London, UK, 12 June 2023

MGI – Media and Games Invest (MGI): Building adtech market presence

MGI – Media and Games Invest (MGI) is building a strong position in the programmatic adtech sector, under the Verve name. Its supply (publishing) side is expanding its customer base in a difficult market, with Verve now the largest mobile in-app provider for Google in North America and EMEA and fourth largest on iOS. Verve’s demand (advertising) side is growing strongly, from a lower base. The group’s Q123 revenues were up by 1% (organic, +4% with currency), while lower costs from the slimmed-down games portfolio and the operational benefit of the combined tech stacks have lifted margins faster than we anticipated. The share price is at a sizable discount to peers. In our view, this does not reflect the value inherent in MGI’s large first-party data resource, AI-driven targeting or the scale of its opportunity.

MGI’s share price is down 38% year-to-date, versus an 11% median gain across global adtech peers (in a very wide range of +108% to -40%). MGI’s shares are valued below both adtech and gaming peers. Across averaged FY22–24 EV/sales and EV/adjusted EBITDA, parity would imply a share price of €3.57 (€3.50 in our March update). A DCF now indicates €3.91 (was €3.80).

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 5700

Milo Bussell +44 (0)20 3077 5700

Learn more at and connect with Edison on: 

LinkedIn       

Twitter          

YouTube