London, UK, 17 Novemeber 2022

Media and Games Invest (M8G): Swedish re-domicile going ahead

Media and Games Invest’s (MGI’s) recent EGM confirmed that the group can now proceed with its relocation to Sweden, set for January 2023, and the associated improvements to corporate governance, which should remove potential barriers to investment. Q322 results are scheduled for 15 November and, as with Q222, we would expect there to be a benefit from new publishers coming on board with an offset from a more testing economic backdrop. The inclusion of recent acquisition Dataseat from July will begin to step up the proportion of revenues and earnings generated from the demand-side. MGI’s valuation remains well below peers.

MGI’s share price is down 60% year to date, while global adtech peers have fallen by 53% on average, reflecting the market rotation away from high-growth sectors. Quoted gaming companies have done a little better, falling by 20%. MGI’s shares are valued below both sets of peers. Parity on average across FY21–23 would imply a share price of €3.93 (July: €5.06), with a DCF indicating a value of €4.13.

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