MTG (Hold, TP: SEK90.00) - Not quite ready to fly again
We have cut our target price to SEK90 (95) and reiterate our HOLD after trimming our 2023e revenue and adj. EBITDA, reflecting a mobile gaming market still in decline YOY. We remain hesitant to expect substantial organic growth in MTG in the near term before there are visible signs of improvements in the market and for operations. Management’s full-year revenue growth and EBITDA margin outlook is likely to be a focus point in the Q1 report (due at 07:30 CET on 26 April).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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