Media and Games Invest


Market Cap€640.6m

Last Close €4.28

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

MGI’s Q121 results showed an increasing benefit from the combination of media and games despite the easing impact of lockdown (higher margins, 38% organic growth), together with a significant contribution from the acquisitions of KingsIsle and LKQD (58% M&A-driven growth), delivering revenue growth of 96% y-o-y. Net interest-bearing debt increased to €97.6m at 31 March 2021 after MGI completed a €40m bond tap issue in March, sustainable as Q121 adj. EBITDA rose 127% y-o-y to €13.5m. Net debt/adj LTM EBITDA of 2.7x at 31 March 2021 (with KingsIsle only included in Q121) leaves scope for further selective M&A in FY21. At 12.6x consensus FY22 EV/adj EBITDA, MGI trades in line with its peers.

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Share price graph
Price performance
Actual (2.5) 17.9 233.1
Relative* (3.5) 10.1 168.0
52-week high/low €5.0/€1.2
*% relative to local index
Key management
Paul Echt FD
Remco Westerman Executive Chairman