WOOD Flash – 4iG: 4Q21 results review – strong quarter, with 3.5x yoy EBITDA expansion, 24% above our estimate
Yesterday (28 February), after the market closed, 4iG reported its 4Q21 results. The company reported a strong set of numbers, with the EBITDA up 3.5x yoy, to HUF 7.83bn (24% above our estimate). The top line rose by 68% yoy, to HUF 39.97bn (in line with our estimate), driven by both organic growth and the consolidation of the newly-acquired businesses. On the bottom line, 4iG reported HUF 3.17bn (up 122% yoy, 16% below our estimate). The beat vs. our EBITDA estimate resulted from the stronger profitability than we expected, while the miss on the bottom line was due to the higher-than-expected net finance costs (HUF 0.93bn vs. our HUF 0.17bn forecast) and D&A (HUF 2.5bn vs. our HUF 1.2bn forecast). The net debt recorded by 4iG as of end-4Q21 stood at HUF 163.7bn, vs. HUF 117.4bn as of end-3Q21. We note that the hike in the net debt is associated with M&A: in 4Q21, 4iG acquired a 100% stake in Telenor Montenegro.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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