DIGI-Growth continues without Hungary
- DIGI reported its Q1 results with EBITDA and profit arrived to EUR 124m (+2% y-o-y) and EUR 27 m (+91% y-o-y) respectively because of the deconsolidation of Hungarian operation. Excluding the divestment, EBITDA and profit dynamic would have looked like +9.5% y-o-y and +15% y-o-y respectively.
- Key positives:
- Even after the deconsolidation of the Hungarian operation, EBITDA could increase by 2%
- RGU was growth maintained (+16% y-o-y; +4% q-o-q) (Spain +39% y-o-y; Romania +11% y-o-y).
- Net debt plunged to EUR 710 m from 1,336 m thanks to the divestment implying 1.8x net debt to EBITDA
- DIGI is valued at 3.4x EV/EBITDA’21 based on the latest fin. Figures. Extremely cheap.
- Key negatives:
- DIGI did not communicated whether they would like to share from the proceeds.
- ARPU decreased by 4% in Romania probably to maintain growth trajectory
Concorde Securities Ltd. is Hungary’s leading independent company engaged in investment banking activities. It provides its clients with integrated financial services, including securities trading, research, corporate financing advisory, capital market transactions, wealth management and investment advisory. The operational management of the company is the responsibility of the CEO, while the owners/managers (who control one-third of the company through their shares and options) are in charge of its strategic governance. Concorde Securities Ltd. is a member of the Budapest, Frankfurt, Warsaw and Bucharest stock exchanges, as well as of the Hungarian Association of Investment Service Providers.
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