4iG - Strong Q320 results, estimates raised

In its Q320 update, 4iG reported nine-month (9m) net revenues of HUF33.5bn, a 34% y-o-y increase. EBITDA increased 13% to HUF2.8bn, with EBITDA margins climbing to 10.8% in Q320 from 6.7% in H120. Net income for the 9m rose 11% y-o-y to HUF1.9bn. 4iG reported a continuing robust operational performance, with a limited effect from COVID-19, announcing two acquisitions and a satellite joint venture during the period and a third acquisition after period-end. Management reiterated its confidence in achieving its 20% revenue growth guidance for FY20 ahead of its seasonally strongest quarter, with a HUF18.2bn order book for 2020 (19 November) on top of 9M20 revenues of HUF33.5bn (total HUF51.7bn). We have raised our revenue estimate for FY20 by 10% and FY21 by 5%.

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