First Berlin Equity Research has published a research update on Media and Games Invest SE (ISIN: MT0000580101). Analyst Ellis Acklin reiterated his BUY rating and maintained his EUR 4.40 price target.
Q2 reporting topped our expectations and overall performance was led by another period of good organic growth (+18%) that kept pace with the Q1 KPI as well as currency (Fx) effects. Turnover climbed some 37% year on year to €78m, while earnings grew at a similar clip. MGI also hosted its Capital Markets Day (CMD) and provided a look under the operational hood that included a compelling presentation by the Dataseat boss on how his business predicted and is now succeeding in a post-identifier digital advertising world. MGI is tracking well towards confirmed guidance (17% to 25% growth) after a solid Q2 in which it outperformed many rivals in a slowing market with shrinking advertising budgets. We remain Buy-rated on MGI with a €4.4 target price.