MGI – Media and Games Invest (XETRA: M8G)

Currency in EUR

Last close As at 28/11/2023


0.15 (17.51%)

Market capitalisation


MGI – Media and Games Invest (MGI) is an advertising software platform with strong first-party games content. It mainly operates in North America and Europe. Organic growth is supplemented with acquisitions; MGI has bought more than 35 companies and assets in the past six years.

The digital advertising market continues to undergo significant changes, mostly driven by changing attitudes towards privacy. Where there is change, there is opportunity. The target addressable market is vast and there is a long runway until market share starts to become an issue for MGI. As the group builds scale, its increasing reach attracts greater numbers of software customers and a higher calibre of advertisers, with larger budgets.

Latest Insights

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Equity Analyst

Fiona Orford-Williams

Fiona Orford-Williams

Director, TMT

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 (19.6) (27.7) (43.5)
Relative (15.5) (21) (51.4)
52 week high/low €4.3/€1.4


MGI – Media and Games Invest operates a programmatic advertising platform that enables publishers and advertisers to achieve their objectives with speed and transparency on the open internet (ie not within the ‘walled gardens’ such as Facebook and Amazon). Its origins in the games sector have given it extensive resources of first party data as well as providing attractive audiences, with the additional benefit that enhancements to the offering can be optimised internally and quickly. MGI’s games interests are now focused on mobile. Within advertising, the group operates across all
digital media, although its main focus is on in-app and Connected TV, with a growing interest in the burgeoning connected TV market.

Y/E Dec Revenue (€m) EBITDA (€m) PBT (€m) EPS (fd) (c) P/E (x) P/CF (x)
2021A 252.2 65.0 26.9 19.77 4.3 7.5
2022A 324.4 84.8 30.3 12.07 7.1 N/A
2023E 303.0 85.1 20.8 8.52 10.0 N/A
2024E 325.5 97.4 32.9 13.86 6.1 14.2

Further insights



MGI – Media and Games Invest: EKF 2023 QuickView



Deutsches Eigenkapitalforum (EKF) 2022 CMT



Deutsches Eigenkapitalforum (EKF) 2022




MediaWatch – November 2023: Still waiting…



MediaWatch – July 2023

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