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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).

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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.

Content on Media and Games Invest

Media and Games Invest – Full steam ahead, with two M&A deals in Q121

TMT | Flash note | 28 April 2021

<img alt="Def1" data-src="https://www.edisongroup.com/wp-content/uploads/2020/05/Def1-300x200.jpg" class=" w-100 h-100 lazyload" src="data:image/gif;base64,R0lGODlhAQABAAAAACH5BAEKAAEALAAAAAABAAEAAAICTAEAOw=="><noscript><img alt="Def1" data-src="https://www.edisongroup.com/wp-content/uploads/2020/05/Def1-300x200.jpg" class=" w-100 h-100 lazyload" src="data:image/gif;base64,R0lGODlhAQABAAAAACH5BAEKAAEALAAAAAABAAEAAAICTAEAOw=="><noscript><img class=" w-100 h-100" src="https://www.edisongroup.com/wp-content/uploads/2020/05/Def1-300x200.jpg" alt="Def1">

Media and Games Invest – Strong momentum carrying into FY21

TMT | Update | 11 March 2021

<img alt="Def1" data-src="https://www.edisongroup.com/wp-content/uploads/2020/05/Def1-300x200.jpg" class=" w-100 h-100 lazyload" src="data:image/gif;base64,R0lGODlhAQABAAAAACH5BAEKAAEALAAAAAABAAEAAAICTAEAOw=="><noscript><img alt="Def1" data-src="https://www.edisongroup.com/wp-content/uploads/2020/05/Def1-300x200.jpg" class=" w-100 h-100 lazyload" src="data:image/gif;base64,R0lGODlhAQABAAAAACH5BAEKAAEALAAAAAABAAEAAAICTAEAOw=="><noscript><img class=" w-100 h-100" src="https://www.edisongroup.com/wp-content/uploads/2020/05/Def1-300x200.jpg" alt="Def1">

Media and Games Invest – Acquisition of KingsIsle Entertainment

TMT | Flash note | 19 January 2021

<img alt="Def1" data-src="https://www.edisongroup.com/wp-content/uploads/2020/05/Def1-300x200.jpg" class=" w-100 h-100 lazyload" src="data:image/gif;base64,R0lGODlhAQABAAAAACH5BAEKAAEALAAAAAABAAEAAAICTAEAOw=="><noscript><img alt="Def1" data-src="https://www.edisongroup.com/wp-content/uploads/2020/05/Def1-300x200.jpg" class=" w-100 h-100 lazyload" src="data:image/gif;base64,R0lGODlhAQABAAAAACH5BAEKAAEALAAAAAABAAEAAAICTAEAOw=="><noscript><img class=" w-100 h-100" src="https://www.edisongroup.com/wp-content/uploads/2020/05/Def1-300x200.jpg" alt="Def1">

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Richard Williamson

Sector
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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

Company website

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