MGI – Media and Games Invest (OMX: M8G)

Last close As at 04/03/2024


0.08 (8.64%)

Market capitalisation


MGI – Media and Games Invest is an advertising software platform helping advertisers efficiently acquire customers across different media channels, as well as enabling publishers to efficiently and optimally monetize advertising space.

The programmatic adtech market is highly inefficient, with many layers of complexity each scraping a slice of cost. MGI, through its Verve brand, has built a vertically integrated solution that is gaining traction and growing share. We believe that many advertisers, publishers and intermediaries are ill-prepared for the upcoming withdrawal of Google cookies and that this presents Verve with a major opportunity to accelerate its presence with its established AI-driven solutions.

Latest Insights

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Equity Analyst

Fiona Orford-Williams

Fiona Orford-Williams

Director, TMT

Milo Bussell

Associate Analyst, Consumer and Media

Key Management

  • Paul Echt


  • Remco Westerman

    Executive Chairman

Balance Sheet

Forecast net debt (€m)


Forecast gearing ratio (%)


Share Price Performance

Price Performance
% 1M 3M 12M
Actual 1.81 (4.59) (41.78)
Relative (0.89) (12.22) (49.18)
52 week high/low €4.3/€1.4


MGI – Media and Games Invest (MGI) had a good Q423, gaining market share in an improving trading environment. Organic revenue growth of 16% in the quarter helped lift the full year figure to +5%. This good momentum has continued into the new year, with 18% revenue growth in January. MGI has leading positions in in-app advertising in the US on both iOS and Android, with the US its largest market at 70% of revenues, and has well established non-identifier-based and AI-driven solutions in the market. In the fast-growing Connected TV (CTV) market, MGI is targeting margin over volume. We have lifted our FY24 estimates reflecting the improving growth and margin prospects. Our view is that these are not yet factored into the valuation.

Y/E Dec Revenue (€m) EBITDA (€m) PBT (€m) EPS (fd) (c) P/E (x) P/CF (x)
2022A 324.4 84.8 38.6 12.01 9.6 N/A
2023A 322.0 128.5 26.8 32.08 3.6 4.0
2024E 355.0 98.2 32.5 12.58 9.2 16.9
2025E 390.5 114.8 61.8 23.64 4.9 5.6

Further insights



MGI – Media and Games Invest: EKF 2023 QuickView



Deutsches Eigenkapitalforum (EKF) 2022 CMT



Deutsches Eigenkapitalforum (EKF) 2022




MediaWatch – Rinse and repeat



MediaWatch – Still waiting…

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