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Modern Times Group AB
(MTG.B)
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Rating:61Neutral
Price Target:
kr146.00
▲(32.13% Upside)
Action:Reiterated
Date:05/01/26
The score is driven primarily by strong and improving cash generation and healthy gross margins, which support financial resilience. This is tempered by inconsistent/weak profitability and negative shareholder returns, while technicals look overextended (very high RSI/Stoch) and valuation is challenged by a negative P/E with no dividend yield provided.
Positive Factors
Strong cash generation
Consistently positive and growing free cash flow (SEK 1.9bn, ~26% growth) gives MTG durable funding for studio investment, live-ops and M&A without relying on equity issuance. Strong cash conversion cushions volatility in reported earnings and supports multi-quarter operational resilience.
Negative Factors
Inconsistent profitability
Multi-year swings—profits in 2022–23, losses in 2024–25 and only marginal net income TTM—show fragile bottom-line conversion. Persistent earnings volatility undermines planning, makes forecasting capex/marketing harder, and raises execution risk for sustaining growth investments.
Read all positive and negative factors
Positive Factors
Negative Factors
Strong cash generation
Consistently positive and growing free cash flow (SEK 1.9bn, ~26% growth) gives MTG durable funding for studio investment, live-ops and M&A without relying on equity issuance. Strong cash conversion cushions volatility in reported earnings and supports multi-quarter operational resilience.
Read all positive factors
Modern Times Group AB (MTG.B) vs. iShares MSCI Sweden ETF (EWD)
Market Cap
kr15.22B
Dividend YieldN/A
Average Volume (3M)258.36K
Price to Earnings (P/E)1781.4
Beta (1Y)0.16
Revenue Growth70.95%
EPS GrowthN/A
CountrySE
Employees1,054
SectorGeneral
Sector StrengthN/A
IndustryElectronic Gaming & Multimedia
Share Statistics
EPS (TTM)0.07
Shares Outstanding122,920,790
10 Day Avg. Volume324,122
30 Day Avg. Volume258,357
Financial Highlights & Ratios
PEG Ratio3.11
Price to Book (P/B)1.27
Price to Sales (P/S)1.16
P/FCF Ratio8.99
Enterprise Value/Market CapN/A
Enterprise Value/RevenueN/A
Enterprise Value/Gross ProfitN/A
Enterprise Value/EbitdaN/A
Forecast
1Y Price Target
kr190.00Price Target Upside71.95% Upside
Rating ConsensusModerate Buy
Number of Analyst Covering1
EPS Forecast (FY)14.35
Revenue Forecast (FY)kr12.36B
Modern Times Group AB Business Overview & Revenue Model
Company Description
Modern Times Group MTG AB (publ) operates as a global digital entertainment powerhouse, with its operations spanning the United States, United Kingdom, Germany, wider Europe, Singapore, India, and New Zealand, among other international markets. Th...
How the Company Makes Money
MTG makes money primarily from its games by monetizing player activity and game distribution. Key revenue streams typically include: (1) in-game purchases (microtransactions) where players buy virtual items, content, or upgrades; (2) advertising r...
Modern Times Group AB Financial Statement Overview
Summary
Income Statement
58
Neutral
Balance Sheet
66
Positive
Cash Flow
78
Positive
| Breakdown | TTM | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 12.18B | 11.58B | 6.01B | 5.83B | 5.54B | 5.31B |
| Gross Profit | 7.41B | 7.64B | 4.46B | 4.25B | 4.01B | 2.58B |
| EBITDA | 2.11B | 2.10B | 760.00M | 1.43B | 1.42B | 594.00M |
| Net Income | 11.00M | -62.00M | -210.00M | 164.00M | 252.00M | -455.00M |
Balance Sheet | ||||||
| Total Assets | 19.38B | 19.29B | 18.07B | 17.50B | 18.77B | 17.44B |
| Cash, Cash Equivalents and Short-Term Investments | 1.38B | 1.23B | 3.54B | 2.96B | 4.73B | 943.00M |
| Total Debt | 4.38B | 3.74B | 753.00M | 708.00M | 771.00M | 2.77B |
| Total Liabilities | 8.00B | 8.67B | 4.33B | 3.79B | 4.83B | 7.51B |
| Stockholders Equity | 11.38B | 10.62B | 13.74B | 13.71B | 13.93B | 8.00B |
Cash Flow | ||||||
| Free Cash Flow | 1.90B | 1.50B | 1.24B | 1.05B | 634.00M | 54.00M |
| Operating Cash Flow | 2.15B | 1.72B | 1.34B | 1.26B | 868.00M | 306.00M |
| Investing Cash Flow | -2.17B | -7.50B | -551.00M | -2.35B | -636.00M | -3.37B |
| Financing Cash Flow | -636.00M | 3.83B | -388.00M | -536.00M | -4.97B | 2.81B |
Modern Times Group AB Technical Analysis
Positive
110.50
Price Trends
125.80
Negative
107.85
Positive
110.76
Positive
Market Momentum
-1.24
Positive
50.91
Neutral
69.06
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For SE:MTG.B, the sentiment is Positive. The current price of 110.5 is below the 20-day moving average (MA) of 124.21, below the 50-day MA of 125.80, and below the 200-day MA of 110.76, indicating a neutral trend. The MACD of -1.24 indicates Positive momentum. The RSI at 50.91 is Neutral, neither overbought nor oversold. The STOCH value of 69.06 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for SE:MTG.B.
Modern Times Group AB Peers Comparison
UnderperformOutperform
Sector (55)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
72 Outperform | kr536.10M | 19.97 | 12.65% | 9.28% | -19.83% | -72.63% | |
61 Neutral | kr15.22B | 1,781.43 | -1.61% | ― | 70.95% | ― | |
60 Neutral | kr13.96B | 159.28 | 22.69% | 3.16% | -1.05% | -84.87% | |
60 Neutral | kr14.76B | -2.36 | 10.27% | ― | -44.20% | -197.33% | |
60 Neutral | kr1.62B | -0.85 | ― | ― | -15.13% | -602.18% | |
55 Neutral | $6.65B | 3.83 | -15.92% | 6.20% | 10.91% | 7.18% | |
51 Neutral | kr2.36B | -1.01 | ― | ― | -15.98% | 69.06% |
* General Sector Average
SE:MTG.B
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124.70
5.90
4.97%
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Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.