Edison Investment Research - 4iG Nyrt (4IG) 4iG - New regional ICT/telecoms group emerging

Report

Edison Investment Research

Richard Williamson

4iG - New regional ICT/telecoms group emerging

4iG’s management is delivering on its promises, with the creation of a new regional ICT/telecoms group, funded by a bond placing (HUF371bn raised in December 2021) and HUF125bn equity raise (ongoing). 4iG has also announced a strategic partnership with Rheinmetall, a leading German defence group, which has agreed to take a 25.1% stake in 4iG, as part of the equity placing, alongside Gellért Jászai (4iG’s chairman and CEO), who will retain a majority stake in the group. The placing will be at a share price of HUF670 (an 18% discount to 4iG’s latest closing share price). Although our estimates do not take into account recent and pending M&A (a further four M&A deals are expected to complete in Q122 - Spacecom, Antenna Hungária, One and ALBtelecom), Scope Ratings expects total pro forma FY21 revenues of c HUF380bn and EBITDA above HUF100bn.

09/02/2022 1 EN

Underlying

4iG Nyrt

4iG Nyrt. 4iG Nyrt, formerly Freesoft Szoftverfejleszto es Szamitatechnikai Szolgaltato Nyrt is a Hungary-based company engaged in providing software products and consultancy. The Company's activities include development and implementation of specific, custom-made software systems, document management, knowledge management, portal and collaboration applications, complex services for business needs in the areas of implementation, support and consultation, intranet- and Internet-based development, services, graphical and creative design, and consultation, design, development and implementation of mobile business applications, as well as operation, support, outsourcing, application service provision (ASP), application portfolio management (APM), hosting and other services. The Company has three subsidiaries: Axis Consuling 2000 Kft, BankSoft Kft and HUMANsoft Kft.

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HU0000167788 Budapest Stock Exchange Hungary

Provider

Edison Investment Research

Edison is an investment research and advisory company, with offices in North America, Europe, the Middle East and AsiaPac. The heart of Edison is our world renowned equity research platform and deep multi-sector expertise. At Edison Investment Research, our research is widely read by international investors, advisors and stakeholders. Edison Advisors leverages our core research platform to provide differentiated services including investor relations and strategic consulting.

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Analysts

Richard Williamson

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4iG - New regional ICT/telecoms group emerging

The Rear-View Mirror – EME markets: EME indices mostly in the green in May

WOOD Daily: PEO PW; PZU PW; PL Macro; 4IG HB; MCOVB SS; TL Automotive; PCF PW

WOOD Flash – 4iG: 1Q25 results review – 11% yoy increase in reported EBITDA, in line with our estimate

Manx Financial Group - Termination of coverage

musicMagpie - Termination of coverage

Topps Tiles - Accelerating growth through Q125

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