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: Jahresergebnisse
Recommendation: Kaufen
from: 11.03.2024
Target price: €3,60
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 3,20 auf EUR 3,60.
Zusammenfassung:
MGI überraschte im vierten Quartal mit einer Umsatzsteigerung, die durch
ein starkes J/J organisches Wachstum (+16%) im Zeitraum von Oktober bis
Dezember gekennzeichnet war. Das Management verwies auf: (1) die Skalierung
der neuen Software-Kunden, die im Laufe des Jahres 2023 hinzukommen sind,
(2) die beschleunigte Zugkraft der kontextbezogenen Tools (ATOM, moments.AI
und ML-Optimierung für SKAN), die in einer zunehmend ID-losen Welt auf
große Resonanz stoßen, und (3) erste Anzeichen einer Erholung des
Werbemarktes. Der Umsatz (€322 Mio.) übertraf die Guidance für 2023 (€303
Mio.) und FBe (€304 Mio.). Das Management zeigte sich auch für 2024
zuversichtlich und deutete ein zweistelliges Wachstum für dieses Jahr an.
Aufgrund dieses Ausblicks haben wir unsere Prognose und unser Kursziel auf
€3,60 (zuvor: €3,20) angehoben und sind der Meinung, dass der solide
Q4-Bericht dazu beitragen wird, die seit dem Abschwung im letzten Jahr am
Werbemarkt anhaltende Skepsis der Anleger zu beenden. Wir stufen MGI
weiterhin mit Kaufen ein.
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 3.20 to EUR 3.60.
This is an abbreviated summary. The full text of this story (including disclosure) is attached as a pdf document. For previous reports on this or other companies covered by First Berlin contact Gaurav Tiwari directly (g.tiwari@firstberlin.com).
Abstract:
MGI surprised with a Q4 topline beat that featured a strong rebound (+16%)
in Y/Y organic growth for the October-to-December period. Management
pointed to: (1) scaling of new software clients onboarded throughout 2023;
(2) accelerated traction of contextual tools (ATOM, moments.AI and ML
optimization for SKAN) that are resonating strongly in an increasingly
ID-less world; and (3) early signs of an ad market recovery. Sales (€322m)
topped the 2023 adjusted revenue guide (€303m) and FBe (€304m). Management
were also upbeat about 2024 and hinted at double digit growth for the year.
We have upped FBe and our TP to €3.6 (old: €3.2) on this outlook and
believe the solid Q4 report will help end investor ennui that has persisted
since last year's ad market downturn. 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/29109.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
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