Market CapHUF94346.7m

Last Close HUF951

4iG is one of the leading IT services and systems integrators in Hungary, working with public sector clients, large corporates and SMEs. Management is focused on becoming the market leader in Hungary by FY22 as well as targeting expansion in Central and Eastern Europe (CEE).

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Investment summary

Having announced a series of transformational acquisitions in H121, including DIGI Group (a leading Hungarian telecoms services provider) and Spacecom (a listed Israeli satellite operator), 4iG’s newsflow since the Q121 update has been limited. On a pro forma basis, these businesses look set to incraese 4iG’s run-rate EBITDA to HUF88bn (c US$300m). Clearly both DIGI Group and Spacecom are transformational deals for 4iG but are not yet reflected in our forecasts. We will update our estimates once the deals complete in H221. 4iG’s H121 results are expected on 31 August 2021.

Y/E Dec
Revenue (HUFbn)
P/E (x)
P/CF (x)
2019A 41.1 4.1 3.3 31.54 30.2 N/A
2020A 57.3 5.0 4.2 37.17 25.6 N/A
2021E 82.7 8.9 7.3 59.16 16.1 N/A
2022E 93.0 9.9 8.9 72.41 13.1 N/A
Industry outlook

Management anticipates continuing consolidation-driven growth, with organic growth supplemented by market share gains and accelerating market consolidation. 4iG’s strategy is focused on three pillars: IT services; telecoms & infrastructure; and space & defence. The group is targeting market leadership in Hungary, but we also expect 4iG to develop a more diversified regional footprint in FY21 and FY22.

Last updated on 22/09/2021
Content on 4iG
4iG – Spacecom, 4iG shooting for the stars
TMT | Flash note | 21 June 2021
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Share price graph
Balance sheet
Forecast net cash (HUFbn) 5212
Forecast gearing ratio (%) N/A
Price performance
Actual 48.4 53.4 56.9
Relative* 49.5 44.1 (1.2)
52-week high/low HUF1094.0/HUF505.0
*% relative to local index
Key management
Gellért Jászai Chairman & CEO
Csaba Gergely M&A director
Peter Fekete Advisor to the chairman