London, UK, 8 Mai 2024

Edison issues update on MGI – Media and Games Invest (M8G): A strong start to the year

MGI’s Q124 report shows an impressive 21% organic revenue uplift over Q123, with both good new client recruitment and higher spend from existing clients as corporate confidence rebuilds. With the market shift towards privacy-first advertising, despite Google’s continued deadline extensions for full cookie withdrawal, MGI’s AI-driven contextual targeting solution is well-placed. The move to a single infrastructure on the Google cloud should enhance scalability and improve efficiency. Our forecasts are edged ahead, to the midpoint of management revenue guidance, which is restrained by caution over the macroeconomic outlook. The rating remains at a discount to peers, despite an 80% share price gain year to date.

Adtech shares have had mixed performances over the year to date, averaging out positive, with scale a clear benefit. MGI has outperformed the peer set strongly over the same period (+80%) and is in the upper echelons over 12 months (+43%), reducing the discount at which it trades across pure adtech and relevant content categories. Parity of rating on EV/revenue and EV/EBITDA across FY24–25e would now see the price climb to €3.73 (from €3.70 in March).

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