Media and Games Invest

DE: M8G

€554.1m market cap

€4.3 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

Media and Games Invest (MGI) reported FY20 revenues of €140.2m and adjusted EBITDA of €29.1m, ending the year strongly to deliver 67% y o y revenue growth. In H220, MGI completed a dual listing and share placing (for €29m) on Nasdaq First North Premier and issued an €80m bond. MGI has carried its momentum into FY21, with the transformational acquisition of KingsIsle Entertainment (Wizard101, Pirate101) for US$126m in cash upfront, up to US$210m including earn-out. The acquisition was funded by the placings, together with a further placing of c 9% of MGI’s shares to Oaktree Capital, an anchor investor for MGI. MGI had net interest-bearing debt of €91.6m (post KingsIsle), with net leverage of 2.0x pro forma FY20 adjusted EBITDA (€46.0m).

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Sector
TMT
Share price graph
Price performance
%
1m
3m
12m
Actual 21.2 68.8 271.0
Relative* 15.4 54.4 157.3
52-week high/low €4.5/€1.1
*% relative to local index
Key management
Paul Echt FD
Remco Westerman Executive Chairman