Media and Games Invest - Strong H1 performance, more to come
In its maiden results following the group’s Scale listing in July, Media and Games Invest (MGI) reported a 97% like-for-like increase in Q2 revenues to €30.0m, with EBITDA up 68% to €6.3m. The group reported H120 revenues of €56.6m and EBITDA of €11.6m. With the sustained growth in EBITDA, leverage has fallen to 3.2x LTM EBITDA. Management raised its FY20 guidance, with a revenue target of €115–125m (37–49% growth y-o-y) and introduced FY20 EBITDA guidance of €20–23m (29–48% growth y-o-y). These forecasts exclude the impact of any potential M&A in H220, which would be expected to bring valuation multiples down further. Management is actively exploring options to further internationalise MGI’s gaming base in Asia and is opportunistically looking to build mobile gaming revenues. Management is also considering a dual listing for the shares in Sweden.
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