MGI: Risk-to-reward ratio still attractive
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).
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.
Lue lisää yhtiösivullaTunnusluvut01.03.2023
2022 | 23e | 24e | |
---|---|---|---|
Liikevaihto | 324,4 | 353,9 | 399,1 |
kasvu-% | 28,66 % | 9,07 % | 12,78 % |
EBIT (oik.) | 76,6 | 68,9 | 74,4 |
EBIT-% (oik.) | 23,60 % | 19,48 % | 18,64 % |
EPS (oik.) | 0,19 | 0,18 | 0,21 |
Osinko | 0,00 | 0,00 | 0,00 |
Osinko % | |||
P/E (oik.) | 9,25 | 10,28 | 8,55 |
EV/EBITDA | 6,43 | 6,10 | 5,47 |