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MGI: Risk-to-reward ratio still attractive

VERResearch01.03.2023 klo 09.27

Inderes

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MGI’s Q4 figures came in at the top end of the guidance beating our estimates. We raised our 2023-2024 estimates regarding operating profit slightly considering the strong underlying performance of Q4 and our somewhat more positive outlook for current year. At the current market price MGI’s valuation is still rather low. We reiterate our Buy recommendation and raise the target price to 26 SEK (prev. 23 SEK).

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Verve (Ticker: VER) is a fast-growing, profitable, digital media company that provides AI-driven ad-software solutions. Verve matches global advertiser demand with publisher ad-supply, enhancing results through first-party data from its own content. Aligned with the mission, “Let’s make media better,” the company focuses on enabling better outcomes for brands, agencies, and publishers with responsible advertising solutions, with an emphasis on emerging media channels. Verve’s main operational presence is in North America and Europe. Its shares are listed on the Nasdaq First North Premier Growth Market in Stockholm and the Scale segment of the Frankfurt Stock Exchange. The company has three secured bonds listed on Nasdaq Stockholm and the Frankfurt Stock Exchange Open Market.

Key Estimate Figures01.03.2023

	2022	23e	24e
Revenue	324.4	353.9	399.1
growth-%	28.7 %	9.1 %	12.8 %
EBIT (adj.)	76.6	68.9	74.4
EBIT-% (adj.)	23.6 %	19.5 %	18.6 %
EPS (adj.)	0.19	0.18	0.21
Dividend	0.00	0.00	0.00
Dividend %
P/E (adj.)	9.2	5.7	4.7
EV/EBITDA	6.4	4.6	4.2

Forum discussions

Remco seems to be one of the last believers in the company, and I wouldn’t draw any major conclusions from these purchases by Remco. The company...

20 hours ago

by Marky Mark

Not mentioned here yet, but Remco was actively on the buy side again last week. Announcements about these have started showing up on Inderes...

21 hours ago

by yellowbeak

Hi @valerio.ferruggia and thanks for your question. I do not expect any significant change, neither in the effective tax rate nor in the actual...

10/5/2026, 11:33 AM

by Christoffer Jennel

@christoffer.jennel With Verve now having relocated its registered office and tax residence from Sweden to Ireland, do you expect any meaningful...

10/2/2026, 2:27 PM

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It gave me a bit of a gut punch when I noticed that 28% of the portfolio’s value was gone

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by Mikko67

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10/2/2026, 8:06 AM

by Vara-Paavi