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4iG (BSE: 4IG)

Last close As at 18/04/2024

HUF815.00

▲ 6.00 (0.74%)

Market capitalisation

HUF243,747m

4iG is a regional ICT/telecoms group, based in Hungary. It is focused on two core areas: telecoms and infrastructure in Hungary and the West Balkans; and IT services, where it is the number one IT systems integrator in Hungary.

Post the Vodafone Hungary acquisition, 4iG now has the number two position in mobile and fixed line telephony and leading positions in fixed broadband and TV services in Hungary, along with market-leading positions in Albania and a robust presence in Montenegro.

Latest Insights

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TMT | Flash note

4iG — Record FY23 results; transformation plan underway

TMT | Update

4iG — Record results; integration plan well under way

TMT | Flash note

4iG — Yettel stake swapped for 19.5% of Vodafone Hungary

TMT | Update

4iG — Regional ICT group positioned for growth
4iG_resized
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Sector

TMT

Equity Analyst

Katherine Thompson

Key Management

  • Akos Horanyi

    IR

  • Gellért Jászai

    Chairman

  • Peter Fekete

    CEO

Balance Sheet

Forecast net debt (HUFm)

N/A

Forecast gearing ratio (%)

N/A

Share Price Performance

Price Performance
% 1M 3M 12M
Actual (0.5) 2.8 16.8
Relative (2.2) (2.0) (22.6)
52 week high/low HUF869.0/HUF632.0

Financials

4iG’s FY23 results showed good revenue and EBITDA growth on a reported and pro forma basis. Pro forma revenue grew 5.9%, pro forma EBITDA grew 22.6% and pro forma EBITDA margin was 32.6%. The Telco business, which includes an 11 month contribution from the Vodafone Hungary acquisition, showed pro forma revenue growth of 7% and pro forma EBITDA growth of 17%. The group transformation project is well underway and, as part of the plan, the space-related businesses have been hived off into a standalone company. The plans for a subsea fibre-optic cable between Egypt and Albania are making good progress.

Y/E Dec Revenue (HUFm) EBITDA (HUFm) PBT (HUFm) EPS (fd) (HUF) P/E (x) P/CF (x)
2022A 277421.0 74075.0 (15230.0) (67.48) N/A 3.1
2023A 594361.0 197439.0 (24551.0) (108.89) N/A 1.2
2024E N/A N/A N/A N/A N/A N/A
2025E N/A N/A N/A N/A N/A N/A

Research

Update

TMT

4iG — Record results; integration plan well under way
4iG_resized

Flash note

TMT

4iG — Yettel stake swapped for 19.5% of Vodafone Hungary

TMT

Flash note

4iG — Record FY23 results; transformation plan underway
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Thematics

thematic

TMT

MediaWatch – Rinse and repeat

thematic

Consumer

Deutsches Eigenkapitalforum (EKF) 2023 consumer and media

thematic

TMT

Deutsches Eigenkapitalforum (EKF) 2023 technology

thematic

TMT

MediaWatch – Still waiting…
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