MGI – Media and Games Invest (XETRA: M8G)

Last close As at 23/02/2024


0.03 (3.53%)

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 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 (12.6) 1.5 (48.1)
Relative (12.5) (10.0) (53.2)
52 week high/low €4.3/€1.4


MGI continues to steadily gain market share in a difficult trading environment. It is the leading mobile open web supply-side platform on both Android and iOS in North America, and second on Android and fifth on iOS in EMEA. Q323 organic net revenue was 1% up on Q322, with early benefits from the €10m annualised cost savings plan helping to lift the adjusted EBITDA margin to 29% (Q322: 26%). The fundamentals for MGI are positive, with its vertical integration giving an efficient market proposition and earlier acquisitions providing a sound basis for its connected TV offering. The withdrawal of personal identifiers on Google should give further impetus, which we feel is not yet reflected in the rating.

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 4.5 7.8
2022A 324.4 84.8 30.3 12.07 7.3 N/A
2023E 303.0 122.8 20.8 8.52 10.3 N/A
2024E 325.5 97.4 32.9 13.86 6.3 14.7

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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