Currency in HUF
Last close As at 26/05/2023
HUF669.00
▲ −6.00 (−0.89%)
Market capitalisation
HUF200,679m
Research: TMT
Following on from the acquisition of a 51% stake in Vodafone Hungary in January, 4iG has increased its effective stake by 19.5%, to 70.5%, by means of a share swap. Subsidiary Antenna Hungária has swapped its 25% stake in the Hungarian businesses of Yettel and CETIN for 19.5% of Corvinus’s 49% stake in Vodafone Hungary. This strengthens 4iG’s ownership of Vodafone Hungary and should help improve the efficiency of the integration process.
4iG |
Yettel stake swapped for 19.5% of Vodafone Hungary |
Disposal and acquisition |
Telecoms |
22 March 2023 |
Share price performance Business description
Analyst
4iG is a research client of Edison Investment Research Limited |
Following on from the acquisition of a 51% stake in Vodafone Hungary in January, 4iG has increased its effective stake by 19.5%, to 70.5%, by means of a share swap. Subsidiary Antenna Hungária has swapped its 25% stake in the Hungarian businesses of Yettel and CETIN for 19.5% of Corvinus’s 49% stake in Vodafone Hungary. This strengthens 4iG’s ownership of Vodafone Hungary and should help improve the efficiency of the integration process.
Year end |
Revenue |
PBT |
EPS |
DPS* |
P/E |
Yield |
12/19 |
41.1 |
3.3 |
30.8 |
22.0 |
22.2 |
3.3 |
12/20 |
57.3 |
4.2 |
37.7 |
22.5 |
18.2 |
3.3 |
12/21 |
93.7 |
8.1 |
67.9 |
29.0 |
10.1 |
4.2 |
12/22 |
277.3 |
(18.4) |
(75.4) |
N/A |
N/A |
N/A |
Note: *Dividend usually announced at AGM, which this year is on 28 April.
Antenna Hungária (a subsidiary of 4iG) has agreed a share swap with Corvinus International Investment (representing the Hungarian state): Antenna Hungária has swapped its 25% stake in the Hungarian subsidiaries of PPF Telecom Group (Yettel and CETIN) for a 19.5% stake in Vodafone Hungary held by Corvinus; the deal completed on 20 March. This takes Antenna Hungária’s stake in Vodafone Hungary to 70.5% from the previous 51% stake and leaves it with no shareholdings in the Hungarian businesses of Yettel or CETIN. Corvinus’s stake in Vodafone Hungary reduces from 49% to 29.5%. Post this share swap, the board of Vodafone Hungary is to be increased to seven (from the current five), with 4iG having the right to appoint five members in line with its ownership proportion and Corvinus appointing two members. There should be no change to the services provided to customers of Vodafone Hungary and Yettel.
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Research: TMT
The Pebble Group’s FY22 results show strong progress on revenue (+16% on FY21) and adjusted EBITDA, +17%. Facilisgroup, its North American SaaS business, is making particularly good progress with revenues up 31%. It is still early days but the opportunity is substantial. This inevitably requires investment to take full advantage, restraining short-term earnings growth, but should drive recurring revenues and build value, in our view. The more established part of the group, Brand Addition, lifted revenues 15% on the prior year to £117.4m, well ahead of market growth (ASI: +11%), building its base with major global brands. Pebble’s good share price performance has narrowed the valuation gap with peers, but momentum remains good, and we see further upside potential.
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