MTG (Buy, TP: SEK140.00) - Transformative 2025e
Following MTG’s acquisition of Plarium (cSEK6.7bn upfront price tag), EBITDA and FCF are set to double. We have raised our 2025–2026e adj. EBITDA by >100% but note the transformed financial position of the company as the net cash position now turns into net debt amid a struggle to grow organic sales. We have raised our target price to SEK140 (120) and reiterate our BUY.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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