Research that is free to access for all investors. Companies commission these providers to write research about them.
Brokers who write research on their corporate clients and make it available through our main bundle offering.
Research that is paid for directly by asset managers. Only accessible to institutional investors permissioned for access.
Event in Progress:
Discover the latest content that has just been published on Research Tree
Edison Investment Research is terminating coverage on ABC Arbitrage (ABCA), paragon (PGN), Foresight Solar Fund (FSFL), Kendrion (KENDR), Lithium Power International (LPI), Triple Point Energy Transition (TENT), 4iG (4IG), e-therapeutics (ETX), Pharnext (ALPHA) and Shield Therapeutics (STX). Please note you should no longer rely on any previous research or estimates for this company. All forecasts should now be considered redundant. Previously published reports can still be accessed via our web
Companies: 4iG Nyrt.
Edison
4iG’s FY23 results showed good revenue and EBITDA growth on a reported and pro forma basis. The Telco business, which includes an 11 month contribution from the Vodafone Hungary acquisition, showed pro forma revenue growth of 7% and pro forma EBITDA growth of 17%. The group transformation project is well underway and, as part of the plan, the space-related businesses have been hived off into a standalone company. The plans for a subsea fibre-optic cable between Egypt and Albania are making good
4iG’s H123 results reflect the inclusion of Vodafone Hungary (VH) since its acquisition on 31 January. Since then, 4iG has been working through its integration plan, which includes monetising the DIGI mobile network infrastructure and launching a strategic review to consider carve-out options and further asset optimisation (the scope is Hungarian fixed and Albanian/Montenegrin passive mobile infrastructure). After a multi-year series of telco and IT acquisitions in Hungary and the Western Balkan
Following on from the acquisition of a 51% stake in Vodafone Hungary in January, 4iG has increased its effective stake by 19.5%, to 70.5%, by means of a share swap. Subsidiary Antenna Hungária has swapped its 25% stake in the Hungarian businesses of Yettel and CETIN for 19.5% of Corvinus’s 49% stake in Vodafone Hungary. This strengthens 4iG’s ownership of Vodafone Hungary and should help improve the efficiency of the integration process.
4iG’s FY22 results reflect the changing profile of the group as it has transitioned via a series of acquisitions from a business focused on IT services in Hungary to a regional technology-infocommunications provider in Hungary and the West Balkans. The post year-end acquisition of Vodafone Hungary reshapes the business further, which when included results in telecoms making up 87% of revenue and 94% of EBITDA on an FY22 pro forma basis. The group now has all the building blocks in place to take
4iG closed the acquisition of a 51% stake in Vodafone Hungary on 31 January, via its subsidiary Antenna Hungária, and yesterday announced the new management structure for Vodafone Hungary. The acquisition was originally announced in August 2022 and the sale and purchase agreement finalised on 8 January. 4iG is now the largest fixed broadband and TV provider and second-largest mobile operator in Hungary. The deal is the largest in a series of acquisitions undertaken to build 4iG’s position as a c
4iG has finalised the agreement to buy a majority stake in Vodafone Hungary, with deal completion expected by the end of the month. This will make the company the largest fixed broadband and internet TV provider and second-largest mobile operator in Hungary. Including this deal, 4iG will have made acquisitions worth c €3bn over the last 18 months as it has built out its position as a converged telecom operator in Hungary and the West Balkans and the leading IT services provider in Hungary.
4iG reported growth in pro forma EBITDA for Q322 and 9M22, despite the effect of cost inflation, new Hungarian supplementary telecom taxes and supply chain challenges, resulting in a pro forma EBITDA margin of 23.7% for 9M22 (9M21: 21.8%). During Q322, the company concentrated on integrating recent acquisitions and developing an organisational structure to support the group’s growth. Work continues on the Vodafone Hungary acquisition, which, when complete, will cement 4iG’s position as the numbe
4iG has reached the next milestone in its partnership with Rheinmetall, following on from Rheinmetall’s investment in the company earlier this year. The two companies have entered into a joint venture (JV) to provide IT services to Rheinmetall’s local and global subsidiaries, starting in 2023 and with the potential to service third parties in the longer term. The JV should strengthen 4iG’s relationship with Rheinmetall and represents a major step forward in 4iG’s international expansion strategy
4iG’s transformation into a leading national and regional telco continues apace. 4iG, together with the Hungarian state, has announced non-binding heads of terms with Vodafone to acquire a 100% stake in Vodafone Magyarország Távközlési (Vodafone Hungary), Hungary’s second-largest telco, for an enterprise value of HUF715bn (€1.8bn), payable in cash. The transaction represents a multiple of 7.7x EV/adj. EBITDA for the 12-month period ending 31 March 2022. Factoring in management’s expected synergi
In FY21 and H122, 4iG has consolidated its position in its Hungarian market through M&A, along with developing a regional telecoms presence. On a pro forma basis, telecoms now represents 78% of Q122 net revenues and 93% of EBITDA, with IT services making up the rest, underlining the change in focus of the business. 4iG is now the second-largest telecoms group in Hungary and a significant telecoms group in the Western Balkans (Albania and Montenegro), as well as being the largest IT systems integ
FY21 was a record year for 4iG, with net revenues rising 62% y-o-y to HUF93bn and EBITDA rising 125% to HUF11.4bn, driven by a mix of organic growth and M&A. 4iG completed six acquisitions in the year, with the acquisitions of DIGI Group, ALBtelecom and ONE completed in Q122. These have been funded by the HUF371bn bond issue from December 2021, together with the HUF125bn share placing, which brought in Rheinmetall as a strategic investor. FY21 net debt rose to HUF165bn and is likely to rise furt
4iG has announced it has reached an agreement with the Hungarian state on the acquisition of Antenna Hungária, the key building block for 4iG’s telecoms and space ambitions after its CarpathiaSat joint venture with Antenna Hungária in August 2020. 4iG will initially acquire a 71.6% controlling stake in Antenna Hungária through the injection of its assets, DIGI Group, Telenor Montenegro and Invitech, to create a leading domestic and regional telecoms/ICT group. The Hungarian state will hold the r
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 s
Driven by a combination of organic growth and M&A, 4iG reported H121 net revenues of HUF32.1bn, 59% y-o-y growth. Gross profit rose by 65% y-o-y to HUF10.2bn with EBITDA rising 30% y-o-y to HUF1.8bn, as EBITDA margins fell to 5.5%. Together with a forward order book of HUF42.7bn, 4iG looks on track to meet our FY21e revenue estimate. However, 4iG also has a full M&A pipeline, with five deals still expected to complete in H221, DIGI Group, Spacecom, Antenna Hungária, Telenor Montenegro and TeleGr
Research Tree provides access to ongoing research coverage, media content and regulatory news on 4iG Nyrt.. We currently have 24 research reports from 1 professional analysts.
Interims to January are in line with the February TU, and materially unchanged forecasts for the FY July 2024. After the well flagged expected 1H24 revenue movement of -7% (vs 1H23 which had been strengthened by c£2m perpetual licence sales in the US), prospects for the second half are supported by several new contracts that will generate revenue in 2H24, in addition to material contract delivery milestones from existing large projects such as major TRACS Enterprise, Railhub deployments, and Rem
Companies: Tracsis plc
Cavendish
Eleco’s FY23 results show robust organic recurring revenue growth of +17% with recurring revenue +22% to £20.7m, adj EBITDA +2% ahead of the January update, and a confident outlook with Q1 ARR already at £24.5m vs £22.6m at FY23. At this point, the excellent start to FY24 leads us to reiterate our FY24-26E revenue, adj EBITDA, EFCF, and DPS, and we include the April 2024 acquisition of Vertical Digital in our FY24-26E net cash, as we explain below. As Eleco builds upon the successful acquisition
Companies: Eleco Plc
Made Tech has won a material expansion (worth up to £19.5m/2yrs) with a long-standing customer, The Department for Levelling Up, Housing and Communities (“DLUHC”). Coming off the back of a soft H1 bookings performance, we expect this win to materially boost investor sentiment and reassure how notwithstanding a tough backdrop (given an impending general election) MTEC continues to outcompete legacy providers and in-so-doing, grow its share of wallet with large/strategic customers. Landing near FY
Companies: Made Tech Group PLC
Singer Capital Markets
Companies: 88E CNC FTC TRCS HEIQ CREO ZAM
Companies: 1Spatial Plc
Liberum
Following the updated guidance published last week, Alphawave reported a 74% YoY increase in revenue to US$321.7m for FY23 generating adjusted EBITDA of US$62.6m, up 34% YoY. As previewed, bookings in 1Q24 were strong at US$117.9m, up 20% YoY and ahead of guidance. The results release and conference call confirm that revised guidance mainly reflects a more conservative approach to revenue recognition under new CFO, Rahul Mathur, and an acceleration in the pace at which Alphawave is pivoting away
Companies: Alphawave IP Group PLC
Capital Access Group
tinyBuild’s FY23 results confirmed a sharp drop in revenue and swing into adjusted EBITDA losses, as well as asset impairments and high cash burn. After already making $10m of annualised cost savings, the company continues to run-down its cash balance and now relies on a H2-weighted release schedule to reduce cash outflows.
Companies: tinyBuild Inc.
Zeus Capital
Companies: Cerillion Plc
We view confirmation of market forecasts / PEN's February update as providing further validation for the company's strategy. Ongoing business streams (including the concluding stage of the Boeing / Apache contract) provide underpinning for forecasts for the current year and software-derived earnings as strategized look set to rise in FY24 with the launch of the company's GenS technology (well-regarded and long-established OmegaPS series update). Tuesday's statement from the Prime Minister ple
Companies: Pennant International Group plc
WHIreland
Cerillion has announced a very solid update, as H1 sales and EBITDA are both up 10% y/y to £22.5m and £10.9m respectively, notwithstanding the exceptionally strong base period (sales and EBITDA +27% and +38% resp.). Results therefore point to continued strong customer demand, reflecting how Cerillion’s out-of-the-box product continues to resonate and gain adoption, particularly in a ‘budget conscious’ environment, by offering faster time to market, greater configurability and at a lower cost. Me
Companies: Synectics PLC
Shore Capital
24th April 2024 * A corporate client of Hybridan LLP ** Arranged by type of listing and date of announcement *** Alphabetically arranged **** Potential means Intention to Float (ITF) has been announced Dish of the day Admissions: Delistings: What’s baking in the oven? ** Potential**** Initial Public Offerings: Reverse Takeovers: 16 April 2024: Electric Guitar (ELEG.L) Concurrent with its Admission to trading on AIM, Electric Guitar is proposing to acquire the entire issued share capital of 3radi
Companies: FTC AGL SRT SOU G4M AOM SUP
Hybridan
As reported in March, underlying EBITDA profitability improved to record levels despite FX headwinds. Further platform and proposition developments were completed, key steps on its digital roadmap, and it has already won 7 contracts YTD. Alongside planned growth in private membership, this will at least offset the loss of one contract. Forecasts are left unchanged today and, as member engagement throttles back up, FX headwinds ease, and proof points of digital efficiency emerge, markets should b
Companies: Ten Lifestyle Group PLC
In a tough trading environment, Checkit managed to grow FY24 revenue by 17% and reduce EBITDA losses by nearly half. The company has had a positive start to FY25 with new contract wins and the launch of a new module. Focus on growth from its existing customer base combined with strict cost control is helping Checkit to make steady progress towards its target of positive EBITDA and cash generation in FY27.
Companies: Checkit plc
Share: