Media and Games Invest - Adtech player with first-party content
MGI continued to perform strongly in FY21, beating initial guidance and ending up at the top end of the revised guidance. FY21 results showed revenue growth of 80% y-o-y to €252m, with 38% organic growth. Adjusted EBITDA increased 144% y-o-y to €71m, with margins of 28%. In June 2021, the acquisition of Smaato marked the group’s shift to become media led, with MGI evolving to become a content-owning, games-focused adtech platform, with closest peers including Applovin, Azerion and IronSource. Future growth will be both organic and from M&A, with management looking to drive synergies between MGI’s ad platform (Verve) and its content (gamigo). Management’s FY22 guidance is for revenues of €290–310m, with adjusted EBITDA of €80–90m.
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