When will we see new buybacks?

We forecast stable sales development for MTG in Q1 with slightly improved organic growth of 5% (up vs. 3% in Q4'23) mainly because of easier comps in Tower Defence.

Positioned to accelerate, up to BUY

We lift EBITA by 8-10% on '24e-'25e on better cost control. Shows again that it can do both accretive acquisitions and divestments. EV/EBITA 6x-4x on '24e-'26e; up to BUY (Hold).

Beat driven by lower costs

Gaming: Apple to slash App Store fee

Time to take profits ahead of weaker Q4

A risk for disappointing growth in Q4. We are 10% below consensus on Q4 adj. EBITDA. Time to take profits, down to HOLD (Buy), TP of SEK 90 (97).

Growth and profitability accelerated in Q3

Back to org. growth and solid EBITDA beat

US gaming market continued to grow in September

US Gaming sales +13% y-o-y in September. Fifth consecutive month of growth for the industry. Valuation is down across the sector; use the opportunity to buy quality.

Inflection point for growth in Q3: BUY

Q3e: an inflection point for organic growth. We lift '23e-'25e EBITA by 3%-0% on strong H2 outlook, and by a further 0%-2% on Snowsprint acquisition. BUY.

Implicit multiple for Snowprint 7x EBITDA

Acquires Snowprint, adding ~6% to EBITDA

New buyback program to support the share

Market slow to react to better growth outlook

We are puzzled by weak share on a strong report. Adj. EPS up 7%, 4%, and 4% for '23e,'24e and '25e. Keep BUY, outperforming peers at a discount.

Strong beat, adj. EBITDA +28% vs. cons

Growth set to accelerate in the coming quarters

We forecast -7% org growth in Q2e vs. -11% in Q1. Margins likely to be stable, up a bit q-o-q on seasonality. Strong outlook for positive org. growth in H2'23e, BUY.

Accelerating growth on the horizon

Soft Q1 as expected but positive outlook. No material changes to estimates. Keep BUY, TP SEK 100, trading at 7.4x EV/adj. EBITA '23e.

More optimistic outlook

Signs of improving visibility

Q1 results due 26 April; we see org. growth slowing down. We trim EBITA by 3%, 4% and 2% for '23-25e. Remain BUY, good cash yield.

Another major M&A deal in the Gaming sector