MTG (1K) | Buy | Catalysts in sight

研报英文原文证据摘录

MTG (1K) | Buy | Catalysts in sight

#EstimatesRevision #HighConviction #Actionable

Release date: 22 July 2026

Company research

ESG profile BuyMTG

Sweden | Media MCap: SEK15.5bn

Target Price: SEK190.00 Change in TP: 0.0 % Bloomberg: MTGB SS Reuters: MTGb.ST

Current Price: SEK126.00 Change in Sales: 1.0% 26E/1.0% 27E Free float 65%

Up/downside: 50.8% Change in Adj EBIT: -1.3% 26E/-1.0% 27E Avg. daily volume (SEKm) 57.4

YTD abs performance 9.9% Market data: 21 July 2026 Change in Adj. EPS: 6.3% 26E/-0.2% 27E

52-week high/low (SEK) 139.50/85.05

Catalysts in sight Price performance

Why this report?

The reason for owning MTG is that it is a quality company that tends to deliver

or exceed its targets for growth and profitability. As we have outlined in

earlier reports, there are two tangible catalysts in 2026: the listing of

PlaySimple and a likely increase or beat to the current guidance. Both these

items may come to a head in Q3. We make marginal revisions to our forecasts

and reiterate BUY and our target price of SEK 190.

Key findings

MTG has filed a draft prospectus for the listing of PlaySimple in India. PlaySimple

is a casual games studio, based in India, but with a global market, focused mainly

on word games, crosswords and tile matching. Unlike the rest of MTG, it is a

platform business that derives its revenue from advertising. As such, it is likely to FY to 31/12 (SEK) 12/26E 12/27E 12/28E

have more significant economies of scale than other mobile games. Sales 12,692 13,408 14,126

MTG intends to sell a minority stake in PlaySimple to free up cash for M&A and EBITDA adj. 3,090 3,324 3,565

EBIT adj. 2,828 3,058 3,295buybacks and create a currency for the studio to consolidate the casual games Net profit adj. 2,117 2,107 2,316

market.