the valuation neither reflects 4iG’s recent transformation nor its growth prospects and it remains at a substantial discount to its peers and our NPV estimate of HUF1,005/share.
KosziEz eddig nem volt fent szoval alakulnak a dolgok. 4iG is a leading IT services and systems integrator in Hungary, a growing IT services and near-shoring market of choice. Following a change of management in 2018, revenues almost tripled in 2019 to HUF41bn, with EBITDA of HUF4.1bn and EPS of HUF30.1. Management anticipates consolidation-driven growth of over 20% in the medium term. COVID-19 makes forecasting challenging, but we believe 4iG’s business remains robust (60%+ of FY19 revenues from the public sector). At an FY20 P/E of 16.3x and offering a yield of 4.3%, the valuation neither reflects 4iG’s recent transformation nor its growth prospects and it remains at a substantial discount to its peers and our NPV estimate of HUF1,005/share.
4IG Nyrt reszvenyesek.
Moderacio alatt lesz.