY)?
The return on equity (ROE) of ANY Security Printing PLC is 35.5% (last twelve months). Profit relative to shareholders' equity, how efficiently the company works with its owners' money.
What is the EBIT return on assets of ANY Security Printing PLC (ANY)?
On an EBIT basis the return on assets of ANY Security Printing PLC is 20.4% (avg 5y). Operating profit (EBIT) relative to everything the company owns, as a multi-year average. It describes the business model rather than one good or bad year.
What is the operating margin of ANY Security Printing PLC (ANY)?
The operating margin of ANY Security Printing PLC is 13.3% (last twelve months). Profit from the core business (before interest and taxes) relative to revenue.
How fast is revenue growing at ANY Security Printing PLC (ANY)?
Revenue at ANY Security Printing PLC is growing +5.1% versus a year earlier (3y avg +18.5%). How much revenue grew versus a year earlier (YoY). The 3-year average next to it puts the single year in context.
How fast are earnings growing at ANY Security Printing PLC (ANY)?
Earnings per share at ANY Security Printing PLC are growing −3.5% versus a year earlier. How much earnings per share grew versus a year earlier.
How much net debt does ANY Security Printing PLC (ANY) carry?
The net debt of ANY Security Printing PLC is 2.2B HUF (fiscal year 2025, ≈ 0.3 yrs of FCF). Debt minus cash on hand. The note shows how many years of free cash flow could in theory pay it off.
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Broad data
Nov 1, 2026