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MGI – Media and Games Invest (XETRA: M8G)

Currency in EUR

Last close As at 28/11/2023

EUR1.00

▲ 0.15 (17.51%)

Market capitalisation

EUR135m

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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TMT | Update

MGI – Media and Games Invest — Building a major global adtech player

TMT | edison tv

MGI – Media and Games Invest — executive interview

TMT | Update

MGI – Media and Games Invest — Building adtech market presence

TMT | Update

Media and Games Invest — Sharpening focus in digital advertising
Media and Games Invest_resized
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Sector

TMT

Equity Analyst

Fiona Orford-Williams

Fiona Orford-Williams

Director, TMT

Key Management

  • Paul Echt

    FD

  • Remco Westerman

    Executive Chairman

Balance Sheet

Forecast net debt (€m)

260.1

Forecast gearing ratio (%)

74

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

Financials

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

Research

edison tv

TMT

MGI – Media and Games Invest — executive interview
Media and Games Invest_resized

Update

TMT

MGI – Media and Games Invest — Building adtech market presence
Media and Games Invest_resized

TMT

Update

MGI – Media and Games Invest — Building a major global adtech player

Media and Games Invest_resized
View All

Further insights

insight

Consumer

MGI – Media and Games Invest: EKF 2023 QuickView

insight

Consumer

Deutsches Eigenkapitalforum (EKF) 2022 CMT

insight

Consumer

Deutsches Eigenkapitalforum (EKF) 2022

Analyst of the week

Katherine Thompson
kthompson@edisongroup.com 020 3077 5730
Read latest

Thematics

thematic

Consumer

Deutsches Eigenkapitalforum (EKF) 2023 consumer and media

thematic

TMT

Deutsches Eigenkapitalforum (EKF) 2023 technology

thematic

TMT

MediaWatch – November 2023: Still waiting…

thematic

TMT

MediaWatch – July 2023
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