First Berlin Equity Research has published a research update on Media and Games Invest SE (ISIN: SE0018538068). Analyst Ellis Acklin reiterated his BUY rating and maintained his EUR 3.20 price target.

Third quarter reporting was similar to the prior three month period with the topline showing the effects of a slowdown in ad spend. Fx-adjusted organic sales growth (OSG) tallied 1% for the third consecutive quarter. Headline Q3 figures were close to FBe, and profitability remained solid. Non-adjusted earnings were supercharged by the release of the AxesInMotion earn-out liability, which resulted in ?other income? of €64m for the July-to-September period. The balance sheet hasn’t been unduly weakened in the market downturn, and, as client wins show, the company remains well positioned with its products and technology. We remain Buy-rated on MGI with a €3.2 target price.