The growth continues
Due to the transfer of coverage and the recent developments, we revisited our estimates
for DIGI. We reiterate our Buy recommendation with a 12-m ex-div TP of RON 84, implying
a 26% upside potential. DIGI trades at P/E of 15.0x and EV/EBITDA of 4.8x, based on our
estimates, implying that the stock is valued at a premium compared to its peers.
DIGI aims to provide superior communication services to a large customer base at the most
affordable prices, offering ‘Pay TV’, ‘Fixed Telephony’, ‘Mobile Telephony’, ‘Fixed and mobile
internet’, ‘Data communications’ and ‘Media content’ among its services. DIGI’s core markets
are Romania, Spain, while the company is also present in Italy, Portugal and Belgium with
further growth opportunities. DIGI covers close to 18m homes with its fiber network in core
markets and it has more than 24mn users across its network
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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