BlackRock Greater Europe Investment Trust — Process based on a three- to five-year view

BlackRock Greater Europe Investment Trust (LSE: BRGE)

Last close As at 19/11/2025

GBP5.67

−18.00 (−3.08%)

Market capitalisation

GBP543m

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Research: TMT

4iG — Strong end to FY21, awaiting clarity for FY22

FY21 was a record year for 4iG, with net revenues rising 62% y-o-y to HUF93bn and EBITDA rising 125% to HUF11.4bn, driven by a mix of organic growth and M&A. 4iG completed six acquisitions in the year, with the acquisitions of DIGI Group, ALBtelecom and ONE completed in Q122. These have been funded by the HUF371bn bond issue from December 2021, together with the HUF125bn share placing, which brought in Rheinmetall as a strategic investor. FY21 net debt rose to HUF165bn and is likely to rise further in H122 with the closing of the additional acquisitions. Given the degree of uncertainty, we have chosen to withdraw our forecasts temporarily, pending greater clarity on the shape and financial structure of the enlarged group, with ongoing uncertainty over Spacecom. Assuming all announced acquisitions complete, Scope Ratings expects total pro-forma FY21 revenues of c HUF380bn and EBITDA above HUF100bn.

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