Market CapHUF217,428m

Last Close HUF727

4iG is a regional ICT/telecoms group, based in Hungary and focused on two core areas: telecoms and infrastructure, built around its acquisition of Antenna Hungária, and investments in the West Balkans; and IT services, where it is the number one IT systems integrator in Hungary.

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Investment summary

4iG has reached the next milestone in its partnership with Rheinmetall, following on from Rheinmetall’s investment in the company earlier this year. The two companies have entered into a joint venture (JV) to provide IT services to Rheinmetall’s local and global subsidiaries, starting in 2023 and with the potential to service third parties in the longer term. The JV should strengthen 4iG’s relationship with Rheinmetall and represents a major step forward in 4iG’s international expansion strategy.

Y/E Dec
Revenue (HUFm)
EPS (fd) (HUF)
P/E (x)
P/CF (x)
2020A 57300.0 5047.0 4175.0 36.58 19.9 N/A
2021A 93653.0 12094.0 8737.0 73.52 9.9 N/A
2022E N/A N/A N/A N/A N/A N/A
2023E N/A N/A N/A N/A N/A N/A
Industry outlook

4iG is building a leading regional information and communication technology group. Its strategy is focused on three pillars: telecoms and infrastructure, IT services and satellites and space. The group is targeting market leadership in Hungary, with M&A driving an increasingly diversified footprint across the Western Balkans.

Last updated on 30/11/2022
Content on 4iG
4iG – Rheinmetall relationship steps up a gear
TMT | research Flash note | 9 November 2022
4iG – Building a Hungarian-owned national champion
TMT | research Update | 30 August 2022
4iG – Consolidation, integration and synergies
TMT | research Flash note | 1 June 2022
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Share price graph
Balance sheet
Forecast net debt (HUFm) N/A
Forecast gearing ratio (%) N/A
Price performance
Actual 5.4 (13.1) (21.8)
Relative* (5.9) (20.9) (12.5)
52-week high/low HUF926.0/HUF668.0
*% relative to local index
Key management
Gellért Jászai Chairman
Peter Fekete CEO
Akos Horanyi IR
Csaba Gergely M&A director