MTG (Buy, TP: SEK155.00) - Finally change on the horizon
MTG has a lot to prove and organic gaming growth (c80% of our SOTP) also seems challenging for Q3. However, with a rising focus on 2022e, we believe a payoff from the recent acquisitions is near and our 2020–2023e gaming EBITDA CAGR of 26% is far from reflected in the weak share price. We have raised our estimates due to the PlaySimple acquisition and upgraded the stock to BUY (HOLD) with a new SEK155 (135) target price.Modern Times Group MTG AB is an entertainment group with operations that include free-television (TV), pay-TV, digital entertainment, radio and content production businesses. Co. has six business segments. Five of these segments, Free-TV Scandinavia, Pay-TV Nordic, Free-TV Emerging Markets, Pay-TV Emerging Markets and CTC Media, comprise Viasat Broadcasting. Co.'s Viasat Broadcasting is a free-TV and pay-TV operator, and also an operator and distributor of live and on-demand streamed free and paid video content over the internet, providing movies, live sports events, TV series, and catch-up services. The sixth business segment mainly comprises Co.'s MTG Studios, MTGx and Radio businesses.
DNB Markets is the investment banking arm of DNB Bank ASA and is focused primarily on the Nordic region, as well as internationally on niches such as global shipping, energy and related services, and seafood. DNB Markets offers services in FICC, Equities and Investment Banking advisory from offices in Oslo, Stockholm, London, Singapore and New York. Equity research coverage is offered on c250 Nordic companies. DNB was ranked no.2 in Extel Nordic Research 2017. The DNB Markets’ Credit and FICC Macro & FX Research teams are repeatedly highly rated by Prospera Nordic Institutional Investor Surveys.
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