4iG (BSE: 4IG)

Currency in HUF

Last close As at 09/06/2023


−5.00 (−0.77%)

Market capitalisation


4iG is a regional ICT/telecoms group, based in Hungary and 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.

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


  • Gellért Jászai


  • Peter Fekete


Balance Sheet

Forecast net debt (HUFm)


Forecast gearing ratio (%)


Share Price Performance

Price Performance
% 1M 3M 12M
Actual (6.6) (6.8) (18.8)
Relative (11.7) (18.4) (33.6)
52 week high/low HUF860.0/HUF648.0


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. Post the 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.

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 9.6 5.1
2022A 277315.0 72022.0 (18426.0) (75.97) N/A 2.5
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



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