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MGI – Media and Games Invest (OMX: M8G)

Last close As at 30/04/2024

EUR1.56

— 0.00 (0.00%)

Market capitalisation

EUR249m

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 monetise 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 ongoing withdrawal of Google cookies and that this presents Verve with a major opportunity to accelerate its presence with its established AI-driven solutions.

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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

    FD

  • Remco Westerman

    Executive Chairman

Balance Sheet

Forecast net debt (€m)

283.4

Forecast gearing ratio (%)

81

Share Price Performance

Price Performance
% 1M 3M 12M
Actual 3.9 65.9 26.9
Relative 5.1 55.0 10.3
52 week high/low €1.9/€0.8

Financials

In April, MGI announced a strategic collaboration with Google Cloud that will bring all its marketplaces together by mid-FY25. As well as the obvious scalability advantage, this collaboration should boost the effectiveness of MGI’s privacy-first AI-driven products. Management anticipates it will also generate cost savings of €20m over the next four years. MGI has started the year strongly, with organic revenue growth of 18% in January and 25% in February. Q124 results are due on 30 May. 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. In the fast-growing Connected TV (CTV) market, MGI is targeting margin over volume.

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 13.0 N/A
2023A 322.0 128.5 26.8 32.08 4.9 5.4
2024E 355.0 98.2 32.5 12.58 12.4 22.9
2025E 390.5 114.8 61.8 23.64 6.6 7.6

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