London, UK, 24 November 2022

Media and Games Invest (MGI): Adtech credentials boosted by Google partnership

Media and Games Invest’s (MGI’s) media operation, Verve Group, has been made a partner on Google’s Open Bidding platform. This gives it far wider reach on both the demand (advertiser) side and supply (publisher) side, accessing inventory (advertising opportunities) via real-time auctions. MGI’s Q3 revenue growth was strong at 39% (23% organic) and FY22 guidance was lifted, with margin pressure from market conditions resulting in unchanged EBITDA guidance. We have adjusted our forecasts accordingly. Google’s endorsement should give greater confidence in MGI’s medium-term prospects as it concentrates on organic growth rather than on M&A. The rating remains at a market discount to peers.

MGI’s share price is down 57% year to date, versus global adtech peers down 52% on average, while quoted gaming companies have done a little better, retrenching by 25%. MGI’s shares are valued below both sets of peers. Parity averaged across FY21–23 would imply a share price of €4.43 (was €3.93), with a DCF indicating a value of €4.21 (was €4.13).

   
to view the full report or to sign up to receive research as it is published.

All reports published by Edison are available to download free of charge from its website

About Edison: Edison is a leading research and investor relations consultancy, connecting listed companies to the widest pool of global investors. By focusing on the volume and quality of investors reached – across institutions, family offices, wealth managers and retail investors – Edison can create and gauge intent to purchase, even in the darkest pools of capital, and then make introductions via non-deal roadshows, events or virtual meetings.

Having been the first in-market 17 years ago, Edison now has more than 100 analysts covering every economic sector. Headquartered in London, Edison also has offices in New York, Frankfurt, Amsterdam and Tel Aviv and a presence in Athens, Johannesburg and Sydney.

Edison is authorised and regulated by the .

Edison is not an adviser or broker-dealer and does not provide investment advice. Edison’s reports are not solicitations to buy or sell any securities.

For more information, please contact Edison:

Fiona Orford-Williams +44 (0)20 3077 5739
Milo Bussell +44 (0)20 3077 5700

Learn more at and connect with Edison on: 

LinkedIn       

Twitter          

YouTube