Media and Games Invest SE Achieves Solid Growth in 2023 and Expects Continued Earnings Improvement

Media and Games Invest SE (MGI), in its preliminary business figures for 2023, reported solid revenue growth, achieving €321.98 million, primarily through its 'Supply Side Platform' contributing 93.6% of the total revenue. The technology company experienced a 5.0% increase in consolidated sales, with a notable 16.0% growth in Q4, attributed to an 18.9% year-on-year increase in software customer base.

The company's market position has been fortified, achieving leading positions on iOS and Android with a market share of 12.0% each. Additionally, MGI saw a substantial increase in earnings across all levels, significantly influenced by the positive revaluation of an M&A-related payment obligation. EBITDA grew by 51.6% to €128.46 million, with the adjusted EBITDA margin increasing to 29.6%, reflecting the positive effects of a cost-saving program initiated last year.

Exceeding MGI management's guidance and analysts' forecasts for 2023, the company now anticipates double-digit sales growth for 2024, alongside earnings improvement. This optimistic outlook, along with adjusted sales and earnings estimates, has led analysts to raise MGI's price target to €4.50 per share, maintaining a 'BUY' rating.