First Berlin – Media and Games Invest plc Research Update (07/11/2019)

First Berlin Equity Research on 07/11/2019 initiated coverage on Media and Games Invest plc (ISIN: MT0000580101/ Bloomberg: M8G GR). Analyst Ellis Acklin placed a BUY rating on the stock, with a EUR 2.10 price target.

Abstract
We start coverage of Media and Games Invest (MGI) with a Buy rating and €2.10 price target. In our view, MGI's growth opportunities are excellent. The company is a market consolidator focused on the large and fragmented video gaming industry and media. MGI pursues a 'buy, integrate, build & improve' strategy applied to the gaming and media spaces with the Hamburg-based gamigo AG as its flagship subsidiary and operational fulcrum. A $139bn addressable global video gaming market underpins our optimism, and we believe MGI's operational upside is currently underappreciated by the market.