4iG - Strong end to FY21, awaiting clarity for FY22
FY21 was a record year for 4iG, with net revenues rising 62% y-o-y to HUF93bn and EBITDA rising 125% to HUF11.4bn, driven by a mix of organic growth and M&A. 4iG completed six acquisitions in the year, with the acquisitions of DIGI Group, ALBtelecom and ONE completed in Q122. These have been funded by the HUF371bn bond issue from December 2021, together with the HUF125bn share placing, which brought in Rheinmetall as a strategic investor. FY21 net debt rose to HUF165bn and is likely to rise further in H122 with the closing of the additional acquisitions. Given the degree of uncertainty, we have chosen to withdraw our forecasts temporarily, pending greater clarity on the shape and financial structure of the enlarged group, with ongoing uncertainty over Spacecom. Assuming all announced acquisitions complete, Scope Ratings expects total pro-forma FY21 revenues of c HUF380bn and EBITDA above HUF100bn.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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