Market CapHUF81,534m

Last Close HUF790

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

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Investment summary

In FY21 and H122, 4iG has consolidated its position in its Hungarian market through M&A, along with developing a regional telecoms presence. On a pro forma basis, telecoms now represents 78% of Q122 net revenues and 93% of EBITDA, with IT services making up the rest, underlining the change in focus of the business. 4iG is now the second-largest telecoms group in Hungary and a significant telecoms group in the Western Balkans (Albania and Montenegro), as well as being the largest IT systems integrator in Hungary. The only deal that is still pending is 4iG’s investment in Spacecom, the Israeli satellite company, where the group is awaiting regulatory clearance. The group reported Q122 net revenues of HUF48.9bn (a rise of 220% y-o-y), with EBITDA of HUF14.5bn and PAT of HUF2.2bn (a four-fold rise), declaring a dividend of HUF29 per share. Pro forma figures suggest FY22 EBITDA of at least HUF80bn, but the company is expecting to provide formal guidance for the year alongside its Q222 results. Net debt at 31 March 2022 stood at HUF453bn, implying an FY22 EV/EBITDA of 8.5x, with a medium-term net debt/EBITDA target of 4x. We expect to reinstate our forecasts following the Q222 results in August.

Y/E Dec
Revenue (HUFm)
EPS (fd) (HUF)
P/E (x)
P/CF (x)
2020A 57300.0 5047.0 4175.0 36.58 21.6 N/A
2021A 93653.0 12094.0 8737.0 73.52 10.7 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’s is building a leading regional information and communication technology group. Its strategy is focused on three pillars: IT services, telecoms and infrastructure, and space and defence. The group is targeting market leadership in Hungary, with M&A driving an increasingly diversified footprint across the Western Balkans.

Last updated on 30/06/2022
Content on 4iG
4iG – Consolidation, integration and synergies
TMT | research Flash note | 1 June 2022
4iG – Strong end to FY21, awaiting clarity for FY22
TMT | research Update | 6 April 2022
4iG – Another major building block falls into place
TMT | research Flash note | 28 February 2022
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Share price graph
Balance sheet
Forecast net debt (HUFm) N/A
Forecast gearing ratio (%) N/A
Price performance
Actual 4.1 (1.9) 26.2
Relative* 4.5 11.9 51.9
52-week high/low HUF1094.0/HUF623.0
*% relative to local index
Key management
Gellért Jászai Chairman & CEO
Akos Horanyi IR
Csaba Gergely M&A director
Peter Fekete Advisor to the chairman