Modern Times Group MTG AB

OM:MTG B Stock Report

Market Cap: SEK 10.8b

Modern Times Group MTG Valuation

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

Valuation Score

3/6

Valuation Score 3/6

  • 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 MTG B when looking at its future cash flows? For this estimate we use a Discounted Cash Flow model.

Below Fair Value: MTG B (SEK90.5) is trading above our estimate of fair value (SEK8.92)

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

Key Valuation Metric

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

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

The above table shows the Price to Sales ratio for MTG B. This is calculated by dividing MTG B's market cap by their current revenue.
What is MTG B's PS Ratio?
PS Ratio1.8x
SalesSEK 5.89b
Market CapSEK 10.75b

Price to Sales Ratio vs Peers

How does MTG B's PS Ratio compare to its peers?

The above table shows the PS ratio for MTG B vs its peers. Here we also display the market cap and forecasted growth for additional consideration.
CompanyForward PSEstimated GrowthMarket Cap
Peer Average2.5x
PDX Paradox Interactive
7.7x9.5%SEK 19.3b
SF Stillfront Group
0.5x-1.3%SEK 3.4b
EMBRAC B Embracer Group
1x3.3%SEK 37.2b
EG7 Enad Global 7
0.7x17.2%SEK 1.2b
MTG B Modern Times Group MTG
1.8x4.1%SEK 10.8b

Price-To-Sales vs Peers: MTG B is good value based on its Price-To-Sales Ratio (1.8x) compared to the peer average (2.5x).

Price to Sales Ratio vs Industry

How does MTG B's PS Ratio compare vs other companies in the SE Entertainment Industry?

3 CompaniesPrice / SalesEstimated GrowthMarket Cap
MOMENT Moment Group
0.2xn/aUS$19.81m
MAXENT B Maximum Entertainment
0.03x6.6%US$3.56m
AIK B AIK Fotboll
0.1xn/aUS$3.16m
No more companies available in this PS range
MTG B 1.8xIndustry Avg. 0.7xNo. of Companies8PS00.81.62.43.24+
3 CompaniesEstimated GrowthMarket Cap
No more companies

Price-To-Sales vs Industry: MTG B is expensive based on its Price-To-Sales Ratio (1.8x) compared to the Swedish Entertainment industry average (0.7x).

Price to Sales Ratio vs Fair Ratio

What is MTG B'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.

MTG B PS Ratio vs Fair Ratio.
Fair Ratio
Current PS Ratio1.8x
Fair PS Ratio1.9x

Price-To-Sales vs Fair Ratio: MTG B is good value based on its Price-To-Sales Ratio (1.8x) compared to the estimated Fair Price-To-Sales Ratio (1.9x).

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 MTG B forecast and predictions for the stock price in 12 month’s time.
DateShare PriceAverage 1Y Price TargetDispersionHighLow1Y Actual priceAnalysts
CurrentSEK 90.50
SEK 125.80
+39.0%
14.0%SEK 155.00SEK 105.00n/a5
Nov ’25SEK 76.75
SEK 119.80
+56.1%
15.4%SEK 155.00SEK 102.00n/a5
Oct ’25SEK 77.55
SEK 121.40
+56.5%
14.6%SEK 155.00SEK 104.00n/a5
Sep ’25SEK 77.15
SEK 122.20
+58.4%
13.9%SEK 155.00SEK 108.00n/a5
Aug ’25SEK 80.50
SEK 122.20
+51.8%
13.9%SEK 155.00SEK 108.00n/a5
Jul ’25SEK 83.45
SEK 120.00
+43.8%
7.4%SEK 135.00SEK 110.00n/a5
Jun ’25SEK 93.50
SEK 118.80
+27.1%
9.5%SEK 135.00SEK 100.00n/a5
May ’25SEK 94.95
SEK 118.80
+25.1%
9.5%SEK 135.00SEK 100.00n/a5
Apr ’25SEK 83.60
SEK 113.00
+35.2%
11.7%SEK 135.00SEK 100.00n/a4
Mar ’25SEK 74.25
SEK 113.00
+52.2%
11.7%SEK 135.00SEK 100.00n/a4
Feb ’25SEK 81.05
SEK 108.75
+34.2%
14.3%SEK 135.00SEK 95.00n/a4
Jan ’25SEK 86.15
SEK 108.75
+26.2%
11.9%SEK 130.00SEK 95.00n/a4
Dec ’24SEK 87.00
SEK 108.75
+25.0%
11.9%SEK 130.00SEK 95.00n/a4
Nov ’24SEK 89.95
SEK 108.75
+20.9%
11.9%SEK 130.00SEK 95.00SEK 76.754
Oct ’24SEK 73.90
SEK 103.75
+40.4%
15.0%SEK 130.00SEK 90.00SEK 77.554
Sep ’24SEK 76.10
SEK 103.75
+36.3%
15.0%SEK 130.00SEK 90.00SEK 77.154
Aug ’24SEK 69.25
SEK 103.75
+49.8%
15.0%SEK 130.00SEK 90.00SEK 80.504
Jul ’24SEK 68.75
SEK 102.25
+48.7%
16.5%SEK 130.00SEK 85.00SEK 83.454
Jun ’24SEK 69.75
SEK 102.25
+46.6%
16.5%SEK 130.00SEK 85.00SEK 93.504
May ’24SEK 82.35
SEK 102.25
+24.2%
16.5%SEK 130.00SEK 85.00SEK 94.954
Apr ’24SEK 75.28
SEK 103.00
+36.8%
15.8%SEK 130.00SEK 87.00SEK 83.604
Mar ’24SEK 71.70
SEK 103.00
+43.7%
15.8%SEK 130.00SEK 87.00SEK 74.254
Feb ’24SEK 91.70
SEK 112.50
+22.7%
9.7%SEK 130.00SEK 100.00SEK 81.054
Jan ’24SEK 89.10
SEK 120.50
+35.2%
9.6%SEK 140.00SEK 110.00SEK 86.154
Dec ’23SEK 82.41
SEK 120.50
+46.2%
9.6%SEK 140.00SEK 110.00SEK 87.004
Nov ’23SEK 84.51
SEK 120.50
+42.6%
9.6%SEK 140.00SEK 110.00SEK 89.954

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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