Media and Games Invest (MGI) is a fast-growing games and media company, following a ‘buy, integrate, build and improve’ M&A strategy. Its principal subsidiaries include gamigo (online games), ReachHero (media influencer), Applift (mobile advertising) and PubNative (mobile advertising).More Media and Games Invest content >
Media and Games Invest (MGI) showed continued strong growth in Q321, with improving margins as the business scaled. Q321 net revenues rose by 80% to €62.9m, with 41% year-on-year organic revenue growth. Benefiting from operating leverage, adjusted EBITDA tripled to €19.0m as margins rose to 30% (Q320: 18%). In Q321, MGI placed a further €80m bond and, at 30 September 2021, had net interest-bearing debt of €172.8m, with leverage of 3.0x (2.5x on a pro forma basis). Management guidance is for FY21 revenues of €234–254m and adjusted EBITDA of €65–70m, which looks very achievable ahead of the seasonally strong Q4. Driven by sustained growth (guidance implies 70%+ growth for FY21), MGI trades at a justified premium to its European games peer group but at a material discount to its US adtech peers.