Modern Times Group MTG AB

BATS-CHIXE:MTGBS Stock Report

Market Cap: SEK 10.8b

Modern Times Group MTG Valuation

Is MTGBS undervalued compared to its fair value, analyst forecasts and its price relative to the market?

Valuation Score

2/6

Valuation Score 2/6

  • Below Fair Value

  • Significantly Below Fair Value

  • Price-To-Sales vs Peers

  • Price-To-Sales vs Industry

  • Price-To-Sales vs Fair Ratio

  • Analyst Forecast

Share Price vs Fair Value

What is the Fair Price of MTGBS when looking at its future cash flows? For this estimate we use a Discounted Cash Flow model.

Below Fair Value: MTGBS (SEK76.5) is trading above our estimate of fair value (SEK7.57)

Significantly Below Fair Value: MTGBS is trading above our estimate of fair value.

Key Valuation Metric

Which metric is best to use when looking at relative valuation for MTGBS?

Key metric: As MTGBS is unprofitable we use its Price-To-Sales Ratio for relative valuation analysis.

The above table shows the Price to Sales ratio for MTGBS. This is calculated by dividing MTGBS's market cap by their current revenue.
What is MTGBS's PS Ratio?
PS Ratio1.8x
SalesSEK 5.89b
Market CapSEK 10.81b

Price to Sales Ratio vs Peers

How does MTGBS's PS Ratio compare to its peers?

The above table shows the PS ratio for MTGBS vs its peers. Here we also display the market cap and forecasted growth for additional consideration.
CompanyForward PSEstimated GrowthMarket Cap
Peer Average2.1x
TM17 Team17 Group
1.6x2.2%UK£267.1m
GMR Gaming Realms
4.3x11.6%UK£108.5m
DEVO Devolver Digital
1.5x12.1%UK£119.5m
FDEV Frontier Developments
1x2.0%UK£87.3m
MTGBS Modern Times Group MTG
1.8x4.1%SEK 10.8b

Price-To-Sales vs Peers: MTGBS is good value based on its Price-To-Sales Ratio (1.8x) compared to the peer average (2.1x).

Price to Sales Ratio vs Industry

How does MTGBS's PS Ratio compare vs other companies in the GB Entertainment Industry?

3 CompaniesPrice / SalesEstimated GrowthMarket Cap
CINE Cineworld Group
0.002xn/aUS$6.69m
LVCG Live Company Group
0.1xn/aUS$1.37m
GILD Guild Esports
0.06xn/aUS$313.03k
No more companies available in this PS range
No. of Companies3PS00.61.21.82.43+
3 CompaniesEstimated GrowthMarket Cap
No more companies

Price-To-Sales vs Industry: MTGBS is expensive based on its Price-To-Sales Ratio (1.8x) compared to the European Entertainment industry average (1.4x).

Price to Sales Ratio vs Fair Ratio

What is MTGBS's PS Ratio compared to its Fair PS Ratio? This is the expected PS Ratio taking into account the company's forecast earnings growth, profit margins and other risk factors.

MTGBS PS Ratio vs Fair Ratio.
Fair Ratio
Current PS Ratio1.8x
Fair PS Ration/a

Price-To-Sales vs Fair Ratio: Insufficient data to calculate MTGBS's Price-To-Sales Fair Ratio for valuation analysis.

Analyst Price Targets

What is the analyst 12-month forecast and do we have any statistical confidence in the consensus price target?

The above table shows the analyst MTGBS forecast and predictions for the stock price in 12 month’s time.
DateShare PriceAverage 1Y Price TargetDispersionHighLow1Y Actual priceAnalysts
Currentn/a
SEK 125.80
0%
14.0%SEK 155.00SEK 105.00n/a5
Nov ’25SEK 76.50
SEK 119.80
+56.6%
15.4%SEK 155.00SEK 102.00n/a5
Oct ’25n/a
SEK 121.40
0%
14.6%SEK 155.00SEK 104.00n/a5
Sep ’25n/a
SEK 122.20
0%
13.9%SEK 155.00SEK 108.00n/a5
Aug ’25n/a
SEK 122.20
0%
13.9%SEK 155.00SEK 108.00n/a5
Jul ’25n/a
SEK 120.00
0%
7.4%SEK 135.00SEK 110.00n/a5
Jun ’25n/a
SEK 118.80
0%
9.5%SEK 135.00SEK 100.00n/a5
May ’25n/a
SEK 118.80
0%
9.5%SEK 135.00SEK 100.00n/a5
Apr ’25n/a
SEK 113.00
0%
11.7%SEK 135.00SEK 100.00n/a4
Mar ’25n/a
SEK 113.00
0%
11.7%SEK 135.00SEK 100.00n/a4
Feb ’25n/a
SEK 108.75
0%
14.3%SEK 135.00SEK 95.00n/a4
Jan ’25n/a
SEK 108.75
0%
11.9%SEK 130.00SEK 95.00n/a4
Dec ’24n/a
SEK 108.75
0%
11.9%SEK 130.00SEK 95.00n/a4
Nov ’24n/a
SEK 108.75
0%
11.9%SEK 130.00SEK 95.00SEK 76.504
Oct ’24n/a
SEK 103.75
0%
15.0%SEK 130.00SEK 90.00n/a4
Sep ’24SEK 72.55
SEK 103.75
+43.0%
15.0%SEK 130.00SEK 90.00n/a4
Aug ’24n/a
SEK 103.75
0%
15.0%SEK 130.00SEK 90.00n/a4
Jul ’24n/a
SEK 102.25
0%
16.5%SEK 130.00SEK 85.00n/a4
Jun ’24n/a
SEK 102.25
0%
16.5%SEK 130.00SEK 85.00n/a4
May ’24SEK 85.20
SEK 102.25
+20.0%
16.5%SEK 130.00SEK 85.00n/a4
Apr ’24n/a
SEK 103.00
0%
15.8%SEK 130.00SEK 87.00n/a4
Mar ’24n/a
SEK 103.00
0%
15.8%SEK 130.00SEK 87.00n/a4
Feb ’24SEK 91.19
SEK 112.50
+23.4%
9.7%SEK 130.00SEK 100.00n/a4
Jan ’24SEK 92.00
SEK 120.50
+31.0%
9.6%SEK 140.00SEK 110.00n/a4
Dec ’23SEK 83.07
SEK 120.50
+45.1%
9.6%SEK 140.00SEK 110.00n/a4
Nov ’23n/a
SEK 120.50
0%
9.6%SEK 140.00SEK 110.00n/a4

Analyst Forecast: Target price is more than 20% higher than the current share price and analysts are within a statistically confident range of agreement.

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