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    MGI – Media and Games Invest

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    EUR235m

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    EUR1.50

    ▲ 0.35 (30.21%)

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MGI – Media and Games Invest (OMX: M8G)

Last close As at 17/04/2024

EUR1.50

▲ 0.35 (30.21%)

Market capitalisation

EUR235m

MGI – Media and Games Invest is an advertising software platform helping advertisers efficiently acquire customers across different media channels, as well as enabling publishers to efficiently and optimally monetize advertising space.

The programmatic adtech market is highly inefficient, with many layers of complexity each scraping a slice of cost. MGI, through its Verve brand, has built a vertically integrated solution that is gaining traction and growing share. We believe that many advertisers, publishers and intermediaries are ill-prepared for the ongoing withdrawal of Google cookies and that this presents Verve with a major opportunity to accelerate its presence with its established AI-driven solutions.

Latest Insights

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TMT | Flash note

MGI – Media and Games Invest — Google strategic collaboration

TMT | Update

MGI – Media and Games Invest — Back on a growth track

TMT | Outlook

MGI – Media and Games Invest — Building a major global adtech player

TMT | Update

MGI – Media and Games Invest — Building a major global adtech player
Media and Games Invest_resized
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Sector

TMT

Equity Analyst

Fiona Orford-Williams

Fiona Orford-Williams

Director, TMT

Milo Bussell

Associate Analyst, Consumer and Media

Key Management

  • Paul Echt

    FD

  • Remco Westerman

    Executive Chairman

Balance Sheet

Forecast net debt (€m)

283.4

Forecast gearing ratio (%)

81

Share Price Performance

Price Performance
% 1M 3M 12M
Actual 1.81 (4.59) (41.78)
Relative (0.89) (12.22) (49.18)
52 week high/low €4.3/€1.4

Financials

MGI started the year strongly, with organic growth of 18% in January and 25% in February, after a good Q4, implying further gains in market share in a trading environment that is starting to recover. Advertising spend from existing clients is also picking up. MGI has leading positions in in-app advertising in the US on both iOS and Android, with the US its largest market at 70% of revenues, and has well established non-identifier-based and AI-driven solutions in the market. In the fast-growing Connected TV (CTV) market, MGI is targeting margin over volume.

Y/E Dec Revenue (€m) EBITDA (€m) PBT (€m) EPS (fd) (c) P/E (x) P/CF (x)
2022A 324.4 84.8 38.6 12.01 12.5 N/A
2023A 322.0 128.5 26.8 32.08 4.7 5.2
2024E 355.0 98.2 32.5 12.58 11.9 22.0
2025E 390.5 114.8 61.8 23.64 6.3 7.4

Research

Update

TMT

MGI – Media and Games Invest — Back on a growth track
Media and Games Invest_resized

Outlook

TMT

MGI – Media and Games Invest — Building a major global adtech player

TMT

Flash note

MGI – Media and Games Invest — Google strategic collaboration
View All

Further insights

insight

Consumer

MGI – Media and Games Invest: EKF 2023 QuickView

insight

Consumer

Deutsches Eigenkapitalforum (EKF) 2022 CMT

insight

Consumer

Deutsches Eigenkapitalforum (EKF) 2022

Analyst of the week

Katherine Thompson
kthompson@edisongroup.com 020 3077 5730
Read latest

Thematics

thematic

TMT

MediaWatch – Rinse and repeat

thematic

Consumer

Deutsches Eigenkapitalforum (EKF) 2023 consumer and media

thematic

TMT

Deutsches Eigenkapitalforum (EKF) 2023 technology

thematic

TMT

MediaWatch – Still waiting…
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