First Berlin – Media and Games Invest plc Research Update (23/06/2020)

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 maintained his EUR 2.80 price target.

Unaudited 2019 and Q1/20 results showed stronger momentum than expected. Both the full year topline and EBITDA beat our targets. FY19 revenue reached €83.9m vs FBe of €71.8m, while EBITDA hit €15.5m compared to FBe of €13.3m. The good performance owes to organic and external growth. Meanwhile, Q1 benefited from lockdown effects in March, and revenue doubled on an annualised basis to €26.5m. The better than expected performance suggest upside to our current forecasts. We remain Buy-rated on MGI with an unchanged €2.8 price target.