First Berlin – Media and Games Invest plc Research Update (01/10/2020)

First Berlin Equity Research has published a research update on Media and Games Invest plc (ISIN: MT0000580101). Analyst Ellis Acklin reiterated his BUY rating and decreased the price target from EUR 2.90 to EUR 2.50.

Abstract
Media and Games Invest successfully concluded a private placement for gross proceeds of €28.5m. In the course of book-building, 25m new shares were placed with Swedish and international institutional investors at SEK12.0 (~€1.14). The proceeds will significantly boost the group's financial firepower to execute on its acquisition pipeline that includes a number of short-listed targets. MGI will also list its shares on Sweden's Nasdaq First North Premier Exchange, which is well populated with gaming operators. Our adjusted DCF model results in a €2.5 PT (old: €2.9). We remain Buy-rated on MGI.