WOOD Flash – 4iG: 2Q22 – quarterly results distorted by business transformation
Yesterday (31 August), after the market closed, 4iG reported its 2Q22 results, with strong yoy expansions in sales, to HUF 72.9bn (up by 4x yoy, in line with our estimate), and EBITDA, to HUF 16.1bn (up by 21x yoy, 26% below our estimate), and a net loss of HUF 1.6bn. The yoy results hike in the quarter was driven by the consolidation of the newly-acquired businesses, in particular: Invitech, Telenor Podgorica, DIGI HU, Antenna Hungaria, Albtelecom and ONE Telecommunications. Despite the miss vs. our forecasts, we see the outcome of the results as neutral: we note that the company is in the middle of a business transformation, which is causing a major distortion in its quarterly financials and makes forecasts more difficult. We are looking forward to the earnings call and the company’s potential comments on its current financial targets.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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