WOOD Flash – 4iG: 1Q22 results review – solid quarter, but broadly in line with our expectations
Yesterday (31 May), after the market closed, 4iG reported its 1Q22 results. The company announced a strong set of numbers, with its EBITDA up 14x yoy, to HUF 14.5bn (37% above our estimate). The top line rose 3x yoy, to HUF 48.9bn (11% above our estimate), driven by both organic growth and the consolidation of the newly-acquired businesses. On the bottom line, 4iG reported HUF 2.0bn (up 3x yoy, in line with our estimate). The beat vs. our EBITDA estimate was the result of the stronger other operating income than we expected: 4iG recorded some positive operating one-offs related to acquisitions, contributions and strategic restructurings in 1Q22, which supported the EBITDA by HUF 4.6bn. Excluding the one-offs, the EBITDA would have amounted to HUF 9.9bn, 6% below our estimate.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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