4iG - Robust H120, set for continued growth in H220

In its H120 results, 4iG reported net revenues of HUF20.2bn, an increase of 39% on H119. EBITDA increased 35% to HUF1.4bn, with EBITDA margins falling slightly from 6.9% to 6.7%. H120 net income rose 34% from H119 to HUF0.8bn, with EPS of HUF8.5 (H119: HUF6.3). As well as the impact of COVID-19, the weaker margins in H120 also reflect increased personnel costs, which almost doubled to HUF3.9bn (H119: HUF2.0bn), with headcount increasing to 644 (FY19: 594). 4iG's H120 revenues, together with an FY20 order book of HUF20.8bn, mean management continues to hold its 20% revenue growth guidance for FY20 ahead of the seasonally stronger H2. We maintain our estimates.

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