In FY20 and into H121, 4iG has continued to execute at pace, with a series of acquisitions that will transform the group once the acquisition of DIGI Group, a leading telecoms services provider, closes in Q321. 4iG's strategy is focused on three pillars: IT services; telecoms & infrastructure; and space & defence. The group continues to scale in Hungary, with a target to become the market leader, but we also expect 4iG to develop a more diversified regional footprint in FY21 and FY22. On top of 39% revenue growth in FY20, we estimate 44% revenue growth in FY21, even before considering the contribution from DIGI Group (FY20 revenues HUF70bn, EBITDA HUF19bn). 4iG is fast growing, with a likely step-up in margins post DIGI Group, and offers an attractive dividend yield, yet trades on an FY21e P/E of 10.5x, a 40%+ discount to its peer group.Den vollständigen Artikel lesen ...