4iG - New regional ICT/telecoms group emerging

4iG's management is delivering on its promises, with the creation of a new regional ICT/telecoms group, funded by a bond placing (HUF371bn raised in December 2021) and HUF125bn equity raise (ongoing). 4iG has also announced a strategic partnership with Rheinmetall, a leading German defence group, which has agreed to take a 25.1% stake in 4iG, as part of the equity placing, alongside Gellért Jászai (4iG's chairman and CEO), who will retain a majority stake in the group. The placing will be at a share price of HUF670 (an 18% discount to 4iG's latest closing share price). Although our estimates do not take into account recent and pending M&A (a further four M&A deals are expected to complete in Q122 - Spacecom, Antenna Hungária, One and ALBtelecom), Scope Ratings expects total pro forma FY21 revenues of c HUF380bn and EBITDA above HUF100bn.

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