Media and Games Invest

DE: M8G

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).

More Media and Games Invest content >

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.

Content on Media and Games Invest
View more
Register to receive research on Media and Games Invest as it is published
Share price graph
Price performance
%
1m
3m
12m
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