First Berlin – Media and Games Invest plc Research Update (27/04/2021)

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 increased the price target from EUR 5.30 to EUR 6.10.

First quarter reporting showed a continuation of good business momentum. Sales climbed some 96% on an annualised basis to €52m and topped FBe (€46m), while earnings grew at a stronger clip led by EBITDA (+128% Y/Y). The performance was spurred by good organic (+38%) and M&A (+58%) growth with the latter propelled by the KingsIsle and LKQD deals. Full organic and M&A pipelines suggest this strong performance will continue well into next year. We have increased our forecasts to reflect the good Q1 results, and our price target moves to €6.1 (old: €5.3). We reiterate our Buy rating.