4iG (BSE: 4IG)

Currency in HUF

Last close As at 17/03/2023


−5.00 (−0.73%)

Market capitalisation


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.

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.




Equity Analyst

Key Management

  • Akos Horanyi


  • Csaba Gergely

    M&A director

  • Gellért Jászai


  • Peter Fekete


Balance Sheet

Forecast net debt (HUFm)


Forecast gearing ratio (%)


Share Price Performance

Price Performance
% 1M 3M 12M
Actual (3.4) (5.9) (15.9)
Relative 8.8 3.9 (9.2)
52 week high/low HUF860.0/HUF668.0


4iG’s FY22 results reflect the changing profile of the group as it has transitioned via a series of acquisitions from a business focused on IT services in Hungary to a regional technology-infocommunications provider in Hungary and the West Balkans. The post year-end acquisition of Vodafone Hungary reshapes the business further, which when included results in telecoms making up 87% of revenue and 94% of EBITDA on an FY22 pro forma basis. The group now has all the building blocks in place to take advantage of digitalisation and telecoms convergence trends in its chosen markets.

Y/E Dec Revenue (HUFm) EBITDA (HUFm) PBT (HUFm) EPS (fd) (HUF) P/E (x) P/CF (x)
2021A 93653.0 12185.0 8108.0 67.64 10.0 5.3
2022A 277315.0 72022.0 (18426.0) (75.97) N/A 2.6
2023E N/A N/A N/A N/A N/A N/A
2024E N/A N/A N/A N/A N/A N/A