Navigating effectively in a dynamic market
MGI’s Q1 revenues increased organically by 21%, slightly ahead of our estimates. At the same time, the adjusted operating profit fell short of our expectations due to higher operating costs than estimated. The new guidance for 2024 was in line with our estimates; however, following the announcement of the Google Cloud deal, we have raised our mid-term earnings estimates. Nonetheless, given the recent surge in the share price, indicating that the market has been pricing in improved financials, we believe that the current price levels present a moderate risk/reward ratio.
MGI - Media and Games Invest
MGI – Media and Games Invest SE (“MGI”) is an advertising software platform with strong first-party games content. MGI’s main operational presence is in North America and Europe. The Company combines organic growth with value-generating synergetic acquisitions, which has demonstrated continuous strong profitable growth with a revenue CAGR of 77% (2018 –2021). In addition to strong organic growth, MGI has successfully acquired more than 35 companies and assets in the past six years. The acquired assets and companies have been fully integrated and cloud technology is actively used to achieve efficiency gains and competitive advantages. MGI is registered as Societas Europaea in Malta (registration number SE 15) and its shares are listed on Nasdaq First North Premier Growth Market in Stockholm and in the Scale segment of the Frankfurt Stock Exchange. The Company has a secured bond that is listed on Nasdaq Stockholm and on the Frankfurt Stock Exchange Open Market.
Read more on company pageKey Estimate Figures08.05.
2023 | 24e | 25e | |
---|---|---|---|
Revenue | 322.0 | 366.8 | 399.9 |
growth-% | -0.76 % | 13.91 % | 9.03 % |
EBIT (adj.) | 76.9 | 81.2 | 80.1 |
EBIT-% (adj.) | 23.89 % | 22.15 % | 20.04 % |
EPS (adj.) | 0.15 | 0.16 | 0.20 |
Dividend | 0.00 | 0.00 | 0.00 |
Dividend % | |||
P/E (adj.) | 6.78 | 10.76 | 8.50 |
EV/EBITDA | 3.58 | 5.82 | 5.46 |