{"id":11636,"date":"2026-06-27T08:01:00","date_gmt":"2026-06-27T08:01:00","guid":{"rendered":"https:\/\/iocharts.io\/blog\/?p=11636"},"modified":"2026-08-15T09:58:26","modified_gmt":"2026-08-15T09:58:26","slug":"4ig-reszveny-elemzes","status":"publish","type":"post","link":"https:\/\/iocharts.io\/blog\/4ig-reszveny-elemzes\/","title":{"rendered":"4iG r\u00e9szv\u00e9ny elemz\u00e9s: a NER-technol\u00f3giai holdingja","gt_translate_keys":[{"key":"rendered","format":"text"}]},"content":{"rendered":"\n<h2 class=\"wp-block-heading\">Mir\u0151l sz\u00f3l a Piaci Impulzus rovat?<\/h2>\n\n\n\n<p class=\"wp-block-paragraph\">A 4iG r\u00e9szv\u00e9ny 2025 v\u00e9g\u00e9n 4320 HUF-on \u00e1llt, 2026 j\u00fanius\u00e1ra 1919 HUF-ra esett. Ez nem kisebb, mint 55%-os zuhan\u00e1s hat h\u00f3nap alatt, \u00e9s ez a sz\u00e1m \u00f6nmag\u00e1ban megmagyar\u00e1zza, mi\u00e9rt az egyik legmegoszt\u00f3bb befektet\u00e9s ma a Budapesti \u00c9rt\u00e9kt\u0151zsd\u00e9n. Az egyik oldalon ott \u00e1ll egy val\u00f3ban m\u0171k\u00f6d\u0151, Magyarorsz\u00e1g legsoksz\u00edn\u0171bb infokommunik\u00e1ci\u00f3s holdingja, k\u00f6zel 750 milli\u00e1rd HUF-os bev\u00e9tellel \u00e9s er\u0151s szabad cash flow-termel\u00e9ssel. A m\u00e1sik oldalon ott \u00e1ll az Orb\u00e1n-korm\u00e1nyhoz f\u0171z\u0151d\u0151 kapcsolatokb\u00f3l ered\u0151 politikai kitetts\u00e9g, a k\u00f6zel 1000 milli\u00e1rd HUF nett\u00f3 ad\u00f3ss\u00e1g \u00e9s az \u00faj Tisza-korm\u00e1ny \u00e1ltal felf\u00fcggesztett v\u00e9delmi keretszerz\u0151d\u00e9s. Ebben a cikkben a sz\u00e1mok \u00e9s a kontextus alapj\u00e1n pr\u00f3b\u00e1lok n\u00e9mi ir\u00e1nymutat\u00e1st adni arra, mi v\u00e1rhat\u00f3 a 4iG kapcs\u00e1n.<\/p>\n\n\n\n<pre class=\"wp-block-preformatted\"><mark style=\"background-color:rgba(0, 0, 0, 0)\" class=\"has-inline-color has-vivid-cyan-blue-color\">\u261d\ufe0f<strong>A c\u00e9lom nem napi keresked\u00e9si tippek osztogat\u00e1sa vagy technikai alakzatok elemz\u00e9se. Helyette gyors, l\u00e9nyegre t\u00f6r\u0151 fundament\u00e1lis minielemz\u00e9seket adok k\u00f6zre, amik seg\u00edtenek az el\u0151sz\u0171r\u00e9sben. Ezek az impulzusok seg\u00edtenek \u00e9szben tartani, hogy az adott v\u00e1llalat vagy m\u00e1s piaci szerepl\u0151k aktu\u00e1lis \u00e1rfolyammozg\u00e1sa \u00e9rdemel-e m\u00e9lyebb vizsg\u00e1latot, vagy csak egy fut\u00f3 piaci jelens\u00e9gr\u0151l van sz\u00f3.<\/strong><\/mark><\/pre>\n\n\n\n<p class=\"wp-block-paragraph\">A r\u00e9szv\u00e9ny aloldal\u00e1t r\u00e9szletes adatokkal itt tal\u00e1lj\u00e1tok: <a class=\"nturl\" href=\"https:\/\/iocharts.io\/stocks\/4IG.BUD\" target=\"_blank\" rel=\"noreferrer noopener\">4iG r\u00e9szv\u00e9ny oldal<\/a><br>Ha az oldal m\u00e9lyelemz\u00e9seit keresitek, akkor az al\u00e1bbi linkre nyomjatok: <a href=\"https:\/\/iocharts.io\/blog\/category\/reszvenyelemzes\/\" target=\"_blank\" rel=\"noreferrer noopener\">iO Charts r\u00e9szv\u00e9nyelemz\u00e9sek<\/a><\/p>\n\n\n\n<!-- TradingView Widget BEGIN -->\n<div class=\"tradingview-widget-container\">\n  <div class=\"tradingview-widget-container__widget\"><\/div>\n  <div class=\"tradingview-widget-copyright\"><a href=\"https:\/\/www.tradingview.com\/?aff_id=155122\" rel=\"noopener nofollow\" target=\"_blank\"><span class=\"blue-text\">A 4iG r\u00e9szv\u00e9ny \u00e1rfolyama a TradingView fel\u00fclet\u00e9n<\/span><\/a><\/div>\n  <script type=\"text\/javascript\" src=\"https:\/\/s3.tradingview.com\/external-embedding\/embed-widget-symbol-overview.js\" async>\n  {\n  \"lineWidth\": 2,\n  \"lineType\": 0,\n  \"chartType\": \"area\",\n  \"fontColor\": \"rgb(106, 109, 120)\",\n  \"gridLineColor\": \"rgba(46, 46, 46, 0.06)\",\n  \"volumeUpColor\": \"rgba(34, 171, 148, 0.5)\",\n  \"volumeDownColor\": \"rgba(247, 82, 95, 0.5)\",\n  \"backgroundColor\": \"#ffffff\",\n  \"widgetFontColor\": \"#0F0F0F\",\n  \"upColor\": \"#22ab94\",\n  \"downColor\": \"#f7525f\",\n  \"borderUpColor\": \"#22ab94\",\n  \"borderDownColor\": \"#f7525f\",\n  \"wickUpColor\": \"#22ab94\",\n  \"wickDownColor\": \"#f7525f\",\n  \"colorTheme\": \"light\",\n  \"isTransparent\": false,\n  \"locale\": \"en\",\n  \"chartOnly\": false,\n  \"scalePosition\": \"right\",\n  \"scaleMode\": \"Normal\",\n  \"fontFamily\": \"-apple-system, BlinkMacSystemFont, Trebuchet MS, Roboto, Ubuntu, sans-serif\",\n  \"valuesTracking\": \"1\",\n  \"changeMode\": \"price-and-percent\",\n  \"symbols\": [\n    [\n      \"BET:4iG|60M\"\n    ]\n  ],\n  \"dateRanges\": [\n    \"1d|1\",\n    \"1m|30\",\n    \"3m|60\",\n    \"12m|1D\",\n    \"60m|1W\",\n    \"all|1M\"\n  ],\n  \"fontSize\": \"10\",\n  \"headerFontSize\": \"medium\",\n  \"autosize\": false,\n  \"width\": \"100%\",\n  \"height\": 400,\n  \"noTimeScale\": false,\n  \"hideDateRanges\": false,\n  \"hideMarketStatus\": false,\n  \"hideSymbolLogo\": false\n}\n  <\/script>\n<\/div>\n<!-- TradingView Widget END -->\n\n\n\n<hr class=\"wp-block-separator has-alpha-channel-opacity is-style-wide\"\/>\n\n\n\n<h2 class=\"wp-block-heading\">\ud83d\udcd2Tartalomjegyz\u00e9k\ud83d\udcd2<\/h2>\n\n\n\n<p class=\"wp-block-paragraph\">L\u00e9trehoztam egy tartalomjegyz\u00e9ket, hogy k\u00f6nnyebben tudjatok navig\u00e1lni a tartalmakban:<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li><a href=\"#mitcsinal\">Mit csin\u00e1l a 4iG?<\/a><\/li>\n\n\n\n<li><a href=\"#alapitas\">Hogyan lett egy kis IT-c\u00e9gb\u0151l NER-holding?<\/a><\/li>\n\n\n\n<li><a href=\"#vodafone\">A Vodafone-ONE deal \u00e9s az ad\u00f3ss\u00e1gspir\u00e1l<\/a><\/li>\n\n\n\n<li><a href=\"#reszvetel\">A 4iG r\u00e9szesed\u00e9sei m\u00e1s v\u00e1llalatokban<\/a><\/li>\n\n\n\n<li><a href=\"#metrikai\">A 4iG r\u00e9szv\u00e9ny metrik\u00e1i<\/a><\/li>\n\n\n\n<li><a href=\"#megszoksz\">4iG r\u00e9szv\u00e9ny: megszoksz vagy megsz\u00f6ksz?<\/a><\/li>\n\n\n\n<li><a href=\"#osszegzese\">A 4iG t\u00e9zis \u00f6sszegz\u00e9se<\/a><\/li>\n\n\n\n<li><a href=\"#gyik\">Gyakran Ism\u00e9telt K\u00e9rd\u00e9sek<\/a><\/li>\n<\/ul>\n\n\n\n<hr class=\"wp-block-separator has-alpha-channel-opacity is-style-wide\"\/>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"mitcsinal\">Mit csin\u00e1l a 4iG?<\/h2>\n\n\n\n<p class=\"wp-block-paragraph\">A 4iG Nyrt. (BUD: 4IG) egy 1990-ben alap\u00edtott, budapesti sz\u00e9khely\u0171 infokommunik\u00e1ci\u00f3s holding, amelynek r\u00e9szv\u00e9nyei a Budapesti \u00c9rt\u00e9kt\u0151zsde pr\u00e9mium szekci\u00f3j\u00e1ban forognak. Az eln\u00f6k-vez\u00e9rigazgat\u00f3 J\u00e1szai Gell\u00e9rt Zolt\u00e1n neve szinte elv\u00e1laszthatatlan a c\u00e9g mai form\u00e1j\u00e1t\u00f3l: az eredeti kis IT-v\u00e1llalkoz\u00e1sb\u00f3l az \u0151 ir\u00e1ny\u00edt\u00e1sa alatt lett Magyarorsz\u00e1g meghat\u00e1roz\u00f3 infokommunik\u00e1ci\u00f3s \u00e9s v\u00e9delmi ipari konglomer\u00e1tuma, amiben nem kev\u00e9s \u00e1llami h\u00e1tsz\u00e9l is k\u00f6zrej\u00e1tszott.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>A 4iG ma h\u00e1rom f\u0151 szegmensben m\u0171k\u00f6dik:<\/strong><\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>\ud83d\udce1 <strong>Telekommunik\u00e1ci\u00f3 (~89% a bev\u00e9telb\u0151l):<\/strong> az ONE Magyarorsz\u00e1g Zrt., amely mag\u00e1ba olvasztotta a Vodafone Magyarorsz\u00e1got, a DIGI-t, az Antenna Hung\u00e1ri\u00e1t \u00e9s az Invitechet, adja a csoport stabil, kisz\u00e1m\u00edthat\u00f3 bev\u00e9tel\u00e9nek oroszl\u00e1nr\u00e9sz\u00e9t. A hazai piac mellett az alb\u00e1niai (~9% az \u00f6sszes bev\u00e9telb\u0151l) \u00e9s montenegr\u00f3i (~4%) le\u00e1nyv\u00e1llalatok is ide tartoznak.<\/li>\n\n\n\n<li>\ud83d\udcbb <strong>Informatika \u00e9s rendszerintegr\u00e1ci\u00f3 (~11%):<\/strong> korm\u00e1nyzati \u00e9s v\u00e1llalati IT-projektek, infrastrukt\u00fara-fejleszt\u00e9s, rendszerintegr\u00e1ci\u00f3. Ez a szegmens hagyom\u00e1nyosan az \u00e1llami megrendel\u00e9sek leg\u00e9rz\u00e9kenyebb ter\u00fclete.<\/li>\n\n\n\n<li>\ud83d\udef0\ufe0f <strong>\u0170r- \u00e9s v\u00e9delmi ipar:<\/strong> a legfiatalabb, de legvitatottabb div\u00edzi\u00f3. M\u0171holdgy\u00e1rt\u00e1s, dr\u00f3nv\u00e9delem, hadiipari j\u00e1rm\u0171-\u00f6sszeszerel\u00e9s. Az 1311 milli\u00e1rd HUF-os HM-keretszerz\u0151d\u00e9s felf\u00fcggeszt\u00e9se ezt a szegmenst \u00e9rinti a legs\u00falyosabban.<\/li>\n<\/ul>\n\n\n\n<figure class=\"wp-block-image size-large is-resized\"><img decoding=\"async\" width=\"1024\" height=\"726\" data-src=\"https:\/\/iocharts.io\/blog\/wp-content\/smush-webp\/2026\/06\/4iG_Nyrt_4IG-bevetel-1024x726.jpg.webp\" alt=\"4iG r\u00e9szv\u00e9ny EBITDA-ja \u00e9s m\u0171k\u00f6d\u00e9si marzsa\" class=\"wp-image-11637 lazyload\" style=\"--smush-placeholder-width: 1024px; --smush-placeholder-aspect-ratio: 1024\/726;width:1140px;height:auto\" data-srcset=\"https:\/\/iocharts.io\/blog\/wp-content\/smush-webp\/2026\/06\/4iG_Nyrt_4IG-bevetel-1024x726.jpg.webp 1024w, https:\/\/iocharts.io\/blog\/wp-content\/smush-webp\/2026\/06\/4iG_Nyrt_4IG-bevetel-414x293.jpg.webp 414w, https:\/\/iocharts.io\/blog\/wp-content\/smush-webp\/2026\/06\/4iG_Nyrt_4IG-bevetel-768x544.jpg.webp 768w, https:\/\/iocharts.io\/blog\/wp-content\/smush-webp\/2026\/06\/4iG_Nyrt_4IG-bevetel-1536x1089.jpg.webp 1536w, https:\/\/iocharts.io\/blog\/wp-content\/smush-webp\/2026\/06\/4iG_Nyrt_4IG-bevetel-scaled.jpg.webp 1110w\" data-sizes=\"(max-width: 1024px) 100vw, 1024px\" src=\"data:image\/svg+xml;base64,PHN2ZyB3aWR0aD0iMSIgaGVpZ2h0PSIxIiB4bWxucz0iaHR0cDovL3d3dy53My5vcmcvMjAwMC9zdmciPjwvc3ZnPg==\" \/><figcaption class=\"wp-element-caption\">forr\u00e1s: <a href=\"https:\/\/fiscal.ai\/?via=balint\" target=\"_blank\" rel=\"noreferrer noopener\">fiscal.ai<\/a>, 4iG r\u00e9szv\u00e9ny EBITDA-ja \u00e9s m\u0171k\u00f6d\u00e9si marzsa<\/figcaption><\/figure>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>A f\u00f6ldrajzi bont\u00e1sr\u00f3l:<\/strong> a 4iG 2025-\u00f6s 745.3 milli\u00e1rd HUF-os \u00e1rbev\u00e9tel\u00e9nek k\u00f6zel 87%-a Magyarorsz\u00e1gr\u00f3l, kb. 9%-a Alb\u00e1ni\u00e1b\u00f3l \u00e9s kb. 4%-a Montenegr\u00f3b\u00f3l \u00e9rkezett. Ez a koncentr\u00e1ci\u00f3 egyszerre er\u0151 (a hazai piacot j\u00f3l ismeri) \u00e9s kock\u00e1zat (egy orsz\u00e1g politikai v\u00e1ltoz\u00e1sai azonnal \u00e9rz\u00e9kelhet\u0151k az eg\u00e9sz csoporton).<\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>\ud83d\udcccGyakorlatban:<\/strong> a 2026 \u00e1prilis 12-\u00e9n lezajlott magyarorsz\u00e1gi v\u00e1laszt\u00e1sok d\u00f6nt\u0151en megv\u00e1ltoztatt\u00e1k a politikai narrat\u00edv\u00e1t a c\u00e9g k\u00f6r\u00fcl. Mivel a 4iG nem igaz\u00e1n diverzifik\u00e1lt f\u00f6ldrajzilag \u00e9s a bev\u00e9teleinek egy jelent\u0151s r\u00e9sze a magyar \u00e1llamt\u00f3l sz\u00e1rmazik, mondhatjuk r\u00e1, hogy tipikus NER c\u00e9g. Viszont, a Vodafone felv\u00e1s\u00e1rl\u00e1s \u00f3ta a telekom szegmens bev\u00e9telei d\u00f6nt\u0151en mag\u00e1n\u00fcgyfelekt\u0151l sz\u00e1rmaznak, m\u00edg az informatikai szegmens az, ahol az \u00e1llami megrendel\u00e9sek eddig lecsap\u00f3dhattak. Mivel a v\u00e1laszt\u00e1sok \u00f3ta nem j\u00f6tt ki \u00fajabb 4iG jelent\u00e9s, ez\u00e9rt igaz\u00e1b\u00f3l nem l\u00e1tunk a jelenlegi sz\u00e1mok m\u00f6g\u00e9 kell\u0151 m\u00e9lys\u00e9gben.<\/p>\n\n\n\n<figure class=\"wp-block-image size-large is-resized\"><a href=\"https:\/\/lightyear.com\/en-eu\/profile\/jozsef491\" target=\"_blank\" rel=\" noreferrer noopener\"><img decoding=\"async\" width=\"1024\" height=\"256\" data-src=\"https:\/\/iocharts.io\/blog\/wp-content\/smush-webp\/2026\/02\/Lightyear-blue-white-1024x256.jpg.webp\" alt=\"\" class=\"wp-image-9688 lazyload\" style=\"--smush-placeholder-width: 1024px; --smush-placeholder-aspect-ratio: 1024\/256;width:1140px;height:auto\" data-srcset=\"https:\/\/iocharts.io\/blog\/wp-content\/smush-webp\/2026\/02\/Lightyear-blue-white-1024x256.jpg.webp 1024w, https:\/\/iocharts.io\/blog\/wp-content\/smush-webp\/2026\/02\/Lightyear-blue-white-414x104.jpg.webp 414w, https:\/\/iocharts.io\/blog\/wp-content\/smush-webp\/2026\/02\/Lightyear-blue-white-768x192.jpg.webp 768w, https:\/\/iocharts.io\/blog\/wp-content\/smush-webp\/2026\/02\/Lightyear-blue-white-scaled.jpg.webp 1110w\" data-sizes=\"(max-width: 1024px) 100vw, 1024px\" src=\"data:image\/svg+xml;base64,PHN2ZyB3aWR0aD0iMSIgaGVpZ2h0PSIxIiB4bWxucz0iaHR0cDovL3d3dy53My5vcmcvMjAwMC9zdmciPjwvc3ZnPg==\" \/><\/a><\/figure>\n\n\n\n<hr class=\"wp-block-separator has-alpha-channel-opacity\"\/>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"alapitas\">Hogyan lett egy kis IT-c\u00e9gb\u0151l NER-holding?<\/h2>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>Az eredeti c\u00e9g<\/strong>: a 4iG 1990-ben alakult, \u00e9s az els\u0151 \u00e9vtizedeket egy k\u00f6zepes m\u00e9ret\u0171 IT-szolg\u00e1ltat\u00f3k\u00e9nt t\u00f6lt\u00f6tte, hardver-kereskedelem, szoftverintegr\u00e1ci\u00f3s projektek, semmi rendk\u00edv\u00fclit nem mutatott fel ebben az id\u0151szakban. A fordulat 2017\u20132018 k\u00f6r\u00fcl k\u00f6vetkezett be, amikor J\u00e1szai Gell\u00e9rt \u00e1tvette az ir\u00e1ny\u00edt\u00e1st \u00e9s a c\u00e9g strat\u00e9gi\u00e1ja radik\u00e1lisan megv\u00e1ltozott.<\/p>\n\n\n\n<figure class=\"wp-block-image size-large is-resized\"><img decoding=\"async\" width=\"1024\" height=\"449\" data-src=\"https:\/\/iocharts.io\/blog\/wp-content\/smush-webp\/2026\/06\/image-1024x449.png.webp\" alt=\"a 4iG tulajdonosi szerkezete\" class=\"wp-image-11654 lazyload\" style=\"--smush-placeholder-width: 1024px; --smush-placeholder-aspect-ratio: 1024\/449;width:1140px;height:auto\" data-srcset=\"https:\/\/iocharts.io\/blog\/wp-content\/smush-webp\/2026\/06\/image-1024x449.png.webp 1024w, https:\/\/iocharts.io\/blog\/wp-content\/smush-webp\/2026\/06\/image-414x182.png.webp 414w, https:\/\/iocharts.io\/blog\/wp-content\/smush-webp\/2026\/06\/image-768x337.png.webp 768w, https:\/\/iocharts.io\/blog\/wp-content\/smush-webp\/2026\/06\/image.png.webp 1293w\" data-sizes=\"(max-width: 1024px) 100vw, 1024px\" src=\"data:image\/svg+xml;base64,PHN2ZyB3aWR0aD0iMSIgaGVpZ2h0PSIxIiB4bWxucz0iaHR0cDovL3d3dy53My5vcmcvMjAwMC9zdmciPjwvc3ZnPg==\" \/><figcaption class=\"wp-element-caption\">forr\u00e1s: <a href=\"https:\/\/www.bet.hu\/oldalak\/ceg_adatlap\/$security\/4IG\" target=\"_blank\" rel=\"noreferrer noopener\">B\u00c9T<\/a>, a 4iG tulajdonosi szerkezete<\/figcaption><\/figure>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>A NER-kapcsolat<\/strong>: a 4iG gyors n\u00f6veked\u00e9se elv\u00e1laszthatatlan az Orb\u00e1n-korm\u00e1ny k\u00f6zbeszerz\u00e9si politik\u00e1j\u00e1t\u00f3l. Az \u00e1llami IT-megrendel\u00e9sek, amelyek kor\u00e1bban jellemz\u0151en k\u00fclf\u00f6ldi nagyv\u00e1llalatokon kereszt\u00fcl futottak, fokozatosan a 4iG fel\u00e9 terel\u0151dtek, mik\u00f6zben a c\u00e9g egym\u00e1s ut\u00e1n v\u00e1s\u00e1rolta fel az \u00e1llami tulajdon\u00fa vagy privatiz\u00e1lt infokommunik\u00e1ci\u00f3s v\u00e1llalatokat: <strong>az Antenna Hung\u00e1ri\u00e1t, az Invitechet, majd a DIGI-t \u00e9s a Vodafone Magyarorsz\u00e1got, ez ut\u00f3bbib\u00f3l lett a One. <\/strong>Ezeket a tranzakci\u00f3kat r\u00e9szben kedvez\u0151 \u00e1llami finansz\u00edroz\u00e1ssal \u00e9s az MFB (Magyar Fejleszt\u00e9si Bank) bevon\u00e1s\u00e1val val\u00f3s\u00edtott\u00e1k meg.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>A Rheinmetall-kapcsolat<\/strong>: 2023-ban a Rheinmetall AG, a vil\u00e1g egyik legnagyobb v\u00e9delmiipari v\u00e1llalata, strat\u00e9giai partnerr\u00e9 v\u00e1lt: ma a 4iG r\u00e9szv\u00e9nyeinek 25.93%-\u00e1t tartja. Ez a partners\u00e9g alapozta meg a 4iG v\u00e9delmi ipari amb\u00edci\u00f3it: a HIMARS-\u00f6sszeszerel\u00e9st\u0151l a k\u00e9mm\u0171holdakig terjed\u0151 projekteket az \u00faj Tisza-korm\u00e1ny fel\u00fclvizsg\u00e1lja, amir\u0151l a HVG is h\u00edrt adott, <a href=\"https:\/\/hvg.hu\/itthon\/20260514_4ig-szerzodes-orban-kormany-elolegszamla-30-milliard-magyar-peter\" target=\"_blank\" rel=\"noreferrer noopener\">ami itt olvashat\u00f3<\/a>.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>A Mubadala (Abu Dhabi)<\/strong>: az Emir\u00e1tusi \u00e1llami befektet\u00e9si alap szint\u00e9n befektet\u0151 lett a 4iG-be, ami az el\u0151z\u0151 korm\u00e1ny idej\u00e9n komoly preszt\u00edzst adott a c\u00e9gnek a k\u00fclf\u00f6ldi int\u00e9zm\u00e9nyi befektet\u0151k k\u00f6r\u00e9ben.<\/p>\n\n\n\n<figure class=\"wp-block-image size-large is-resized\"><img decoding=\"async\" width=\"1024\" height=\"576\" data-src=\"https:\/\/iocharts.io\/blog\/wp-content\/smush-webp\/2026\/06\/4ig_timeline-1024x576.jpg.webp\" alt=\"a 4iG \u00fatja, alap\u00edt\u00e1t\u00f3l a mostani korm\u00e1nyv\u00e1lts\u00e1ig\" class=\"wp-image-11638 lazyload\" style=\"--smush-placeholder-width: 1024px; --smush-placeholder-aspect-ratio: 1024\/576;width:1140px;height:auto\" data-srcset=\"https:\/\/iocharts.io\/blog\/wp-content\/smush-webp\/2026\/06\/4ig_timeline-1024x576.jpg.webp 1024w, https:\/\/iocharts.io\/blog\/wp-content\/smush-webp\/2026\/06\/4ig_timeline-414x233.jpg.webp 414w, https:\/\/iocharts.io\/blog\/wp-content\/smush-webp\/2026\/06\/4ig_timeline-768x432.jpg.webp 768w, https:\/\/iocharts.io\/blog\/wp-content\/smush-webp\/2026\/06\/4ig_timeline-1536x864.jpg.webp 1536w, https:\/\/iocharts.io\/blog\/wp-content\/smush-webp\/2026\/06\/4ig_timeline-scaled.jpg.webp 1110w\" data-sizes=\"(max-width: 1024px) 100vw, 1024px\" src=\"data:image\/svg+xml;base64,PHN2ZyB3aWR0aD0iMSIgaGVpZ2h0PSIxIiB4bWxucz0iaHR0cDovL3d3dy53My5vcmcvMjAwMC9zdmciPjwvc3ZnPg==\" \/><figcaption class=\"wp-element-caption\">forr\u00e1s: Claude, a 4iG \u00fatja, alap\u00edt\u00e1st\u00f3l a mostani korm\u00e1nyv\u00e1lt\u00e1sig<\/figcaption><\/figure>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>\ud83d\udcccGyakorlatban:<\/strong> a 4iG-nak volt egy 1311 milli\u00e1rd HUF-os szerz\u0151d\u00e9se a Magyar Honv\u00e9ds\u00e9ggel, amely els\u0151sorban harcj\u00e1rm\u0171vek beszerz\u00e9s\u00e9r\u0151l sz\u00f3lt, ennek a 30 milli\u00e1rdos el\u0151legsz\u00e1ml\u00e1j\u00e1t a magyar korm\u00e1ny nem fizette ki, \u00e9s a szerz\u0151d\u00e9s v\u00e9grehajt\u00e1s\u00e1t is felf\u00fcggesztett\u00e9k. Magyar P\u00e9ter minisztereln\u00f6k az al\u00e1bbiakat mondta: &#8222;<em>ezt a mintegy 30 milli\u00e1rd forintos el\u0151leget nem fizetj\u00fck ki, az oligarcha urak tekints\u00e9k \u00fagy, hogy a szerz\u0151d\u00e9s nem l\u00e9tezik.<\/em>&#8222;, ami egyben azt is jelenti, hogy ezzel rendesen al\u00e1v\u00e1gtak a 4iG bev\u00e9teleinek, amit \u00e9rthet\u0151 m\u00f3don nem d\u00edjaztak a befektet\u0151k.<\/p>\n\n\n\n<figure class=\"wp-block-image size-large is-resized\"><a href=\"https:\/\/ibkr.com\/referral\/balintzsolt366\" target=\"_blank\" rel=\" noreferrer noopener\"><img decoding=\"async\" width=\"1024\" height=\"256\" data-src=\"https:\/\/iocharts.io\/blog\/wp-content\/smush-webp\/2026\/02\/IBKR-banner-bonusz-200-usd-1024x256.jpg.webp\" alt=\"\" class=\"wp-image-9668 lazyload\" style=\"--smush-placeholder-width: 1024px; --smush-placeholder-aspect-ratio: 1024\/256;width:1140px;height:auto\" data-srcset=\"https:\/\/iocharts.io\/blog\/wp-content\/smush-webp\/2026\/02\/IBKR-banner-bonusz-200-usd-1024x256.jpg.webp 1024w, https:\/\/iocharts.io\/blog\/wp-content\/smush-webp\/2026\/02\/IBKR-banner-bonusz-200-usd-414x104.jpg.webp 414w, https:\/\/iocharts.io\/blog\/wp-content\/smush-webp\/2026\/02\/IBKR-banner-bonusz-200-usd-768x192.jpg.webp 768w, https:\/\/iocharts.io\/blog\/wp-content\/smush-webp\/2026\/02\/IBKR-banner-bonusz-200-usd-scaled.jpg.webp 1110w\" data-sizes=\"(max-width: 1024px) 100vw, 1024px\" src=\"data:image\/svg+xml;base64,PHN2ZyB3aWR0aD0iMSIgaGVpZ2h0PSIxIiB4bWxucz0iaHR0cDovL3d3dy53My5vcmcvMjAwMC9zdmciPjwvc3ZnPg==\" \/><\/a><\/figure>\n\n\n\n<hr class=\"wp-block-separator has-alpha-channel-opacity\"\/>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"vodafone\">A Vodafone-ONE deal \u00e9s az ad\u00f3ss\u00e1gspir\u00e1l<\/h2>\n\n\n\n<p class=\"wp-block-paragraph\">Ez a 4iG r\u00e9szv\u00e9ny elemz\u00e9s\u00e9nek kulcsk\u00e9rd\u00e9se: hogyan lett egy kis IT-v\u00e1llalatb\u00f3l telekommunik\u00e1ci\u00f3s \u00f3ri\u00e1s, \u00e9s milyen \u00e1ron?<\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>A Vodafone \u00fczlet:<\/strong> 2022-ben a 4iG megszerezte a Vodafone Magyarorsz\u00e1got (~1.7 milli\u00e1rd EUR \u00e9rt\u00e9ken), majd ezt k\u00f6vette a DIGI Hungary felv\u00e1s\u00e1rl\u00e1sa is. A k\u00e9t c\u00e9get, az Antenna Hung\u00e1ri\u00e1val \u00e9s az Invitech-kel egy\u00fctt, egyetlen m\u00e1rk\u00e1v\u00e1, a ONE Magyarorsz\u00e1g Zrt.-v\u00e9 olvasztott\u00e1k \u00f6ssze. Ezzel a 4iG lett Magyarorsz\u00e1g legsoksz\u00edn\u0171bb telekommunik\u00e1ci\u00f3s platformja: mobiltelef\u00f3nia, internet, m\u0171sorterjeszt\u00e9s, m\u0171holdas kommunik\u00e1ci\u00f3 \u00e9s \u00fczleti adath\u00e1l\u00f3zat egy c\u00e9gben. Ezzel a mobil- \u00e9s internetszolg\u00e1ltat\u00f3i piacon l\u00e9nyeg\u00e9ben oligop\u00f3lium alakult ki a Magyar Telekom, a Yettel \u00e9s a One k\u00f6zrem\u0171k\u00f6d\u00e9s\u00e9vel.<\/p>\n\n\n\n<figure class=\"wp-block-embed aligncenter is-type-wp-embed is-provider-be-gyaz-s wp-block-embed-be-gyaz-s\"><div class=\"wp-block-embed__wrapper\">\n<blockquote class=\"wp-embedded-content\" data-secret=\"hLsxjoc1l4\"><a href=\"https:\/\/iocharts.io\/blog\/magyar-telekom-reszveny-arfolyam-elemzes-oligopol-piac-allami-vetelytars\/\">Magyar Telekom r\u00e9szv\u00e9ny \u00e1rfolyam elemz\u00e9s: oligopol piac, \u00e1llami vet\u00e9lyt\u00e1rs<\/a><\/blockquote><iframe class=\"wp-embedded-content lazyload\" sandbox=\"allow-scripts\" security=\"restricted\" style=\"position: absolute; visibility: hidden;\" title=\"\u201cMagyar Telekom r\u00e9szv\u00e9ny \u00e1rfolyam elemz\u00e9s: oligopol piac, \u00e1llami vet\u00e9lyt\u00e1rs\u201d \u2014 \" data-src=\"https:\/\/iocharts.io\/blog\/magyar-telekom-reszveny-arfolyam-elemzes-oligopol-piac-allami-vetelytars\/embed\/#?secret=5utD2UY4nT#?secret=hLsxjoc1l4\" data-secret=\"hLsxjoc1l4\" width=\"600\" height=\"338\" frameborder=\"0\" marginwidth=\"0\" marginheight=\"0\" scrolling=\"no\" src=\"data:image\/svg+xml;base64,PHN2ZyB3aWR0aD0iMSIgaGVpZ2h0PSIxIiB4bWxucz0iaHR0cDovL3d3dy53My5vcmcvMjAwMC9zdmciPjwvc3ZnPg==\" data-load-mode=\"1\"><\/iframe>\n<\/div><\/figure>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>A felv\u00e1s\u00e1rl\u00e1s \u00e1ra els\u0151sorban ad\u00f3ss\u00e1gban csap\u00f3dott le.<\/strong> A felv\u00e1s\u00e1rl\u00e1sok finansz\u00edroz\u00e1sa massz\u00edv ad\u00f3ss\u00e1gterhel\u00e9st hagyott maga ut\u00e1n. A 2025 v\u00e9gi m\u00e9rlegben az \u00f6sszes ad\u00f3ss\u00e1g meghaladta a 954 milli\u00e1rd HUF-ot, a nett\u00f3 ad\u00f3ss\u00e1g 807 milli\u00e1rd HUF volt, ez az LTM \u00e9rt\u00e9ken k\u00f6zel 1000 milli\u00e1rd HUF-ot jelent. A nett\u00f3 ad\u00f3ss\u00e1g\/EBITDA ar\u00e1ny ~4.3x k\u00f6r\u00fcl alakul, ami magas, de nem katasztrof\u00e1lis egy telekommunik\u00e1ci\u00f3s holdingn\u00e1l. Az eur\u00f3pai telekommunik\u00e1ci\u00f3s c\u00e9gek jellemz\u0151en 2\u20133.5x k\u00f6r\u00fcli \u00e9rt\u00e9keken m\u0171k\u00f6dnek, de amerikai t\u00e1rsaik, mint a Verizon \u00e9s az AT&amp;T sem rendelkeznek kevesebb ad\u00f3ss\u00e1ggal.<\/p>\n\n\n\n<figure class=\"wp-block-embed aligncenter is-type-wp-embed is-provider-be-gyaz-s wp-block-embed-be-gyaz-s\"><div class=\"wp-block-embed__wrapper\">\n<blockquote class=\"wp-embedded-content\" data-secret=\"0FfbW4QsH4\"><a href=\"https:\/\/iocharts.io\/blog\/rheinmetall-reszveny-73-milliard-eur-os-backlog-40-arfolyam\/\">Rheinmetall r\u00e9szv\u00e9ny: 73 milli\u00e1rd EUR-os backlog, -40% \u00e1rfolyam<\/a><\/blockquote><iframe class=\"wp-embedded-content lazyload\" sandbox=\"allow-scripts\" security=\"restricted\" style=\"position: absolute; visibility: hidden;\" title=\"\u201cRheinmetall r\u00e9szv\u00e9ny: 73 milli\u00e1rd EUR-os backlog, -40% \u00e1rfolyam\u201d \u2014 \" data-src=\"https:\/\/iocharts.io\/blog\/rheinmetall-reszveny-73-milliard-eur-os-backlog-40-arfolyam\/embed\/#?secret=mVhPoCsYU7#?secret=0FfbW4QsH4\" data-secret=\"0FfbW4QsH4\" width=\"600\" height=\"338\" frameborder=\"0\" marginwidth=\"0\" marginheight=\"0\" scrolling=\"no\" src=\"data:image\/svg+xml;base64,PHN2ZyB3aWR0aD0iMSIgaGVpZ2h0PSIxIiB4bWxucz0iaHR0cDovL3d3dy53My5vcmcvMjAwMC9zdmciPjwvc3ZnPg==\" data-load-mode=\"1\"><\/iframe>\n<\/div><\/figure>\n\n\n\n<p class=\"wp-block-paragraph\">Az ad\u00f3ss\u00e1g m\u00e9rt\u00e9ke akkor v\u00e1lik nagyon vesz\u00e9lyess\u00e9, ha a bev\u00e9telek beszakadnak, hiszen ez egy el\u0151rejelz\u00e9s, az ad\u00f3ss\u00e1gszolg\u00e1lat pedig egy k\u00f6telezetts\u00e9g, amit teljes\u00edteni kell. Mivel a politikai narrat\u00edva er\u0151teljesen megfordult Magyarorsz\u00e1gon, nem lenn\u00e9k meglepve, ha a hitelek t\u00f6rleszt\u00e9se el\u0151bb vagy ut\u00f3bb probl\u00e9m\u00e1ba \u00fctk\u00f6zne a 4iG oldal\u00e1r\u00f3l, ami am\u00fagy a Rheinmetall-AG-nak is kellemetlen lehet, l\u00e9v\u00e9n a 4iG ~26%-\u00e1t birtokolj\u00e1k.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>A Tisza-korm\u00e1ny hat\u00e1sa.<\/strong> A 2026. \u00e1prilis 12-i v\u00e1laszt\u00e1s eredm\u00e9nye, Tisza P\u00e1rt k\u00e9tharmados t\u00f6bbs\u00e9ge, a 4iG r\u00e9szv\u00e9ny \u00e1rfolyam\u00e1t egyetlen nap alatt ~17%-kal nyomta le. Az az\u00f3ta eltelt hetekben a r\u00e9szv\u00e9ny 4320 HUF-r\u00f3l 1919 HUF-ra esett: ez 55.6%-os es\u00e9s hat h\u00f3nap alatt. A legk\u00f6zvetlenebb okot az 1311 milli\u00e1rd HUF-os HM-keretszerz\u0151d\u00e9s \u00faj korm\u00e1ny \u00e1ltali felf\u00fcggeszt\u00e9se, valamint az els\u0151 30 milli\u00e1rd HUF-os sz\u00e1mla be nem fizet\u00e9se jelenti, viszont nem tudjuk, hogy h\u00e1ny olyan szerz\u0151d\u00e9s van, ami m\u00e9g a 4iG-t \u00e9rinti \u00e9s az \u00e1llamhoz k\u00f6t\u0151dik. A piaci szentiment finoman sz\u00f3lva is pesszimista, l\u00e9v\u00e9n a k\u00f6vetkez\u0151 4 \u00e9vben szinte biztosan kevesebb \u00e1llami megrendel\u00e9s fog a 4iG-hez \u00e9rkezni.<\/p>\n\n\n\n<figure class=\"wp-block-image size-large is-resized\"><img decoding=\"async\" width=\"1024\" height=\"726\" data-src=\"https:\/\/iocharts.io\/blog\/wp-content\/smush-webp\/2026\/06\/4ig-arfolyam-1024x726.jpg.webp\" alt=\"a 4iG r\u00e9szv\u00e9ny \u00e1rfolyammozg\u00e1sa az elm\u00falt \u00e9vekben\" class=\"wp-image-11639 lazyload\" style=\"--smush-placeholder-width: 1024px; --smush-placeholder-aspect-ratio: 1024\/726;width:1140px;height:auto\" data-srcset=\"https:\/\/iocharts.io\/blog\/wp-content\/smush-webp\/2026\/06\/4ig-arfolyam-1024x726.jpg.webp 1024w, https:\/\/iocharts.io\/blog\/wp-content\/smush-webp\/2026\/06\/4ig-arfolyam-414x293.jpg.webp 414w, https:\/\/iocharts.io\/blog\/wp-content\/smush-webp\/2026\/06\/4ig-arfolyam-768x544.jpg.webp 768w, https:\/\/iocharts.io\/blog\/wp-content\/smush-webp\/2026\/06\/4ig-arfolyam-1536x1089.jpg.webp 1536w, https:\/\/iocharts.io\/blog\/wp-content\/smush-webp\/2026\/06\/4ig-arfolyam-scaled.jpg.webp 1110w\" data-sizes=\"(max-width: 1024px) 100vw, 1024px\" src=\"data:image\/svg+xml;base64,PHN2ZyB3aWR0aD0iMSIgaGVpZ2h0PSIxIiB4bWxucz0iaHR0cDovL3d3dy53My5vcmcvMjAwMC9zdmciPjwvc3ZnPg==\" \/><figcaption class=\"wp-element-caption\">forr\u00e1s: <a href=\"https:\/\/fiscal.ai\/?via=balint\" target=\"_blank\" rel=\"noreferrer noopener\">fiscal.ai<\/a>, a 4iG r\u00e9szv\u00e9ny \u00e1rfolyammozg\u00e1sa az elm\u00falt \u00e9vekben<\/figcaption><\/figure>\n\n\n\n<p class=\"wp-block-paragraph\">Mindazon\u00e1ltal azt \u00e9rdemes megeml\u00edteni, hogy a 4iG-nak 11 000 munkav\u00e1llal\u00f3ja van, akiket mind elbocs\u00e1tani nem lehet, hiszen az hatalmas politikai \u00fct\u00e9s lenne a Tisza-korm\u00e1nynak. Ett\u0151l m\u00e9g a bizonytalans\u00e1g nagy, \u00e9s val\u00f3sz\u00edn\u0171leg tov\u00e1bbi vizsg\u00e1latok is indulnak majd az \u00e1llami szerz\u0151d\u00e9sek kapcs\u00e1n.<\/p>\n\n\n\n<figure class=\"wp-block-image size-large is-resized\"><a href=\"https:\/\/wise.com\/invite\/ihpc\/balintzsoltk\" target=\"_blank\" rel=\" noreferrer noopener\"><img decoding=\"async\" width=\"1024\" height=\"256\" data-src=\"https:\/\/iocharts.io\/blog\/wp-content\/smush-webp\/2026\/02\/Wise-banner-hatter-v3-1024x256.jpg.webp\" alt=\"\" class=\"wp-image-9669 lazyload\" style=\"--smush-placeholder-width: 1024px; --smush-placeholder-aspect-ratio: 1024\/256;width:1140px;height:auto\" data-srcset=\"https:\/\/iocharts.io\/blog\/wp-content\/smush-webp\/2026\/02\/Wise-banner-hatter-v3-1024x256.jpg.webp 1024w, https:\/\/iocharts.io\/blog\/wp-content\/smush-webp\/2026\/02\/Wise-banner-hatter-v3-414x104.jpg.webp 414w, https:\/\/iocharts.io\/blog\/wp-content\/smush-webp\/2026\/02\/Wise-banner-hatter-v3-768x192.jpg.webp 768w, https:\/\/iocharts.io\/blog\/wp-content\/smush-webp\/2026\/02\/Wise-banner-hatter-v3-scaled.jpg.webp 1110w\" data-sizes=\"(max-width: 1024px) 100vw, 1024px\" src=\"data:image\/svg+xml;base64,PHN2ZyB3aWR0aD0iMSIgaGVpZ2h0PSIxIiB4bWxucz0iaHR0cDovL3d3dy53My5vcmcvMjAwMC9zdmciPjwvc3ZnPg==\" \/><\/a><\/figure>\n\n\n\n<hr class=\"wp-block-separator has-alpha-channel-opacity\"\/>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"reszvetel\">A 4iG r\u00e9szesed\u00e9sei m\u00e1s v\u00e1llalatokban<\/h2>\n\n\n\n<p class=\"wp-block-paragraph\">A 4iG az egyik legakt\u00edvabb akvizitor a hazai t\u0151zsd\u00e9n. A legfontosabb r\u00e9szesed\u00e9sek:<\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>T\u0151zsd\u00e9n is jegyzett le\u00e1nyv\u00e1llalat:<\/strong><\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>\ud83d\ude97 <strong>R\u00e1ba J\u00e1rm\u0171ipari Holding Nyrt. (B\u00c9T: RABA) \u2013 74.34%:<\/strong> 2026. janu\u00e1r 5-\u00e9n z\u00e1rult le a tranzakci\u00f3. A R\u00e1b\u00e1t a hadiipari j\u00e1rm\u0171-\u00f6sszeszerel\u00e9s \u00e9s a HIMARS-hordoz\u00f3platform fejleszt\u00e9s\u00e9nek c\u00e9lj\u00e1val v\u00e1s\u00e1rolt\u00e1k meg. Az \u00faj korm\u00e1ny fel\u00fclvizsg\u00e1lata ezt a projektet is \u00e9rinti, err\u0151l a kor\u00e1bban m\u00e1r linkelt Rheinmetall \u00e9s a lent olvashat\u00f3 R\u00e1ba cikkben is \u00edrtam.<\/li>\n<\/ul>\n\n\n\n<figure class=\"wp-block-embed aligncenter is-type-wp-embed is-provider-be-gyaz-s wp-block-embed-be-gyaz-s\"><div class=\"wp-block-embed__wrapper\">\n<blockquote class=\"wp-embedded-content\" data-secret=\"VrlaoUCZao\"><a href=\"https:\/\/iocharts.io\/blog\/raba-reszveny-arfolyam-vedelmi-atalakulas-es-autoipar\/\">R\u00e1ba r\u00e9szv\u00e9ny \u00e1rfolyam &#8211; v\u00e9delmi \u00e1talakul\u00e1s \u00e9s aut\u00f3ipar<\/a><\/blockquote><iframe class=\"wp-embedded-content lazyload\" sandbox=\"allow-scripts\" security=\"restricted\" style=\"position: absolute; visibility: hidden;\" title=\"\u201cR\u00e1ba r\u00e9szv\u00e9ny \u00e1rfolyam \u2013 v\u00e9delmi \u00e1talakul\u00e1s \u00e9s aut\u00f3ipar\u201d \u2014 \" data-src=\"https:\/\/iocharts.io\/blog\/raba-reszveny-arfolyam-vedelmi-atalakulas-es-autoipar\/embed\/#?secret=HXD5x3N35E#?secret=VrlaoUCZao\" data-secret=\"VrlaoUCZao\" width=\"600\" height=\"338\" frameborder=\"0\" marginwidth=\"0\" marginheight=\"0\" scrolling=\"no\" src=\"data:image\/svg+xml;base64,PHN2ZyB3aWR0aD0iMSIgaGVpZ2h0PSIxIiB4bWxucz0iaHR0cDovL3d3dy53My5vcmcvMjAwMC9zdmciPjwvc3ZnPg==\" data-load-mode=\"1\"><\/iframe>\n<\/div><\/figure>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>Nem t\u0151zsd\u00e9n jegyzett, de strat\u00e9giailag fontos r\u00e9szesed\u00e9sek:<\/strong><\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>\ud83d\ude81 <strong>RAC Antidrone Zrt. \/ Rotors and Cams Zrt.:<\/strong> dr\u00f3nv\u00e9delmi \u00e9s UAV-fejleszt\u00e9si c\u00e9gek.<\/li>\n\n\n\n<li>\ud83d\udce1 <strong>ONE Magyarorsz\u00e1g Zrt. (100%):<\/strong> a Vodafone, DIGI, Antenna Hung\u00e1ria \u00e9s Invitech \u00f6sszevon\u00e1s\u00e1val l\u00e9trej\u00f6tt egys\u00e9ges telekomszolg\u00e1ltat\u00f3. A csoport legnagyobb bev\u00e9teltermel\u0151je.<\/li>\n\n\n\n<li>\ud83d\udce1 <strong>Antenna Hung\u00e1ria Zrt. (100%):<\/strong> Magyarorsz\u00e1g vezet\u0151 m\u0171sorterjeszt\u0151je \u00e9s m\u0171holdas kommunik\u00e1ci\u00f3s szolg\u00e1ltat\u00f3ja.<\/li>\n\n\n\n<li>\ud83c\udf10 <strong>4iG International Digital Infrastructure Zrt. (IDI):<\/strong> balk\u00e1ni nagykereskedelmi telekommunik\u00e1ci\u00f3 \u00e9s digit\u00e1lis infrastrukt\u00fara. G\u00f6r\u00f6g Grid Telecommal sz\u00e1nd\u00e9knyilatkozatot \u00edrtak al\u00e1 a balk\u00e1ni h\u00e1l\u00f3zatb\u0151v\u00edt\u00e9sre.<\/li>\n\n\n\n<li>\ud83d\udef0\ufe0f <strong>CarpathiaSat Zrt. (100%):<\/strong> k\u00f6z\u00e9p-eur\u00f3pai m\u0171holdas kommunik\u00e1ci\u00f3.<\/li>\n<\/ul>\n\n\n\n<p class=\"wp-block-paragraph\">A fentiekb\u0151l l\u00e1that\u00f3, hogy a 4iG beh\u00e1l\u00f3zta az orsz\u00e1got \u00e9s rengeteg \u00fcgyfele van. \u00dagy is fogalmazhatok, hogy er\u0151teljesen be\u00e1gyazottak a c\u00e9geik, viszont nagyon neh\u00e9z megbecs\u00fclni, hogy a bev\u00e9telb\u0151l mekkora a mesters\u00e9gesen gener\u00e1lt \u00e9s mekkora az organikus r\u00e9sz, amelyek m\u00f6g\u00f6tt val\u00f3s megrendel\u00e9sek \u00e9s piaci \u00fcgyfelek vannak.<\/p>\n\n\n\n<figure class=\"wp-block-image size-large is-resized\"><a href=\"https:\/\/lightyear.com\/en-eu\/profile\/jozsef491\" target=\"_blank\" rel=\" noreferrer noopener\"><img decoding=\"async\" width=\"1024\" height=\"256\" data-src=\"https:\/\/iocharts.io\/blog\/wp-content\/smush-webp\/2026\/02\/Lightyear-blue-white-1024x256.jpg.webp\" alt=\"\" class=\"wp-image-9688 lazyload\" style=\"--smush-placeholder-width: 1024px; --smush-placeholder-aspect-ratio: 1024\/256;width:1140px;height:auto\" data-srcset=\"https:\/\/iocharts.io\/blog\/wp-content\/smush-webp\/2026\/02\/Lightyear-blue-white-1024x256.jpg.webp 1024w, https:\/\/iocharts.io\/blog\/wp-content\/smush-webp\/2026\/02\/Lightyear-blue-white-414x104.jpg.webp 414w, https:\/\/iocharts.io\/blog\/wp-content\/smush-webp\/2026\/02\/Lightyear-blue-white-768x192.jpg.webp 768w, https:\/\/iocharts.io\/blog\/wp-content\/smush-webp\/2026\/02\/Lightyear-blue-white-scaled.jpg.webp 1110w\" data-sizes=\"(max-width: 1024px) 100vw, 1024px\" src=\"data:image\/svg+xml;base64,PHN2ZyB3aWR0aD0iMSIgaGVpZ2h0PSIxIiB4bWxucz0iaHR0cDovL3d3dy53My5vcmcvMjAwMC9zdmciPjwvc3ZnPg==\" \/><\/a><\/figure>\n\n\n\n<hr class=\"wp-block-separator has-alpha-channel-opacity\"\/>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"metrikai\">A 4iG r\u00e9szv\u00e9ny metrik\u00e1i<\/h2>\n\n\n\n<figure class=\"wp-block-table\"><table class=\"has-fixed-layout\"><thead><tr><th>Mutat\u00f3<\/th><th>\u00c9rt\u00e9k<\/th><\/tr><\/thead><tbody><tr><td>R\u00e9szv\u00e9ny\u00e1rfolyam (2026. j\u00fanius)<\/td><td><strong><mark style=\"background-color:rgba(0, 0, 0, 0)\" class=\"has-inline-color has-vivid-red-color\">1,919 HUF<\/mark><\/strong><\/td><\/tr><tr><td>R\u00e9szv\u00e9ny\u00e1rfolyam (2025. december v\u00e9ge)<\/td><td>4,320 HUF<\/td><\/tr><tr><td>\u00c1rfolyamv\u00e1ltoz\u00e1s (Dec &#8217;25 \u2192 Jun &#8217;26)<\/td><td><strong>-55.6%<\/strong><\/td><\/tr><tr><td>5 \u00e9ves hozam<\/td><td>+206.1% (CAGR 25.1%)<\/td><\/tr><tr><td>Piaci kapitaliz\u00e1ci\u00f3<\/td><td>~556 milli\u00e1rd HUF (~1.5 milli\u00e1rd USD)<\/td><\/tr><tr><td>EV (v\u00e1llalati \u00e9rt\u00e9k)<\/td><td>~1.86 billi\u00f3 HUF<\/td><\/tr><tr><td>Bev\u00e9tel 2025<\/td><td>745.3 milli\u00e1rd HUF (+8.46% \u00e9v\/\u00e9v)<\/td><\/tr><tr><td>Bev\u00e9tel TTM<\/td><td>776.8 milli\u00e1rd HUF<\/td><\/tr><tr><td>Brutt\u00f3 profit 2025<\/td><td>302.4 milli\u00e1rd HUF<\/td><\/tr><tr><td>Brutt\u00f3 marzs 2025<\/td><td>40.57%<\/td><\/tr><tr><td>EBITDA 2025<\/td><td>188.1 milli\u00e1rd HUF<\/td><\/tr><tr><td>EBITDA-marzs 2025<\/td><td>~25.3%<\/td><\/tr><tr><td>Operat\u00edv marzs 2025<\/td><td>8.79%<\/td><\/tr><tr><td>Nett\u00f3 vesztes\u00e9g 2025<\/td><td>-4.99 milli\u00e1rd HUF<\/td><\/tr><tr><td>FCF 2025<\/td><td>152.4 milli\u00e1rd HUF<\/td><\/tr><tr><td>FCF-marzs 2025<\/td><td>~20.5%<\/td><\/tr><tr><td>Nett\u00f3 ad\u00f3ss\u00e1g (2025 v\u00e9ge)<\/td><td>807.2 milli\u00e1rd HUF<\/td><\/tr><tr><td>Nett\u00f3 ad\u00f3ss\u00e1g (LTM)<\/td><td>974.2 milli\u00e1rd HUF<\/td><\/tr><tr><td>Nett\u00f3 ad\u00f3ss\u00e1g \/ EBITDA<\/td><td>~4.3x<\/td><\/tr><tr><td>\u00d6sszes ad\u00f3ss\u00e1g<\/td><td>954.6 milli\u00e1rd HUF<\/td><\/tr><tr><td>TTM P\/FCF<\/td><td><strong>4.6x<\/strong> (!)<\/td><\/tr><tr><td>LTM EV\/EBITDA<\/td><td>~29.7x<\/td><\/tr><tr><td>J\u00e1szai Gell\u00e9rt r\u00e9szesed\u00e9se<\/td><td>12.51% (k\u00f6zvetlen) + ~40.18% iKON\/Ig Com-on kereszt\u00fcl<\/td><\/tr><tr><td>Rheinmetall AG r\u00e9szesed\u00e9se<\/td><td>25.93%<\/td><\/tr><tr><td>Alkalmazottak<\/td><td>11,000 (LTM)<\/td><\/tr><tr><td>Q4 2025 bev\u00e9tel meglepet\u00e9s<\/td><td>-5.3% (MISS: 195.8B vs 206.7B HUF becsl\u00e9s)<\/td><\/tr><tr><td>Forward Rev 2 \u00e9vre<\/td><td>-56.4% (elemz\u0151i v\u00e1rakoz\u00e1s!)<\/td><\/tr><tr><td>Osztal\u00e9k<\/td><td>Nincs (2023 \u00f3ta)<\/td><\/tr><\/tbody><\/table><\/figure>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>Ami a sz\u00e1mokb\u00f3l azonnal szembet\u0171nik:<\/strong> a 4.6x-os TTM P\/FCF kiv\u00e9telesen alacsony \u00e9rt\u00e9kelts\u00e9get jelent. A 152.4 milli\u00e1rd HUF-os szabad cash flow egy val\u00f3ban m\u0171k\u00f6d\u0151, cash flow-termel\u0151 \u00fczlet jelz\u00e9se, a telekominfrastrukt\u00fara stabil, viszont azt nem tudjuk, hogy h\u00e1ny \u00e1llami int\u00e9zm\u00e9nyt szolg\u00e1lnak ki pontosan \u00e9s abb\u00f3l mennyi \u00fcgyf\u00e9l marad majd meg a k\u00f6vetkez\u0151 4 \u00e9vben. <\/p>\n\n\n\n<figure class=\"wp-block-image size-large is-resized\"><img decoding=\"async\" width=\"1024\" height=\"726\" data-src=\"https:\/\/iocharts.io\/blog\/wp-content\/smush-webp\/2026\/06\/4iG_Nyrt_4IG-bevetel-fcf-netto-profit-1024x726.jpg.webp\" alt=\"a 4iG r\u00e9szv\u00e9ny m\u0171k\u00f6d\u00e9si marzsa, EBITDA-ja, szabad k\u00e9szp\u00e9nz\u00e1rama, nett\u00f3 profitja\" class=\"wp-image-11642 lazyload\" style=\"--smush-placeholder-width: 1024px; --smush-placeholder-aspect-ratio: 1024\/726;width:1140px;height:auto\" data-srcset=\"https:\/\/iocharts.io\/blog\/wp-content\/smush-webp\/2026\/06\/4iG_Nyrt_4IG-bevetel-fcf-netto-profit-1024x726.jpg.webp 1024w, https:\/\/iocharts.io\/blog\/wp-content\/smush-webp\/2026\/06\/4iG_Nyrt_4IG-bevetel-fcf-netto-profit-414x293.jpg.webp 414w, https:\/\/iocharts.io\/blog\/wp-content\/smush-webp\/2026\/06\/4iG_Nyrt_4IG-bevetel-fcf-netto-profit-768x544.jpg.webp 768w, https:\/\/iocharts.io\/blog\/wp-content\/smush-webp\/2026\/06\/4iG_Nyrt_4IG-bevetel-fcf-netto-profit-1536x1089.jpg.webp 1536w, https:\/\/iocharts.io\/blog\/wp-content\/smush-webp\/2026\/06\/4iG_Nyrt_4IG-bevetel-fcf-netto-profit-scaled.jpg.webp 1110w\" data-sizes=\"(max-width: 1024px) 100vw, 1024px\" src=\"data:image\/svg+xml;base64,PHN2ZyB3aWR0aD0iMSIgaGVpZ2h0PSIxIiB4bWxucz0iaHR0cDovL3d3dy53My5vcmcvMjAwMC9zdmciPjwvc3ZnPg==\" \/><figcaption class=\"wp-element-caption\">forr\u00e1s: <a href=\"https:\/\/fiscal.ai\/?via=balint\" target=\"_blank\" rel=\"noreferrer noopener\">fiscal.ai<\/a>, a 4iG r\u00e9szv\u00e9ny m\u0171k\u00f6d\u00e9si marzsa, EBITDA-ja, szabad k\u00e9szp\u00e9nz\u00e1rama, nett\u00f3 profitja<\/figcaption><\/figure>\n\n\n\n<p class=\"wp-block-paragraph\">Ugyanakkor a -56.4%-os 2 \u00e9ves el\u0151retekint\u0151 bev\u00e9teli v\u00e1rakoz\u00e1s azt mutatja, hogy az elemz\u0151k a korm\u00e1nyzati \u00e9s v\u00e9delmi megrendel\u00e9sek kies\u00e9se miatt drasztikus bev\u00e9telcs\u00f6kkent\u00e9ssel sz\u00e1molnak. Persze ez egyfajta p\u00e9nz\u00fcgyi lott\u00f3, igaz\u00e1b\u00f3l a sz\u00e1mokat senki nem tudja megalapozni, s\u0151t enn\u00e9l vannak sokkal drasztikusabb el\u0151rejelz\u00e9sek is, ahogyan az a lenti k\u00e9pen l\u00e1that\u00f3. Ha ez a v\u00e1rakoz\u00e1s beigazol\u00f3dik, a FCF is hasonl\u00f3 m\u00e9rt\u00e9kben zsugorodhat \u00e9s nagy k\u00e9rd\u00e9s, hogy mennyi marad a nett\u00f3 profitb\u00f3l, amit jelenleg a felv\u00e1s\u00e1rl\u00e1sokb\u00f3l sz\u00e1rmaz\u00f3 \u00e9rt\u00e9kcs\u00f6kken\u00e9s torz\u00edt.<\/p>\n\n\n\n<figure class=\"wp-block-image size-large is-resized\"><img decoding=\"async\" width=\"1024\" height=\"726\" data-src=\"https:\/\/iocharts.io\/blog\/wp-content\/smush-webp\/2026\/06\/4iG_Nyrt_4IG-bevetel-elorejelzes-1024x726.jpg.webp\" alt=\"a 4iG r\u00e9szv\u00e9ny becs\u00fclt j\u00f6v\u0151beni bev\u00e9tele\" class=\"wp-image-11641 lazyload\" style=\"--smush-placeholder-width: 1024px; --smush-placeholder-aspect-ratio: 1024\/726;width:1140px;height:auto\" data-srcset=\"https:\/\/iocharts.io\/blog\/wp-content\/smush-webp\/2026\/06\/4iG_Nyrt_4IG-bevetel-elorejelzes-1024x726.jpg.webp 1024w, https:\/\/iocharts.io\/blog\/wp-content\/smush-webp\/2026\/06\/4iG_Nyrt_4IG-bevetel-elorejelzes-414x293.jpg.webp 414w, https:\/\/iocharts.io\/blog\/wp-content\/smush-webp\/2026\/06\/4iG_Nyrt_4IG-bevetel-elorejelzes-768x544.jpg.webp 768w, https:\/\/iocharts.io\/blog\/wp-content\/smush-webp\/2026\/06\/4iG_Nyrt_4IG-bevetel-elorejelzes-1536x1089.jpg.webp 1536w, https:\/\/iocharts.io\/blog\/wp-content\/smush-webp\/2026\/06\/4iG_Nyrt_4IG-bevetel-elorejelzes-scaled.jpg.webp 1110w\" data-sizes=\"(max-width: 1024px) 100vw, 1024px\" src=\"data:image\/svg+xml;base64,PHN2ZyB3aWR0aD0iMSIgaGVpZ2h0PSIxIiB4bWxucz0iaHR0cDovL3d3dy53My5vcmcvMjAwMC9zdmciPjwvc3ZnPg==\" \/><figcaption class=\"wp-element-caption\">forr\u00e1s:&nbsp;<a href=\"https:\/\/fiscal.ai\/?via=balint\" target=\"_blank\" rel=\"noreferrer noopener\">fiscal.ai<\/a>, a 4iG r\u00e9szv\u00e9ny becs\u00fclt j\u00f6v\u0151beni bev\u00e9tele<\/figcaption><\/figure>\n\n\n\n<p class=\"wp-block-paragraph\">A nett\u00f3 vesztes\u00e9g (-4.99 milli\u00e1rd HUF) \u00e9s a negat\u00edv ROE az amortiz\u00e1ci\u00f3s t\u00e9telekkel, a felv\u00e1s\u00e1rl\u00e1sokhoz k\u00f6t\u0151d\u0151 goodwill-le\u00edr\u00e1sokkal \u00e9s a kamatteherrel magyar\u00e1zhat\u00f3, az operat\u00edv \u00fczlet FCF-szinten nyeres\u00e9ges, sz\u00f3val ez a val\u00f3s\u00e1gban csak egy sz\u00e1mviteli vesztes\u00e9g.<\/p>\n\n\n\n<figure class=\"wp-block-image size-large is-resized\"><img decoding=\"async\" width=\"1024\" height=\"726\" data-src=\"https:\/\/iocharts.io\/blog\/wp-content\/smush-webp\/2026\/06\/4iG_Nyrt_4IG-net-debt-cash-interest-1024x726.jpg.webp\" alt=\"a 4iG r\u00e9szv\u00e9ny teljes ad\u00f3ss\u00e1ga \u00e9s a fizetend\u0151 kamatteher\" class=\"wp-image-11645 lazyload\" style=\"--smush-placeholder-width: 1024px; --smush-placeholder-aspect-ratio: 1024\/726;width:1140px;height:auto\" data-srcset=\"https:\/\/iocharts.io\/blog\/wp-content\/smush-webp\/2026\/06\/4iG_Nyrt_4IG-net-debt-cash-interest-1024x726.jpg.webp 1024w, https:\/\/iocharts.io\/blog\/wp-content\/smush-webp\/2026\/06\/4iG_Nyrt_4IG-net-debt-cash-interest-414x293.jpg.webp 414w, https:\/\/iocharts.io\/blog\/wp-content\/smush-webp\/2026\/06\/4iG_Nyrt_4IG-net-debt-cash-interest-768x544.jpg.webp 768w, https:\/\/iocharts.io\/blog\/wp-content\/smush-webp\/2026\/06\/4iG_Nyrt_4IG-net-debt-cash-interest-1536x1089.jpg.webp 1536w, https:\/\/iocharts.io\/blog\/wp-content\/smush-webp\/2026\/06\/4iG_Nyrt_4IG-net-debt-cash-interest-scaled.jpg.webp 1110w\" data-sizes=\"(max-width: 1024px) 100vw, 1024px\" src=\"data:image\/svg+xml;base64,PHN2ZyB3aWR0aD0iMSIgaGVpZ2h0PSIxIiB4bWxucz0iaHR0cDovL3d3dy53My5vcmcvMjAwMC9zdmciPjwvc3ZnPg==\" \/><figcaption class=\"wp-element-caption\">forr\u00e1s:&nbsp;<a href=\"https:\/\/fiscal.ai\/?via=balint\" target=\"_blank\" rel=\"noreferrer noopener\">fiscal.ai<\/a>, a 4iG r\u00e9szv\u00e9ny teljes ad\u00f3ss\u00e1ga \u00e9s a fizetend\u0151 kamatteher<\/figcaption><\/figure>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>\ud83d\udcccGyakorlatban:<\/strong> a fentiek kapcs\u00e1n \u00e9rdemes azt megjegyezni, hogy a k\u00f6zel 1000 milli\u00e1rdos ad\u00f3ss\u00e1g kamatterhe durv\u00e1n 68-70 milli\u00e1rd HUF \u00e9vente, ami \u00e9rtelemszer\u0171en a szabad k\u00e9szp\u00e9nz\u00e1ramra \u00e9s a nett\u00f3 profitra is hat\u00e1ssal lesz. Ha a 188 milli\u00e1rdos EBITDA sz\u00e1mokb\u00f3l indulunk ki, akkor ez az\u00e9rt viszonylag k\u00f6nnyen kifizethet\u0151, de az\u00e9rt az ad\u00f3z\u00e1s el\u0151tti eredm\u00e9ny egyharmad\u00e1r\u00f3l van sz\u00f3! Ha a bev\u00e9tel val\u00f3ban f\u00f6ldbe \u00e1ll \u00e9s megfelez\u0151dik, akkor m\u00e1r k\u00f6zel sem lesz biztos, hogy a 4iG olyan sim\u00e1n ki tudja fizetni a kamatok \u00e9s az ad\u00f3ss\u00e1gt\u00f6rleszt\u00e9s terh\u00e9t.<\/p>\n\n\n\n<figure class=\"wp-block-image size-large is-resized\"><a href=\"https:\/\/ibkr.com\/referral\/balintzsolt366\" target=\"_blank\" rel=\" noreferrer noopener\"><img decoding=\"async\" width=\"1024\" height=\"256\" data-src=\"https:\/\/iocharts.io\/blog\/wp-content\/smush-webp\/2026\/02\/IBKR-banner-bonusz-200-usd-1024x256.jpg.webp\" alt=\"\" class=\"wp-image-9668 lazyload\" style=\"--smush-placeholder-width: 1024px; --smush-placeholder-aspect-ratio: 1024\/256;width:1140px;height:auto\" data-srcset=\"https:\/\/iocharts.io\/blog\/wp-content\/smush-webp\/2026\/02\/IBKR-banner-bonusz-200-usd-1024x256.jpg.webp 1024w, https:\/\/iocharts.io\/blog\/wp-content\/smush-webp\/2026\/02\/IBKR-banner-bonusz-200-usd-414x104.jpg.webp 414w, https:\/\/iocharts.io\/blog\/wp-content\/smush-webp\/2026\/02\/IBKR-banner-bonusz-200-usd-768x192.jpg.webp 768w, https:\/\/iocharts.io\/blog\/wp-content\/smush-webp\/2026\/02\/IBKR-banner-bonusz-200-usd-scaled.jpg.webp 1110w\" data-sizes=\"(max-width: 1024px) 100vw, 1024px\" src=\"data:image\/svg+xml;base64,PHN2ZyB3aWR0aD0iMSIgaGVpZ2h0PSIxIiB4bWxucz0iaHR0cDovL3d3dy53My5vcmcvMjAwMC9zdmciPjwvc3ZnPg==\" \/><\/a><\/figure>\n\n\n\n<hr class=\"wp-block-separator has-alpha-channel-opacity\"\/>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"megszoksz\">4iG r\u00e9szv\u00e9ny: megszoksz vagy megsz\u00f6ksz?<\/h2>\n\n\n\n<h3 class=\"wp-block-heading\">Ami a 4iG r\u00e9szv\u00e9ny mellett sz\u00f3l<\/h3>\n\n\n\n<ul class=\"wp-block-list\">\n<li>\ud83d\udce1 <strong>A telekom infrastrukt\u00fara nagyr\u00e9szt politikailag semleges eszk\u00f6z.<\/strong> A ONE Magyarorsz\u00e1g ~3 milli\u00f3 \u00fcgyfele, ki\u00e9p\u00edtett h\u00e1l\u00f3zata, alb\u00e1n \u00e9s montenegr\u00f3i jelenl\u00e9te nem t\u0171nik el az \u00faj korm\u00e1ny megv\u00e1laszt\u00e1s\u00e1val. A 37%-os EBITDA-marzs \u00e9s a 20.5%-os FCF-marzs egy val\u00f3ban m\u0171k\u00f6d\u0151 \u00fczlet k\u00e9p\u00e9t mutatja. Ha csak a telekomot n\u00e9zz\u00fck, a jelenlegi \u00e1rfolyamon a 4iG rendk\u00edv\u00fcl olcs\u00f3nak t\u0171nhet, viszont, ebb\u0151l az \u00fcgyf\u00e9lsz\u00e1mb\u00f3l az\u00e9rt v\u00e9lhet\u0151en le kell vonni azokat az \u00fcgyfeleket, akik \u00e1llami szerz\u0151d\u00e9seken kereszt\u00fcl ker\u00fcltek a One szolg\u00e1ltat\u00f3hoz.<\/li>\n\n\n\n<li>\ud83d\udcb2 <strong>4.6x TTM P\/FCF, az ipar\u00e1gban ritka \u00e9rt\u00e9kelts\u00e9g, de ennek oka van.<\/strong> Az eur\u00f3pai telekommunik\u00e1ci\u00f3s c\u00e9gek jellemz\u0151en 10\u201320x P\/FCF-en forognak. A 4.6x-os szorz\u00f3 azt jelenti, hogy a piac ma \u00fagy \u00e1razza a 4iG-et, mintha a szabad cash flow drasztikusan cs\u00f6kkenne vagy elt\u0171nne, ami a telekomszegmensre n\u00e9zve nem val\u00f3sz\u00edn\u0171 m\u00e9g a legrosszabb politikai forgat\u00f3k\u00f6nyvben sem.<\/li>\n\n\n\n<li>\ud83d\udd29 <strong>A Rheinmetall strat\u00e9giai jelenl\u00e9te \u00e9rt\u00e9ket k\u00e9pvisel.<\/strong> A Rheinmetall ~26%-os tulajdonosk\u00e9nt nemcsak passz\u00edv befektet\u0151: strat\u00e9giai \u00e9rdeke a 4iG siker\u00e9ben. Egy eur\u00f3pai v\u00e9delmi kiad\u00e1sn\u00f6veked\u00e9si hull\u00e1mban a Rheinmetall-csatorn\u00e1n kereszt\u00fcl a NATO-megrendel\u00e9sek egy r\u00e9sze a magyar korm\u00e1nyt\u00f3l f\u00fcggetlen\u00fcl is \u00e9rkezhet.<\/li>\n\n\n\n<li>\ud83c\udf0d <strong>Balk\u00e1ni terjeszked\u00e9s m\u00e9g korai f\u00e1zisban van.<\/strong> Az alb\u00e1niai ONE mobilt\u00e1rsas\u00e1g \u00e9s a montenegr\u00f3i jelenl\u00e9t EU-csatlakoz\u00e1si perspekt\u00edv\u00e1j\u00fa piacokon n\u00f6vekszik, ahol az infrastruktur\u00e1lis beruh\u00e1z\u00e1sok m\u00e9rt\u00e9ke emelked\u0151. Ez a n\u00f6veked\u00e9si vektor f\u00fcggetlen a magyar belpolitik\u00e1t\u00f3l, viszont nagy t\u0151kek\u00f6lts\u00e9get k\u00f6thet le.<\/li>\n\n\n\n<li>\ud83d\udcc9 <strong>Az 55%-os \u00e1rfolyames\u00e9s lehet t\u00falreag\u00e1l\u00e1s is.<\/strong> Ha az \u00faj korm\u00e1ny pragmatikusan kezeli a 4iG-et, azaz a telekomot nem b\u00fcnteti, csak a kir\u00edv\u00f3an durva politikai megrendel\u00e9seket vonja vissza, az \u00e1rfolyam korrig\u00e1lhat, hiszen most nagyj\u00e1b\u00f3l a v\u00e1llalat v\u00e9g\u00e9t \u00e1razza a piac.<\/li>\n<\/ul>\n\n\n\n<h3 class=\"wp-block-heading\">Ami a 4iG r\u00e9szv\u00e9ny ellen sz\u00f3l<\/h3>\n\n\n\n<ul class=\"wp-block-list\">\n<li>\u26a0\ufe0f <strong>A politikai kock\u00e1zat egy bek\u00f6vetkezett esem\u00e9ny, nem v\u00e1rakoz\u00e1s.<\/strong> A Tisza-korm\u00e1ny az els\u0151 napj\u00e1n jelezte, hogy az 1311 milli\u00e1rd HUF-os HM-keretszerz\u0151d\u00e9st fel\u00fclvizsg\u00e1lja, \u00e9s az els\u0151 30 milli\u00e1rdos sz\u00e1mla kifizet\u00e9s\u00e9t megtagadta. Ez a legk\u00f6zvetlenebb \u00e9rintettje a 4iG v\u00e9delmi szegmens\u00e9nek \u00e9s a bev\u00e9teli strukt\u00far\u00e1nak. Ezen t\u00fal m\u00e9g eshetnek ki m\u00e1s csontv\u00e1zak is a szekr\u00e9nyb\u0151l, amir\u0151l egyel\u0151re nem tudunk.<\/li>\n\n\n\n<li>\ud83d\udcb8 <strong>A 974 milli\u00e1rd HUF-os LTM nett\u00f3 ad\u00f3ss\u00e1g a legfontosabb struktur\u00e1lis kock\u00e1zat.<\/strong> A ~4.3x nett\u00f3 ad\u00f3ss\u00e1g\/EBITDA ar\u00e1ny eur\u00f3pai telekommunik\u00e1ci\u00f3s \u00f6sszehasonl\u00edt\u00e1sban magas, \u00e9s ha az EBITDA cs\u00f6kken (pl. IT-megrendel\u00e9sek kies\u00e9se miatt), a t\u0151ke\u00e1tt\u00e9tel gyorsan kritikuss\u00e1 v\u00e1lhat. Az EBIT\/kamatfedezeti ar\u00e1ny 1.0x k\u00f6r\u00fcl mozog, ez azt jelenti, hogy a c\u00e9g alig termeli meg a kamatait.<\/li>\n\n\n\n<li>\ud83d\udcca <strong>A Q4 2025-\u00f6s bev\u00e9teli miss \u00e9s az elemz\u0151i v\u00e1rakoz\u00e1sok riaszt\u00f3ak.<\/strong> A Q4 2025-\u00f6s 195.8 milli\u00e1rd HUF-os bev\u00e9tel 5.3%-kal maradt el a 206.7 milli\u00e1rdos becsl\u00e9st\u0151l. A 2 \u00e9ves el\u0151remen\u0151 bev\u00e9teli v\u00e1rakoz\u00e1s -56.4%, ez azt sugallja, hogy az elemz\u0151k a v\u00e9delmi \u00e9s IT-megrendel\u00e9sek drasztikus visszaes\u00e9s\u00e9re sz\u00e1m\u00edtanak.<\/li>\n\n\n\n<li>\ud83c\udfd7\ufe0f <strong>A goodwill \u00e9s az immateri\u00e1lis javak terhe.<\/strong> A m\u00e9rlegben 309.4 milli\u00e1rd HUF goodwill \u00e9s 246.1 milli\u00e1rd HUF egy\u00e9b immateri\u00e1lis eszk\u00f6z szerepel, ezek a felv\u00e1s\u00e1rl\u00e1sokb\u00f3l ered\u0151 t\u00e9telek le\u00edr\u00e1si kock\u00e1zatot hordoznak, ha a v\u00e9delmi \u00e9s IT-szegmensek \u00e9rt\u00e9ke tart\u00f3san cs\u00f6kken.<\/li>\n\n\n\n<li>\ud83d\udd0d <strong>A c\u00e9gstrukt\u00fara \u00e1tl\u00e1that\u00f3s\u00e1ga korl\u00e1tozott.<\/strong> A sokszint\u0171 holding-alstrukt\u00fara, az egyszeri t\u00e9telek magas ar\u00e1nya az eredm\u00e9nykimutat\u00e1sban \u00e9s a politikailag \u00e9rz\u00e9keny megrendel\u00e9sek r\u00e9szleteinek hi\u00e1nya megnehez\u00edti a val\u00f3di fundament\u00e1lis \u00e9rt\u00e9kel\u00e9st. A negat\u00edv nett\u00f3 profit (-4.99 milli\u00e1rd HUF) ellen\u00e9re a c\u00e9g FCF-szinten eg\u00e9szs\u00e9ges, de ez a divergencia ritk\u00e1n marad fenn hossz\u00fa t\u00e1von.<\/li>\n\n\n\n<li>\ud83d\udee1\ufe0f <strong>A R\u00e1ba \u00e9s a v\u00e9delmi portf\u00f3li\u00f3 \u00e9rt\u00e9kel\u00e9se bizonytalann\u00e1 v\u00e1lt.<\/strong> A 74.34%-os R\u00e1ba-r\u00e9szesed\u00e9s \u00e9rt\u00e9ke az \u00faj korm\u00e1ny hozz\u00e1\u00e1ll\u00e1s\u00e1t\u00f3l f\u00fcgg. Ha a HIMARS-\u00f6sszeszerel\u00e9si projekt nem folytat\u00f3dik, a R\u00e1ba visszaker\u00fclhet a hagyom\u00e1nyos aut\u00f3ipari j\u00e1rm\u0171-gy\u00e1rt\u00f3i szerep\u00e9be, j\u00f3val alacsonyabb \u00e9rt\u00e9kelts\u00e9ggel.<\/li>\n<\/ul>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>\ud83d\udccc Gyakorlatban:<\/strong> a 4iG r\u00e9szv\u00e9ny elemz\u00e9s alapprobl\u00e9m\u00e1ja az, hogy nagyon sok a mozg\u00f3 v\u00e1ltoz\u00f3 \u00e9s ezeknek a d\u00f6nt\u0151 t\u00f6bbs\u00e9ge negat\u00edv kil\u00e1t\u00e1sokat jelez el\u0151re. A magas goodwill ar\u00e1nya a m\u00e9rlegben egy felv\u00e1s\u00e1rl\u00f3 v\u00e1llalat eset\u00e9ben azt jelenti, hogy val\u00f3sz\u00edn\u0171leg t\u00falfizettek a felv\u00e1s\u00e1rl\u00e1sok\u00e9rt, \u00edgy v\u00e1rhat\u00f3k le\u00edr\u00e1sok, amik puszt\u00edtj\u00e1k a tulajdonosi \u00e9rt\u00e9ket. Nem tudjuk, mennyit esik majd a r\u00e9szv\u00e9ny bev\u00e9tele \u00e9s ez tov\u00e1bbi lefel\u00e9 mutat\u00f3 \u00e1rfolyampotenci\u00e1lt jelenthet. Fogalmunk sincs, mi lesz a R\u00e1b\u00e1val, hogy milyen probl\u00e9m\u00e1s szerz\u0151d\u00e9sek lapulnak m\u00e9g a piacban, vagyis \u00f6sszess\u00e9g\u00e9ben ez egy nagyon kock\u00e1zatos fogad\u00e1s arra, hogy a probl\u00e9m\u00e1k nem is val\u00f3sak, csak egy piaci t\u00falreakci\u00f3r\u00f3l van sz\u00f3.<\/p>\n\n\n\n<figure class=\"wp-block-image size-large is-resized\"><a href=\"https:\/\/wise.com\/invite\/ihpc\/balintzsoltk\" target=\"_blank\" rel=\" noreferrer noopener\"><img decoding=\"async\" width=\"1024\" height=\"256\" data-src=\"https:\/\/iocharts.io\/blog\/wp-content\/smush-webp\/2026\/02\/Wise-banner-hatter-v3-1024x256.jpg.webp\" alt=\"\" class=\"wp-image-9669 lazyload\" style=\"--smush-placeholder-width: 1024px; --smush-placeholder-aspect-ratio: 1024\/256;width:1140px;height:auto\" data-srcset=\"https:\/\/iocharts.io\/blog\/wp-content\/smush-webp\/2026\/02\/Wise-banner-hatter-v3-1024x256.jpg.webp 1024w, https:\/\/iocharts.io\/blog\/wp-content\/smush-webp\/2026\/02\/Wise-banner-hatter-v3-414x104.jpg.webp 414w, https:\/\/iocharts.io\/blog\/wp-content\/smush-webp\/2026\/02\/Wise-banner-hatter-v3-768x192.jpg.webp 768w, https:\/\/iocharts.io\/blog\/wp-content\/smush-webp\/2026\/02\/Wise-banner-hatter-v3-scaled.jpg.webp 1110w\" data-sizes=\"(max-width: 1024px) 100vw, 1024px\" src=\"data:image\/svg+xml;base64,PHN2ZyB3aWR0aD0iMSIgaGVpZ2h0PSIxIiB4bWxucz0iaHR0cDovL3d3dy53My5vcmcvMjAwMC9zdmciPjwvc3ZnPg==\" \/><\/a><\/figure>\n\n\n\n<hr class=\"wp-block-separator has-alpha-channel-opacity\"\/>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"osszegzese\">A 4iG (BUD:4IG) r\u00e9szv\u00e9ny elemz\u00e9s \u00f6sszegz\u00e9se<\/h2>\n\n\n\n<p class=\"wp-block-paragraph\">A 4iG r\u00e9szv\u00e9ny elemz\u00e9se 2026 j\u00fanius\u00e1ban egy val\u00f3s paradoxont t\u00e1r fel: a c\u00e9g 745.3 milli\u00e1rd HUF-os bev\u00e9telt termelt, 188 milli\u00e1rd forintos EBITDA \u00e9s 152 milli\u00e1rd forintos szabad cash flow mellett, ami egy \u00e9rett, konszolid\u00e1lt telekommunik\u00e1ci\u00f3s holding k\u00e9p\u00e9t mutatja. De h\u00e1t Magyarorsz\u00e1gon \u00e9l\u00fcnk, \u00edgy tudjuk, hogy ezt nagyon sok minden \u00e1rnyalja, nem v\u00e9letlen\u00fcl vesztette el az \u00e9rt\u00e9kelts\u00e9g\u00e9nek t\u00f6bb mint fel\u00e9t az elm\u00falt 6 h\u00f3napban a 4iG.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">A k\u00e9rd\u00e9s az, hogy a jelenlegi 974 milli\u00e1rd HUF-os nett\u00f3 ad\u00f3ss\u00e1g, a szinte megsz\u0171nt korm\u00e1nyzati IT-megrendel\u00e9sek \u00e9s a felf\u00fcggesztett HM-szerz\u0151d\u00e9s kombin\u00e1ci\u00f3ja mennyire \u00e9rinti a FCF-termel\u0151 k\u00e9pess\u00e9get. Ha a Tisza-korm\u00e1ny pragmatikusan kezeli a 4iG-et \u00e9s nem b\u00fcnteti a telekomszegmenst, a 4.6x P\/FCF-en az \u00e1rfolyam komoly fel\u00e9rt\u00e9kel\u0151d\u00e9si potenci\u00e1lt hordoz, de cser\u00e9be igen durva kock\u00e1zatokat is kell futnia a befektet\u0151knek. Ha az ad\u00f3ss\u00e1grefinansz\u00edroz\u00e1s neh\u00e9zs\u00e9geivel \u00e9s az IT-szegmens \u00f6sszeoml\u00e1s\u00e1val kell szemben\u00e9zni egyszerre, a jelenlegi \u00e1rban nincsen el\u00e9g biztons\u00e1gi r\u00e1hagy\u00e1s.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>Szem\u00e9ly szerint, hozz\u00e1 nem ny\u00faln\u00e9k a 4iG r\u00e9szv\u00e9ny\u00e9hez, mert a kompetenci\u00e1imon egyszer\u0171en t\u00falmutat ez a pap\u00edr, szerintem nincs ember, aki meg tudja j\u00f3solni el\u0151re a dolgok politikai kimenetel\u00e9t, mik\u00f6zben az ad\u00f3ss\u00e1g Demokl\u00e9sz-kardjak\u00e9nt leng a v\u00e1llalat feje felett.<\/strong> Mivel az ad\u00f3ss\u00e1g megl\u00e9te egy t\u00e9ny, a bev\u00e9tel be\u00e9rkez\u00e9se pedig egy v\u00e1rakoz\u00e1s, itt a kock\u00e1zat\/hozam ar\u00e1ny sajnos nem az ut\u00f3bbi fel\u00e9 billen.<\/p>\n\n\n\n<pre class=\"wp-block-preformatted\"><mark style=\"background-color:rgba(0, 0, 0, 0)\" class=\"has-inline-color has-vivid-cyan-blue-color\"><strong>Ha pedig tov\u00e1bb akartok elemezni, haszn\u00e1lj\u00e1tok az iO Charts r\u00e9szv\u00e9ny- \u00e9s portf\u00f3li\u00f3 kezel\u0151j\u00e9t, amit itt \u00e9rtek el: <a class=\"nturl\" href=\"https:\/\/iocharts.io\/\" target=\"_blank\" rel=\"noreferrer noopener\">iO Charts<\/a>.<\/strong><\/mark><\/pre>\n\n\n\n<figure class=\"wp-block-image size-large is-resized\"><a href=\"https:\/\/lightyear.com\/en-eu\/profile\/jozsef491\" target=\"_blank\" rel=\" noreferrer noopener\"><img decoding=\"async\" width=\"1024\" height=\"256\" data-src=\"https:\/\/iocharts.io\/blog\/wp-content\/smush-webp\/2026\/02\/Lightyear-blue-white-1024x256.jpg.webp\" alt=\"\" class=\"wp-image-9688 lazyload\" style=\"--smush-placeholder-width: 1024px; --smush-placeholder-aspect-ratio: 1024\/256;width:1140px;height:auto\" data-srcset=\"https:\/\/iocharts.io\/blog\/wp-content\/smush-webp\/2026\/02\/Lightyear-blue-white-1024x256.jpg.webp 1024w, https:\/\/iocharts.io\/blog\/wp-content\/smush-webp\/2026\/02\/Lightyear-blue-white-414x104.jpg.webp 414w, https:\/\/iocharts.io\/blog\/wp-content\/smush-webp\/2026\/02\/Lightyear-blue-white-768x192.jpg.webp 768w, https:\/\/iocharts.io\/blog\/wp-content\/smush-webp\/2026\/02\/Lightyear-blue-white-scaled.jpg.webp 1110w\" data-sizes=\"(max-width: 1024px) 100vw, 1024px\" src=\"data:image\/svg+xml;base64,PHN2ZyB3aWR0aD0iMSIgaGVpZ2h0PSIxIiB4bWxucz0iaHR0cDovL3d3dy53My5vcmcvMjAwMC9zdmciPjwvc3ZnPg==\" \/><\/a><\/figure>\n\n\n\n<hr class=\"wp-block-separator has-alpha-channel-opacity is-style-wide\"\/>\n\n\n\n<h2 class=\"wp-block-heading has-text-align-center\" id=\"gyik\">Gyakran Ism\u00e9telt K\u00e9rd\u00e9sek a 4iG r\u00e9szv\u00e9ny elemz\u00e9s\u00e9hez<\/h2>\n\n\n\n<h3 class=\"wp-block-heading\">Mi az a 4iG, \u00e9s hogyan lett egy kis IT-c\u00e9gb\u0151l ilyen nagy holding?<\/h3>\n\n\n\n<p class=\"wp-block-paragraph\">A 4iG 1990-ben alakult kis IT-v\u00e1llalatk\u00e9nt, \u00e9s az els\u0151 \u00e9vtizedeit csendesen t\u00f6lt\u00f6tte hardver-kereskedelemmel \u00e9s szoftverintegr\u00e1ci\u00f3s projektekkel. A fordulat 2017\u20132018 k\u00f6r\u00fcl k\u00f6vetkezett be, amikor J\u00e1szai Gell\u00e9rt Zolt\u00e1n \u00e1tvette az ir\u00e1ny\u00edt\u00e1st. Az azt k\u00f6vet\u0151 \u00e9vtizedben a 4iG sorra v\u00e1s\u00e1rolta fel az \u00e1llami tulajdon\u00fa vagy privatiz\u00e1lt infokommunik\u00e1ci\u00f3s v\u00e1llalatokat, az Antenna Hung\u00e1ri\u00e1t, az Invitechet, a DIGI-t \u00e9s a Vodafone Magyarorsz\u00e1got, majd a v\u00e9delmi ipari amb\u00edci\u00f3kat is hozz\u00e1adta a portf\u00f3li\u00f3hoz. Ez a folyamat szoros \u00f6sszef\u00fcgg\u00e9sben \u00e1llt az Orb\u00e1n-korm\u00e1ny k\u00f6zbeszerz\u00e9si politik\u00e1j\u00e1val \u00e9s az \u00e1llami IT-megrendel\u00e9sek \u00e1tir\u00e1ny\u00edt\u00e1s\u00e1val.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\">Milyen a 4iG kapcsolata a volt Orb\u00e1n-korm\u00e1nnyal?<\/h3>\n\n\n\n<p class=\"wp-block-paragraph\">A 4iG gyors n\u00f6veked\u00e9se \u00e9s az \u00e1llami megrendel\u00e9sek k\u00f6z\u00f6tti \u00f6sszef\u00fcgg\u00e9s a piac sz\u00e1m\u00e1ra r\u00e9g\u00f3ta ismert. A v\u00e1llalat sz\u00e1mos \u00e1llami infrastruktur\u00e1lis projektet nyert meg, kedvez\u0151 finansz\u00edroz\u00e1ssal v\u00e1s\u00e1rolta fel az \u00e1llami tulajdon\u00fa kommunik\u00e1ci\u00f3s c\u00e9geket, \u00e9s a v\u00e9delmi ipari poz\u00edci\u00f3t, bele\u00e9rtve az 1311 milli\u00e1rd HUF-os HM-keretszerz\u0151d\u00e9st is, amit az el\u0151z\u0151 korm\u00e1nnyal k\u00f6z\u00f6sen alak\u00edtott ki. Ez az \u00f6sszef\u00fcgg\u00e9s a Tisza-korm\u00e1ny 2026-os gy\u0151zelm\u00e9vel politikai kock\u00e1zatt\u00e1 v\u00e1lt: az \u00faj korm\u00e1ny els\u0151k k\u00f6z\u00f6tt a 4iG-t \u00e9rint\u0151 v\u00e9delmi \u00e9s IT-szerz\u0151d\u00e9seket vizsg\u00e1lja fel\u00fcl.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\">Mi volt a Vodafone-ONE deal, \u00e9s mi\u00e9rt fontos a 4iG r\u00e9szv\u00e9ny\u00e1rfolyam szempontj\u00e1b\u00f3l?<\/h3>\n\n\n\n<p class=\"wp-block-paragraph\">2022-ben a 4iG megv\u00e1s\u00e1rolta a Vodafone Magyarorsz\u00e1g mobilszolg\u00e1ltat\u00f3t (kb. 1.7 milli\u00e1rd EUR \u00e9rt\u00e9ken), majd ezt k\u00f6vette a DIGI Hungary felv\u00e1s\u00e1rl\u00e1sa is. A k\u00e9t c\u00e9get az Antenna Hung\u00e1ri\u00e1val \u00e9s az Invitech-kel egy\u00fctt egyetlen m\u00e1rk\u00e1v\u00e1, ONE Magyarorsz\u00e1g Zrt., olvasztott\u00e1k \u00f6ssze. Ezzel a 4iG lett Magyarorsz\u00e1g legsoksz\u00edn\u0171bb telekomplatformja. Az \u00fcgylet \u00e1ra: k\u00f6zel 1000 milli\u00e1rd HUF-os nett\u00f3 ad\u00f3ss\u00e1g \u00e9s 1.0x k\u00f6r\u00fcli EBIT\/kamatfedezeti ar\u00e1ny. Az \u00fczlet az\u00e9rt meghat\u00e1roz\u00f3 a r\u00e9szv\u00e9ny szempontj\u00e1b\u00f3l, mert a telekommunik\u00e1ci\u00f3s szegmens stabil FCF-termel\u00e9se az egyetlen biztos\u00edt\u00e9k a magas ad\u00f3ss\u00e1g\u00e1llom\u00e1ny fenntarthat\u00f3s\u00e1ga m\u00f6g\u00f6tt.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\">Mekkor\u00e1k a 4iG bev\u00e9telei Magyarorsz\u00e1gon \u00e9s k\u00fclf\u00f6ld\u00f6n?<\/h3>\n\n\n\n<p class=\"wp-block-paragraph\">A 4iG 2025-\u00f6s 745.3 milli\u00e1rd HUF-os \u00e1rbev\u00e9tel\u00e9nek k\u00f6zel 87%-a Magyarorsz\u00e1gr\u00f3l, kb. 9%-a Alb\u00e1ni\u00e1b\u00f3l \u00e9s kb. 4%-a Montenegr\u00f3b\u00f3l \u00e9rkezett. Ez a koncentr\u00e1ci\u00f3 azt jelenti, hogy a magyar politikai \u00e9s gazdas\u00e1gi k\u00f6r\u00fclm\u00e9nyek ar\u00e1nytalanul nagy hat\u00e1ssal vannak a csoport teljes teljes\u00edtm\u00e9ny\u00e9re. A balk\u00e1ni piacok, ahol az EU-csatlakoz\u00e1si perspekt\u00edva infrastruktur\u00e1lis beruh\u00e1z\u00e1sokat vonz, a j\u00f6v\u0151beli diverzifik\u00e1ci\u00f3 legfontosabb ir\u00e1nyai, de jelenleg m\u00e9g nagyon sokat nem nyomnak a latba.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\">Fizet-e osztal\u00e9kot a 4iG r\u00e9szv\u00e9ny?<\/h3>\n\n\n\n<p class=\"wp-block-paragraph\">Nem: a 4iG 2023 \u00f3ta nem fizet osztal\u00e9kot. A magas ad\u00f3ss\u00e1g\u00e1llom\u00e1ny \u00e9s az \u00fajabb akviz\u00edci\u00f3k finansz\u00edroz\u00e1sa miatt az osztal\u00e9kfizet\u00e9s bel\u00e1that\u00f3 id\u0151n bel\u00fcl nem v\u00e1rhat\u00f3. Aki rendszeres j\u00f6vedelmet keres a B\u00c9T-en, annak a Magyar Telekom vagy a MOL lehet megfelel\u0151bb alternat\u00edva a 4iG r\u00e9szv\u00e9ny mell\u00e9, mindkett\u0151r\u0151l \u00edrtunk egy r\u00f6videbb anyagot az iO Charts blogon.<\/p>\n\n\n\n<hr class=\"wp-block-separator has-alpha-channel-opacity is-style-wide\"\/>\n\n\n\n<p class=\"wp-block-paragraph\"><strong><em><mark style=\"background-color:rgba(0, 0, 0, 0)\" class=\"has-inline-color has-vivid-red-color\">Jogi \u00e9s felel\u0151ss\u00e9gi nyilatkozat (aka. disclaimer)<\/mark>:<\/em><\/strong><em> a cikkeim mag\u00e1nv\u00e9lem\u00e9nyt tartalmaznak, kiz\u00e1r\u00f3lag a saj\u00e1t \u00e9s az olvas\u00f3k\u00f6z\u00f6ns\u00e9g sz\u00f3rakoztat\u00e1s\u00e1ra \u00edrom \u0151ket.&nbsp;Az&nbsp;itt megjelen\u0151 cikkek semmilyen form\u00e1ban&nbsp;NEM&nbsp;mer\u00edtik ki a befektet\u00e9si tan\u00e1csad\u00e1s t\u00e9mak\u00f6r\u00e9t. Soha nem akartam, nem is akarok \u00e9s a j\u00f6v\u0151ben sem val\u00f3sz\u00edn\u0171, hogy fogok ilyet adni.&nbsp;Az itt le\u00edrtak kiz\u00e1r\u00f3lag inform\u00e1ci\u00f3s tartalomnak tekinthet\u0151k, \u00e9s&nbsp;NEM&nbsp;\u00e9rtelmezhet\u0151ek aj\u00e1nlatt\u00e9telnek. A v\u00e9lem\u00e9nynyilv\u00e1n\u00edt\u00e1s semmilyen form\u00e1ban&nbsp;NEM&nbsp;tekinthet\u0151 biztos\u00edt\u00e9knak p\u00e9nz\u00fcgyi instrumentumok elad\u00e1s\u00e1ra vagy v\u00e1s\u00e1rl\u00e1s\u00e1ra.&nbsp;A meghozott d\u00f6nt\u00e9seitek\u00e9rt&nbsp;KIZ\u00c1R\u00d3LAG TI&nbsp;vagytok a felel\u0151sek, ennek kock\u00e1zat\u00e1t senki m\u00e1s, \u00edgy \u00e9rtelemszer\u0171en \u00e9n sem, v\u00e1llalom magamra.<\/em><\/p>\n\n\n\n<!-- ============================================================\n     GY\u00cdK ACCORDION - iO Charts (4iG cikk)\n     ============================================================ -->\n<style>\n.io-faq {\n  --faq-navy:      #1b3a5f;\n  --faq-accent:    #e2662c;\n  --faq-text:      #333333;\n  --faq-line:      #dfe5ec;\n  --faq-hover:     #eef4fa;\n  --faq-bg:        #f4f8fc;\n\n  background: var(--faq-bg);\n  padding: 2em 2em 1.5em 2em;\n  border-radius: 10px;\n  max-width: 100%;\n  margin: 2.5em 0;\n}\n\n.io-faq__title {\n  text-align: center;\n  color: var(--faq-navy);\n  margin: 0 0 1.5em 0;\n}\n\n.io-faq__subtitle {\n  display: flex;\n  align-items: center;\n  gap: 1.1em;\n  color: var(--faq-accent);\n  margin: 0 0 1.8em 0;\n  font-size: .95em;\n  white-space: nowrap;\n}\n\n.io-faq__subtitle::before,\n.io-faq__subtitle::after {\n  content: \"\";\n  flex: 1;\n  height: 1px;\n  opacity: .45;\n}\n\n.io-faq__subtitle::before {\n  background: linear-gradient(to right, transparent, var(--faq-accent));\n}\n\n.io-faq__subtitle::after {\n  background: linear-gradient(to left, transparent, var(--faq-accent));\n}\n\n.io-faq__intro {\n  text-align: left;\n  color: var(--faq-text);\n  line-height: 1.7;\n  margin: 0 0 2em 0;\n}\n\n.io-faq__intro p { margin: 0 0 .9em 0; }\n.io-faq__intro p:last-child { margin-bottom: 0; }\n\n.io-faq__item {\n  border-bottom: 1px solid var(--faq-line);\n}\n\n.io-faq__item:first-of-type {\n  border-top: 1px solid var(--faq-line);\n}\n\n.io-faq__q {\n  display: block;\n  padding: 18px 44px 18px 4px;\n  margin: 0;\n  cursor: pointer;\n  position: relative;\n  list-style: none;\n  transition: background .15s ease;\n}\n\n.io-faq__q::-webkit-details-marker { display: none; }\n.io-faq__q::marker { content: \"\"; }\n\n.io-faq__q:hover { background: var(--faq-hover); }\n\n.io-faq__q h3 {\n  margin: 0;\n  padding: 0;\n  font-size: 1.08em;\n  font-weight: 700;\n  line-height: 1.45;\n  color: var(--faq-navy);\n  font-family: inherit;\n  border: 0;\n}\n\n.io-faq__q::after {\n  content: \"\";\n  position: absolute;\n  right: 14px;\n  top: 50%;\n  width: 9px;\n  height: 9px;\n  border-right: 2px solid var(--faq-navy);\n  border-bottom: 2px solid var(--faq-navy);\n  transform: translateY(-70%) rotate(45deg);\n  transition: transform .25s ease;\n}\n\n.io-faq__item[open] .io-faq__q h3 { color: var(--faq-accent); }\n\n.io-faq__item[open] .io-faq__q::after {\n  border-color: var(--faq-accent);\n  transform: translateY(-25%) rotate(-135deg);\n}\n\n.io-faq__a {\n  padding: 0 44px 20px 4px;\n  color: var(--faq-text);\n  line-height: 1.7;\n}\n\n.io-faq__a p { margin: 0 0 .8em 0; }\n.io-faq__a p:last-child { margin-bottom: 0; }\n\n.io-faq__disclaimer {\n  margin: 2em 0 0 0;\n  padding: 16px 18px;\n  border-left: 3px solid var(--faq-accent);\n  background: rgba(255, 255, 255, .55);\n  border-radius: 6px;\n  color: var(--faq-text);\n  font-size: .85em;\n  font-style: italic;\n  line-height: 1.6;\n  opacity: .9;\n}\n\n.io-faq__disclaimer strong {\n  font-style: normal;\n  color: var(--faq-navy);\n}\n\n@media (max-width: 600px) {\n  .io-faq { padding: 1.5em 1.2em 1em 1.2em; }\n  .io-faq__q { padding: 15px 38px 15px 2px; }\n  .io-faq__q h3 { font-size: 1em; }\n  .io-faq__a { padding: 0 10px 16px 2px; }\n  .io-faq__disclaimer { padding: 14px; }\n}\n\n@media (max-width: 480px) {\n  .io-faq__subtitle { gap: .6em; font-size: .85em; }\n}\n<\/style>\n\n<div class=\"io-faq\" id=\"gyik\">\n  <h2 class=\"io-faq__title\">Gyakran Ism\u00e9telt K\u00e9rd\u00e9sek a 4iG r\u00e9szv\u00e9nyr\u0151l<\/h2>\n  <p class=\"io-faq__subtitle\">V\u00e1laszok a leggyakoribb k\u00e9rd\u00e9sekre<\/p>\n  <div class=\"io-faq__intro\">\n    <p>4iG r\u00e9szv\u00e9nyt fontolgatsz, vagy csak \u00e9rteni akarod, mi t\u00f6rt\u00e9nt az elm\u00falt h\u00f3napokban? Itt t\u00f6m\u00f6r v\u00e1laszokat tal\u00e1lsz a legt\u00f6bbet k\u00e9rdezett t\u00e9m\u00e1kra: hogyan lett a kis IT-c\u00e9gb\u0151l holding, milyen a kapcsolata a kor\u00e1bbi korm\u00e1nnyal, mit jelentett a Vodafone-ONE \u00fcgylet, honnan \u00e9rkeznek a bev\u00e9telek, \u00e9s fizet-e osztal\u00e9kot a pap\u00edr.<\/p>\n    <p>Kattints b\u00e1rmelyik k\u00e9rd\u00e9sre, \u00e9s kiny\u00edlik a v\u00e1lasz. Ezek sz\u00e1nd\u00e9kosan r\u00f6vid \u00f6sszefoglal\u00f3k: ha a r\u00e9szletek is \u00e9rdekelnek, azokat feljebb, az elemz\u00e9s megfelel\u0151 fejezeteiben bontom ki b\u0151vebben. Fontos: a 4iG k\u00f6r\u00fcli helyzet politikai \u00e9s szab\u00e1lyoz\u00f3i okokb\u00f3l gyorsan v\u00e1ltozhat, az adatok a cikk \u00edr\u00e1s\u00e1nak id\u0151pontj\u00e1t t\u00fckr\u00f6zik.<\/p>\n  <\/div>\n  <details class=\"io-faq__item\">\n    <summary class=\"io-faq__q\"><h3>Mi az a 4iG, \u00e9s hogyan lett egy kis IT-c\u00e9gb\u0151l ilyen nagy holding?<\/h3><\/summary>\n    <div class=\"io-faq__a\">\n      <p>A 4iG 1990-ben alakult kis IT-v\u00e1llalatk\u00e9nt, \u00e9s az els\u0151 \u00e9vtizedeit csendesen t\u00f6lt\u00f6tte hardver-kereskedelemmel \u00e9s szoftverintegr\u00e1ci\u00f3s projektekkel. A fordulat 2017\u20132018 k\u00f6r\u00fcl k\u00f6vetkezett be, amikor J\u00e1szai Gell\u00e9rt Zolt\u00e1n \u00e1tvette az ir\u00e1ny\u00edt\u00e1st. Az azt k\u00f6vet\u0151 \u00e9vtizedben a 4iG sorra v\u00e1s\u00e1rolta fel az \u00e1llami tulajdon\u00fa vagy privatiz\u00e1lt infokommunik\u00e1ci\u00f3s v\u00e1llalatokat, az Antenna Hung\u00e1ri\u00e1t, az Invitechet, a DIGI-t \u00e9s a Vodafone Magyarorsz\u00e1got, majd a v\u00e9delmi ipari amb\u00edci\u00f3kat is hozz\u00e1adta a portf\u00f3li\u00f3hoz. Ez a folyamat szoros \u00f6sszef\u00fcgg\u00e9sben \u00e1llt az Orb\u00e1n-korm\u00e1ny k\u00f6zbeszerz\u00e9si politik\u00e1j\u00e1val \u00e9s az \u00e1llami IT-megrendel\u00e9sek \u00e1tir\u00e1ny\u00edt\u00e1s\u00e1val.<\/p>\n    <\/div>\n  <\/details>\n  <details class=\"io-faq__item\">\n    <summary class=\"io-faq__q\"><h3>Milyen a 4iG kapcsolata a volt Orb\u00e1n-korm\u00e1nnyal?<\/h3><\/summary>\n    <div class=\"io-faq__a\">\n      <p>A 4iG gyors n\u00f6veked\u00e9se \u00e9s az \u00e1llami megrendel\u00e9sek k\u00f6z\u00f6tti \u00f6sszef\u00fcgg\u00e9s a piac sz\u00e1m\u00e1ra r\u00e9g\u00f3ta ismert. A v\u00e1llalat sz\u00e1mos \u00e1llami infrastruktur\u00e1lis projektet nyert meg, kedvez\u0151 finansz\u00edroz\u00e1ssal v\u00e1s\u00e1rolta fel az \u00e1llami tulajdon\u00fa kommunik\u00e1ci\u00f3s c\u00e9geket, \u00e9s a v\u00e9delmi ipari poz\u00edci\u00f3t, bele\u00e9rtve az 1311 milli\u00e1rd HUF-os HM-keretszerz\u0151d\u00e9st is, amit az el\u0151z\u0151 korm\u00e1nnyal k\u00f6z\u00f6sen alak\u00edtott ki. Ez az \u00f6sszef\u00fcgg\u00e9s a Tisza-korm\u00e1ny 2026-os gy\u0151zelm\u00e9vel politikai kock\u00e1zatt\u00e1 v\u00e1lt: az \u00faj korm\u00e1ny els\u0151k k\u00f6z\u00f6tt a 4iG-t \u00e9rint\u0151 v\u00e9delmi \u00e9s IT-szerz\u0151d\u00e9seket vizsg\u00e1lja fel\u00fcl.<\/p>\n    <\/div>\n  <\/details>\n  <details class=\"io-faq__item\">\n    <summary class=\"io-faq__q\"><h3>Mi volt a Vodafone-ONE deal, \u00e9s mi\u00e9rt fontos a 4iG r\u00e9szv\u00e9ny\u00e1rfolyam szempontj\u00e1b\u00f3l?<\/h3><\/summary>\n    <div class=\"io-faq__a\">\n      <p>2022-ben a 4iG megv\u00e1s\u00e1rolta a Vodafone Magyarorsz\u00e1g mobilszolg\u00e1ltat\u00f3t (kb. 1.7 milli\u00e1rd EUR \u00e9rt\u00e9ken), majd ezt k\u00f6vette a DIGI Hungary felv\u00e1s\u00e1rl\u00e1sa is. A k\u00e9t c\u00e9get az Antenna Hung\u00e1ri\u00e1val \u00e9s az Invitech-kel egy\u00fctt egyetlen m\u00e1rk\u00e1v\u00e1, ONE Magyarorsz\u00e1g Zrt., olvasztott\u00e1k \u00f6ssze. Ezzel a 4iG lett Magyarorsz\u00e1g legsoksz\u00edn\u0171bb telekomplatformja. Az \u00fcgylet \u00e1ra: k\u00f6zel 1000 milli\u00e1rd HUF-os nett\u00f3 ad\u00f3ss\u00e1g \u00e9s 1.0x k\u00f6r\u00fcli EBIT\/kamatfedezeti ar\u00e1ny. Az \u00fczlet az\u00e9rt meghat\u00e1roz\u00f3 a r\u00e9szv\u00e9ny szempontj\u00e1b\u00f3l, mert a telekommunik\u00e1ci\u00f3s szegmens stabil FCF-termel\u00e9se az egyetlen biztos\u00edt\u00e9k a magas ad\u00f3ss\u00e1g\u00e1llom\u00e1ny fenntarthat\u00f3s\u00e1ga m\u00f6g\u00f6tt.<\/p>\n    <\/div>\n  <\/details>\n  <details class=\"io-faq__item\">\n    <summary class=\"io-faq__q\"><h3>Mekkor\u00e1k a 4iG bev\u00e9telei Magyarorsz\u00e1gon \u00e9s k\u00fclf\u00f6ld\u00f6n?<\/h3><\/summary>\n    <div class=\"io-faq__a\">\n      <p>A 4iG 2025-\u00f6s 745.3 milli\u00e1rd HUF-os \u00e1rbev\u00e9tel\u00e9nek k\u00f6zel 87%-a Magyarorsz\u00e1gr\u00f3l, kb. 9%-a Alb\u00e1ni\u00e1b\u00f3l \u00e9s kb. 4%-a Montenegr\u00f3b\u00f3l \u00e9rkezett. Ez a koncentr\u00e1ci\u00f3 azt jelenti, hogy a magyar politikai \u00e9s gazdas\u00e1gi k\u00f6r\u00fclm\u00e9nyek ar\u00e1nytalanul nagy hat\u00e1ssal vannak a csoport teljes teljes\u00edtm\u00e9ny\u00e9re. A balk\u00e1ni piacok, ahol az EU-csatlakoz\u00e1si perspekt\u00edva infrastruktur\u00e1lis beruh\u00e1z\u00e1sokat vonz, a j\u00f6v\u0151beli diverzifik\u00e1ci\u00f3 legfontosabb ir\u00e1nyai, de jelenleg m\u00e9g nagyon sokat nem nyomnak a latba.<\/p>\n    <\/div>\n  <\/details>\n  <details class=\"io-faq__item\">\n    <summary class=\"io-faq__q\"><h3>Fizet-e osztal\u00e9kot a 4iG r\u00e9szv\u00e9ny?<\/h3><\/summary>\n    <div class=\"io-faq__a\">\n      <p>Nem: a 4iG 2023 \u00f3ta nem fizet osztal\u00e9kot. A magas ad\u00f3ss\u00e1g\u00e1llom\u00e1ny \u00e9s az \u00fajabb akviz\u00edci\u00f3k finansz\u00edroz\u00e1sa miatt az osztal\u00e9kfizet\u00e9s bel\u00e1that\u00f3 id\u0151n bel\u00fcl nem v\u00e1rhat\u00f3. Aki rendszeres j\u00f6vedelmet keres a B\u00c9T-en, annak a Magyar Telekom vagy a MOL lehet megfelel\u0151bb alternat\u00edva a 4iG r\u00e9szv\u00e9ny mell\u00e9, mindkett\u0151r\u0151l \u00edrtunk egy r\u00f6videbb anyagot az iO Charts blogon.<\/p>\n    <\/div>\n  <\/details>\n  <p class=\"io-faq__disclaimer\">\n    <strong>Jogi \u00e9s felel\u0151ss\u00e9gi nyilatkozat (aka. disclaimer):<\/strong> a cikkeim mag\u00e1nv\u00e9lem\u00e9nyt tartalmaznak, kiz\u00e1r\u00f3lag a saj\u00e1t \u00e9s az olvas\u00f3k\u00f6z\u00f6ns\u00e9g sz\u00f3rakoztat\u00e1s\u00e1ra \u00edrom \u0151ket. Az itt megjelen\u0151 cikkek semmilyen form\u00e1ban NEM mer\u00edtik ki a befektet\u00e9si tan\u00e1csad\u00e1s t\u00e9mak\u00f6r\u00e9t. Soha nem akartam, nem is akarok \u00e9s a j\u00f6v\u0151ben sem val\u00f3sz\u00edn\u0171, hogy fogok ilyet adni. Az itt le\u00edrtak kiz\u00e1r\u00f3lag inform\u00e1ci\u00f3s tartalomnak tekinthet\u0151k, \u00e9s NEM \u00e9rtelmezhet\u0151ek aj\u00e1nlatt\u00e9telnek. A v\u00e9lem\u00e9nynyilv\u00e1n\u00edt\u00e1s semmilyen form\u00e1ban NEM tekinthet\u0151 biztos\u00edt\u00e9knak p\u00e9nz\u00fcgyi instrumentumok elad\u00e1s\u00e1ra vagy v\u00e1s\u00e1rl\u00e1s\u00e1ra. A meghozott d\u00f6nt\u00e9seitek\u00e9rt KIZ\u00c1R\u00d3LAG TI vagytok a felel\u0151sek, ennek kock\u00e1zat\u00e1t senki m\u00e1s, \u00edgy \u00e9rtelemszer\u0171en \u00e9n sem, v\u00e1llalom magamra.\n  <\/p>\n<\/div>\n\n\n\n<script type=\"application\/ld+json\">\n{\n  \"@context\": \"https:\/\/schema.org\",\n  \"@graph\": [\n\n    {\n      \"@id\": \"https:\/\/iocharts.io\/blog\/4ig-reszveny-elemzes\/#article\",\n      \"about\": {\n        \"@type\": \"Corporation\",\n        \"name\": \"4iG Nyrt.\",\n        \"alternateName\": [\"4iG\", \"4iG Plc\"],\n        \"tickerSymbol\": \"4IG\",\n        \"url\": \"https:\/\/www.4ig.hu\/\",\n        \"foundingDate\": \"1990\",\n        \"description\": \"Budapesti sz\u00e9khely\u0171 infokommunik\u00e1ci\u00f3s holding, amelynek r\u00e9szv\u00e9nyei a Budapesti \u00c9rt\u00e9kt\u0151zsde pr\u00e9mium szekci\u00f3j\u00e1ban forognak. H\u00e1rom f\u0151 szegmensben m\u0171k\u00f6dik: telekommunik\u00e1ci\u00f3 (ONE Magyarorsz\u00e1g, a bev\u00e9tel ~89%-a), informatika \u00e9s rendszerintegr\u00e1ci\u00f3 (~11%), valamint \u0171r- \u00e9s v\u00e9delmi ipar. Legnagyobb r\u00e9szv\u00e9nyesei J\u00e1szai Gell\u00e9rt Zolt\u00e1n (k\u00f6zvetlen\u00fcl \u00e9s holdingokon kereszt\u00fcl) \u00e9s a Rheinmetall AG (25.93%).\"\n      },\n      \"mentions\": [\n        { \"@type\": \"Corporation\", \"name\": \"Rheinmetall AG\", \"tickerSymbol\": \"RHM\" },\n        { \"@type\": \"Corporation\", \"name\": \"Vodafone Group Plc\", \"tickerSymbol\": \"VOD\" },\n        { \"@type\": \"Corporation\", \"name\": \"Magyar Telekom Nyrt.\", \"tickerSymbol\": \"MTELEKOM\" },\n        { \"@type\": \"Corporation\", \"name\": \"R\u00e1ba J\u00e1rm\u0171ipari Holding Nyrt.\", \"tickerSymbol\": \"RABA\" },\n        { \"@type\": \"Corporation\", \"name\": \"MOL Nyrt.\", \"tickerSymbol\": \"MOL\" },\n        { \"@type\": \"Corporation\", \"name\": \"Verizon Communications Inc.\", \"tickerSymbol\": \"VZ\" },\n        { \"@type\": \"Corporation\", \"name\": \"AT&T Inc.\", \"tickerSymbol\": \"T\" },\n        { \"@type\": \"Organization\", \"name\": \"ONE Magyarorsz\u00e1g Zrt.\", \"description\": \"A 4iG 100%-os tulajdon\u00fa telekomszolg\u00e1ltat\u00f3ja, a Vodafone Magyarorsz\u00e1g, a DIGI, az Antenna Hung\u00e1ria \u00e9s az Invitech \u00f6sszevon\u00e1s\u00e1b\u00f3l.\" },\n        { \"@type\": \"Organization\", \"name\": \"Antenna Hung\u00e1ria Zrt.\", \"description\": \"Magyarorsz\u00e1g vezet\u0151 m\u0171sorterjeszt\u0151je \u00e9s m\u0171holdas kommunik\u00e1ci\u00f3s szolg\u00e1ltat\u00f3ja, a 4iG 100%-os le\u00e1nyv\u00e1llalata.\" },\n        { \"@type\": \"Organization\", \"name\": \"Invitech Megold\u00e1sok Zrt.\", \"description\": \"\u00dczleti adath\u00e1l\u00f3zati szolg\u00e1ltat\u00f3, a 4iG \u00e1ltal felv\u00e1s\u00e1rolt v\u00e1llalat.\" },\n        { \"@type\": \"Organization\", \"name\": \"DIGI T\u00e1vk\u00f6zl\u00e9si \u00e9s Szolg\u00e1ltat\u00f3 Kft.\", \"description\": \"Magyar t\u00e1vk\u00f6zl\u00e9si szolg\u00e1ltat\u00f3, a 4iG \u00e1ltal felv\u00e1s\u00e1rolt v\u00e1llalat.\" },\n        { 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A fordulat 2017\u20132018 k\u00f6r\u00fcl k\u00f6vetkezett be, amikor J\u00e1szai Gell\u00e9rt Zolt\u00e1n \u00e1tvette az ir\u00e1ny\u00edt\u00e1st. Az azt k\u00f6vet\u0151 \u00e9vtizedben a 4iG sorra v\u00e1s\u00e1rolta fel az \u00e1llami tulajdon\u00fa vagy privatiz\u00e1lt infokommunik\u00e1ci\u00f3s v\u00e1llalatokat, az Antenna Hung\u00e1ri\u00e1t, az Invitechet, a DIGI-t \u00e9s a Vodafone Magyarorsz\u00e1got, majd a v\u00e9delmi ipari amb\u00edci\u00f3kat is hozz\u00e1adta a portf\u00f3li\u00f3hoz. Ez a folyamat szoros \u00f6sszef\u00fcgg\u00e9sben \u00e1llt az Orb\u00e1n-korm\u00e1ny k\u00f6zbeszerz\u00e9si politik\u00e1j\u00e1val \u00e9s az \u00e1llami IT-megrendel\u00e9sek \u00e1tir\u00e1ny\u00edt\u00e1s\u00e1val.\"\n          }\n        },\n        {\n          \"@type\": \"Question\",\n          \"name\": \"Milyen a 4iG kapcsolata a volt Orb\u00e1n-korm\u00e1nnyal?\",\n          \"acceptedAnswer\": {\n            \"@type\": \"Answer\",\n            \"text\": \"A 4iG gyors n\u00f6veked\u00e9se \u00e9s az \u00e1llami megrendel\u00e9sek k\u00f6z\u00f6tti \u00f6sszef\u00fcgg\u00e9s a piac sz\u00e1m\u00e1ra r\u00e9g\u00f3ta ismert. A v\u00e1llalat sz\u00e1mos \u00e1llami infrastruktur\u00e1lis projektet nyert meg, kedvez\u0151 finansz\u00edroz\u00e1ssal v\u00e1s\u00e1rolta fel az \u00e1llami tulajdon\u00fa kommunik\u00e1ci\u00f3s c\u00e9geket, \u00e9s a v\u00e9delmi ipari poz\u00edci\u00f3t, bele\u00e9rtve az 1311 milli\u00e1rd HUF-os HM-keretszerz\u0151d\u00e9st is, amit az el\u0151z\u0151 korm\u00e1nnyal k\u00f6z\u00f6sen alak\u00edtott ki. Ez az \u00f6sszef\u00fcgg\u00e9s a Tisza-korm\u00e1ny 2026-os gy\u0151zelm\u00e9vel politikai kock\u00e1zatt\u00e1 v\u00e1lt: az \u00faj korm\u00e1ny els\u0151k k\u00f6z\u00f6tt a 4iG-t \u00e9rint\u0151 v\u00e9delmi \u00e9s IT-szerz\u0151d\u00e9seket vizsg\u00e1lja fel\u00fcl.\"\n          }\n        },\n        {\n          \"@type\": \"Question\",\n          \"name\": \"Mi volt a Vodafone-ONE deal, \u00e9s mi\u00e9rt fontos a 4iG r\u00e9szv\u00e9ny\u00e1rfolyam szempontj\u00e1b\u00f3l?\",\n          \"acceptedAnswer\": {\n            \"@type\": \"Answer\",\n            \"text\": \"2022-ben a 4iG megv\u00e1s\u00e1rolta a Vodafone Magyarorsz\u00e1g mobilszolg\u00e1ltat\u00f3t (kb. 1.7 milli\u00e1rd EUR \u00e9rt\u00e9ken), majd ezt k\u00f6vette a DIGI Hungary felv\u00e1s\u00e1rl\u00e1sa is. A k\u00e9t c\u00e9get az Antenna Hung\u00e1ri\u00e1val \u00e9s az Invitech-kel egy\u00fctt egyetlen m\u00e1rk\u00e1v\u00e1, ONE Magyarorsz\u00e1g Zrt., olvasztott\u00e1k \u00f6ssze. Ezzel a 4iG lett Magyarorsz\u00e1g legsoksz\u00edn\u0171bb telekomplatformja. Az \u00fcgylet \u00e1ra: k\u00f6zel 1000 milli\u00e1rd HUF-os nett\u00f3 ad\u00f3ss\u00e1g \u00e9s 1.0x k\u00f6r\u00fcli EBIT\/kamatfedezeti ar\u00e1ny. Az \u00fczlet az\u00e9rt meghat\u00e1roz\u00f3 a r\u00e9szv\u00e9ny szempontj\u00e1b\u00f3l, mert a telekommunik\u00e1ci\u00f3s szegmens stabil FCF-termel\u00e9se az egyetlen biztos\u00edt\u00e9k a magas ad\u00f3ss\u00e1g\u00e1llom\u00e1ny fenntarthat\u00f3s\u00e1ga m\u00f6g\u00f6tt.\"\n          }\n        },\n        {\n          \"@type\": \"Question\",\n          \"name\": \"Mekkor\u00e1k a 4iG bev\u00e9telei Magyarorsz\u00e1gon \u00e9s k\u00fclf\u00f6ld\u00f6n?\",\n          \"acceptedAnswer\": {\n            \"@type\": \"Answer\",\n            \"text\": \"A 4iG 2025-\u00f6s 745.3 milli\u00e1rd HUF-os \u00e1rbev\u00e9tel\u00e9nek k\u00f6zel 87%-a Magyarorsz\u00e1gr\u00f3l, kb. 9%-a Alb\u00e1ni\u00e1b\u00f3l \u00e9s kb. 4%-a Montenegr\u00f3b\u00f3l \u00e9rkezett. Ez a koncentr\u00e1ci\u00f3 azt jelenti, hogy a magyar politikai \u00e9s gazdas\u00e1gi k\u00f6r\u00fclm\u00e9nyek ar\u00e1nytalanul nagy hat\u00e1ssal vannak a csoport teljes teljes\u00edtm\u00e9ny\u00e9re. A balk\u00e1ni piacok, ahol az EU-csatlakoz\u00e1si perspekt\u00edva infrastruktur\u00e1lis beruh\u00e1z\u00e1sokat vonz, a j\u00f6v\u0151beli diverzifik\u00e1ci\u00f3 legfontosabb ir\u00e1nyai, de jelenleg m\u00e9g nagyon sokat nem nyomnak a latba.\"\n          }\n        },\n        {\n          \"@type\": \"Question\",\n          \"name\": \"Fizet-e osztal\u00e9kot a 4iG r\u00e9szv\u00e9ny?\",\n          \"acceptedAnswer\": {\n            \"@type\": \"Answer\",\n            \"text\": \"Nem: a 4iG 2023 \u00f3ta nem fizet osztal\u00e9kot. A magas ad\u00f3ss\u00e1g\u00e1llom\u00e1ny \u00e9s az \u00fajabb akviz\u00edci\u00f3k finansz\u00edroz\u00e1sa miatt az osztal\u00e9kfizet\u00e9s bel\u00e1that\u00f3 id\u0151n bel\u00fcl nem v\u00e1rhat\u00f3. Aki rendszeres j\u00f6vedelmet keres a B\u00c9T-en, annak a Magyar Telekom vagy a MOL lehet megfelel\u0151bb alternat\u00edva a 4iG r\u00e9szv\u00e9ny mell\u00e9, mindkett\u0151r\u0151l \u00edrtunk egy r\u00f6videbb anyagot az iO Charts blogon.\"\n          }\n        }\n      ]\n    }\n\n  ]\n}\n<\/script>\n","protected":false,"gt_translate_keys":[{"key":"rendered","format":"html"}]},"excerpt":{"rendered":"<p>Mir\u0151l sz\u00f3l a Piaci Impulzus rovat? A 4iG r\u00e9szv\u00e9ny 2025 v\u00e9g\u00e9n 4320 HUF-on \u00e1llt, 2026 j\u00fanius\u00e1ra 1919 HUF-ra esett. Ez nem kisebb, mint 55%-os zuhan\u00e1s hat h\u00f3nap alatt, \u00e9s ez a sz\u00e1m \u00f6nmag\u00e1ban megmagyar\u00e1zza, mi\u00e9rt az egyik legmegoszt\u00f3bb befektet\u00e9s ma a Budapesti \u00c9rt\u00e9kt\u0151zsd\u00e9n. Az egyik oldalon ott \u00e1ll egy val\u00f3ban m\u0171k\u00f6d\u0151, Magyarorsz\u00e1g legsoksz\u00edn\u0171bb infokommunik\u00e1ci\u00f3s holdingja, [&hellip;]<\/p>\n<div class=\"read-more\"><a href=\"https:\/\/iocharts.io\/blog\/4ig-reszveny-elemzes\/\" class=\"btn btn-primary btn-lg\">Tov\u00e1bb<\/a><\/div>\n","protected":false,"gt_translate_keys":[{"key":"rendered","format":"html"}]},"author":2,"featured_media":11650,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_monsterinsights_skip_tracking":false,"_jetpack_newsletter_access":"","_jetpack_dont_email_post_to_subs":false,"_jetpack_newsletter_tier_id":0,"_jetpack_memberships_contains_paywalled_content":false,"_jetpack_feature_clip_id":0,"_jetpack_memberships_contains_paid_content":false,"footnotes":"","jetpack_post_was_ever_published":false},"categories":[272,31],"tags":[416,417,129,275,74,4,115],"class_list":["post-11636","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-market-impulse","category-reszvenyelemzes","tag-4ig","tag-4ig-reszveny","tag-iocharts","tag-market-impulse","tag-portfolioblogger","tag-reszveny","tag-reszvenyelemzes"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v28.5 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>4iG r\u00e9szv\u00e9ny elemz\u00e9s: a NER-technol\u00f3giai holdingja<\/title>\n<meta name=\"description\" content=\"4iG r\u00e9szv\u00e9ny elemz\u00e9s: 55%-os \u00e1rfolyamzuhan\u00e1s, 974 milli\u00e1rd forintos ad\u00f3ss\u00e1g \u00e9s politikai kock\u00e1zat \u2013 meg\u00e9ri most bel\u00e9pni a B\u00c9T sl\u00e1gerpa\u00edrj\u00e1ba?\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/iocharts.io\/blog\/4ig-reszveny-elemzes\/\" \/>\n<meta property=\"og:locale\" content=\"hu_HU\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"4iG r\u00e9szv\u00e9ny elemz\u00e9s: a NER-technol\u00f3giai holdingja\" \/>\n<meta property=\"og:description\" content=\"4iG r\u00e9szv\u00e9ny elemz\u00e9s: 55%-os \u00e1rfolyamzuhan\u00e1s, 974 milli\u00e1rd forintos ad\u00f3ss\u00e1g \u00e9s politikai kock\u00e1zat \u2013 meg\u00e9ri most bel\u00e9pni a B\u00c9T sl\u00e1gerpa\u00edrj\u00e1ba?\" \/>\n<meta property=\"og:url\" content=\"https:\/\/iocharts.io\/blog\/4ig-reszveny-elemzes\/\" \/>\n<meta property=\"og:site_name\" content=\"iO Charts\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/iOCharts\" \/>\n<meta property=\"article:published_time\" content=\"2026-06-27T08:01:00+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2026-08-15T09:58:26+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/iocharts.io\/blog\/wp-content\/uploads\/2026\/06\/piaci-impulzus.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"1016\" \/>\n\t<meta property=\"og:image:height\" content=\"350\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Marton J. 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