After its seasonally strong final quarter, 4iG reported FY20 net revenues of HUF57.3bn, a 39% increase on FY19 and 6% ahead of our upgraded estimates following 4iG's Q3 report. FY20 EBITDA rose 24% to HUF5.1bn, up 24% y-o-y, with a higher than expected margin of 8.8% (Edison estimate 8.1%). PAT rose 21% to HUF3.4bn. 4iG reported minimal financial impact from COVID-19, with some segments of its business even benefiting (XaaS, security, home working). The group completed four transactions in H220, with a further deal announced post period end, which, together, are expected to add c HUF10bn of revenues to FY21 and HUF3.5bn+ of EBITDA. However, with the HDT deal yet to complete and without firm figures, we will wait until the full results to update our estimates. 4iG has also flagged a potential HUF15bn bond issue in FY21 to fund future M&A.Den vollständigen Artikel lesen ...
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