Original-Research: Media and Games Invest SE (von First Berlin Equity Research GmbH): Kaufen
Original-Research: Media and Games Invest SE - from First Berlin Equity Research GmbH
Classification of First Berlin Equity Research GmbH to Media and Games Invest SE
Company Name: Media and Games Invest SE ISIN: SE0018538068
Reason for the research: Dreimonatsbericht
Recommendation: Kaufen
from: 08.05.2024
Target price: €4,10
Target price on sight of: 12 Monate
Last rating change: -
Analyst: Ellis Acklin
First Berlin Equity Research hat ein Research Update zu Media and Games Invest SE (ISIN: SE0018538068) veröffentlicht. Analyst Ellis Acklin bestätigt seine BUY-Empfehlung und erhöht das Kursziel von EUR 3,80 auf EUR 4,10.
Zusammenfassung:
Der Dreimonatsbericht setzte die Reihe positiver Nachrichten im Jahr 2024,
wie die Rückkehr zu einem soliden Wachstum und positive strukturelle
Veränderungen durch die Google-Partnerschaft, fort. Der Dreimonatsbericht
setzte die Reihe positiver Nachrichten im Jahr 2024, wie die Rückkehr zu
einem soliden Wachstum und positive strukturelle Veränderungen durch die
Google-Partnerschaft, fort. Letztere versetzt MGI in die Lage, das
Ertragswachstum zu maximieren und die KI-Initiativen voranzutreiben. Die
Ergebnisse übertrafen unsere Schätzung und wurden von einem organischen
Wachstum von 21% J/J angeführt, das zu einem Rekord-Q1 führte. Das
Management ist weiterhin zuversichtlich, dass sich der Werbemarkt erholen
wird, was durch verbesserte operative KPIs untermauert wird. Die erste
Guidance für das Geschäftsjahr 24 sieht einen Umsatz zwischen €350 Mio. und
€370 Mio. und ein AEBITDA zwischen €100 Mio. und €110 Mio. vor. Das
angenommene Wachstum von 9% bis 15% könnte sich als konservativ erweisen,
wenn: (1) die CPM-Preise anziehen und/oder (2) die Wahlkampfausgaben in den
USA einen fieberhaften Anstieg erreichen. Wir stufen MGI weiterhin mit
Kaufen ein bei einem Kursziel von €4,10 (zuvor: €3,80).
First Berlin Equity Research has published a research update on Media and Games Invest SE (ISIN: SE0018538068). Analyst Ellis Acklin reiterated his BUY rating and increased the price target from EUR 3.80 to EUR 4.10.
Abstract:
Q1 reporting extended the run of positive news flow in 2024 highlighted by
the return of solid growth and positive structural changes via the Google
partnership. The latter sets up MGI to maximise earnings growth and ramp up
AI initiatives. Results topped FBe and were led by 21% Y/Y organic growth
that drove a record first quarter. Management remain upbeat about the
recovery of the ad market; a view underpinned by improving operating KPIs.
The initial FY24 guide calls for sales between €350m to €370m and AEBITDA
ranging €100m to €110m. The implied 9% to 15% growth may prove conservative
if: (1) CPM pricing rebounds; and / or (2) US election spending reaches a
fever pitch. Our TP moves to €4.1 (old: €3.8) on the Q1 report, and we
remain Buy-rated on MGI.
Bezüglich der Pflichtangaben gem. §34b WpHG und des Haftungsausschlusses siehe die vollständige Analyse.
You can download the research here:
http://www.more-ir.de/d/29629.pdf
Contact for questions
First Berlin Equity Research GmbH
Herr Gaurav Tiwari
Tel.: +49 (0)30 809 39 686
web: www.firstberlin.com
E-Mail: g.tiwari@firstberlin.com
-------------------transmitted by EQS Group AG.-------------------
The issuer is solely responsible for the content of this research. The result of this research does not constitute investment advice or an invitation to conclude certain stock exchange transactions.
Boersengefluester.de (BGFL) provides an overview of the key figures on sales, earnings, cash flow and dividends to help you better assess the fundamental development of the respective companies. All information is entered manually in our database - the source is the respective annual reports. All estimates for future figures are provided by BGFL.
| The most important financial data at a glance | ||||||||
| 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024e | ||
| Sales1 | 32,62 | 83,89 | 140,22 | 252,17 | 324,44 | 321,98 | 416,00 | |
| EBITDA1,2 | 8,65 | 15,54 | 26,55 | 65,04 | 84,75 | 128,46 | 132,00 | |
| EBITDA-Margin3 | 26,52 | 18,52 | 18,94 | 25,79 | 26,12 | 39,90 | 31,73 | |
| EBIT1,4 | 2,33 | 5,00 | 11,04 | 36,80 | 26,62 | 99,00 | 0,00 | |
| EBIT-Margin5 | 7,14 | 5,96 | 7,87 | 14,59 | 8,21 | 30,75 | 0,00 | |
| Net Profit (Loss)1 | 1,58 | 1,25 | 2,71 | 16,06 | -20,41 | 46,22 | 0,00 | |
| Net-Margin6 | 4,84 | 1,49 | 1,93 | 6,37 | -6,29 | 14,36 | 0,00 | |
| Cashflow1,7 | 4,93 | 16,20 | 25,20 | 64,84 | 134,22 | 69,45 | 0,00 | |
| Earnings per share8 | 0,09 | -0,01 | 0,03 | 0,11 | -0,12 | 0,26 | 0,11 | |
| Dividend per share8 | 0,00 | 0,00 | 0,00 | 0,00 | 0,00 | 0,00 | 0,00 | |
1 in Mio. Euro; 2 EBITDA = Earnings before interest, taxes, depreciation and amortisation; 3 EBITDA in relation to sales; 4 EBIT = Earnings before interest and taxes; 5 EBIT in relation to sales; 6 Net profit (-loss) in relation to sales; 7 Cashflow from operations; 8 in Euro; Source: boersengefluester.de
Auditor: Deloitte
All relevant valuation ratios, dates and other investor information on your share at a glance. Good to know: All data comes from boersengefluester.de and is updated daily. This means you are always up to date. You can get brief explanations of the key figures by moving the cursor or mouse over the relevant field.
| INVESTOR-INFORMATION | ||||||
| ©boersengefluester.de | ||||||
| Verve Group | ||||||
| WKN | ISIN | Legal Type | Marketcap | IPO | Recommendation | Plus Code |
| A3D3A1 | SE0018538068 | SE | 591,45 Mio € | Halten | 9FFW83PF+F9 | |
| PE 2025e | PE 10Y-Ø | BGFL-Ratio | Shiller-PE | PB | PCF | KUV |
| 26,33 | 23,87 | 1,10 | 56,43 | 1,68 | 8,52 | 1,84 |
|
Dividend '2022 in € |
Dividend '2023 in € |
Dividend '2024e in € |
Div.-Yield '2024e in % |
| 0,00 | 0,00 | 0,00 | 0,00% |
| Annual General Meeting | Q1-figures | Q2-figures | Q3-figures | Annual press conference |
| 11.06.2025 | 28.05.2025 | 19.08.2025 | 28.11.2024 | 18.04.2024 |
| Distance 60-days-line | Distance 200-days-line | Performance YtD | Performance 52 weeks | IPO |
| -10,19% | +23,61% | +221,46% | +212,25% | +172,41% |
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