Media and Games Invest


Market Cap€587.9m

Last Close €3.93

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).

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Investment summary

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.

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Share price graph
Price performance
Actual 4.3 (21.6) 16.6
Relative* (0.1) (23.5) 2.0
52-week high/low €6.7/€3.2
*% relative to local index
Key management
Paul Echt FD
Remco Westerman Executive Chairman