MTG-B Stock Analysis: Modern Times Mtg | ST
Electronic Gaming & Multimedia | ST, Sweden | Market Cap: 12.819m SEK | 12M Return: -4.2% | SE0018012494 | Charts, Fundamentals & Technical Analysis
Avg Turnover: 34.7M
Qual. Beats: 0
Rev. Trend: 93.7%
Qual. Beats: 0
Warnings
Tailwinds
No distinct edge detected
Seasonality 11.7 years of data
How good or bad each month usually is (without trend). The score below shows how much you can trust it: 0 = pure chance, >40 gets interesting and >55 is strong.
Modern Times Group MTG AB is a Stockholm-headquartered gaming company that develops, publishes, and distributes mobile and online games across multiple international markets, including Sweden, the UK, Germany, the rest of Europe, Singapore, India, the United States, and New Zealand. The company operates a portfolio of game studios under brands such as PlaySimple, Plarium, InnoGames, Snowprint, Hutch, Futureplay, and Ninja Kiwi, and monetizes its titles through in-app purchases, in-app advertising, and other digital distribution channels. Founded in 1987, MTG has evolved into a multi-brand mobile gaming operator with a global footprint.
MTGs business model aligns with the broader free-to-play (F2P) mobile gaming model, where games are offered at no upfront cost and revenue is generated primarily through microtransactions and advertising-a structure that has become the dominant monetization approach in the global mobile games industry. Despite being classified under the GICS IT Consulting & Other Services sub-industry, the companys revenue is driven almost entirely by consumer-facing interactive entertainment rather than enterprise IT services.
- Plarium and PlaySimple live-ops revenue drives segment growth
- User acquisition costs pressure gaming margins amid ad market shifts
- Acquisitions expand mobile game portfolio and diversify geographic exposure
| Net Income: 171.0m TTM > 0 and > 6% of Revenue |
| FCF/TA: 0.11 > 0.02 and ΔFCF/TA 5.65 > 1.0 |
| NWC/Revenue: 1.96% < 20% (prev -15.54%; Δ 17.50% < -1%) |
| CFO/TA 0.12 > 3% & CFO 2.30b > Net Income 171.0m |
| Net Debt (3.56b) to EBITDA (2.58b): 1.38 < 3 |
| Current Ratio: 1.11 > 1.5 & < 3 |
| Outstanding Shares: last quarter (119.5m) vs 12m ago 2.07% < -2% |
| Gross Margin: 60.82% > 18% (prev 71.23%; Δ -10.41% > 0.5%) |
| Asset Turnover: 60.69% > 50% (prev 40.68%; Δ 20.01% > 0%) |
| Interest Coverage Ratio: 4.08 > 6 (EBIT TTM 1.15b / Interest Expense TTM 283.0m) |
| A: 0.01 (Total Current Assets 2.49b - Total Current Liabilities 2.25b) / Total Assets 19.2b |
| B: 0.22 (Retained Earnings 4.19b / Total Assets 19.2b) |
| C: 0.06 (EBIT TTM 1.15b / Avg Total Assets 20.2b) |
| D: 1.44 (Book Value of Equity 11.3b / Total Liabilities 7.85b) |
| Altman-Z'' = 2.69 = A |
| DSRI: 0.52 (Receivables 1.16b/1.57b, Revenue 12.2b/8.60b) |
| GMI: 1.17 (GM 71.23% / 60.82%) |
| AQI: 1.01 (AQ_t 0.86 / AQ_t-1 0.85) |
| SGI: 1.42 (Revenue 12.2b / 8.60b) |
| TATA: -0.11 (NI 171.0m - CFO 2.30b) / TA 19.2b) |
| Beneish M = -2.97 (Cap -4..+1) = A |
As of October 15, 2026, the stock is trading at SEK 115.20 with a total of 276,895 shares traded. Over the past week, the price has changed by -13.84%, over one month by -14.29%, over three months by -5.42% and over the past year by -4.24%.
Current recommended Stop Loss: 109.40 (which is 5% or 1.2 ATR below the current price).
Modern Times Mtg has no consensus analysts rating.
P/E Trailing = 76.338
P/E Forward = 9.9701
P/S = 1.0476
P/B = 1.3692
P/EG = 0.5212
Revenue TTM = 12.2b SEK
EBIT TTM = 1.15b SEK
EBITDA TTM = 2.58b SEK
Long Term Debt = 4.52b SEK (from longTermDebt, last quarter)
Short Term Debt = 99.0m SEK (from shortTermDebt, last quarter)
Debt = 4.88b SEK (from shortLongTermDebtTotal, last quarter) + Leases 157.0m
Net Debt = 3.56b SEK (calculated: Debt 4.88b - CCE 1.32b)
Enterprise Value = 16.4b SEK (12.8b + Debt 4.88b - CCE 1.32b)
Interest Coverage Ratio = 4.08 (Ebit TTM 1.15b / Interest Expense TTM 283.0m)
EV/FCF = 8.11x (Enterprise Value 16.4b / FCF TTM 2.02b)
FCF Yield = 12.34% (FCF TTM 2.02b / Enterprise Value 16.4b)
FCF Margin = 16.52% (FCF TTM 2.02b / Revenue TTM 12.2b)
Net Margin = 1.40% (Net Income TTM 171.0m / Revenue TTM 12.2b)
Gross Margin = 60.82% ((Revenue TTM 12.2b - Cost of Revenue TTM 4.79b) / Revenue TTM)
Gross Margin QoQ = 68.53% (prev 49.29%)
Tobins Q-Ratio = 0.85 (Enterprise Value 16.4b / Total Assets 19.2b)
Interest Expense / Debt = 5.79% (Interest Expense 283.0m / Debt 4.88b)
Taxrate = 41.07% (69.0m / 168.0m)
NOPAT = 680.0m (EBIT 1.15b * (1 - 41.07%))
Current Ratio = 1.11 (Total Current Assets 2.49b / Total Current Liabilities 2.25b)
Debt / Equity = 0.43 (Debt 4.88b / totalStockholderEquity, last quarter 11.3b)
Debt / EBITDA = 1.38 (Net Debt 3.56b / EBITDA 2.58b)
Debt / FCF = 1.76 (Net Debt 3.56b / FCF TTM 2.02b)
Total Stockholder Equity = 11.1b (last 4 quarters mean from totalStockholderEquity)
RoA = 0.85% (Net Income 171.0m / Total Assets 19.2b)
RoE = 1.54% (Net Income TTM 171.0m / Total Stockholder Equity 11.1b)
RoCE = 7.37% (EBIT 1.15b / Capital Employed (Equity 11.1b + L.T.Debt 4.52b))
RoIC = 4.14% (NOPAT 680.0m / Invested Capital 16.4b)
WACC = 6.70% (E(12.8b)/V(17.7b) * Re(7.95%) + D(4.88b)/V(17.7b) * Rd(5.79%) * (1-Tc(0.41)))
Discount Rate = 7.95% (= CAPM, Blume Beta Adj.)
Shares (quarterly) Correlation: -62.71 | Cagr: -0.78%
[DCF] Terminal Value 77.97% ; FCFF base≈1.63b ; Y1≈1.86b ; Y5≈2.74b
[DCF] Fair Price = 320.1 (EV 41.3b - Net Debt 3.56b = Equity 37.7b / Shares 117.9m; r=8.35% [WACC [floored]]; 5y FCF grow 15.0% → 2.50% )
EPS Correlation: N/A | EPS CAGR: N/A | SUE: 0.13 | # QB: 0
Revenue Correlation: 93.70 | Revenue CAGR: 39.40% | SUE: -0.26 | # QB: 0
EPS current Quarter (2026-09-30): EPS=4.11 | Chg30d=+6.35% | Revisions=+0% | Analysts=2
EPS current Year (2026-12-31): EPS=15.91 | Chg30d=+0.30% | Revisions=-29% | GrowthEPS=+40.5% | GrowthRev=+6.2%
EPS next Year (2027-12-31): EPS=17.40 | Chg30d=+0.08% | Revisions=-50% | GrowthEPS=+9.3% | GrowthRev=+5.3%
[Analyst] Revisions Ratio: -42% (up=2, down=7)