Media and Games Invest


€300.9m market cap

€2.57 last close

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).

Investment summary

Since listing on Scale in July 2020, Media and Games Invest (MGI) has completed a dual listing and share placing on Nasdaq First North and issued a €80m bond. In Q320, it reported 29% l-f-l revenue growth with revenues of €35.0m and adjusted EBITDA of €6.4m, supported by 16% organic growth year to date in the games portfolio. Adjusted EBITDA margins fell from 22% in H120 to 18% in Q320, reflecting a changed business mix (with increased digital media and ad tech revenues). Due to the strong growth, management raised its FY20 guidance, with revised targets of revenue of €125–130m (up from €115–125m) and EBITDA of €23–26m (€20–23m previously). Net debt, adjusted for the SEK300m (c €29m) equity placing, fell to €49.3m, leaving scope for M&A.

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Share price graph
Price performance
Actual 22.4 64.2 126.4
Relative* 15.7 52.9 117.8
52-week high/low €2.7/€0.9
*% relative to local index
Key management
Paul Echt FD
Remco Westerman Executive Chairman