Q3 tullut
Net Revenues amounted to 78.3 mEUR (Q3 2022: 87.6 mEUR), a decrease of -11% driven by divestments and FX headwinds in the amount of 10.2 mEUR. The FX-adjusted Organic Revenue Growth was positive and amounted to 1%.
Adj. EBITDA amounted to 23.1 mEUR (Q3 2022: 23.0 mEUR), and therefore remained stable despite the decline in revenues. Year-over-year growth was driven by efficiency gains following the executed cost saving program.
EBITDA adjustments were primarily made for the AxesInMotion earn-out release, post-M&A legal and advisory costs, as well as restructuring expenses following the announced cost saving plan (see table EBITDA adjustments and Notes 6 and 10 in the Interim Report Q3 2023 for further details).
Adj.EBIT4amountedto 18.4 mEUR(Q3 2022:18.5mEUR), a decrease of -1% driven by increased depreciation.
Adj. Net Result5amountedto 42.9 mEUR(Q3 2022:6.7mEUR),anincrease of 537%. The increase was primarily driven by the release of the AxesInMotion earn-out. For further details on the earn-out release refer to Note 6 and Note 10 in the Notes section in the Interim Report Q3 2023.
EarningsPerShare(EPS)amountedtoEUR0.25 undiluted / EUR0.22 diluted (Q3 2022: EUR 0.02 undiluted / diluted). EPS adjusted for PPA-amortization amounted to EUR0.27 undiluted / diluted0.24 (Q3 2022: EUR 0.04 undiluted / diluted).
Ei mikään katastrofikvartaali, vaikka EBITDA jäi ennusteista (liikevaihto hieman yli). EPS rivissä jokin kertaluenteinen “Embracer”-luokan yritysostohimmeli, josta en itse ymmärrä mitään, mutta analyytikko selittänee . Ja kassavirran (käteismäärä kasvoi, vaikka ostettiin bondeja takaisin yms.) perusteella otsikon voinee pitää ennallaan
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RedEyen kommentti:
Media and Games Invest: Q3 2023 – Solid beat (redeye.se)
Oleellisin ehkä tuossa:
MGI continues facing macro headwinds from lower advertising budgets globally. Stating that advertising prices in the US (its largest market) were down by c33% y/y. Thus, it is still encouraging to see MGI deliver positive organic growth, and the company refers to gained market share across segments.
Eli miettikää yhtiötä siltä kannalta, että miten käy kun mainosmarkkinat palautuvatkin normaalimmille tasoille, ja mainoshinnat nousevat 50% y/y