First Berlin – Media and Games Invest plc Research Update (18/12/2019)

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 maintained his EUR 2.10 price target.

Abstract
Nine month reporting for Media and Games Invest subsidiary, gamigo AG, showed strong revenue and earnings growth close to our forecasts. The top line climbed 35% on an annualised basis, while EBITDA grew some 63% Y/Y. MGI also announced that its subsidiary, PubNative, acquired the development team and software assets from TVSMILES GmbH to bolster its supply side platform. The good 9M gamigo performance gives us confidence in our full year targets, and the company continues to execute its external growth strategy. We reiterate our Buy rating and €2.1 price target.