Release date: 09 October 2020 Market data as of: 08 October 2020 Media and Games Invest Germany | Holding companies MCap: EUR95.9m This report is intended for
[email protected]. Unauthorized distribution prohibited. Buy (Not Rated) Level Up Target Price: EUR2.30 (none) Current Price: EUR1.37 What’s it all about? Up/downside: 67.9% We initiate coverage with a Buy on Media and Games Invest plc (MGI), a buy-and- Change in TP: none build market consolidator in online video gaming and digital advertising. Digital Change in Adj. EPS: none 19E/NM+ 20E entertainment has emerged as a COVID-19 safe haven. We see significant upside to MGI’s current share price assuming a successful continuation of management’s M&A strategy, and with consolidation benefits in its media segment yielding margin expansion. Gaming has reached a new era; we invite investors to reassess its attractiveness with MGI shares, which offer a profitable gaming portfolio with a Sven Sauer proven M&A strategy and beneficial market dynamics, complemented by an Equity Research Analyst attractive digital advertising portfolio and significant inter-segment synergy +49 69 7 56 96 131 potential.
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