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 & Games Invest SE - von First Berlin Equity Research GmbH Einstufung von First Berlin Equity Research GmbH zu Media & Games Invest SE Unternehmen: Media & Games Invest SE ISIN: SE0018538068 Anlass der Studie: Neunmonatsbericht Empfehlung: Kaufen seit: 07.12.2023 Kursziel: €3,20 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: SE0018538068) veröffentlicht. Analyst Ellis Acklin bestätigt seine BUY-Empfehlung und bestätigt sein Kursziel von EUR 3,20. Zusammenfassung: Das dritte Quartal verlief ähnlich wie der vorangegangene Dreimonatszeitraum, wobei die Topline die Auswirkungen einer Verlangsamung der Werbeausgaben zeigte. Das währungsbereinigte organische Umsatzwachstum (OSG) belief sich im dritten Quartal in Folge auf 1%. Die Hauptkennzahlen für Q3 lagen nahe an unseren Prognosen, und die Rentabilität blieb solide. Die nicht bereinigten Ergebnisse wurden durch die Auflösung der Earn-Out-Verbindlichkeit für AxesInMotion gesteigert, die im Zeitraum Juli bis September zu einem 'sonstigen betrieblichen Ertrag' von €64 Mio. führte. Die Bilanz wurde durch den Marktabschwung nicht strukturell beeinträchtigt, und das Unternehmen ist mit seinen Produkten und seiner Technologie weiterhin gut positioniert, wie die gewonnenen Neukunden zeigen. Wir stufen MGI weiterhin mit Kaufen und einem Kursziel von €3,20 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 3.20 price target. Abstract: Third quarter reporting was similar to the prior three month period with the topline showing the effects of a slowdown in ad spend. Fx-adjusted organic sales growth (OSG) tallied 1% for the third consecutive quarter. Headline Q3 figures were close to FBe, and profitability remained solid. Non-adjusted earnings were supercharged by the release of the AxesInMotion earn-out liability, which resulted in 'other income' of €64m for the July-to-September period. The balance sheet hasn't been unduly weakened in the market downturn, and, as client wins show, the company remains well positioned with its products and technology. We remain Buy-rated on MGI with a €3.2 target price. 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/28505.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 & Games Invest SE - von First Berlin Equity Research GmbH Einstufung von First Berlin Equity Research GmbH zu Media & Games Invest SE Unternehmen: Media & Games Invest SE ISIN: SE0018538068 Anlass der Studie: Q2 Ergebnisse Empfehlung: Kaufen seit: 12.09.2023 Kursziel: €3,20 Kursziel auf Sicht von: 12 Montate 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 4,00 auf EUR 3,20. Zusammenfassung: Die Auswirkungen der schwachen Werbeausgaben standen im Mittelpunkt des Sechsmonatsberichts. Das währungsbereinigte organische Umsatzwachstum (OSG) lag das zweite Quartal in Folge bei 1% und damit deutlich unter den für 2022 gemeldeten Werten (18% bis 23%). Die Hauptkennzahlen für Q2 lagen nahe an unseren Prognosen, aber das Management erwartet nun, dass die Werbeausgaben im zweiten Halbjahr schwach bleiben werden und reduzierte seine Guidance für 2023. Die Rentabilität blieb stark, was zu einem guten Cashflow für den Zeitraum von April bis Juni führte. Das Unternehmen ist mit seinen Produkten und seiner Technologie nach wie vor gut positioniert, aber die Anleger müssen sich gedulden, da die Werbemärkte einen Abwärtszyklus durchlaufen, der von einem makroökonomischen Gegenwind begleitet wird. Wir haben FBe auf die aktualisierte Guidance für 2023 gesenkt und auch unsere Wachstumsannahme für 2024 reduziert, bis die steigenden Werbebudgets sichtbarer werden. Wir stufen MGI weiterhin mit Kaufen ein. Unser Kursziel ist nun €3,20 (zuvor: €4). 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 4.00 to EUR 3.20. Abstract: The effects of soft ad spend were in focus in Q2 reporting. Fx-adjusted organic sales growth (OSG) remained gated at 1% for the second consecutive quarter and well below levels reported in 2022 (18% to 23%). Headline Q2 figures were close to FBe, but management now expect ad spend to remain weak in H2 and reduced their 2023 guidance. Profitability remained strong resulting in good cash flows for the April-to-June period. The company remains well positioned with its products and technology, but investors will need to be patient as the ad markets work through a down cycle amidst macro headwinds. We have cut FBe to match updated 2023 guide and also dialled back our 2024 growth assumption until increasing ad budgets become more visible. We remain Buy-rated on MGI with a €3.2 TP (old: €4.0). 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/27707.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 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.