Original-Research: Media and Games Invest SE - from First Berlin Equity Research GmbH Classification of First Berlin Equity Research GmbH to Media and Games Invest SE Company Name: Media and Games Invest SE ISIN: SE0018538068 Reason for the research: Dreimonatsbericht Recommendation: Kaufen from: 08.05.2024 Target price: €4,10 Target price on sight of: 12 Monate Last rating change: - Analyst: Ellis Acklin First Berlin Equity Research hat ein Research Update zu Media and Games Invest SE (ISIN: SE0018538068) veröffentlicht. Analyst Ellis Acklin bestätigt seine BUY-Empfehlung und erhöht das Kursziel von EUR 3,80 auf EUR 4,10. Zusammenfassung: Der Dreimonatsbericht setzte die Reihe positiver Nachrichten im Jahr 2024, wie die Rückkehr zu einem soliden Wachstum und positive strukturelle Veränderungen durch die Google-Partnerschaft, fort. Der Dreimonatsbericht setzte die Reihe positiver Nachrichten im Jahr 2024, wie die Rückkehr zu einem soliden Wachstum und positive strukturelle Veränderungen durch die Google-Partnerschaft, fort. Letztere versetzt MGI in die Lage, das Ertragswachstum zu maximieren und die KI-Initiativen voranzutreiben. Die Ergebnisse übertrafen unsere Schätzung und wurden von einem organischen Wachstum von 21% J/J angeführt, das zu einem Rekord-Q1 führte. Das Management ist weiterhin zuversichtlich, dass sich der Werbemarkt erholen wird, was durch verbesserte operative KPIs untermauert wird. Die erste Guidance für das Geschäftsjahr 24 sieht einen Umsatz zwischen €350 Mio. und €370 Mio. und ein AEBITDA zwischen €100 Mio. und €110 Mio. vor. Das angenommene Wachstum von 9% bis 15% könnte sich als konservativ erweisen, wenn: (1) die CPM-Preise anziehen und/oder (2) die Wahlkampfausgaben in den USA einen fieberhaften Anstieg erreichen. Wir stufen MGI weiterhin mit Kaufen ein bei einem Kursziel von €4,10 (zuvor: €3,80). 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 increased the price target from EUR 3.80 to EUR 4.10. Abstract: Q1 reporting extended the run of positive news flow in 2024 highlighted by the return of solid growth and positive structural changes via the Google partnership. The latter sets up MGI to maximise earnings growth and ramp up AI initiatives. Results topped FBe and were led by 21% Y/Y organic growth that drove a record first quarter. Management remain upbeat about the recovery of the ad market; a view underpinned by improving operating KPIs. The initial FY24 guide calls for sales between €350m to €370m and AEBITDA ranging €100m to €110m. The implied 9% to 15% growth may prove conservative if: (1) CPM pricing rebounds; and / or (2) US election spending reaches a fever pitch. Our TP moves to €4.1 (old: €3.8) on the Q1 report, and we remain Buy-rated on MGI. Bezüglich der Pflichtangaben gem. §34b WpHG und des Haftungsausschlusses siehe die vollständige Analyse. You can download the research here: http://www.more-ir.de/d/29629.pdf Contact for questions First Berlin Equity Research GmbH Herr Gaurav Tiwari Tel.: +49 (0)30 809 39 686 web: www.firstberlin.com E-Mail: g.tiwari@firstberlin.com -------------------transmitted by EQS Group AG.------------------- The issuer is solely responsible for the content of this research. The result of this research does not constitute investment advice or an invitation to conclude certain stock exchange transactions.

Original-Research: Media and Games Invest SE - from First Berlin Equity Research GmbH Classification of First Berlin Equity Research GmbH to Media and Games Invest SE Company Name: Media and Games Invest SE ISIN: SE0018538068 Reason for the research: Update Recommendation: Kaufen from: 09.04.2024 Target price: €3,80 Target price on sight of: 12 Monate Last rating change: - Analyst: Ellis Acklin First Berlin Equity Research hat ein Research Update zu Media and Games Invest SE (ISIN: SE0018538068) veröffentlicht. Analyst Ellis Acklin bestätigt seine BUY-Empfehlung und erhöht das Kursziel von EUR 3,60 auf EUR 3,80. Zusammenfassung: MGI wird eine Partnerschaft mit Google Cloud eingehen, um seine Marktplätze auf einer einzigen Cloud-Plattform zu konsolidieren. Die Zusammenführung der Cloud-Infrastruktur zu einem einheitlichen Technologiepaket wird die Entwicklungsagilität steigern und MGI erhebliche Kosteneinsparungen bringen. Die Migration ist im Gange und soll 2025 weitgehend abgeschlossen sein. Darüber hinaus kann das KI-Team von MGI die KI-Toolbox des Tech-Giganten nutzen, um die Entwicklungs- und Markeinführungszeiten seiner KI-gesteuerten Produkte (Moments.AI, ATOM) zu beschleunigen und gleichzeitig die Zahl der Mitarbeiter in Grenzen zu halten. Unser aktualisiertes DCF-Modell berücksichtigt die angekündigten Kosteneinsparungen in Höhe von €20 Mio. und ergibt ein Kursziel von €3,80 (zuvor: €3,60). Wir stufen MGI mit Kaufen ein und betrachten die Kooperation als strategischen Gewinn, der mittel- und langfristig zu einer höheren operativen Effizienz führen wird. 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 increased the price target from EUR 3.60 to EUR 3.80. Abstract: MGI will partner with Google Cloud to consolidate its marketplaces into a single cloud platform. Streamlining the cloud infrastructure into a unified technology stack will boost developmental agility and yield material cost savings for MGI. Migration is underway and should be largely completed in 2025. Moreover, MGI's AI team can leverage the tech giant's AI-toolbox to accelerate development and roll-out times of its AI-driven products (Moments.AI, ATOM), while keeping headcount in check. Our updated DCF model now factors in the announced €20m cost savings and points to a €3.8 TP (old: €3.6). We are Buy-rated on MGI and view the deal as a strategic win that stands to spur greater operating efficiency over the mid- and long-term. Bezüglich der Pflichtangaben gem. §34b WpHG und des Haftungsausschlusses siehe die vollständige Analyse. You can download the research here: http://www.more-ir.de/d/29355.pdf Contact for questions First Berlin Equity Research GmbH Herr Gaurav Tiwari Tel.: +49 (0)30 809 39 686 web: www.firstberlin.com E-Mail: g.tiwari@firstberlin.com -------------------transmitted by EQS Group AG.------------------- The issuer is solely responsible for the content of this research. The result of this research does not constitute investment advice or an invitation to conclude certain stock exchange transactions.

Original-Research: Media and Games Invest SE - from First Berlin Equity Research GmbH Classification of First Berlin Equity Research GmbH to Media and Games Invest SE Company Name: Media and Games Invest SE ISIN: SE0018538068 Reason for the research: OSG Update Recommendation: Kaufen from: 20.03.2024 Target price: €3,60 Target price on sight of: 12 Monate Last rating change: - Analyst: Ellis Acklin First Berlin Equity Research hat ein Research Update zu Media and Games Invest SE (ISIN: SE0018538068) veröffentlicht. Analyst Ellis Acklin bestätigt seine BUY-Empfehlung und bestätigt sein Kursziel von EUR 3,60. Zusammenfassung: MGI meldete für den Monat Februar einen Rekordumsatz, der durch ein organisches Umsatzwachstum (OSG) von 25% untermauert wurde. Dies folgt auf einen starken Anstieg des KPI auf 16% im vierten Quartal, gefolgt von 18% im Januar. Das Management wies darauf hin, dass die Treiber des jüngsten Aufschwungs auch im Februar sichtbar waren: (1) höhere Werbebudgets von Kunden, (2) Gewinnung von neuen Kunden, und (3) steigende Nachfrage nach MGIs KI-gesteuerten Contextual-Data Lösungen, da Targeting-IDs weiterhin verschwinden. Die Performance ist ermutigend, wenn man bedenkt, dass das organische Umsatzwachstum im Zeitraum Januar bis September letzten Jahres kaum 1% erreicht hatte. Wir stufen MGI weiterhin mit Kaufen und einem Kursziel von €3,60 ein. 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 3.60 price target. Abstract: MGI reported record sales for the month of February underpinned by 25% OSG (organic sales growth). This comes on the heels of a strong uptick in the KPI to 16% in Q4 followed by 18% in January. MGI brass pointed out that the drivers behind the recent upswing were again visible in February: (1) increased ad budgets from customers; (2) new customer onboardings; and (3) rising demand for MGI's AI-driven contextual data solutions as targeting identifiers continue to vanish. The performance is encouraging, considering that the OSG-needle had barely budged at ~1% in January-to-September period last year. We are Buy-rated on MGI with a €3.6 TP. Bezüglich der Pflichtangaben gem. §34b WpHG und des Haftungsausschlusses siehe die vollständige Analyse. You can download the research here: http://www.more-ir.de/d/29199.pdf Contact for questions First Berlin Equity Research GmbH Herr Gaurav Tiwari Tel.: +49 (0)30 809 39 686 web: www.firstberlin.com E-Mail: g.tiwari@firstberlin.com -------------------transmitted by EQS Group AG.------------------- The issuer is solely responsible for the content of this research. The result of this research does not constitute investment advice or an invitation to conclude certain stock exchange transactions.

Original-Research: Media and Games Invest SE - from First Berlin Equity Research GmbH Classification of First Berlin Equity Research GmbH to Media and Games Invest SE Company Name: Media and Games Invest SE ISIN: SE0018538068 Reason for the research: Jahresergebnisse Recommendation: Kaufen from: 11.03.2024 Target price: €3,60 Target price on sight of: 12 Monate Last rating change: - Analyst: Ellis Acklin First Berlin Equity Research hat ein Research Update zu Media and Games Invest SE (ISIN: SE0018538068) veröffentlicht. Analyst Ellis Acklin bestätigt seine BUY-Empfehlung und erhöht das Kursziel von EUR 3,20 auf EUR 3,60. Zusammenfassung: MGI überraschte im vierten Quartal mit einer Umsatzsteigerung, die durch ein starkes J/J organisches Wachstum (+16%) im Zeitraum von Oktober bis Dezember gekennzeichnet war. Das Management verwies auf: (1) die Skalierung der neuen Software-Kunden, die im Laufe des Jahres 2023 hinzukommen sind, (2) die beschleunigte Zugkraft der kontextbezogenen Tools (ATOM, moments.AI und ML-Optimierung für SKAN), die in einer zunehmend ID-losen Welt auf große Resonanz stoßen, und (3) erste Anzeichen einer Erholung des Werbemarktes. Der Umsatz (€322 Mio.) übertraf die Guidance für 2023 (€303 Mio.) und FBe (€304 Mio.). Das Management zeigte sich auch für 2024 zuversichtlich und deutete ein zweistelliges Wachstum für dieses Jahr an. Aufgrund dieses Ausblicks haben wir unsere Prognose und unser Kursziel auf €3,60 (zuvor: €3,20) angehoben und sind der Meinung, dass der solide Q4-Bericht dazu beitragen wird, die seit dem Abschwung im letzten Jahr am Werbemarkt anhaltende Skepsis der Anleger zu beenden. Wir stufen MGI weiterhin mit Kaufen ein. 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 increased the price target from EUR 3.20 to EUR 3.60. This is an abbreviated summary. The full text of this story (including disclosure) is attached as a pdf document. For previous reports on this or other companies covered by First Berlin contact Gaurav Tiwari directly (g.tiwari@firstberlin.com). Abstract: MGI surprised with a Q4 topline beat that featured a strong rebound (+16%) in Y/Y organic growth for the October-to-December period. Management pointed to: (1) scaling of new software clients onboarded throughout 2023; (2) accelerated traction of contextual tools (ATOM, moments.AI and ML optimization for SKAN) that are resonating strongly in an increasingly ID-less world; and (3) early signs of an ad market recovery. Sales (€322m) topped the 2023 adjusted revenue guide (€303m) and FBe (€304m). Management were also upbeat about 2024 and hinted at double digit growth for the year. We have upped FBe and our TP to €3.6 (old: €3.2) on this outlook and believe the solid Q4 report will help end investor ennui that has persisted since last year's ad market downturn. We remain Buy-rated on MGI. Bezüglich der Pflichtangaben gem. §34b WpHG und des Haftungsausschlusses siehe die vollständige Analyse. You can download the research here: http://www.more-ir.de/d/29109.pdf Contact for questions First Berlin Equity Research GmbH Herr Gaurav Tiwari Tel.: +49 (0)30 809 39 686 web: www.firstberlin.com E-Mail: g.tiwari@firstberlin.com -------------------transmitted by EQS Group AG.------------------- The issuer is solely responsible for the content of this research. The result of this research does not constitute investment advice or an invitation to conclude certain stock exchange transactions.

Original-Research: Media and Games Invest SE - from GBC AG Classification of GBC AG to Media and Games Invest SE Company Name: Media and Games Invest SE ISIN: SE0018538068 Reason for the research: Research study (Note) Recommendation: BUY Target price: 4.50 EUR Last rating change: Analyst: Marcel Goldmann, Cosmin Filker FY 2023 closed with solid sales performance; strong new customer business ensured significant organic growth; return to dynamic growth path expected; price target raised to € 4.50; buy rating confirmed   Sales and earnings development 2023   On 29 February 2029, Media and Games Invest SE (MGI) published its preliminary business figures for the past financial year 2023. According to these figures, the technology company achieved solid revenue growth compared to the previous year (PY: € 324.44 million) with its fully integrated advertising software platform (ad tech platform), generating revenue of € 321.98 million. The majority of revenue was generated by the traditionally largest advertising segment 'Supply Side Platform' (revenue share of SSP: 93.6%) with revenue totalling € 301.39 million (PY: € 298.88 million).   On a comparable basis, the company reports a moderate increase in consolidated sales of 5.0%, which achieved a particularly high growth rate of 16.0% in the final quarter, traditionally the strongest quarter in terms of sales. The sales growth achieved was mainly due to an increase in the software customer base and the volume of advertising placed. The number of customers on MGI's digital ad tech platform increased dynamically by 18.9% year-on-year to 2,276 at the end of the fourth quarter (number of customers at the end of Q4 2022: 1,915). At the same time, the volume of digital advertising delivered increased significantly by 19.1% to 206 billion at the end of the fourth quarter (advertising ads at the end of Q4 2022: 173 billion).   Thanks to the significant expansion of the software customer base and the substantial increase in advertising volume, the company was able to hold its own and even gain market share despite a previously difficult market situation (low CPMs, subdued advertising budgets, etc.). The company's further improved market position in the mobile sector is also reflected in the market-leading positions on iOS and Android with a market share of 12.0% and 12.0% respectively, according to the industry experts at Pixalate. Accordingly, we believe that MGI has outperformed the advertising industry as a whole and the overall advertising market.   In terms of earnings, MGI achieved growth at all earnings levels, primarily due to the revaluation of the AxesInMotion earn-out payment liability (positive one-off effect of € 62.76 million). EBITDA increased dynamically by 51.6% to € 128.46 million (PY: € 84.75 million) compared to the previous year. Adjusted for special effects (e.g. M&A and restructuring costs or revaluations of balance sheet items), adjusted EBITDA (Adj. EBITDA) totalled € 95.20 million, a slight increase compared to the previous year (PY: € 93.20 million).   The adjusted EBITDA margin (Adj. EBITDA margin) increased to 29.6% (PY: 28.7%). This increase in profitability reflects the first positive effects of the savings programme launched last year, which is expected to generate annual cost savings of around € 10.0 million once successfully implemented. We believe that the majority of the planned savings effects should already materialise in the current 2024 financial year.   In terms of net performance, a consolidated result (after minority interests) of € 46.73 million was achieved, which was significantly above the previous year's level (PY: € -20.32 million). This significant increase in net income was mainly due to the positive one-off effect from the revaluation of an M&A-related payment obligation described above. In addition, a relatively low tax expense ratio also favoured their positive earnings development.   The company guidance adjusted by MGI management in the third quarter of 2023 (sales of € 303 million and adjusted EBITDA of € 93.0 million) was therefore exceeded. Our sales estimate (sales: € 303.21 million) and adjusted EBITDA forecast (adjusted EBITDA: € 93.07 million) were also exceeded.   Forecasts and evaluation   With the publication of the preliminary figures, MGI's management has also provided a rough outlook for the current financial year, although this guidance will be further specified as the year progresses. In view of a strong fourth quarter (organic growth Q4 2023: 16.0%) and an even more dynamic start to the year (organic growth Jan. 2024: 18.0%), MGI expects double-digit percentage growth in consolidated sales for the current financial year 2024. At the same time, an improvement in earnings is also expected.   In light of the positive company outlook, the increased (organic) growth momentum and the expected recovery of the advertising market, we have adjusted our previous sales and earnings estimates upwards. Accordingly, we now expect revenue of € 352.18 million (PY: € 324.74 million) and EBITDA of € 100.08 million (PY: € 95.56 million) for the current financial year. For the following financial year 2025, we are forecasting sales of € 389.51 million (PY: € 357.66 million) and EBITDA of € 113.35 million (PY: € 108.49 million). With regard to the 2026 financial year, which we have included in our detailed forecast period for the first time, we anticipate a further increase in sales and EBITDA to € 437.03 million and € 130.67 million respectively.   Overall, we therefore assume that MGI will succeed in returning to a dynamic growth trajectory with its leading ad tech platform. The company's strong positioning in the in-app and CTV segment in particular should prove to be one of the main growth drivers. In terms of earnings, the cost-cutting programme launched by the company last year should take full effect from the current financial year onwards and thus provide an additional boost to future earnings.   As part of our DCF valuation model, we have raised our price target to € 4.50 (previously: € 4.05) per share due to our increased sales and earnings estimates. An even higher price target increase was counteracted by higher capital costs (risk-free interest rate currently 2.50%, instead of 2.00% previously). In view of the current share price level, we therefore continue to give the stock a 'BUY' rating and see significant upside potential.     You can download the research here: http://www.more-ir.de/d/29049.pdf Contact for questions GBC AG Halderstrasse 27 86150 Augsburg 0821 / 241133 0 research@gbc-ag.de ++++++++++++++++ Offenlegung möglicher Interessenskonflikte nach § 85 WpHG und Art. 20 MAR. Beim oben analysierten Unternehmen ist folgender möglicher Interessenkonflikt gegeben: (5a,7,11); Einen Katalog möglicher Interessenkonflikte finden Sie unter: http://www.gbc-ag.de/de/Offenlegung +++++++++++++++ Date (time) of completion: 04/03/2024 (8:20 am) Date (time) of first distribution: 04/03/2024 (10:00 am) -------------------transmitted by EQS Group AG.------------------- The issuer is solely responsible for the content of this research. The result of this research does not constitute investment advice or an invitation to conclude certain stock exchange transactions.

Original-Research: Media and Games Invest SE - von GBC AG Einstufung von GBC AG zu Media and Games Invest SE Unternehmen: Media and Games Invest SE ISIN: SE0018538068 Anlass der Studie: Research study (Comment) Empfehlung: BUY Kursziel: 4.05 EUR Letzte Ratingänderung: Analyst: Marcel Goldmann, Cosmin Filker Nine months 2023: Solid sales and operating earnings performance despite challenging conditions; positive effects from the initiated savings programme enabled an increase in profitability; GBC estimates and price target confirmed   Business performance 9M 2023   Media and Games Invest (SE) published its nine-month and Q3 figures for the current financial year on 30 November 2023. Based on these figures, the ad tech group saw a moderate decline in digital Group revenue of 3.6% to € 223.27 million in the past nine months (9M 2022: € 231.55 million), primarily due to divestments (in the games segment) and unfavourable exchange rate developments. The revenue generated was primarily driven by the traditionally largest advertising segment 'Supply Side Platform' (revenue share: 89.7%), which generated revenue of € 200.35 million (9M 2022: € 209.65 million).   According to the company, an organic increase in consolidated sales was achieved on a comparable basis. This revenue growth is primarily the result of an increase in the software customer base and the volume of advertising placed. The number of customers on MGI's digital advertising platform increased significantly by 9.0% to 2,068 software customers at the end of the third quarter compared to the same quarter of the previous year (software customers at the end of Q3 2022: 1,898). At the same time, the digital advertising volume delivered increased significantly by 8.0% to 186 billion at the end of the third quarter (advertising ads at the end of Q3 2022: 172 billion).   Thanks to the noticeable expansion of the software customer base, the Ad-Tech Group was able to perform well amid the challenging market situation and thus slightly overcompensate for negative market aspects such as reduced customer advertising budgets and lower CPMs (cost-per-mile).   In addition, further market share was gained, enabling this technology company to further expand its leading market position. According to a recent Pixalate market study, MGI's subsidiary Verve Group remains the market leader on Android and iOS in the US market with a market share of 11.0% and 28.0% respectively. In Europe, Verve recently achieved a market-leading position on Android (No. 2 with a market share of 15.0%) and iOS (No. 3 with a market share of 9.0%). In our view, MGI has thus outperformed the general advertising market and the advertising industry as a whole.   In contrast to the sales trend, MGI achieved growth at all earnings levels, primarily due to the revaluation of the AxesInMotion earn-out payment liability (positive one-off effect of € 62.76 million). EBITDA increased dynamically by 73.6% to € 101.15 million compared to the same quarter of the previous year (9M 2022: € 58.28 million). Adjusted for one-off effects (e.g. M&A and restructuring costs or revaluations of balance sheet items), adjusted EBITDA (Adj. EBITDA) totalled € 63.50 million, which was slightly higher than in the same period of the previous year (9M 2022: € 61.70 million).   In terms of operating profitability, an increase in profitability to 28.4% (9M 2022: 26.6%) was achieved on the basis of the adjusted EBITDA margin (Adj. EBITDA margin). This improvement in profitability reflects the first positive effects of the company's cost-cutting programme, which is expected to generate annual cost savings of around € 10.0 million once successfully implemented.   After the first nine months of the financial year, consolidated net income (after minority interests) totalled € 41.83 million (9M 2022: € 8.77 million), which was significantly higher than the previous year's level. This significant increase in net income was mainly due to the positive one-off effect from the revaluation of an M&A-related payment obligation described above.   Business development Q3 2023 The negative effects of divestments and unfavourable exchange rate developments were particularly noticeable in the third quarter. Accordingly, the MGI Group suffered a significant year-on-year decline in digital Group sales of 10.6% to € 78.34 million (Q3 2022: € 87.62 million). Adjusted for these negative currency effects, however, organic sales growth of 1.0% was achieved at Group level, according to the company. This revenue growth was primarily the result of an increase in the software customer base and the volume of advertising delivered.   At operating earnings level, adjusted EBITDA (Adj. EBITDA) of € 23.10 million was achieved, mainly thanks to efficiency gains from the cost-saving programme that has been initiated, thus confirming the high earnings level of the previous year (Q3 2022: € 23.00 million). At the same time, the adjusted EBITDA margin increased significantly to 29.5% (Q3 2022: 26.3%)   Forecast and price target Against the backdrop of the company's solid performance in the first nine months of 2023, MGI's management has confirmed its previously adjusted guidance (dated 31 August 2023) for the current 2023 financial year with the publication of its nine-month and Q3 figures. Accordingly, the technology company continues to expect consolidated sales of around € 303.0 million and Adj. EBITDA of € 93.0 million. At the same time, the company has also confirmed its medium-term guidance (Revenue CAGR: 25.0% to 30.0%; Adj. EBITDA margin: 25.0% to 30.0%). As a result, MGI anticipates significantly higher growth momentum again in the medium term on the basis of an expected recovery in the advertising market.   Overall, we remain convinced that the ad tech group will be able to return to growth from the 2024 financial year onwards, based on the gradual recovery of the advertising market that we expect. In particular, the MGI Group's strong positioning in the growth areas of programmatic advertising and connected TV (CTV) in combination with innovative advertising solutions (Moments.AI, ATOM etc.) should ensure further market share gains and a significant outperformance compared to the general advertising industry in the future. The significant expansion of their software customer base achieved in recent quarters also provides a good basis for driving (organic) growth even more strongly.   In light of the company's solid performance, the confirmed outlook and their promising growth strategy, we confirm our previous revenue and earnings estimates for the current financial year and subsequent years. Accordingly, we also confirm our previous price target of € 4.05 per share. With regard to the current share price level, we therefore continue to assign a 'buy' rating and see significant upside potential in the MGI share.   Die vollständige Analyse können Sie hier downloaden: http://www.more-ir.de/d/28503.pdf Kontakt für Rückfragen GBC AG Halderstrasse 27 86150 Augsburg 0821 / 241133 0 research@gbc-ag.de ++++++++++++++++ Offenlegung möglicher Interessenskonflikte nach § 85 WpHG und Art. 20 MAR. Beim oben analysierten Unternehmen ist folgender möglicher Interessenkonflikt gegeben: (5a,7,11); Einen Katalog möglicher Interessenkonflikte finden Sie unter: http://www.gbc-ag.de/de/Offenlegung +++++++++++++++ Date (time) of completion: 07/12/2023 (9:35 am) Date (time) of first distribution: 07/12/2023 (10:30 am) -------------------übermittelt durch die EQS Group AG.------------------- Für den Inhalt der Mitteilung bzw. Research ist alleine der Herausgeber bzw. Ersteller der Studie verantwortlich. Diese Meldung ist keine Anlageberatung oder Aufforderung zum Abschluss bestimmter Börsengeschäfte.

Original-Research: Media and Games Invest SE - von GBC AG Einstufung von GBC AG zu Media and Games Invest SE Unternehmen: Media and Games Invest SE ISIN: SE0018538068 Anlass der Studie: Research study (Note) Empfehlung: BUY Kursziel: 4.05 EUR Letzte Ratingänderung: Analyst: Marcel Goldmann, Cosmin Filker HY1 2023: Solid sales development despite economic headwinds; stable operating earnings development due to strict cost management; GBC estimates and price target adjusted after guidance reduction   Business development in HY1 2023   Media and Games Invest SE (MGI) published its half-year figures for the current financial year on 31 August 2023. Based on this, the ad tech platform group achieved a stable revenue development in the first six months despite an economic headwind that led to a weakening of the advertising industry. Compared to the same period last year, digital group revenues increased slightly by around 1.0% to € 144.93 million (HY1 2022: € 143.93 million). This revenue growth was achieved despite past divestments (streamlining of the gaming portfolio) and an unfavourable exchange rate development.   Both advertising segments (Demand Side Platforms - DSP, Supply Side Platforms - SSP) contributed to the robust Group revenue development with stable or growing segment revenue development. In the first half of the year, the SSP business segment was able to confirm the high half-year revenue level of the previous year (HY1 2022: € 131.62 million) with segment revenue of € 130.84 million. In contrast, the DSP business unit even increased its segment revenue significantly by 14.5% to € 14.10 million (HY1 2022: € 12.31 million) compared to the same period of the previous year.   In parallel to the stable revenue development, the consolidated operating result (EBITDA) increased slightly by 1.4% to € 37.41 million (HY1 2022: € 36.91 million) compared to the same period of the previous year. Adjusted for one-off costs and special effects (e.g. M&A costs), adjusted EBITDA (Adj. EBITDA) for the first half of 2023 amounted to € 40.40 million, which increased moderately by 4.6% compared to the same period of the previous year (HY1 2022: € 38.60 million). At the same time, the adjusted EBITDA margin increased slightly to 27.9% (HY1 2022: 26.8%).   On the net level, however, MGI suffered a 54.0% year-on-year decline in net income (after minorities) to € 2.57 million in the first six months of the current financial year (HY1 2022: € 5.59 million). This was mainly due to higher tax and interest charges compared to the same period of the previous year.   Business development in Q2 2023   The stable revenue development of the MGI Group is also evident at the quarterly level. Despite difficult general conditions, the Group's revenue remained at a high level in the second quarter with a revenue volume of € 76.18 million compared to the same quarter of the previous year (Q2 2022: € 78.06 million). Adjusted for currency effects, organic revenue growth in the second quarter was 1.0% compared to the same quarter of the previous year. Excluding divestment and currency effects, an adjusted increase in turnover of 3.0% was even achieved.   According to the company, the technology company also succeeded in the past quarter in further increasing its market share and thus expanding its market position through innovative AI-based targeting products such as Moments.AI, which significantly improve advertising results for publishers and advertisers. MGI's strong market position is also reflected in the top rankings achieved by various market segments. While MGI was already the leading provider of in-app advertising on Android, the technology company has also managed to be the leading provider on Apple's IOS in North America and Europe since Q2 2023.   The robust (organic) business development in Q2 was supported in particular by a renewed increase in software customers and advertising volume (ad impressions). Compared to the previous year, ad impressions increased significantly by 13.0% and the number of software clients also increased significantly by 9.0%. Thus, the software client base (so-called total software clients with an annual turnover of more than USD 100,000) was expanded by 46 new software clients in the second quarter compared to the same quarter of the previous year to a total of 559 (Q2 2022: 513).   At segment level, the previously smaller Demand Side Segment (DSP) was able to further expand its digital business volume with a slight year-on-year revenue increase of 2.3% to € 7.88 million (Q2 2022: € 7.70 million). In contrast, the Supply-Side segment suffered a slight year-on-year decline in segment revenue of 3.0% to € 68.30 million (Q2 2022: € 70.36 million), due in particular to the divestments of small non-strategic games made in Q4 2022.   At the operating earnings level, MGI achieved an EBITDA of € 19.99 million in the second quarter of 2023, which was almost at the previous year's level (Q2 2022: € 20.04 million), in parallel with the solid revenue development. In contrast, Group EBITDA adjusted for one-off and special effects (e.g. M&A costs or headquarters relocation costs) increased slightly by around 1.0% to € 21.30 million (Q2 2022: € 21.10 million). In the same step, the adjusted EBITDA margin grew to 28.0% (Q2 2022: 27.0%). The increased profitability also underlines the company's general strict cost management.   Forecasts and evaluation   In order to further improve their earnings situation and to counteract their lower growth dynamics, MGI has initiated a cost-saving programme in the current third quarter. This cost-optimisation programme, which is primarily aimed at reducing personnel costs, includes annual cost savings of € 10.0 million. The main effects of the planned cost reduction measures are expected to take effect from the fourth quarter of 2024.   Against the backdrop of the weakening advertising market and the lower growth expected by MGI in the second half of 2023, the technology company has reduced its previous corporate guidance (revenue of € 335.0 million to € 345.0 million and Adj. EBITDA of € 95.0 million to € 105.0 million) for the current financial year. The company now expects consolidated revenue of approximately € 303.0 million and Adj. EBITDA of € 93.0 million.   In the context of the publication of the Q2 and half-year figures at the 'MGI Capital Markets Day 2023', the technology company confirmed its medium-term corporate guidance (revenue CAGR: 25.0% to 30.0%; Adj. EBITDA margin: 25.0% to 30.0%). Accordingly, the technology company expects higher growth momentum again in the medium term.   In view of the lowered corporate guidance, we have also adjusted our previous turnover and earnings forecasts for the current financial year and the following years downwards. For the current financial year, we now expect consolidated revenue of € 303.21 million (previously: € 340.12 million) and EBITDA of € 85.37 million (previously: € 89.44 million). With regard to the subsequent years 2024 and 2025, we expect, under conservative premises, a turnover (EBITDA) of € 324.74 million (€ 95.56 million) and € 357.66 million (€ 108.49 million) respectively.   Despite our reduced revenue and earnings estimates, the MGI Group should be able to return to its growth path from the 2024 financial year onwards, based on the gradual recovery of the advertising market that we expect. In particular, the strong positioning of the ad tech company in the programmatic advertising market, the fastest-growing segment of the digital advertising market, should ensure further gains in market share and outperformance compared to the overall advertising market in the future. Our forecast EBITDA growth for the future financial years should also be boosted by the expected positive effects from the company's initiated cost-efficiency programme (targeted annual cost savings of € 10.0 million from FY 2024).   Against the backdrop of our adjusted revenue and earnings forecasts, we are lowering our previous price target to € 4.05 (previously: € 5.30) per share. In view of the current share price level, we continue to give the MGI share a 'buy' rating and continue to see significant upside potential.   Die vollständige Analyse können Sie hier downloaden: http://www.more-ir.de/d/27697.pdf Kontakt für Rückfragen GBC AG Halderstrasse 27 86150 Augsburg 0821 / 241133 0 research@gbc-ag.de ++++++++++++++++ Offenlegung möglicher Interessenskonflikte nach § 85 WpHG und Art. 20 MAR. Beim oben analysierten Unternehmen ist folgender möglicher Interessenkonflikt gegeben: (5a,7,11); Einen Katalog möglicher Interessenkonflikte finden Sie unter: http://www.gbc-ag.de/de/Offenlegung +++++++++++++++ Date (time) of completion: 11/09/2023 (8:59 am) Date (time) of first distribution: 11/09/2023 (10:30 am) -------------------übermittelt durch die EQS Group AG.------------------- Für den Inhalt der Mitteilung bzw. Research ist alleine der Herausgeber bzw. Ersteller der Studie verantwortlich. Diese Meldung ist keine Anlageberatung oder Aufforderung zum Abschluss bestimmter Börsengeschäfte.

Original-Research: Media and Games Invest SE - von GBC AG Einstufung von GBC AG zu Media and Games Invest SE Unternehmen: Media and Games Invest SE ISIN: SE0018538068 Anlass der Studie: Research study (Anno) Empfehlung: BUY Kursziel: 5.30 EUR Letzte Ratingänderung: Analyst: Marcel Goldmann, Cosmin Filker Financial year 2022 closed with a significant improvement in revenue and operating profit; A continuation of the profitable growth course is expected for 2023; The expansion of the ad tech platform business should lead to significant revenue and earnings growth in the future; Target price: € 5.30 (previously: € 5.40); Rating: BUY   Based on the published business figures, Media and Games Invest SE (MGI) continued its dynamic growth course in the past financial year 2022 with a significant increase in turnover of 28.7% to € 324.44 million (PY: € 252.17 million) despite difficult general conditions and market situation. Their digital programmatic advertising software platform business again proved to be their main growth driver. In this high-growth area, the increase in their software customer base to 551 customers (end of 2021: 418) significantly increased their business volume. The strong business growth achieved is also reflected in MGI's leading market position. According to a market study (Pixalate's Mobile SSP Report), MGI's Verve Group is the market leader in mobile programmatic advertising for Android in North America with a 12% share. This exceeded the company's guidance at the upper end of the target range (revenue of € 315.0m to € 325.0m) and also our revenue estimate (GBCe: € 307.22m).   Parallel to the positive development of turnover, significant increases were achieved at the operating result level. Compared to the previous year, EBITDA grew significantly by 30.3% to € 84.75 million. Adjusted for one-off effects (e.g. special and restructuring costs from M&As), EBITDA (Adj. EBITDA) also grew rapidly with a dynamic increase of 31.1% to € 93.20 million. Accordingly, the company’s earnings guidance (Adj. EBITDA: € 83.0 million to € 93.0 million) and also our earnings estimate (Adj. EBITDA: € 91.72 million) were exceeded.   MGI's management is also positive about the current 2023 financial year and expects to continue on its growth path. Specifically, the technology company expects a renewed increase in sales revenues in a range of € 335.0 million to € 345.0 million. At the earnings level, an adjusted EBITDA of between € 95.0 million and € 105.0 million is to be achieved.   As part of the publication of our research study on the preliminary annual results of MGI's 2022 financial year, we have slightly reduced our previous revenue and earnings forecasts for the current 2023 financial year for conservative reasons. For the following year, we have left our previous operating estimates unchanged. In view of the satisfactory Q1 performance, the positive corporate outlook and the reaffirmation of the medium-term guidance (revenue CAGR 25.0%-30.0%, EBITDA CAGR 25.0%-30.0%), we confirm our previous revenue and earnings forecasts for the current financial year and subsequent years. For 2022, we continue to expect revenues of € 340.12 million and EBITDA of € 89.44 million. For 2024 and 2025, we continue to expect revenues (EBITDA) of € 402.55 million (€ 115.80 million) and € 471.39 million (€ 136.14 million), respectively.   Overall, the MGI Group, with its good market positioning and fully-integrated programmatic ad tech platform with its own games content, should succeed in continuing its dynamic growth course in the future. While the technology company has built up a strong position on the supply side in recent years, with a strong SDK base in the premium mobile app sector, the demand side in particular should be the focus of targeted growth in the future and be further expanded. The Contextual Mobile Demand Side Platform 'Dataseat', which was acquired in 2022, was an important building block of MGI's growth strategy and has additionally strengthened the Demand Side and also underlines their growth ambitions in this business area.   In addition, with liquidity of around € 130.0 million at the end of the first quarter of 2023, MGI continues to be in a good financial position and can thus take advantage of investment opportunities as well as being able to comfortably cushion recessionary macroeconomic situations. The gearing ratio, which was at a good level of 3.0x at the end of the last quarter, should also improve further in the short and medium term due to their positive cash flow and their expected EBITDA growth.   Based on our confirmed forecasts for the current financial year 2023 and the following years and the changed cost of capital (WACC), we have slightly lowered our previous price target to € 5.30 (previously: € 5.40). Our price target reduction is the result of higher capital costs (increase in the risk-free interest rate to 2.0% instead of the previous 1.5%). As a consequence of the unchanged high inflation, we have raised the terminal value growth rate to 2.5% (previously: 2.0%), which has had the effect of raising the target price. In view of the current share price level, we thus continue to assign a 'Buy' rating and see significant upside potential. The results of our peer group analysis (see p. 21) also support our assessment of the attractiveness and price potential of the MGI share.   Die vollständige Analyse können Sie hier downloaden: http://www.more-ir.de/d/27233.pdf Kontakt für Rückfragen GBC AG Halderstrasse 27 86150 Augsburg 0821 / 241133 0 research@gbc-ag.de ++++++++++++++++ Offenlegung möglicher Interessenskonflikte nach § 85 WpHG und Art. 20 MAR. Beim oben analysierten Unternehmen ist folgender möglicher Interessenkonflikt gegeben: (5a,7,11); Einen Katalog möglicher Interessenkonflikte finden Sie unter: http://www.gbc-ag.de/de/Offenlegung +++++++++++++++ Date (time) of completion: 20/06/2023 (8:43 am) Date (time) of first distribution: 20/06/2023 (10:30 am) -------------------übermittelt durch die EQS Group AG.------------------- Für den Inhalt der Mitteilung bzw. Research ist alleine der Herausgeber bzw. Ersteller der Studie verantwortlich. Diese Meldung ist keine Anlageberatung oder Aufforderung zum Abschluss bestimmter Börsengeschäfte.

Original-Research: Media and Games Invest SE - von First Berlin Equity Research GmbH Einstufung von First Berlin Equity Research GmbH zu Media and Games Invest SE Unternehmen: Media and Games Invest SE ISIN: SE0018538068 Anlass der Studie: Q1 Ergebnisse Empfehlung: Kaufen seit: 02.06.2023 Kursziel: €4 Kursziel auf Sicht von: 12 Monate Letzte Ratingänderung: - Analyst: Ellis Acklin First Berlin Equity Research hat ein Research Update zu Media and Games Invest SE (ISIN: SE0018538068) veröffentlicht. Analyst Ellis Acklin bestätigt seine BUY-Empfehlung und bestätigt sein Kursziel von EUR 4,00. Zusammenfassung: Der Dreimonatsbericht entsprach weitgehend unseren Erwartungen. Der Umsatz von €68,8 Mio. erreichte unser Ziel, und die Erträge waren dank einer optimierten Kostenstruktur ermutigend stark. Das Programmatic-Geschäft wuchs um 8% J/J und übertraf die Marktperformance. Außerdem zeigt ein neuer Marktbericht, dass die Verve-Gruppe von MGI mit einem Anteil von 12% Marktführer für mobile programmatische Werbung für Android in Nordamerika ist. Die Anleger setzen praktisch alle Unternehmen mit einem Werbeengagement auf die Strafbank, und wir erwarten, dass die Skepsis der Anleger gegenüber der MGI-Aktie kurzfristig anhalten wird. Aufgrund der stabilen operativen Leistung sehen wir ein ausgezeichnetes Potenzial für eine Kurserholung und stufen MGI weiterhin mit Kaufen und einem Kursziel von €4 ein. 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 4.00 price target. Abstract: Q1 reporting was broadly in line with FBe. Turnover of €68.8m hit our mark, and earnings were encouragingly strong, boosted by an optimised cost structure. The programmatic business grew 8% Y/Y and outperformed the market. Plus, a new market report shows MGI's Verve group is the market leader for North American mobile programmatic advertising for Android with a 12% share. Investors are placing virtually all companies with advertising exposure in the 'sin bin,' and we expect investor ennui to persist over the near term. Based on the steady operational performance, we see excellent share price rebound potential and remain Buy-rated on MGI with a €4 TP. Bezüglich der Pflichtangaben gem. §34b WpHG und des Haftungsausschlusses siehe die vollständige Analyse. Die vollständige Analyse können Sie hier downloaden: http://www.more-ir.de/d/27137.pdf Kontakt für Rückfragen First Berlin Equity Research GmbH Herr Gaurav Tiwari Tel.: +49 (0)30 809 39 686 web: www.firstberlin.com E-Mail: g.tiwari@firstberlin.com -------------------übermittelt durch die EQS Group AG.------------------- Für den Inhalt der Mitteilung bzw. Research ist alleine der Herausgeber bzw. Ersteller der Studie verantwortlich. Diese Meldung ist keine Anlageberatung oder Aufforderung zum Abschluss bestimmter Börsengeschäfte.

Original-Research: Media and Games Invest SE - von GBC AG Einstufung von GBC AG zu Media and Games Invest SE Unternehmen: Media and Games Invest SE ISIN: SE0018538068 Anlass der Studie: Research Note Empfehlung: BUY Kursziel: 5.40 EUR Letzte Ratingänderung: Analyst: Marcel Goldmann, Cosmin Filker FY 2022 closed with positive operating performance; Strong new customer acquisition enabled high growth; Positioning as a fully integrated ad tech platform should ensure further dynamic growth; Price target slightly lowered; Buy rating confirmed   Turnover and earnings development 2022   On 28 February 2023, Media and Games Invest SE published its preliminary business figures for the past financial year 2022. According to these figures, the technology group with its advertising software platform (so-called Ad-Tech platform) continued its dynamic growth course in the past financial year with an increase in turnover of 28.7% to € 324.44 million (previous year: € 252.17 million). Despite difficult general conditions and the market situation (budget cuts, declining CPM, etc.), the company succeeded in maintaining its growth rate and gaining market share. The significant increase in turnover was based on both organic and inorganic turnover effects (18.0% organic growth & 11.0% inorganic growth).   The significant increase in Group revenues was primarily driven by the continued growth in digital advertising revenues (ad software revenues) of the Group. In the past financial year, ad software revenues increased significantly by 49.2% to € 259.55 million (previous year: € 174.00 million) and thus accounted for around 80.0% of Group revenues.   The strong acquisition of new customers proved to be a significant growth driver of this digital advertising business. In the past financial year, 133 new software customers were added to the customer portfolio, which currently consists of 551 customers (end of 2021: 418). In addition, the ad tech business also benefited from the clearly positive effects of M&A measures (e.g. AxesInMotion, DataSeat, etc.).   Parallel to the positive development of turnover, significant increases were also achieved at the operating result level. Compared to the previous year, EBITDA increased significantly by 30.3% to € 84.75 million (previous year: € 65.04 million). EBITDA, adjusted for one-off effects (e.g. special and restructuring costs from M&A transactions), also increased significantly by 31.1% to € 93.20 million (previous year: € 71.10 million).   As a result, the adjusted EBITDA margin increased slightly to 28.7% (previous year: 28.2%). At the net level, a negative consolidated result of € -20.41 million (previous year: € 16.06 million) had to be accepted due to a one-time depreciation effect (one-time PPA depreciation on intangible assets) and higher tax and interest charges. This one-off depreciation effect resulted from an adjustment of the corporate strategy and a related withdrawal from business activities with small MMO games. Adjusted for the non-recurring and regular PPA amortisation of € 41.49 million, the adjusted group result was € 21.09 million.   The most recent corporate guidance issued by MGI management was thus achieved at the upper end of the target range. Our turnover estimate (turnover: € 307.22 million) and adjusted EBITDA forecast (adjusted EBITDA: € 91.72 million) were exceeded. However, due to the PPA amortisation, which we did not anticipate in this amount, the net result was significantly below our expectations.   Forecasts and evaluation   With the publication of the preliminary figures, MGI has confirmed the previously published medium-term guidance (revenue CAGR: 25.0% - 30.0%; Adj. EBITDA margin: 25.0% - 30.0%). In addition, the technology company plans to announce a concrete company forecast for the current financial year 2023 with the publication of the Q1 business figures or hereafter.   Based on the current company performance, we have slightly reduced our revenue and EBITDA estimates for the current 2023 financial year from a conservative perspective and now expect revenue of € 340.12 million (previously: € 345.11 million) and EBITDA of € 89.44 million (previously: € 96.05 million). For the coming financial year 2024, we are leaving our previous operating estimates unchanged. In addition, we have included the 2025 financial year in our detailed estimates for the first time.   Against the background that we expect significantly higher interest and tax expenses in the future than was previously the case, we have significantly lowered our net forecasts for the 2023 and 2024 financial years.   Overall, we continue to see MGI well-positioned to further expand its market position with its leading ad tech platform with proprietary games content, innovative contextual customer solutions and multi-channel platform approach. Even in a difficult advertising market, this technology group should succeed in continuing its successful course with its promising focus on digital programmatic advertising. In doing so, the company should be able to benefit in particular from the increased customer demand for efficient (digital) advertising solutions.   Within the framework of our DCF valuation model, we have slightly reduced our target price to € 5.40 (previously: € 5.75 per share) due to our adjusted estimates and the increased cost of capital. The resulting lowering of the target price was offset by the first-time inclusion of FY 2025 in our detailed estimation period and the associated higher starting point for the subsequent estimation periods. In view of the current price level, we continue to give the share a 'Buy' rating and see signi-ficant upside potential.         Die vollständige Analyse können Sie hier downloaden: http://www.more-ir.de/d/26523.pdf Kontakt für Rückfragen GBC AG Halderstrasse 27 86150 Augsburg 0821 / 241133 0 research@gbc-ag.de ++++++++++++++++ Offenlegung möglicher Interessenskonflikte nach § 85 WpHG und Art. 20 MAR. Beim oben analysierten Unternehmen ist folgender möglicher Interessenkonflikt gegeben: (5a,5b,7,11); Einen Katalog möglicher Interessenkonflikte finden Sie unter: http://www.gbc-ag.de/de/Offenlegung +++++++++++++++ Date (time) of completion: 07/03/2023 (10:57) Date (time) of first distribution: 08/03/2023 (10:30) -------------------übermittelt durch die EQS Group AG.------------------- Für den Inhalt der Mitteilung bzw. Research ist alleine der Herausgeber bzw. Ersteller der Studie verantwortlich. Diese Meldung ist keine Anlageberatung oder Aufforderung zum Abschluss bestimmter Börsengeschäfte.

Original-Research: Media and Games Invest SE - von First Berlin Equity Research GmbH Einstufung von First Berlin Equity Research GmbH zu Media and Games Invest SE Unternehmen: Media and Games Invest SE ISIN: SE0018538068 Anlass der Studie: 2022 Ergebnisse Empfehlung: Kaufen seit: 06.03.2023 Kursziel: €4,00 Kursziel auf Sicht von: 12 Monate Letzte Ratingänderung: - Analyst: Ellis Acklin First Berlin Equity Research hat ein Research Update zu Media and Games Invest SE (ISIN: SE0018538068) veröffentlicht. Analyst Ellis Acklin bestätigt seine BUY-Empfehlung und senkt das Kursziel von EUR 4,40 auf EUR 4,00. Zusammenfassung: Trotz des unsicheren wirtschaftlichen Umfelds beendete MGI das Jahr 2022 mit einem soliden Ergebnis. Trotz des unsicheren wirtschaftlichen Umfelds beendete MGI das Jahr 2022 mit einem soliden Ergebnis. Der Umsatz stieg im vierten Quartal um 16% J/J und das AEBITDA um 35%, dank eines organischen Wachstums von 13% im Zeitraum Oktober bis Dezember. Die Entwicklung des Unternehmens hin zu einer Ad-Software-Plattform zahlt sich weiterhin aus, und MGIs Software-Kundenbasis beläuft sich nun auf 551, nachdem im letzten Jahr 133 neue Kunden hinzugekommen sind (+32%). Dieses Wachstum trug dazu bei, den Druck auf die CPM-Preise (Cost-per-Mille) auszugleichen. Die Hauptkennzahlen erreichten das obere Ende der Guidance für 2022 und übertrafen unsere Prognosen. Wir erwarten weiterhin weiteres Umsatz- und Gewinnwachstum für 2023. Unser Kursziel sinkt aufgrund der Verwässerung durch die im vierten Quartal ausgegebenen Optionsscheine auf €4,00 (zuvor: €4,40), und wir stufen MGI weiterhin mit Kaufen ein. 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 decreased the price target from EUR 4.40 to EUR 4.00. Abstract: Despite the bumpy economic environment, MGI ended 2022 on a solid note with Q4 turnover up 16% Y/Y and AEBITDA 35% higher, thanks to 13% organic growth for the October-to-December quarter. The company's evolution towards an ad-software platform continues to pay off, and MGI's software client base now totals 551 after acquiring 133 new customers last year (+32%). This growth helped offset CPM (cost per thousands) pricing pressure. Headline figures reached the upper end of 2022 guidance and topped our forecasts, and we continue to expect further topline and earnings growth in 2023. Our target price moves to €4.0 (old: €4.4) on the dilution from warrants issued in Q4, and we remain Buy-rated on MGI. Bezüglich der Pflichtangaben gem. §34b WpHG und des Haftungsausschlusses siehe die vollständige Analyse. Die vollständige Analyse können Sie hier downloaden: http://www.more-ir.de/d/26515.pdf Kontakt für Rückfragen First Berlin Equity Research GmbH Herr Gaurav Tiwari Tel.: +49 (0)30 809 39 686 web: www.firstberlin.com E-Mail: g.tiwari@firstberlin.com -------------------übermittelt durch die EQS Group AG.------------------- Für den Inhalt der Mitteilung bzw. Research ist alleine der Herausgeber bzw. Ersteller der Studie verantwortlich. Diese Meldung ist keine Anlageberatung oder Aufforderung zum Abschluss bestimmter Börsengeschäfte.

Original-Research: Media and Games Invest SE - von First Berlin Equity Research GmbH Einstufung von First Berlin Equity Research GmbH zu Media and Games Invest SE Unternehmen: Media and Games Invest SE ISIN: MT0000580101 Anlass der Studie: Q3 Update Empfehlung: Buy seit: 17.11.2022 Kursziel: €4,40 Kursziel auf Sicht von: 12 Monate Letzte Ratingänderung: - Analyst: Ellis Acklin First Berlin Equity Research hat ein Research Update zu Media and Games Invest SE (ISIN: MT0000580101) veröffentlicht. Analyst Ellis Acklin bestätigt seine BUY-Empfehlung und bestätigt sein Kursziel von EUR 4,40. Zusammenfassung: Der Q3-Bericht war ermutigend, wenn man bedenkt, mit welchem Gegenwind die digitalen Werbetreibenden zu kämpfen haben. Die Performance von MGI wurde durch einen Umsatzanstieg von 39% J/J angeführt, der durch ein organisches Umsatzwachstum von 23% unterstützt wurde. Das AEBITDA kletterte ebenfalls um 21% gegenüber dem Vorjahr. Die Erträge führten zu einem starken operativen Cashflow, und der Verschuldungsgrad sank im Quartalsvergleich auf 3,6x. MGI erhöhte ihre Umsatzprognose auf €315 Mio. bis €325 Mio. (vorher: €295 Mio. bis €315 Mio.), beließ aber die AEBTIDA-Guidance unverändert bei €83 Mio. bis €93 Mio. Das Management zeigte sich zuversichtlich, dass das Unternehmen in der Lage ist, sich an die veränderten Marktbedingungen anzupassen, was uns zuversichtlich stimmt, dass MGI als Gewinner aus dem Abschwung hervorgehen wird. Wir behalten unsere Kaufempfehlung mit einem unveränderten Kursziel von €4,40 bei. 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. Abstract: Third quarter reporting was encouraging considering the macro headwinds faced by digital ad operators. Performance was led by a 39% year-on-year rise in sales helped by 23% organic sales growth (OSG). AEBITDA also climbed 21% Y/Y. Earnings translated into strong operating cash flows, and the leverage ratio edged lower Q/Q to 3.6x (Q2: 3.7x). MGI upped revenue guidance to €315m to €325m (old: €295m to €315m) but left its AEBTIDA target unchanged at €83m to €93m. Management was upbeat in the company’s ability to adapt to changing market conditions, giving us confidence that MGI will emerge from the downturn a winner. We remain Buy-rated on MGI with a €4.4 target price. Bezüglich der Pflichtangaben gem. §34b WpHG und des Haftungsausschlusses siehe die vollständige Analyse. Die vollständige Analyse können Sie hier downloaden: http://www.more-ir.de/d/25957.pdf Kontakt für Rückfragen First Berlin Equity Research GmbH Herr Gaurav Tiwari Tel.: +49 (0)30 809 39 686 web: www.firstberlin.com E-Mail: g.tiwari@firstberlin.com -------------------übermittelt durch die EQS Group AG.------------------- Für den Inhalt der Mitteilung bzw. Research ist alleine der Herausgeber bzw. Ersteller der Studie verantwortlich. Diese Meldung ist keine Anlageberatung oder Aufforderung zum Abschluss bestimmter Börsengeschäfte.

Original-Research: Media and Games Invest SE - von First Berlin Equity Research GmbH Einstufung von First Berlin Equity Research GmbH zu Media and Games Invest SE Unternehmen: Media and Games Invest SE ISIN: MT0000580101 Anlass der Studie: Update Empfehlung: Kaufen seit: 09.09.2022 Kursziel: €4.40 Kursziel auf Sicht von: 12 Monate Letzte Ratingänderung: - Analyst: Ellis Acklin First Berlin Equity Research hat ein Research Update zu Media and Games Invest SE (ISIN: MT0000580101) veröffentlicht. Analyst Ellis Acklin bestätigt seine BUY-Empfehlung und bestätigt sein Kursziel von EUR 4,40. Zusammenfassung: Die Q2-Ergebnisse übertrafen unsere Erwartungen, und die Gesamtperformance wurde von einer Die Q2-Ergebnisse übertrafen unsere Erwartungen, und die Gesamtperformance wurde von einer weiteren Periode guten organischen Wachstums (+18%) angeführt, das mit dem KPI des Q1 Schritt hielt, sowie von Währungseffekten. Der Umsatz kletterte im Jahresvergleich um 37% auf €78 Mio., während die Erträge in ähnlichem Umfang stiegen. MGI veranstaltete auch seinen Capital Markets Day (CMD) und gewährte einen Blick unter die operative Haube, der eine überzeugende Präsentation des Dataseat-Chefs darüber beinhaltete, wie sein Unternehmen eine digitale Werbewelt ohne Identifiers vorhersagte und nun erfolgreich ist. Nach einem soliden zweiten Quartal, in dem MGI in einem sich verlangsamenden Markt mit schrumpfenden Werbebudgets viele Konkurrenten übertraf, bewegt sich MGI gut auf die bestätigte Guidance (17% bis 25% Wachstum) zu. Wir behalten unsere Kaufempfehlung bei einem unveränderten Kursziel von €4,40 bei. 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. Abstract: 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. Bezüglich der Pflichtangaben gem. §34b WpHG und des Haftungsausschlusses siehe die vollständige Analyse. Die vollständige Analyse können Sie hier downloaden: http://www.more-ir.de/d/25407.pdf Kontakt für Rückfragen First Berlin Equity Research GmbH Herr Gaurav Tiwari Tel.: +49 (0)30 809 39 686 web: www.firstberlin.com E-Mail: g.tiwari@firstberlin.com -------------------übermittelt durch die EQS Group AG.------------------- Für den Inhalt der Mitteilung bzw. Research ist alleine der Herausgeber bzw. Ersteller der Studie verantwortlich. Diese Meldung ist keine Anlageberatung oder Aufforderung zum Abschluss bestimmter Börsengeschäfte.

Original-Research: Media and Games Invest SE - von GBC AG Einstufung von GBC AG zu Media and Games Invest SE Unternehmen: Media and Games Invest SE ISIN: MT0000580101 Anlass der Studie: Research Note Empfehlung: BUY Kursziel: 5.75 EUR Letzte Ratingänderung: Analyst: Marcel Goldmann, Cosmin Filker H1 2022: Continuation of dynamic revenue growth despite more challenging market environment; solid financial performance through platform-based business model; GBC estimates and target price maintained after confirmation of corporate guidance Business development in the HY1 2022 Media and Games (MGI) announced its half-year figures for the current financial year on 31 August 2022. According to these figures, the ad-tech platform group was able to continue its dynamic growth course in the first six months of the current financial year despite challenging general conditions that have led to a slowdown in the growth of the advertising industry. Compared to the same period of the previous year, digital group revenues increased significantly by 32.0% to EUR 143.93 million (HY1 2021: EUR 109.05 million). This was due to strong organic growth effects in both advertising segments (Demand Side Platforms - DSP, Supply Side Platforms - SSP). In addition, inorganic growth effects as a result of the M&As carried out (especially AxesInMotion and Smaato) also contributed significantly to the positive revenue trend. The growth achieved was also reflected in a significant expansion of the software client base (so-called Total Software Clients with an annual turnover of more than USD 100,000), which had risen to more than 500 software clients by the end of the second quarter (31/12/2021: 400 software clients). In the second quarter alone, 34 new software clients were acquired for the ad-tech platform. In parallel to their positive revenue development, the consolidated operating result (EBITDA) also increased significantly by 38.6% to EUR 36.91 million (HY1 2021: EUR 26.63 million) compared to the same period of the previous year. Adjusted for special effects (e.g. M&A costs), adjusted EBITDA (Adj. EBITDA) for the first half of 2022 amounted to EUR 38.60 million, which increased by around 34.5% compared to the same period of the previous year (HY1 2021: EUR 28.70 million). In terms of profitability, the adjusted EBITDA margin thus improved to 26.8% (HY1 2021: 26.3%). At the net level, MGI confirmed the high level of the previous year in the first six months of the current financial year with a net result (after minorities) of EUR 5.59 million (HY1 2021: EUR 5.64 million). An even more positive development of the result was offset by significantly higher depreciation (especially PPA depreciation) and interest expenses from bonds issued. Business development in Q2 2022 The steady dynamic growth of the technology company is also particularly evident in the quarterly view. After a pleasing first quarter, MGI continued on its growth path with high growth momentum in the second quarter of the current financial year, with a 36.7% increase in consolidated sales to EUR 78.06 million (Q2 2021: EUR 57.12 million). About half of the increase in turnover was the result of organic growth effects, despite a weaker market environment that became apparent in the course of the second quarter. According to the company, both business segments contributed to the dynamic increase in Group turnover with high revenue growth. For example, the previously smaller Demand Side Segment (DSP), with a year-on-year revenue increase of 104.0%, significantly drove the growth of the business segment. Organic revenue growth accounted for 76.0% of this, driven by scaling software clients with innovative advertising products such as ATOM and Moments A. I. was achieved. The Supply Side segment also achieved strong quarterly revenue growth with a year-on-year increase of 32.0%. 14.0% of this growth was organic and resulted from more than 25 additional publishers/software customers and content updates in the games portfolio. The remaining growth effects were based on inorganic growth as a result of the acquisitions of Smaato and AxesInMotion. At the operating result level, significant increases were also achieved in line with the positive development of turnover. Compared to the same quarter of the previous year, EBITDA grew significantly by 37.8% to EUR 20.04 million (Q2 2021: EUR 14.54 million) and thus slightly stronger than the development of turnover. In parallel, the EBITDA margin improved slightly to 25.7% (Q2 2021: 25.5%). Group EBITDA adjusted for special effects (e.g. M&A costs) also increased significantly by 37.9% to EUR 21.10 million (Q2 2021: EUR 15.30 million) compared to the same quarter of the previous year. In the same step, the adjusted EBITDA margin increased to 27.0% (Q2 2021: 26.8%). Against the background of the positive company performance and the good positioning of the technology group, MGI's management has decided to confirm the guidance previously raised with the AxesInMotion acquisition. MGI therefore continues to expect consolidated revenues in a range of EUR 295.0 million to EUR 315.0 million and adjusted EBITDA (Adj. EBITDA) in a range of EUR 83.0 million to EUR 93.0 million for the current financial year 2022. All in all, the development of turnover and results in the first half of 2022 was satisfactory. Despite the more difficult general conditions, the company managed to keep up the pace of growth. A solid performance was achieved in terms of earnings development. Forecast and evaluation In view of their convincing half-year development, the promising growth strategy of the Group and the confirmed corporate guidance, we have also maintained our previous forecasts for the current financial year and the following years. Overall, we continue to see the MGI Group well positioned to grow dynamically with its ad-tech platform and its own first-party data from games content. Here, the technology company should be able to benefit from its strong positioning as a programmatic digital advertising platform with a focus on the (stable) digital entertainment and games sector, especially in a more difficult environment. In addition, the innovative advertising products, such as ATOM and Moments A.I., and the Dataseat acquisition should enable the company to take advantage of the opportunities arising from changes in the advertising industry (disappearance of identifiers, etc.) and thus further expand its market position. In addition, we expect that the increased integration of the most recent M&As (Dataseat, AxesInMotion) will generate significant synergy effects within the Group and thus also boost future revenue and earnings development. Against the background of our unchanged sales and earnings forecasts, we hereby confirm our previous price target of EUR 5.75 per share. In view of the current price level, we continue to give the share a 'buy' rating and see significant upside potential. Die vollständige Analyse können Sie hier downloaden: http://www.more-ir.de/d/25351.pdf Kontakt für Rückfragen GBC AG Halderstrasse 27 86150 Augsburg 0821 / 241133 0 research@gbc-ag.de ++++++++++++++++ Offenlegung möglicher Interessenskonflikte nach § 85 WpHG und Art. 20 MAR. Beim oben analysierten Unternehmen ist folgender möglicher Interessenkonflikt gegeben: (5a,5b,7,11); Einen Katalog möglicher Interessenkonflikte finden Sie unter: http://www.gbc-ag.de/de/Offenlegung +++++++++++++++ Date (time) of completion: 06/09/2022 (17:01) Date (time) of first distribution: 07/09/2022 (10:00) -------------------übermittelt durch die EQS Group AG.------------------- Für den Inhalt der Mitteilung bzw. Research ist alleine der Herausgeber bzw. Ersteller der Studie verantwortlich. Diese Meldung ist keine Anlageberatung oder Aufforderung zum Abschluss bestimmter Börsengeschäfte.

Original-Research: Media and Games Invest SE - von GBC AG Einstufung von GBC AG zu Media and Games Invest SE Unternehmen: Media and Games Invest SE ISIN: MT0000580101 Anlass der Studie: Research study (Anno) Empfehlung: BUY Kursziel: 5.75 EUR Letzte Ratingänderung: Analyst: Marcel Goldmann, Cosmin Filker 2021 financial year with significant revenue and earnings increases completed; Significant increase in revenue and earnings also expected for the current financial year 2022; The successful growth strategy and the very scalable business model should lead to a disproportionately earnings development; Target price: EUR 5.75 (previously: EUR 9.40); Rating: BUY According to published business figures, Media and Games Invest SE (MGI) achieved a new record in the past financial year 2021 with growth of around 80.0% to EUR 252.17 million (PY: EUR 140.22 million). The strong growth in the fourth quarter in particular contributed to their high revenue growth (Q4 2021: EUR 80.2 million vs. revenue Q4 2020: EUR 48.70 million), which was also the strongest quarter in terms of revenue and earnings in the company's history to date. The main growth driver has been the advertising software platform business on the supply side which, in recent years, has built up a strong SDK base with direct integration in over 20,000 apps, many of which come from the premium sector and have a large reach, enabling MGI to reach more than two billion mobile end users, according to its own figures. Accordingly, MGI is now one of the top five providers in the mobile advertising market when it comes to reach and is also the leading provider when it comes to traffic quality, according to Pixalate's Mobile Seller Trust Index. This exceeded the company's guidance (revenue of EUR 234.0 million to EUR 254.0 million) and also our revenue estimate (GBCe: EUR 234.15 million). Even stronger growth was achieved at the earnings level. Compared to the previous year, EBITDA grew very dynamically by around 145.0% to EUR 65.04 million (previous year: EUR 26.55 million). EBITDA, adjusted for one-off effects (e.g. special and restructuring costs from M&As), increased by 144.3% to EUR 71.10 million (previous year: EUR 29.55 million). This means that the company's earnings guidance (adjusted EBITDA: EUR 65.0 million to EUR 70.0 million) and also our earnings estimate (adjusted EBITDA: EUR 65.71 million) were also exceeded. MGI also expects to continue its dynamic growth course in the current financial year 2022. Thus, despite the macroeconomic trends, management expects to significantly increase revenue in a range of EUR 295.0 million to EUR 315.0 million. At the earnings level, adjusted EBITDA (Adj. EBITDA) of between EUR 83.0 million and EUR 93.0 million should be achieved. In our last research report on the MGI Q1 figures, we confirmed our previously raised revenue and earnings forecasts due to the strong first quarter, the promising growth strategy and the unchanged outlook. For the current financial year 2022, we continue to expect revenues of EUR 307.22 million and EBITDA of EUR 87.52 million. For the following financial years 2023 and 2024, we are conservatively adjusting our previous estimates downwards due to the current recessionary trends and the latest news from the advertising market. We now expect revenues of EUR 345.11 million (previously: EUR 377.76 million) and EUR 402.55 million (previously: EUR 473.08 million). With regard to EBITDA, we expect EUR 96.05 million (previously: EUR 116.94 million) and EUR 115.80 million (previously: EUR 147.33 million). Overall, MGI's good market position should enable it to continue to grow very dynamically and highly profitably as an ad tech platform with its own games content. While the company has built up a strong position on the supply side in recent years, with a strong SDK base in the premium mobile app sector, the demand side is to be significantly strengthened in the future. With the recently acquired Contextual Mobile Demand Side Platform 'Dataseat', the company has acquired an important building block for this. As a result of the acquisition, the management would like to concentrate on organic growth for the time being, but does not completely rule out further acquisitions if the right opportunities arise. Due to the high scalability of the business model and the expected efficiency gains tob e achieved through the close interlinking of the business areas, the group's profitability should remain at a high level in the future. In addition, MGI is very well positioned with a liquidity estimated by us at the end of H1 2022 of around EUR 130 million (including credit lines) after the last earn-out payments for KingsIsle and can thus both seize investment opportunities and comfortably cushion a possible recession. The leverage ratio, which we estimate to be around 3.5x due to the cash-out in Q2 2022, should also fall to below 3.0 in the medium term due to the positive cash flow and expected EBITDA growth. In our view, the market should have already priced in the debt, so we see a potential catalyst in a possible reduction in the leverage ratio in the coming 12 months. Within the framework of our DCF valuation model, we have lowered our target price to EUR 5.75 (previously: EUR 9.40) per share due to our reduced forecasts for the 2023 and 2024 financial years and the associated lower starting point for the subsequent estimation periods. Higher capital costs (increase in the risk-free interest rate to 1.25% instead of 0.40%) have also had the effect of reducing the price target. The so-called 'roll-over effect' (price target related to the following financial year 2023 instead of 2022) counteracted an even stronger price target reduction. In view of the current share price level, we continue to issue a 'buy' rating and see significant upside potential. The results of our peer group analysis (see p. 18) also support our assessment of the attractiveness and price potential of the MGI share. Die vollständige Analyse können Sie hier downloaden: http://www.more-ir.de/d/24719.pdf Kontakt für Rückfragen GBC AG Halderstrasse 27 86150 Augsburg 0821 / 241133 0 research@gbc-ag.de ++++++++++++++++ Offenlegung möglicher Interessenskonflikte nach § 85 WpHG und Art. 20 MAR. Beim oben analysierten Unternehmen ist folgender möglicher Interessenkonflikt gegeben: (5a,5b,7,11); Einen Katalog möglicher Interessenkonflikte finden Sie unter: http://www.gbc-ag.de/de/Offenlegung +++++++++++++++ Date (time) of completion: 01/08/2022 (12:42) Date (time) of first distribution: 02/08/2022 (10:30) -------------------übermittelt durch die EQS Group AG.------------------- Für den Inhalt der Mitteilung bzw. Research ist alleine der Herausgeber bzw. Ersteller der Studie verantwortlich. Diese Meldung ist keine Anlageberatung oder Aufforderung zum Abschluss bestimmter Börsengeschäfte.

Original-Research: Media and Games Invest SE - von First Berlin Equity Research GmbH Einstufung von First Berlin Equity Research GmbH zu Media and Games Invest SE Unternehmen: Media and Games Invest SE ISIN: MT0000580101 Anlass der Studie: Update Empfehlung: Buy seit: 29.07.2022 Kursziel: €4,40 Kursziel auf Sicht von: 12 Monate Letzte Ratingänderung: - Analyst: Ellis Acklin First Berlin Equity Research hat ein Research Update zu Media and Games Invest SE (ISIN: MT0000580101) veröffentlicht. Analyst Ellis Acklin bestätigt seine BUY-Empfehlung und senkt das Kursziel von EUR 8,20 auf EUR 4,40. Zusammenfassung: Wir senken unsere Prognose für 2023 und erhöhen unsere WACC-Schätzung um 160 Basispunkte auf 9,7%, um dem zunehmenden Gegenwind des Marktes Rechnung zu tragen. Marktanalysten reduzieren ihre Erwartungen für die weltweiten Werbeausgaben für 2023, und der Technologiesektor ist zyklisch. Wir haben daher unser Umsatzwachstumsziel für 2023 auf 8% gesenkt (zuvor: 20%). Jedoch erwarten wir, dass die Kosteneinsparungsmaßnahmen den konservativeren Ausblick ausgleichen und MGI in die Lage versetzen werden, ihre AEBITDA-Marge von ~27% zu halten. Wir sind weiterhin der Meinung, dass MGI das richtige Geschäftsmodell im richtigen Markt hat und dass es sich lediglich um eine zyklische Abschwächung handelt. Die Anpassungen unseres DCF-Modells führen zu einem Kursziel von €4,40 (zuvor: €8,20). Unsere Empfehlung bleibt Kaufen. 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 decreased the price target from EUR 8.20 to EUR 4.40. Abstract: We are reducing 2023 FBe and raising our WACC estimate by 160 bps to 9.7% to account for increasing market headwinds. Market watchers are reducing global ad-spend expectations for 2023, and the tech sector is experiencing cyclicality. We have thus cut our topline growth target for 2023 to 8% (old: 20%) but expect cost saving measures to compensate for the more conservative outlook and allow MGI to sustain its ~27% AEBITDA margin. We continue to believe MGI has the right business in the right market and that this is a merely cyclical slowdown. Adjustments to our DCF model result in a €4.4 target price (old: €8.2). Our rating remains Buy. Bezüglich der Pflichtangaben gem. §34b WpHG und des Haftungsausschlusses siehe die vollständige Analyse. Die vollständige Analyse können Sie hier downloaden: http://www.more-ir.de/d/24707.pdf Kontakt für Rückfragen First Berlin Equity Research GmbH Herr Gaurav Tiwari Tel.: +49 (0)30 809 39 686 web: www.firstberlin.com E-Mail: g.tiwari@firstberlin.com -------------------übermittelt durch die EQS Group AG.------------------- Für den Inhalt der Mitteilung bzw. Research ist alleine der Herausgeber bzw. Ersteller der Studie verantwortlich. Diese Meldung ist keine Anlageberatung oder Aufforderung zum Abschluss bestimmter Börsengeschäfte.

Original-Research: Media and Games Invest SE - von GBC AG Einstufung von GBC AG zu Media and Games Invest SE Unternehmen: Media and Games Invest SE ISIN: MT0000580101 Anlass der Studie: Research Comment Empfehlung: BUY Kursziel: 9.40 EUR Letzte Ratingänderung: Analyst: Marcel Goldmann, Cosmin Filker Q1 2022: MGI continues to grow strongly; Significant earnings increase due to scale, efficiency and M&A effects; Continuation of dynamic sales growth expected; GBC estimates and target price confirmed Business development Q1 2022 Media and Games Invest SE (MGI) published its Q1 business figures on 31 May 2022. According to these figures, the Group again achieved a significant increase in revenue in the first quarter of the year compared to the same quarter of the previous year by around 27.0% to EUR 65.87 million (Q1 2021: EUR 51.93 million) and was thus able to continue its dynamic growth course. In addition to inorganic growth impulses (e.g. through the Smaato acquisition), the growth was primarily driven by organic growth effects (+18.0%) within the MGI Demand Side and Supply Side business segments. In addition, the Group announced that the number of software customers increased significantly by 26.0% in the first quarter compared to the previous quarter (Q4 2021). MGI has thus established a good basis for further growth, as the business customers acquired typically increase their business volume with the Group gradually over time. In addition, the business volume with existing software customers with an annual turnover of more than USD 100,000 was also significantly expanded in the first quarter, which was also reflected in an increased business expansion rate (so-called 'net dollar expansion rate') of 125.0%. Key success factors for this included an extensive team, (first-party) games content and a high level of expertise in the area of cross-channel advertising campaigns for brands. At the adjusted EBITDA level (Adj. EBITDA), the MGI Group achieved an increase in earnings of around 30.0% to EUR 17.55 million (Q1 2021: EUR 13.48 million) compared to the same quarter of the previous year, despite considerable personnel investments, and thus increased its profitability slightly disproportionately. This is mainly due to economies of scale, synergies and efficiency gains. In addition, positive earnings effects from previously completed M&As also boosted Group profitability. Significant increases were also achieved in terms of cash flow development. Compared to the same quarter of the previous year, the operating cash flow (after working capital changes) increased significantly by 44.8% to EUR 16.30 million (Q1 2021: EUR 11.26 million). In terms of value, there is only a slight difference between adjusted EBITDA and operating cash flow, which is an indication of the good quality of the company's results. Forecasts and target price In view of the very positive business performance in the first quarter and the positive expectations for the rest of the year, MGI's management has confirmed the corporate guidance (dated 28 April 2022) for the current financial period, which was previously raised as a result of the AxesInMotion acquisition. The company continues to expect consolidated revenues in a range of EUR 295.00 to EUR 315.00 million and adjusted EBITDA between EUR 83.00 to EUR 93.00 million. Based on this, the company expects year-on-year revenue growth of between 17.0% and 25.0% and EBITDA growth of between 17.0% and 31.0%. Against this background of the strong company performance, the promising growth strategy and the maintained company guidance, we confirm our previous sales and earnings forecasts as well as our previous price target of EUR 9.40 per share. Based on the current share price level, we continue to give the rating 'Buy' and see significant upside potential. Overall, we continue to see the MGI Group well positioned to grow very dynamically and highly profitably in the future as an ad software platform with its own games content. Through the even stronger transformation into an ad-tech company, the company should succeed in continuing to 'keep up' the current growth rate and additionally increase profitability. In addition, MGI's extensive liquid funds (including credit lines), which most recently amounted to around EUR 170.0 million (as of 31 March 2022), offer the possibility of setting additional growth impulses through M&A transactions at any time and further advancing the group's profitability. It should be mentioned here that M&As are an important component of the company's growth strategy. Die vollständige Analyse können Sie hier downloaden: http://www.more-ir.de/d/24377.pdf Kontakt für Rückfragen GBC AG Halderstrasse 27 86150 Augsburg 0821 / 241133 0 research@gbc-ag.de ++++++++++++++++ Offenlegung möglicher Interessenskonflikte nach § 85 WpHG und Art. 20 MAR. Beim oben analysierten Unternehmen ist folgender möglicher Interessenkonflikt gegeben: (5a,5b,7,11); Einen Katalog möglicher Interessenkonflikte finden Sie unter: http://www.gbc-ag.de/de/Offenlegung +++++++++++++++ Date (time) of completion: 07/06/2022 (8:44 am) Date (time) of first distribution: 07/06/2022 (10:00 am) -------------------übermittelt durch die EQS Group AG.------------------- Für den Inhalt der Mitteilung bzw. Research ist alleine der Herausgeber bzw. Ersteller der Studie verantwortlich. Diese Meldung ist keine Anlageberatung oder Aufforderung zum Abschluss bestimmter Börsengeschäfte.

Original-Research: Media and Games Invest SE - von GBC AG Einstufung von GBC AG zu Media and Games Invest SE Unternehmen: Media and Games Invest SE ISIN: MT0000580101 Anlass der Studie: Research Note Empfehlung: BUY Kursziel: 9.40 EUR Letzte Ratingänderung: Analyst: Marcel Goldmann, Cosmin Filker AxesInMotion acquisition significantly strengthens ad software platform with high-quality first-party data; Acquired company should significantly boost future company performance due to multiple synergy potentials; Forecasts and price target raised; Buy rating Acquisition of the AxesInMotion Media and Games Invest SE (MGI) recently announced an agreement to fully acquire Spanish mobile games developer AxesInMotion S.L. (AxesInMotion). The acquired company was founded in 2014 and is based in Seville, Spain. AxesInMotion is one of the leading free-to-play mobile game developers, with a strong portfolio of high-definition racing games that have already generated over 700 million downloads worldwide. The company has succeeded in building a portfolio of high-quality racing games over the past few years, with 87.0% of revenues generated through ingame advertising. The developer's flagship titles include 'Car Driving Simulator', 'Mega Ramps' and 'Extreme SUV Driving Simulator'. In addition, the company has two new titles in the pipeline, one of which is already almost fully developed. In terms of geographic revenue distribution, the USA was the most important single market for the company with an estimated revenue share of approximately 33.0% at last count. With normalised IFRS revenue of EUR 7.90 million and adjusted EBITDA (adj. EBITDA) of EUR 5.00 million (adj. EBITDA margin of 64.0%) in 2021, combined with an organic growth rate of 36.0% over the past three years, AxesInMotion is well positioned for further growth opportunities within the MGI Group, according to the company. Based on management assumptions and taking into account the (expected) medium-term synergies with MGI, AxesInMotion would have contributed an additional EBITDA of EUR 17.0 million on a pro-forma basis (2021) and provided for an increase in adjusted EBITDA (adj. EBITDA) of more than 20.0%, according to the company. MGI has agreed with the AxesInMotion owners on a fixed purchase price of EUR 55.0 million plus a performance-based purchase price component (earn out) of up to EUR 110.0 million. To finance the acquisition, the MGI Group has carried out a capital increase with a volume of around EUR 30.0 million and also plans to draw on its own liquid funds (cash and cash flow). The transaction is expected to be completed in May 2022. According to the company, taking into account the earn-out component, the EV/EBITDA multiple from the acquisition - depending on the realised revenue and EBITDA synergies until 2024 - will be in a range of 6.8x to 9.1x. Against the backdrop of the potential multiples to be incurred or paid, we rate the purchase price as favourable. Forecast adjustment with consideration of the inorganic effect In parallel to the announced acquisition, MGI has slightly increased its previous corporate guidance for the current financial year 2022, also based on the expected positive effects from the acquisition. The company now expects revenues in a range of EUR 295.0 million to EUR 315.0 million (previously: EUR 290.0 million to EUR 310.0 million) and adjusted EBITDA of EUR 83.0 million to EUR 93.0 million (previously: adjusted EBITDA of EUR 80.0 million to EUR 90.0 million). For us, the highly synergistic acquisition represents a good strategic move for the MGI Group, as it is a promising addition to the existing games portfolio and at the same time significantly supports the pursued growth strategy (MGI's Vision 2025) through the acquisition of mobile game content. The acquisition of AxesInMotion also reflects the MGI Group's new investment focus following the company's transformation into an ad software platform with first-party data from game content. The acquisition of AxesInMotion and the expected positive effects (including synergies) associated with it should have a significantly positive impact on the future revenue and earnings situation of the MGI Group. In this context, we assume that significant revenue synergies can be realised in particular through the integration of the company's mobile games into MGI's ad software platform. These should result primarily from more efficient and extensive user acquisition and better monetisation of the in-game advertising space. In view of the very promising acquisition and the positive effects (including synergy effects) we expect from the Group integration, we have adjusted our previous revenue and earnings forecasts for the current financial year 2022 and also for subsequent years upwards. For the current financial year, we now expect revenues of EUR 307.22 million (previously: EUR 302.22 million) and EBITDA of EUR 87.52 million (previously: EUR 84.52 million). For the subsequent years 2023 and 2024, we calculate revenue growth to EUR 377.76 million (previously: EUR 364.76 million) and EUR 473.08 million (previously: EUR 455.08 million), respectively. In parallel, we expect EBITDA to increase to EUR 116.94 million (previously: EUR 108.03 million) and EUR 147.03 million (previously: EUR 134.43 million). Overall, we continue to see the MGI Group well positioned to grow very dynamically and highly profitably in the future as an ad tech company with its own gaming activities (access to 'first party data' and advertising space of gaming assets). The combination and close integration of synergetic media and gaming business activities should continue to significantly boost their profitable growth to date. In addition, the currently available liquid funds (GBCe: approximately EUR 100 million) offer the company the possibility at any time of further strengthening the group through planned M&A transactions and, at the same time, to further increase their earning power and pace of growth. Within the framework of our DCF valuation model, we have raised our previous price target to EUR 9.40 (previously: EUR 9.20 per share) due to our increased estimates for the current financial year and the following years. The increase in our previous WACC due to a higher risk-free interest rate (to 0.40%, from 0.25% previously) and the dilution effect due to the completed capital increase to finance the M&A transaction have counteracted an even stronger price target increase. In view of the current share price level, we therefore continue to assign a 'Buy' rating and see significant upside potential. Die vollständige Analyse können Sie hier downloaden: http://www.more-ir.de/d/24015.pdf Kontakt für Rückfragen GBC AG Halderstrasse 27 86150 Augsburg 0821 / 241133 0 research@gbc-ag.de ++++++++++++++++ Offenlegung möglicher Interessenskonflikte nach § 85 WpHG und Art. 20 MAR. Beim oben analysierten Unternehmen ist folgender möglicher Interessenkonflikt gegeben: (5a,5b,7,11); Einen Katalog möglicher Interessenkonflikte finden Sie unter: http://www.gbc-ag.de/de/Offenlegung +++++++++++++++ Date (time) of completion: 05/05/2022 (9:13 am) Date (time) of first distribution: 05/05/2022 (10:00 am) -------------------übermittelt durch die EQS Group AG.------------------- Für den Inhalt der Mitteilung bzw. Research ist alleine der Herausgeber bzw. Ersteller der Studie verantwortlich. Diese Meldung ist keine Anlageberatung oder Aufforderung zum Abschluss bestimmter Börsengeschäfte.

Original-Research: Media and Games Invest SE - von First Berlin Equity Research GmbH Einstufung von First Berlin Equity Research GmbH zu Media and Games Invest SE Unternehmen: Media and Games Invest SE ISIN: MT0000580101 Anlass der Studie: Acquisition Update Empfehlung: Kaufen seit: 04.05.2022 Kursziel: €8,20 Kursziel auf Sicht von: 12 Monate Letzte Ratingänderung: - Analyst: Ellis Acklin First Berlin Equity Research hat ein Research Update zu Media and Games Invest SE (ISIN: MT0000580101) veröffentlicht. Analyst Ellis Acklin bestätigt seine BUY-Empfehlung und erhöht das Kursziel von EUR 7,90 auf EUR 8,20. Zusammenfassung: MGI hat einen Vertrag zur Übernahme von AxesInMotion für €55 Mio. plus bis zu €110 Mio. an Earn-Outs, die von EBITDA-Hürden abhängen, unterzeichnet. Der in Spanien ansässige Videospielentwickler erwartet für 2022 einen Umsatz von €9,2 Mio. und ein bereinigtes EBITDA von €6,0 Mio. (65% Marge) mit starken Wachstumsaussichten für die Zukunft. Die Akquisition wurde durch eine Kapitalerhöhung in Höhe von €29 Mio. plus vorhandene liquide Mittel finanziert, um den Verschuldungsgrad auf einem komfortablen Niveau zu halten. Die Geschäftsdynamik von MGI ist nach wie vor gut, wie die soliden Q1-Zwischenergebnisse und die potenziellen Synergien aus der AxesInMotion-Übernahme zeigen. Unser Kursziel steigt auf €8,20 (zuvor: €7,90) und enthält aktualisierte Prognosen sowie eine höhere WACC-Schätzung, die die gestiegene Rendite für 10-jährige Bundesanleihen berücksichtigt. Um den Wert der Transaktion zu unterstreichen, weisen wir darauf hin, dass unser Kursziel auf Basis eines vergleichbaren WACC auf €8,60 gestiegen wäre. Wir bekräftigen unsere Kaufempfehlung. 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 increased the price target from EUR 7.90 to EUR 8.20. Abstract: MGI has signed a deal to take over AxesInMotion for €55m plus up to €110m in earn-outs depending on EBITDA performance hurdles. The Spain-based video game developer projects 2022 revenues of €9.2m and adjusted EBITDA of €6.0m (65% margin) with strong growth prospects going forward. The acquisition was financed with a €29m capital increase plus existing cash to keep leverage ratios at comfortable levels. MGI's business momentum remains good as evidenced by solid Q1 prelims and now the potential synergies from the AxesInMotion deal. Our target price increases to €8.2 (old: €7.9) and factors in updated forecasts as well as a higher WACC estimate to account for rising 10 year Bund yields. To underscore the value of the deal, we note that our price target would have increased to €8.6 on a like-for-like WACC basis. We remain Buy-rated on MGI. Bezüglich der Pflichtangaben gem. §34b WpHG und des Haftungsausschlusses siehe die vollständige Analyse. Die vollständige Analyse können Sie hier downloaden: http://www.more-ir.de/d/23999.pdf Kontakt für Rückfragen First Berlin Equity Research GmbH Herr Gaurav Tiwari Tel.: +49 (0)30 809 39 686 web: www.firstberlin.com E-Mail: g.tiwari@firstberlin.com -------------------übermittelt durch die EQS Group AG.------------------- Für den Inhalt der Mitteilung bzw. Research ist alleine der Herausgeber bzw. Ersteller der Studie verantwortlich. Diese Meldung ist keine Anlageberatung oder Aufforderung zum Abschluss bestimmter Börsengeschäfte.

Original-Research: Media and Games Invest SE - von First Berlin Equity Research GmbH Einstufung von First Berlin Equity Research GmbH zu Media and Games Invest SE Unternehmen: Media and Games Invest SE ISIN: MT0000580101 Anlass der Studie: Update Empfehlung: Buy seit: 25.04.2022 Kursziel: €7.90 Kursziel auf Sicht von: 12 Monate Letzte Ratingänderung: - Analyst: Ellis Acklin First Berlin Equity Research hat ein Research Update zu Media and Games Invest SE (ISIN: MT0000580101) veröffentlicht. Analyst Ellis Acklin bestätigt seine BUY-Empfehlung und bestätigt sein Kursziel von EUR 7,90. Zusammenfassung: Media and Games Invest hat Hauptkennzahlen für das erste Quartal veröffentlicht, die leicht über unseren Prognosen und über dem oberen Ende der Guidance für 2022 lagen. Der Umsatz für den Dreimonatszeitraum belief sich auf €66 Mio. gegenüber €52 Mio. im Vorjahreszeitraum (+27% J/J), und das bereinigte EBITDA stieg auf Jahresbasis um 30% auf €17,6 Mio. Beide Zahlen übertrafen die Guidance, die einen Anstieg des Umsatzes um 15% bis 23% J/J und ein Wachstum des bereinigten EBITDA von 13% bis 27% vorsehen. Die Performance wurde erneut durch organisches Umsatzwachstum angetrieben, während die M&A-Aktivitäten derzeit ruhen. Wir behalten unsere Kaufempfehlung bei einem unveränderten Kursziel von €7,90 bei. 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 7.90 price target. Abstract: Media and Games Invest published first quarter KPIs that were slightly ahead of our forecasts and above the upper end of 2022 guidance. Sales for the three month period totalled €66m vs €52m in the prior year period (+27% Y/Y), and adj. EBITDA rose 30% on an annualised basis to €17.6m. Both figures topped guidance, which calls for the topline to increase 15% to 23% Y/Y with adj. EBITDA growth of 13% to 27%. The performance was again led by organic sales growth with M&A activity currently idling. We maintain our Buy rating with an unchanged €7.9 target price. Bezüglich der Pflichtangaben gem. §34b WpHG und des Haftungsausschlusses siehe die vollständige Analyse. Die vollständige Analyse können Sie hier downloaden: http://www.more-ir.de/d/23877.pdf Kontakt für Rückfragen First Berlin Equity Research GmbH Herr Gaurav Tiwari Tel.: +49 (0)30 809 39 686 web: www.firstberlin.com E-Mail: g.tiwari@firstberlin.com -------------------übermittelt durch die EQS Group AG.------------------- Für den Inhalt der Mitteilung bzw. Research ist alleine der Herausgeber bzw. Ersteller der Studie verantwortlich. Diese Meldung ist keine Anlageberatung oder Aufforderung zum Abschluss bestimmter Börsengeschäfte.