MGI - Media and Games Invest - Edison Group

Overview
Price performance
Financials
Research
Sector insights
Thematics

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 ongoing 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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TMT |
Flash note

08.04.24

MGI – Media and Games Invest — Google strategic collaboration

TMT |
Update

04.03.24

MGI – Media and Games Invest — Back on a growth track

TMT |
Outlook

08.12.23

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

TMT |
Update

14.11.23

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

Media and Games Invest_resized

Sector

TMT

Equity Analyst

Fiona Orford-Williams

Fiona Orford-Williams

Director, TMT

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	1.81	(4.59)	(41.78)
Relative	(0.89)	(12.22)	(49.18)
52 week high/low	€4.3/€1.4

Financials

MGI started the year strongly, with organic growth of 18% in January and 25% in February, after a good Q4, implying further gains in market share in a trading environment that is starting to recover. Advertising spend from existing clients is also picking up. 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.

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	12.5	N/A
2023A	322.0	128.5	26.8	32.08	4.7	5.2
2024E	355.0	98.2	32.5	12.58	11.9	22.0
2025E	390.5	114.8	61.8	23.64	6.3	7.4

Research

edison tv

TMT

12.09.22

Media and Games Invest – executive interview

Initiation

TMT

14.07.22

Media and Games Invest — Focus on ad software platform

TMT

Update

Media and Games Invest — Swedish re-domicile going ahead

QuickView

TMT

03.05.22

Media and Games Invest — Acquisition of AxesInMotion

Update

TMT

08.03.22

Media and Games Invest — Adtech player with first-party content

Flash note

TMT

18.11.21

Media and Games Invest — Q321 results, 41% y-o-y organic growth

Update

TMT

31.08.21

Media and Games Invest — Focus moves from games to media

Flash note

TMT

16.07.21

Media and Games Invest — Acquisition of Smaato and updated guidance

Flash note

TMT

28.04.21

Media and Games Invest — Full steam ahead, with two M&A deals in Q121

Update

TMT

11.03.21

Media and Games Invest — Strong momentum carrying into FY21

Flash note

TMT

19.01.21

Media and Games Invest — Acquisition of KingsIsle Entertainment

Flash note

TMT

01.12.20

Media and Games Invest — Equity+bond placings, FY20 guidance raised

Flash note

TMT

01.10.20

Media and Games Invest — Placing and dual listing in Stockholm

Update

TMT

20.08.20

Media and Games Invest — Strong H1 performance, more to come

Flash note

TMT

05.08.20

Media and Games Invest — Scorching Q220, FY20 guidance raised boldly

Initiation

TMT

13.07.20

Media and Games Invest — Benefiting from lockdown, ready for lift-off

edison tv

TMT

19.05.20

Media & Games Invest (MGI) – executive interview

Initiation

TMT

18.05.20

Media and Games Invest — Following in Stillfront’s footsteps

Further insights

insight

Consumer

21.11.23

MGI – Media and Games Invest: EKF 2023 QuickView

insight

Consumer

16.11.22

Deutsches Eigenkapitalforum (EKF) 2022 CMT

insight

Consumer

26.07.22

Deutsches Eigenkapitalforum (EKF) 2022

Analyst of the week

Katherine Thompson

Katherine Thompson

Director

kthompson@edisongroup.com 020 3077 5730

Read latest

thematic

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MediaWatch – Targeting the opportunities

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25.04.23

MediaWatch – Vision On

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31.01.23

MediaWatch – Screening well

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05.10.22

IPO apocalypse

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10.08.22

ESG, moving beyond the box tick

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11.05.22

Direct tech investors

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24.03.22

Circular economy business models

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29.09.21

Quantum dots – all the colours of the rainbow

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09.09.21

Micro-LEDs – small is beautiful

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Semiconductor winners – European companies with strong positions

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24.06.20

The small satellite market – Small is beautiful

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08.04.20

European video games: A safe haven in troubled times

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27.02.20

Blockchain adoption: Implications for the financial services sector

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Consumer

14.08.19

Illuminator: August Update

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TMT

05.08.19

European video games

thematic

TMT

10.07.19

Diversification and scale for online success

thematic

TMT

08.05.19

5G – Strategic importance, but lacking a near-term commercial driver

thematic

TMT

26.02.19

UK video games – Heterogeneous not homogeneous

thematic

TMT

24.02.17

Mobile ecosystems

thematic

TMT

08.02.17

Mobile ecosystems

thematic

TMT

13.10.15

Mobile ecosystems

thematic

TMT

23.03.15

NZ – Edison talks tech

thematic

TMT

23.03.15

AUS – Edison talks tech

thematic

TMT

18.03.15

Mobile ecosystems

thematic

Consumer

11.11.14

Deutsche Börse Eigenkapitalforum 2014 Research Guide

thematic

TMT

15.10.14

Mobile ecosystems

thematic

Energy & Resources

04.03.14

ASX Spotlight Conference – London, 6 March 2014

thematic

Energy & Resources

01.03.13

ASX Small to Mid Caps Conference – London, 7 March 2013

thematic

TMT

24.09.10

The third pillar

thematic

TMT

10.09.10

The real disruptor

thematic

TMT

27.08.10

Merger mania is back