Reported Earnings • Jul 21
Second quarter 2026 earnings released: EPS: kr0.83 (vs kr0.52 loss in 2Q 2025) Second quarter 2026 results: EPS: kr0.83 (up from kr0.52 loss in 2Q 2025). Revenue: kr2.97b (up 1.9% from 2Q 2025). Net income: kr99.0m (up kr160.0m from 2Q 2025). Profit margin: 3.3% (up from net loss in 2Q 2025). Revenue is forecast to grow 4.1% p.a. on average during the next 3 years, compared to a 4.0% growth forecast for the Entertainment industry in Germany. Over the last 3 years on average, earnings per share has fallen by 39% per year but the company’s share price has increased by 22% per year, which means it is well ahead of earnings. Announcement • May 23
Modern Times Group Mtg AB Elects Hendrik Klindworth as New Board Member Modern Times Group MTG AB (publ) at its Annual General Meeting held on May 21, 2026, approved the election of Hendrik Klindworth as new Board member. Announcement • Oct 22
Modern Times Group MTG AB (publ) (OM:MTG B) commences an Equity Buyback Plan for 12,203,000 shares, representing 10% of its issued share capital, under the authorization approved on May 15, 2025. Modern Times Group MTG AB (publ) (OM:MTG B) commences share repurchases on October 10, 2025, under the program mandated by the shareholders in the Annual General Meeting held on May 15, 2025. As per the mandate, the company is authorized to repurchase up to 12,203,000 Class A and/or Class B shares, representing 10% of its issued share capital The shares will be repurchased in a manner such that the company's holding does not at any time exceed 10% of the total shares in the company. The repurchase may only occur at a price within the share price interval registered at that time, where share price interval means the difference between the highest buying price and lowest selling price. The purpose of the authorization is to deliver long-term shareholder value and increase the returns to shareholders and/or to give a possibility to the company to transfer own shares to the participants in the company's long-term incentive programs. The authorization will be valid until the conclusion of the company’s next Annual General Meeting in 2026. As of April 10, 2025, the company had 128,310,627 shares in issue, out of which 407,570 were Class A shares, 121,622,434 were Class B shares and 6,280,623 were Class C shares. The company held 4,659,796 Class B shares and 6,280,623 Class C shares in treasury.
On October 9, 2025, the company announces a share repurchase program. Under the program, the company will repurchase up to SEK 400 million. The repurchased shares will be cancelled. The repurchases will commence on October 10, 2025, and the program will expire on May 15, 2026. Announcement • Oct 10
Modern Times Group MTG AB Updated Earnings Guidance for the Full Year 2025 Modern Times Group MTG AB updated earnings guidance for the full year 2025. For the period, Company now expects organic growth of 7% to 9% and total reported revenues of SEK 11.4 to SEK 11.7 billion. Previous target was full year 2025 organic growth of 3%-7%. Announcement • Jul 18
Modern Times Group MTG AB Reiterates Earnings Guidance for the Year 2025 Modern Times Group MTG AB reiterated earnings guidance for the year 2025. For the year, the company expects organic sales growth (sales from MTG's businesses prior to the acquisition of Plarium, in constant currencies) to be within the range of 3% to 7%. Announcement • May 15
Modern Times Group MTG AB Approves Board Elections Modern Times Group MTG AB in its Annual General Meeting held on May 15, 2025 approved to elect Dylan Collins and Anna Zeiter as new Board members. Announcement • Apr 13
Simon Leung and Susanne Maas Announces Not to Stand for Re-Election to Nomination Committee Board of Modern Times Group MTG AB Modern Times Group MTG AB (publ) announced that Nomination Committee further proposes the re-election of Simon Duffy as Chair of the Board, as well of all current Board members except Simon Leung and Susanne Maas, who have informed the Nomination Committee that they have decided not to stand for re-election to MTG's Board at the 2025 Annual General Meeting. Announcement • Feb 26
Modern Times Group MTG AB Appoints Nick Hopkins as Chief Financial Officer, Join in May, 2025 Modern Times Group MTG AB (publ) announced that Nick Hopkins has been appointed as the group's Chief Financial Officer. Nick will join in May, 2025 and work closely with MTG's CEO and executive management team to drive the group's strategy, operational execution and support future M&A. Nick will leverage skills and experience from over 15 years in investment banking, where he has covered and advised on a range of sectors including gaming, media, technology and consumer retail. Nick joins MTG after having served as Managing Director at Bank of America in London since July 2022. Prior to that, he spent 13 years at Goldman Sachs. Nick has extensive experience in the gaming sector, and brings a deep understanding of corporate strategy, M&A and management. Announcement • Feb 13
Modern Times Group MTG AB (publ) (OM:MTG B) completed the acquisition of Plarium Global Ltd. from Aristocrat Leisure Limited (ASX:ALL). Modern Times Group MTG AB (publ) (OM:MTG B) has entered into a binding agreement to acquire Plarium Global Ltd. from Aristocrat Leisure Limited (ASX:ALL) for $820 million on November 11, 2024. Under the terms of agreement, transaction comprises an up-front payment of $620 million, of which $20 million is deferred payment to 2026, netted against cash flow that will be generated between the start of Q4 and the closing of the transaction; and in addition, there are potential performance-based earn-out payments, of which MTG currently expects to book approximately $30 million on its balance sheet. The earnouts are divided into two separate elements: Earnout 1 amounts to $30 million and will be paid out in 2026, if RAID: Shadow Legends delivers on specific revenue targets for 2025 set during the transaction, Earnout 2 – Potential of up to $170 million, payable in 2029, based on 2028 revenue targets. The starting point for any earnout 2 to become payable is 2028, full year revenue of $777 million, up to the maximum payout in case the 2028, revenue exceeds $1,185 million. Consideration to be offset by the cash flow that will be generated between the start of Q4 2024 and until closing, which is expected in Q1 2025, resulting in an estimated final EV/adjusted EBITDA multiple1 below 4.5x. Performance-based earn-out structure of $30 million based on RAID: Shadow Legends revenues for 2025, which MTG will book on the balance sheet. Second potential stretch earn-out target of up to $170 million based on Plarium 2028 revenues which will not be booked on the balance sheet. Enterprise value on a cash and debt free basis. The transaction will be financed with cash on hand, along with fully secured and committed financing totaling $460 million, comprising a mix of term loans with a 3+1 year tenor and RCF facilities provided by DNB Bank ASA, Sweden Branch; Nordea Bank Abp, filial i Sverige and Swedbank AB (publ). Plarium generated $613 million in revenues and $137 million in adjusted EBITDA and $110 million in free cash flow for the LTM period ended September 30, 2024. The transaction represents an indicative net debt/combined EBITDA multiple of 1.9x when including financial debt, earnouts and leasing, and an indicative net financial leverage multiple of 1.1x net debt/combined MTG EBITDA for the rolling LTM to Q3 2024.
The transaction is subject to customary closing conditions, including the requirement to obtain necessary regulatory approvals. The closing is currently anticipated in Q1 2025 and MTG will consolidate Plarium in its accounts from the time of closing. Proceeds from the transaction will be deployed to fund Aristocrat's longer term growth strategy in line with its capital allocation framework. The transaction is expected to enhance Aristocrat’s revenue growth rate and margins going forward. Aristocrat expects the sale of Plarium to be mid to high single-digit percentage points dilutive to NPATA in FY25 on an annualised basis. The addition of Plarium to the group’s portfolio is expected to generate future opportunities for incremental growth through a variety of operational synergies.
EY Corporate Finance have acted as financial advisors, David Marshall and Neil Coulson of Baker Botts (UK) LLP, Brendan Dignan, Joyce Adetutu and Jon Lobb of Baker Botts L.L.P. and Matthew Levitt of Baker Botts have acted as legal advisors to MTG in this transaction. Gernandt & Danielsson Advokatbyrå have acted as financing legal advisors. EY have advised MTG on financial and commercial due diligence and KPMG on tax due diligence. Morgan Stanley & Co. International PLC have acted as financial advisors to the Board of Directors. Aream & Co have also supported MTG on the transaction.
Modern Times Group MTG AB (publ) (OM:MTG B) completed the acquisition of Plarium Global Ltd. from Aristocrat Leisure Limited (ASX:ALL) on February 12, 2025. Announcement • Feb 07
Modern Times Group MTG AB, Annual General Meeting, May 15, 2025 Modern Times Group MTG AB, Annual General Meeting, May 15, 2025. Announcement • Nov 13
Modern Times Group MTG AB (publ) (OM:MTG B) has entered into a binding agreement to acquire Plarium Global Ltd. from Aristocrat Leisure Limited (ASX:ALL) for $820 million. Modern Times Group MTG AB (publ) (OM:MTG B) has entered into a binding agreement to acquire Plarium Global Ltd. from Aristocrat Leisure Limited (ASX:ALL) for $820 million on November 11, 2024. Under the terms of agreement, transaction comprises an up-front payment of $620 million, of which $20 million is deferred payment to 2026, netted against cash flow that will be generated between the start of Q4 and the closing of the transaction; and in addition, there are potential performance-based earn-out payments, of which MTG currently expects to book approximately $30 million on its balance sheet. The earnouts are divided into two separate elements: Earnout 1 amounts to $30 million and will be paid out in 2026, if RAID: Shadow Legends delivers on specific revenue targets for 2025 set during the transaction, Earnout 2 – Potential of up to $170 million, payable in 2029, based on 2028 revenue targets. The starting point for any earnout 2 to become payable is 2028, full year revenue of $777 million, up to the maximum payout in case the 2028, revenue exceeds $1,185 million. Consideration to be offset by the cash flow that will be generated between the start of Q4 2024 and until closing, which is expected in Q1 2025, resulting in an estimated final EV/adjusted EBITDA multiple1 below 4.5x. Performance-based earn-out structure of $30 million based on RAID: Shadow Legends revenues for 2025, which MTG will book on the balance sheet. Second potential stretch earn-out target of up to $170 million based on Plarium 2028 revenues which will not be booked on the balance sheet. Enterprise value on a cash and debt free basis. The transaction will be financed with cash on hand, along with fully secured and committed financing totaling $460 million, comprising a mix of term loans with a 3+1 year tenor and RCF facilities provided by DNB Bank ASA, Sweden Branch; Nordea Bank Abp, filial i Sverige and Swedbank AB (publ). Plarium generated $613 million in revenues and $137 million in adjusted EBITDA and $110 million in free cash flow for the LTM period ended September 30, 2024. The transaction represents an indicative net debt/combined EBITDA multiple of 1.9x when including financial debt, earnouts and leasing, and an indicative net financial leverage multiple of 1.1x net debt/combined MTG EBITDA for the rolling LTM to Q3 2024.
The transaction is subject to customary closing conditions, including the requirement to obtain necessary regulatory approvals. The closing is currently anticipated in Q1 2025 and MTG will consolidate Plarium in its accounts from the time of closing. Proceeds from the transaction will be deployed to fund Aristocrat's longer term growth strategy in line with its capital allocation framework. The transaction is expected to enhance Aristocrat’s revenue growth rate and margins going forward. Aristocrat expects the sale of Plarium to be mid to high single-digit percentage points dilutive to NPATA in FY25 on an annualised basis. The addition of Plarium to the group’s portfolio is expected to generate future opportunities for incremental growth through a variety of operational synergies.
EY Corporate Finance have acted as financial advisors, David Marshall and Neil Coulson of Baker Botts (UK) LLP, Brendan Dignan, Joyce Adetutu and Jon Lobb of Baker Botts L.L.P. and Matthew Levitt of Baker Botts have acted as legal advisors to MTG in this transaction. Gernandt & Danielsson Advokatbyrå have acted as financing legal advisors. EY have advised MTG on financial and commercial due diligence and KPMG on tax due diligence. Morgan Stanley & Co. International PLC have acted as financial advisors to the Board of Directors. Aream & Co have also supported MTG on the transaction. Reported Earnings • Oct 24
Third quarter 2024 earnings released: EPS: kr1.44 (vs kr1.56 in 3Q 2023) Third quarter 2024 results: EPS: kr1.44 (down from kr1.56 in 3Q 2023). Revenue: kr1.44b (down 3.7% from 3Q 2023). Net income: kr173.0m (down 11% from 3Q 2023). Profit margin: 12% (down from 13% in 3Q 2023). Revenue is forecast to grow 4.3% p.a. on average during the next 3 years, compared to a 6.1% growth forecast for the Entertainment industry in Germany. Over the last 3 years on average, earnings per share has increased by 7% per year but the company’s share price has fallen by 14% per year, which means it is significantly lagging earnings. Announcement • Oct 09
Modern Times Group MTG AB (Publ) Announces the Departure of Nils Mösko as CFO Modern Times Group MTG AB (publ) announced that its CFO Nils Mösko has stepped down from his role with immediate effect. The decision was made amicably and in mutual agreement. MTG's CEO Maria Redin will oversee the CFO responsibilities while MTG searches for a replacement. Announcement • Oct 03
Modern Times Group MTG AB (publ) Announces Executive Changes to its Wholly Owned Gaming Studio Hutch Modern Times Group MTG AB (publ) ("MTG") announced that MTG's Chief Product Officer Oliver Bulloss will take up the position as deputy interim Co-CEO of MTG's wholly owned gaming studio Hutch effective immediately, and will subsequently become interim Co-CEO from 2 January 2025. Shaun Rutland, co-founder of Hutch is stepping away from his operational Co-CEO role to take up the position as Executive Chairman of Hutch from 2 January 2025. He will remain close to the business and will work with Oliver and Co-CEO and CFO Peter Hanson-Chambers in a strategic and advisory capacity. Oliver and Peter will partner with the senior leadership team at Hutch to guide the studio and accelerate growth. They will also begin the search for a permanent Co-CEO for Hutch. Reported Earnings • Jul 20
Second quarter 2024 earnings released: kr0.92 loss per share (vs kr0.47 profit in 2Q 2023) Second quarter 2024 results: kr0.92 loss per share (down from kr0.47 profit in 2Q 2023). Revenue: kr1.44b (down 1.4% from 2Q 2023). Net loss: kr111.0m (down 295% from profit in 2Q 2023). Revenue is forecast to grow 4.5% p.a. on average during the next 3 years, compared to a 5.6% growth forecast for the Entertainment industry in Germany. Over the last 3 years on average, earnings per share has increased by 22% per year but the company’s share price has fallen by 17% per year, which means it is significantly lagging earnings. Announcement • Jul 18
Modern Times Group MTG AB (publ) Reiterates Earnings Guidance for the Year 2024 Modern Times Group MTG AB (publ) reiterated earnings guidance for the year 2024. For the period, the company expects sales growth to be within the range of 1 to 5% on a currency adjusted basis. Announcement • May 29
Modern Times Group MTG AB (publ) (OM:MTG B) commences an Equity Buyback Plan for 3,179,550 shares, representing 2.41% of its issued share capital, under the authorization approved on May 16, 2024. Modern Times Group MTG AB (publ) (OM:MTG B) commences share repurchases on May 17, 2024, under the program mandated by the shareholders in the Annual General Meeting held on May 16, 2024. As per the mandate, the company is authorized to repurchase up to 3,179,550 shares, representing 2.41% of its share capital. The shares will be repurchased in a manner such that the company's holding does not at any time exceed 10% of the total shares in the company. The repurchase may only occur at a price within the share price interval registered at that time, where share price interval means the difference between the highest buying price and lowest selling price. The purpose of the authorization is to deliver long-term shareholder value and increase the returns to shareholders and/or to give a possibility to the company to transfer own shares to the participants in the company's long-term incentive programs. The authorization will be valid until the conclusion of the company’s next Annual General Meeting in 2025. As of April 12, 2024, the company had 131,668,727 shares in issue, out of which 545,662 were Class A shares, 124,798,722 were Class B shares and 6,324,343 were Class C shares. The company held 3,662,980 Class B shares and 6,324,343 Class C shares in treasury.
On May 6, 2024, the company announces a share repurchase program. Under the program, the company will repurchase up to SEK 400 million. The repurchased shares will be cancelled. The repurchases will commence on May 17, 2024, and the program will expire on April 30, 2025. Announcement • Apr 24
Modern Times Group MTG AB (publ) Provides Earnings Guidance for the Year 2024 Modern Times Group MTG AB (publ) provided earnings guidance for the year 2024. For the period, the company expects sales growth to be within the range of 1 to 5% on a currency adjusted basis. Reported Earnings • Apr 06
Full year 2023 earnings released: EPS: kr1.33 (vs kr3.04 in FY 2022) Full year 2023 results: EPS: kr1.33 (down from kr3.04 in FY 2022). Revenue: kr5.83b (up 5.3% from FY 2022). Net income: kr164.0m (down 54% from FY 2022). Profit margin: 2.8% (down from 6.4% in FY 2022). Revenue is forecast to grow 5.7% p.a. on average during the next 3 years, compared to a 5.0% growth forecast for the Entertainment industry in Germany. Over the last 3 years on average, earnings per share has increased by 74% per year but the company’s share price has fallen by 19% per year, which means it is significantly lagging earnings. Reported Earnings • Feb 09
Full year 2023 earnings released: EPS: kr1.33 (vs kr3.04 in FY 2022) Full year 2023 results: EPS: kr1.33 (down from kr3.04 in FY 2022). Revenue: kr5.83b (up 5.3% from FY 2022). Net income: kr164.0m (down 54% from FY 2022). Profit margin: 2.8% (down from 6.4% in FY 2022). The decrease in margin was driven by higher expenses. Revenue is forecast to grow 5.8% p.a. on average during the next 2 years, compared to a 3.8% growth forecast for the Entertainment industry in Germany. Over the last 3 years on average, earnings per share has increased by 74% per year but the company’s share price has fallen by 20% per year, which means it is significantly lagging earnings. Announcement • Feb 08
Monumental, LLC acquired Kongregate Inc. from Modern Times Group MTG AB (publ) (OM:MTG B). Monumental, LLC acquired Kongregate Inc. from Modern Times Group MTG AB (publ) (OM:MTG B) on February 8, 2024. As a part of consideration Modern Times Group MTG AB owns a 30% stake in Monumental. Baker & McKenzie LLP acted as legal advisor to Monumental, LLC. Aream & Co acted as financial advisor and Baker Botts L.L.P. acted as legal advisor to Modern Times Group MTG AB.Monumental, LLC completed the acquisition of Kongregate Inc. from Modern Times Group MTG AB (publ) (OM:MTG B) on February 8, 2024. Announcement • Jan 24
Modern Times Group MTG AB (publ.) Appoints Oliver Bulloss as Chief Product Officer Modern Times Group MTG AB (publ.) announced that Oliver Bulloss has joined the group as its new Chief Product Officer. In this newly created role, Oliver will leverage his substantial expertise from the gaming industry to support and help accelerate MTG's growth. He will be involved in future M&A processes and play an active role in shaping its strategy. He will also work closely with its game studios to accelerate knowledge sharing and best practices and to support them in their various initiatives. Oliver brings extensive experience from a diverse array of leadership roles in mobile gaming. He most recently served as General Manager of NaturalMotion Zynga, where he was responsible for three game studios developing multiple games. These included Dawn of Titans and several different games under the Star Wars IP. Prior to that, Oliver worked at King, where he was Executive Producer on Candy Crush Jelly and Candy Crush Soda. He has also worked on well-known titles including Angry Birds Island and Angry Birds POP! while employed at Rovio. Buying Opportunity • Nov 18
Now 22% undervalued Over the last 90 days, the stock is up 32%. The fair value is estimated to be €9.52, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 16% over the last 3 years. Meanwhile, the company has become profitable. Revenue is forecast to grow by 14% in 2 years. Earnings is forecast to grow by 9,621% in the next 2 years. Reported Earnings • Oct 26
Third quarter 2023 earnings released Third quarter 2023 results: Revenue: kr1.49b (up 5.8% from 3Q 2022). Net income: kr194.0m (down 50% from 3Q 2022). Profit margin: 13% (down from 27% in 3Q 2022). Revenue is forecast to grow 6.5% p.a. on average during the next 3 years, compared to a 3.0% growth forecast for the Entertainment industry in Germany. Over the last 3 years on average, earnings per share has increased by 111% per year but the company’s share price has fallen by 15% per year, which means it is significantly lagging earnings. Announcement • Sep 14
Modern Times Group MTG AB (publ) (OM:MTG B) commences an Equity Buyback for 10% of its issued share capital, under the authorization approved on May 17, 2023. Modern Times Group MTG AB (publ) (OM:MTG B) commences share repurchases on September 4, 2023, under the program mandated by the shareholders in the Annual General Meeting held on May 17, 2023. As per the mandate, the company is authorized to repurchases shares in a manner such that the company's holding does not at any time exceed 10% of the total shares in the company. The repurchase may only occur at a price within the share price interval registered at that time, where share price interval means the difference between the highest buying price and lowest selling price. The purpose of the authorization is to deliver long-term shareholder value and increase the returns to shareholders and/or to give a possibility to the company to transfer own shares to the participants in the company's long-term incentive programs. The authorization will be valid until the conclusion of the company’s next Annual General Meeting in 2024. As of March 9, 2022, the company had 134,035,940 shares in issue, out of which 545,662 were Class A shares, 127,165,935 were Class B shares and 6,324,343 were Class C shares. The company held 6,555,433 Class B shares and 6,324,343 Class C shares in treasury.
On September 1, 2023, the company announces a share repurchase program. Under the program, the company will repurchase up to SEK 300 million. The repurchased shares will be cancelled. The repurchases will commence on September 4, 2023, and the program will expire on December 31, 2023. Buying Opportunity • Sep 06
Now 21% undervalued Over the last 90 days, the stock is up 15%. The fair value is estimated to be €7.94, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 14% over the last 3 years. Meanwhile, the company has become profitable. Revenue is forecast to grow by 9.6% in 2 years. Earnings is forecast to grow by 91% in the next 2 years. Announcement • Jul 22
Modern Times Group MTG AB (publ) Reiterates Earnings Guidance for the Full Year 2023 Modern Times Group MTG AB (publ) reiterated earnings guidance for the full year 2023. For the year, The company expects sales within the range of -3% to +2% adjusted for currency effects. Reported Earnings • Jul 20
Second quarter 2023 earnings released: EPS: kr0.49 (vs kr2.99 in 2Q 2022) Second quarter 2023 results: EPS: kr0.49 (down from kr2.99 in 2Q 2022). Revenue: kr1.46b (up 5.7% from 2Q 2022). Net income: kr57.0m (down 83% from 2Q 2022). Profit margin: 3.9% (down from 24% in 2Q 2022). Revenue is forecast to grow 5.2% p.a. on average during the next 3 years, compared to a 2.4% growth forecast for the Entertainment industry in Germany. Over the last 3 years on average, earnings per share has increased by 106% per year but the company’s share price has fallen by 17% per year, which means it is significantly lagging earnings. Valuation Update With 7 Day Price Move • Jun 29
Investor sentiment improves as stock rises 16% After last week's 16% share price gain to €5.88, the stock trades at a forward P/E ratio of 21x. Average forward P/E is 19x in the Entertainment industry in Europe. Total loss to shareholders of 30% over the past three years. Announcement • Jun 13
Modern Times Group Mtg AB (Publ) Appoints Nils Mösko as New CFO Modern Times Group MTG AB (publ) announced that company have appointed Nils Mösko as the group's new Chief Financial Officer. Nils will start after the summer and will join MTG's executive management team to leverage his extensive experience to support MTG's operational performance, future expansion through accretive M&A and ensure the group's continued financial strength. He is taking over from Lasse Pilgaard who has decided to leave MTG to pursue a career closer to his family in Denmark. Nils has extensive experience in strategy and financial management and has most recently served as the Chief Strategy Officer and Head of Business Development at the electrical vehicle company Polestar. Before this he served as the Global Deputy CFO of Polestar since 2018. He has also held a number of senior financial leadership roles within Volvo Car Group, including most recently Vice President of Investor Relations. Announcement • May 18
Modern Times Group Mtg AB (Publ) Announces Board Appointments Modern Times Group MTG AB (publ) announced at the AGM held on May 17, 2023 that the company approved to elect Liia Nõu and Susanne Maas as new Board members. Reported Earnings • Apr 15
Full year 2022 earnings released: EPS: kr3.04 (vs kr1.86 loss in FY 2021) Full year 2022 results: EPS: kr3.04 (up from kr1.86 loss in FY 2021). Revenue: kr5.54b (up 41% from FY 2021). Net income: kr356.0m (up kr549.0m from FY 2021). Profit margin: 6.4% (up from net loss in FY 2021). Revenue is forecast to grow 4.2% p.a. on average during the next 3 years, compared to a 4.5% growth forecast for the Entertainment industry in Germany. Over the last 3 years on average, earnings per share has increased by 87% per year but the company’s share price has fallen by 8% per year, which means it is significantly lagging earnings. Reported Earnings • Feb 10
Full year 2022 earnings released: EPS: kr2.84 (vs kr3.85 loss in FY 2021) Full year 2022 results: EPS: kr2.84 (up from kr3.85 loss in FY 2021). Revenue: kr5.54b (up 4.4% from FY 2021). Net income: kr356.0m (up kr756.0m from FY 2021). Profit margin: 6.4% (up from net loss in FY 2021). The move to profitability was primarily driven by lower expenses. Revenue is forecast to grow 4.1% p.a. on average during the next 3 years, compared to a 3.0% growth forecast for the Entertainment industry in Germany. Over the last 3 years on average, earnings per share has increased by 81% per year but the company’s share price has fallen by 7% per year, which means it is significantly lagging earnings. Announcement • Jan 26
Handelsbanken Fonder AB acquired an unknown stake in Modern Times Group MTG AB (publ) (OM:MTG B). Handelsbanken Fonder AB acquired an unknown stake in Modern Times Group MTG AB (publ) (OM:MTG B) on January 25, 2023. Following this transaction, Handelsbanken Fonder now holds a 5.03% stake in Modern Times Group.Handelsbanken Fonder AB completed the acquisition of an unknown stake in Modern Times Group MTG AB (publ) (OM:MTG B) on January 25, 2023. Valuation Update With 7 Day Price Move • Jan 25
Investor sentiment improves as stock rises 16% After last week's 16% share price gain to €8.04, the stock trades at a forward P/E ratio of 33x. Average forward P/E is 13x in the Entertainment industry in Europe. Total loss to shareholders of 1.0% over the past three years. Announcement • Jan 19
Modern Times Group MTG AB (publ) Appoints Melanie Calu as New Group People and Culture Director Modern Times Group MTG AB (publ) announced that it has strengthened its leadership team through the appointment of Melanie Calu as the group's new Director of People and Culture. This appointment is a key element in ourambition to build a global gaming village of scale that helps gaming entrepreneurs accelerate growth. In this newly created role, Melanie will be critical to driving new collaborative ways of working across MTG's portfolio companies. Melanie will collaborate with existing HR leaders across MTG, to help infuse the group with a culture that unleashes every employee's full potential and empowers the entrepreneurs who are part of MTG. She has a successful track record of leading people functions for both large-scale and start-up brands, most recently for the leading semiconductor company AMD. Prior to that she has held people leadership roles in the fields of e-commerce and digital media. Board Change • Nov 16
High number of new directors There are 5 new directors who have joined the board in the last 3 years. Non-Executive Director Florian Schuhbauer was the last director to join the board, commencing their role in 2022. The company’s lack of board continuity is considered a risk according to the Simply Wall St Risk Model. Reported Earnings • Oct 27
Third quarter 2022 earnings released: EPS: kr3.53 (vs kr0.40 in 3Q 2021) Third quarter 2022 results: EPS: kr3.53 (up from kr0.40 in 3Q 2021). Revenue: kr1.41b (down 1.8% from 3Q 2021). Net income: kr384.0m (up kr340.0m from 3Q 2021). Profit margin: 27% (up from 3.1% in 3Q 2021). The increase in margin was driven by lower expenses. Revenue is forecast to grow 2.6% p.a. on average during the next 3 years, compared to a 12% growth forecast for the Entertainment industry in Germany. Over the last 3 years on average, earnings per share has increased by 46% per year but the company’s share price has fallen by 5% per year, which means it is significantly lagging earnings. Announcement • Oct 27
Modern Times Group MTG AB (publ), Annual General Meeting, May 17, 2023 Modern Times Group MTG AB (publ), Annual General Meeting, May 17, 2023. Announcement • Oct 18
Modern Times Group MTG AB (publ) Announces Executive Appointments Modern Times Group MTG AB (publ) announced that its Nomination Committee has convened ahead of the 2023 Annual General Meeting. The Nomination Committee comprises: Christian Rauda, appointed by EHM Holding GmbH, Klaus Roehrig, appointed by Active Ownership Corporation, Joachim Spetz, appointed by Swedbank Robur Fonder and Simon Duffy, the Chairman of the Board. In line with past practice, the members of the Committee have appointed Christian Rauda, representing the largest shareholder on the last business day of August 2022, as the Committee Chairman. Announcement • Aug 26
Modern Times Group MTG AB (publ) to Report Q4, 2022 Results on Feb 09, 2023 Modern Times Group MTG AB (publ) announced that they will report Q4, 2022 results on Feb 09, 2023 Board Change • Aug 01
High number of new directors There are 5 new directors who have joined the board in the last 3 years. Non-Executive Director Florian Schuhbauer was the last director to join the board, commencing their role in 2022. The company’s lack of board continuity is considered a risk according to the Simply Wall St Risk Model. Reported Earnings • Jul 22
Second quarter 2022 earnings released: kr0.57 loss per share (vs kr0.62 profit in 2Q 2021) Second quarter 2022 results: kr0.57 loss per share (down from kr0.62 profit in 2Q 2021). Revenue: kr1.38b (up 70% from 2Q 2021). Net loss: kr63.0m (down 196% from profit in 2Q 2021). Over the next year, revenue is expected to shrink by 8.9% compared to a 131% growth forecast for the industry in Germany. Over the last 3 years on average, earnings per share has increased by 23% per year but the company’s share price has fallen by 4% per year, which means it is significantly lagging earnings. Board Change • Jul 02
High number of new directors There are 5 new directors who have joined the board in the last 3 years. Non-Executive Director Florian Schuhbauer was the last director to join the board, commencing their role in 2022. The company’s lack of board continuity is considered a risk according to the Simply Wall St Risk Model. Announcement • Jun 09
Modern Times Group MTG AB (publ) Approves Election of Florian Schuhbauer as New Member of the Board Modern Times Group MTG AB (publ) announced that at its AGM held on 8 June 2022, the shareholders approved election of Florian Schuhbauer as new member of the Board. Recent Insider Transactions • May 22
Independent Non-Executive Director recently bought €72k worth of stock On the 13th of May, Gerhard Florin bought around 7k shares on-market at roughly €10.72 per share. This was the largest purchase by an insider in the last 3 months. Insiders have collectively bought €283k more in shares than they have sold in the last 12 months. Announcement • May 10
Modern Times Group MTG AB (publ) Proposes an Extraordinary Cash Distribution Modern Times Group MTG AB (publ) announced that its Board of Directors will propose an extraordinary cash distribution of SEK 25.00 per share, equivalent to SEK 2,767 million in aggregate, through a share redemption program. Reported Earnings • Apr 28
First quarter 2022 earnings released First quarter 2022 results: Revenue: kr1.36b (up 34% from 1Q 2021). Net loss: kr86.0m (loss narrowed 31% from 1Q 2021). Over the next year, revenue is expected to shrink by 8.5% compared to a 181% growth forecast for the industry in Germany. Over the last 3 years on average, earnings per share has increased by 21% per year but the company’s share price has only increased by 1% per year, which means it is significantly lagging earnings growth. Announcement • Apr 21
Savvy Gaming Group completed the acquisition of ESL Gaming GmbH from Modern Times Group Mtg AB (OM:MTG B) and others for SEK 8.1 billion. Savvy Gaming Group agreed to acquire ESL Gaming GmbH from Modern Times Group Mtg AB (OM:MTG B) and others for an enterprise value of SEK 9.7 billion on January 24, 2022. In a related transaction, Savvy Gaming Group agreed to acquire FACEIT. Savvy Gaming Group will merge ESL Gaming and FACEIT to create the leading global platform for competitive gaming – ESL FACEIT Group. The transaction is subject to regulatory approval, anti-trust and foreign investment screening. The transaction is expected to close in the second quarter of 2022. Modern Times Group intends to return at least 40 percent of the net proceeds to its shareholders, while the rest of the proceeds will be used to strengthen MTG’s position in the global gaming market and continued execution of its buy and build strategy. J.P. Morgan Securities plc and Ernst & Young Corporate Finance AB acted as financial advisors, Ernst & Young AB acted as accountant, Norton Rose Fulbright LLP and Gernandt & Danielsson Advokatbyrå KB acted as legal advisors to Modern Times Group Mtg AB. Morgan Stanley & Co. International plc acted as financial advisor to Board of Directors of Modern Times Group. Aream & Co. served as financial advisor and Latham & Watkins (London) LLP served as legal advisor to FACEIT Ltd.
Savvy Gaming Group completed the acquisition of ESL Gaming GmbH from Modern Times Group Mtg AB (OM:MTG B) and others for SEK 8.1 billion on April 21, 2022. 40% of the money will be returned to MTG's shareholders through a combination of a share redemption and a share buyback program and rest of the proceeds will be used to strengthen MTG's position in the global gaming market and to successfully continue to execute on the group's M&A strategy. Reported Earnings • Apr 11
Full year 2021 earnings released: kr3.85 loss per share (vs kr3.39 loss in FY 2020) Full year 2021 results: kr3.85 loss per share (down from kr3.39 loss in FY 2020). Revenue: kr5.31b (up 33% from FY 2020). Net loss: kr400.0m (loss widened 75% from FY 2020). Over the next year, revenue is forecast to stay flat compared to a 178% growth forecast for the industry in Germany. Over the last 3 years on average, earnings per share has increased by 13% per year but the company’s share price has only increased by 6% per year, which means it is significantly lagging earnings growth. Reported Earnings • Feb 09
Full year 2021 earnings: Revenues and EPS in line with analyst expectations Full year 2021 results: kr3.85 loss per share (down from kr3.39 loss in FY 2020). Revenue: kr5.31b (up 33% from FY 2020). Net loss: kr400.0m (loss widened 75% from FY 2020). Revenue was in line with analyst estimates. Over the next year, revenue is forecast to grow 6.2%, compared to a 345% growth forecast for the industry in Germany. Over the last 3 years on average, earnings per share has increased by 13% per year but the company’s share price has fallen by 25% per year, which means it is significantly lagging earnings. Announcement • Jan 26
Savvy Gaming Group agreed to acquire ESL Gaming GmbH from Modern Times Group Mtg AB (OM:MTG B) and others for an enterprise value of SEK 9.7 billion. Savvy Gaming Group agreed to acquire ESL Gaming GmbH from Modern Times Group Mtg AB (OM:MTG B) and others for an enterprise value of SEK 9.7 billion on January 24, 2022. In a related transaction, Savvy Gaming Group agreed to acquire FACEIT. Savvy Gaming Group will merge ESL Gaming and FACEIT to create the leading global platform for competitive gaming – ESL FACEIT Group. The transaction is subject to regulatory approval, anti-trust and foreign investment screening. The transaction is expected to close in the second quarter of 2022. Modern Times Group intends to return at least 40 percent of the net proceeds to its shareholders, while the rest of the proceeds will be used to strengthen MTG’s position in the global gaming market and continued execution of its buy and build strategy. J.P. Morgan Securities plc and Ernst & Young Corporate Finance AB acted as financial advisors, Ernst & Young AB acted as accountant, Norton Rose Fulbright LLP and Gernandt & Danielsson Advokatbyrå KB acted as legal advisors to Modern Times Group Mtg AB. Morgan Stanley & Co. International plc acted as financial advisor to Board of Directors of Modern Times Group. Aream & Co. served as financial advisor and Latham & Watkins (London) LLP served as legal advisor to FACEIT Ltd. Reported Earnings • Oct 30
Third quarter 2021 earnings released: EPS kr0.40 (vs kr0.99 loss in 3Q 2020) The company reported a strong third quarter result with improved earnings, revenues and profit margins. Third quarter 2021 results: Revenue: kr1.44b (up 58% from 3Q 2020). Net income: kr44.0m (up kr111.0m from 3Q 2020). Profit margin: 3.1% (up from net loss in 3Q 2020). Over the last 3 years on average, earnings per share has increased by 15% per year but the company’s share price has fallen by 33% per year, which means it is significantly lagging earnings. Breakeven Date Change • Sep 23
Forecast to breakeven in 2022 The 3 analysts covering Modern Times Group Mtg expect the company to break even for the first time. New consensus forecast suggests the company will make a profit of kr371.0m in 2022. Average annual earnings growth of 104% is required to achieve expected profit on schedule. Recent Insider Transactions • Jul 27
Independent Non-Executive Chairman recently bought €107k worth of stock On the 21st of July, Simon Duffy bought around 10k shares on-market at roughly €11.25 per share. This was the largest purchase by an insider in the last 3 months. This was Simon's only on-market trade for the last 12 months. Reported Earnings • Jul 22
Second quarter 2021 earnings released: kr0.24 loss per share (vs kr1.01 loss in 2Q 2020) The company reported a solid second quarter result with reduced losses, improved revenues and improved control over expenses. Second quarter 2021 results: Revenue: kr1.20b (up 9.3% from 2Q 2020). Net loss: kr26.0m (loss narrowed 62% from 2Q 2020). Over the last 3 years on average, earnings per share has fallen by 6% per year but the company’s share price has fallen by 29% per year, which means it is performing significantly worse than earnings. Breakeven Date Change • Jul 22
Forecast breakeven pushed back to 2022 The 3 analysts covering Modern Times Group Mtg previously expected the company to break even in 2021. New consensus forecast suggests losses will reduce by 79% to 2021. The company is expected to make a profit of kr355.0m in 2022. Average annual earnings growth of 108% is required to achieve expected profit on schedule. Breakeven Date Change • Jul 06
Forecast breakeven pushed back to 2022 The 4 analysts covering Modern Times Group Mtg previously expected the company to break even in 2021. New consensus forecast suggests losses will reduce by 97% to 2021. The company is expected to make a profit of kr260.5m in 2022. Average annual earnings growth of 100% is required to achieve expected profit on schedule. Breakeven Date Change • May 29
Forecast breakeven pushed back to 2022 The 3 analysts covering Modern Times Group Mtg previously expected the company to break even in 2021. New consensus forecast suggests losses will reduce by 98% to 2021. The company is expected to make a profit of kr227.9m in 2022. Average annual earnings growth of 103% is required to achieve expected profit on schedule. Executive Departure • May 24
Independent Chairman David Chance has left the company On the 18th of May, David Chance's tenure as Independent Chairman ended after 18.1 years in the role. As of March 2021, David personally held 3.57k shares (€45k worth at the time). David is the only executive to leave the company over the last 12 months. Reported Earnings • May 02
First quarter 2021 earnings released: kr1.43 loss per share (vs kr2.38 loss in 1Q 2020) The company reported a solid first quarter result with reduced losses, improved revenues and improved control over expenses. First quarter 2021 results: Revenue: kr1.01b (up 9.4% from 1Q 2020). Net loss: kr124.0m (loss narrowed 23% from 1Q 2020). Over the last 3 years on average, earnings per share has fallen by 40% per year but the company’s share price has only fallen by 27% per year, which means it has not declined as severely as earnings. Reported Earnings • Apr 17
Full year 2020 earnings released: kr3.39 loss per share (vs kr8.19 loss in FY 2019) The company reported a decent full year result with reduced losses and improved control over expenses, although revenues were weaker. Full year 2020 results: Revenue: kr4.00b (down 5.8% from FY 2019). Net loss: kr228.0m (loss narrowed 59% from FY 2019). Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 45 percentage points per year, which is a significant difference in performance. Is New 90 Day High Low • Mar 01
New 90-day low: €11.98 The company is down 3.0% from its price of €12.36 on 01 December 2020. The German market is up 7.0% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Entertainment industry, which is up 14% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is €28.17 per share. Reported Earnings • Feb 26
Full year 2020 earnings released: kr3.39 loss per share (vs kr8.19 loss in FY 2019) The company reported a decent full year result with reduced losses and improved control over expenses, although revenues were weaker. Full year 2020 results: Revenue: kr4.00b (down 5.8% from FY 2019). Net loss: kr228.0m (loss narrowed 59% from FY 2019). Over the last 3 years on average, earnings per share has fallen by 71% per year but the company’s share price has only fallen by 30% per year, which means it has not declined as severely as earnings. Analyst Estimate Surprise Post Earnings • Feb 26
Revenue misses expectations Revenue missed analyst estimates by 7.8%. Over the next year, revenue is forecast to grow 33%, compared to a 3.8% growth forecast for the Entertainment industry in Germany. Announcement • Feb 26
Modern Times Group Mtg AB to Report Fiscal Year 2020 Results on Apr 13, 2021 Modern Times Group Mtg AB announced that they will report fiscal year 2020 results on Apr 13, 2021 Announcement • Jan 15
Modern Times Group Mtg AB to Report Q4, 2020 Results on Feb 25, 2021 Modern Times Group Mtg AB announced that they will report Q4, 2020 results on Feb 25, 2021 Announcement • Dec 20
Modern Times Group Mtg AB (OM:MTG B) completed the acquisition of Hutch Games Ltd from Index Ventures SA, Initial Capital LLP, Backed LLP, Chris Lee and others. Modern Times Group Mtg AB (OM:MTG B) agreed to acquire Hutch Games Ltd from Index Ventures SA, Initial Capital LLP, Backed LLP, Chris Lee and others for approximately $380 million on December 8, 2020. Under the terms of the consideration, Modern will pay an upfront consideration of $275 million(on a cash and debt free basis) and earn-out payments at an expected value of approximately $100 million. The earn-out payments are based on Hutch's financial performance in 2021-2024. However, if at Modern Times general meeting of shareholders, the shareholders resolve upon no later than May 18, 2021, $9.7 million of the up-front consideration will be set-off and paid through an issue of 627,431 new class B shares in Modern Times at a subscription price corresponding to the volume-weighted average price of the class B shares on Nasdaq Stockholm during November 10 to December 7, 2020. Such shares will be subject to customary lock-up undertakings. If such a resolution is not adopted, the entire up-front consideration will be settled in cash. The transaction will be financed through existing cash held by Modern, cash generated in the business and a new SEK 1,800 million($212.5 million) bridge loan facility with a tenor of 12 months provided by DNB Bank ASA, Sweden branch and Swedbank AB (publ.). The up-front consideration implies an estimated EBITDA 2021 multiple in the low teens. Post completion of the transaction, Hutch team will join Modern Times and Hutch will become a part of the recently announced new gaming holding company for MTG to fully capture the synergies from shared expertise and studio network effects.
There are no material conditions for the finalisation of the Transaction. Completion of the Transaction is expected in December 2020. EY acted as financial advisor for Modern. Fredrik Palm of Gernandt & Danielsson Advokatbyrå KB and Norton Rose Fulbright as legal advisors for Modern. Aream & Co as financial advisor and Lisa Fontenot, Nick O’Donnell, Carl Svernlov, Baker & McKenzie as legal advisor for Hutch. Goodwin Procter as legal advisor to Index Ventures and Backed, and Gibson Dunn as legal advisor to Initial Capital.
Modern Times Group Mtg AB (OM:MTG B) completed the acquisition of Hutch Games Ltd from Index Ventures SA, Initial Capital LLP, Backed LLP, Chris Lee and others on December 18, 2020. Announcement • Dec 10
Modern Times Group Mtg AB (OM:MTG B) acquired Hutch Games Ltd from Index Ventures SA, Initial Capital LLP, Backed LLP, Chris Lee and others for approximately $380 million Modern Times Group Mtg AB (OM:MTG B) acquired Hutch Games Ltd from Index Ventures SA, Initial Capital LLP, Backed LLP, Chris Lee and others for approximately $380 million on December 8, 2020. Under the terms of the consideration, Modern will pay an upfront consideration of $275 million(on a cash and debt free basis) and earn-out payments at an expected value of approximately $100 million.The earn-out payments are based on Hutch's financial performance in 2021-2024. However, if at Modern Times general meeting of shareholders, the shareholders resolve upon no later than May 18, 2021, $9.7 million of the up-front consideration will be set-off and paid through an issue of 627,431 new class B shares in Modern Times at a subscription price corresponding to the volume-weighted average price of the class B shares on Nasdaq Stockholm during November 10 to December 7, 2020. Such shares will be subject to customary lock-up undertakings. If such a resolution is not adopted, the entire up-front consideration will be settled in cash. The transaction will be financed through existing cash held by Modern, cash generated in the business and a new SEK 1,800 million($212.5 million) bridge loan facility with a tenor of 12 months provided by DNB Bank ASA, Sweden branch and Swedbank AB (publ.). The up-front consideration implies an estimated EBITDA 2021 multiple in the low teens. Post completion of the transaction, Hutch team will join Modern Times and Hutch will become a part of the recently announced new gaming holding company for MTG to fully capture the synergies from shared expertise and studio network effects.
There are no material conditions for the finalisation of the Transaction. Completion of the Transaction is expected in December 2020. EY acted as financial advisor for Modern. Gernandt & Danielsson Advokatbyrå KB and Norton Rose Fulbright as legal advisors for Modern. Aream & Co as financial advisor and Baker & McKenzie as legal advisor for Hutch. Goodwin Procter as legal advisor to Index Ventures and Backed, and Gibson Dunn as legal advisor to Initial Capital.
Modern Times Group Mtg AB (OM:MTG B) completed the acquisition of Hutch Games Ltd from Index Ventures SA, Initial Capital LLP, Backed LLP, Chris Lee and others on December 8, 2020. Is New 90 Day High Low • Dec 10
New 90-day high: €14.63 The company is up 29% from its price of €11.33 on 11 September 2020. The German market is up 2.0% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Entertainment industry, which is up 18% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is €15.64 per share. Analyst Estimate Surprise Post Earnings • Nov 10
Revenue misses expectations Revenue missed analyst estimates by 3.4%. Over the next year, revenue is forecast to grow 17% compared to a 33% decline forecast for the Entertainment industry in Germany. Analyst Estimate Surprise Post Earnings • Nov 05
Revenue misses expectations Revenue missed analyst estimates by 3.4%. Over the next year, revenue is forecast to grow 18% compared to a 32% decline forecast for the Entertainment industry in Germany. Is New 90 Day High Low • Oct 29
New 90-day low: €10.82 The company is down 7.0% from its price of €11.64 on 30 July 2020. The German market is down 5.0% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Entertainment industry, which is up 7.0% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is €12.82 per share. Announcement • Oct 05
Modern Times Group Mtg AB to Report Q4, 2009 Results on 02/11/2010 Modern Times Group Mtg AB announced that they will report Q4, 2009 results on 02/11/2010