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Swedish investment company focused on video-game and esports businesses, holding stakes in mobile and PC game studios.
Swedish investment company focused on video-game and esports businesses, holding stakes in mobile and PC game studios.
In one line: A gaming-focused investment holding company, formerly a Nordic broadcaster.
Moat: none (scale). An investment holding company in a hit-driven gaming industry; returns depend on portfolio studio performance.
Headquarters: Stockholm, Sweden · Founded: 1987 · Employees: 2,374
Size Modern Times Group MTG (MTG-A.ST) is a Sweden Information Technology company (Packaged Software) with a market value of $1.22B, the 123rd largest of 221 Sweden companies the cockpit tracks. Shares closed at SEK 101.00 on 6 Nov 2026.
Performance Over six months the shares gained 16.1%, against -3.7% for the median peer and +8.2% for the Sweden market (cap-weighted) — 9th highest of 19 in its peer set.
Growth Revenue grew 42.3% over the last twelve months (peer median +13.3%); the operating margin is 10.7% (peer median 6.6%).
Valuation It trades at 6.6× forward earnings against a peer median of 19.6× (cheapest of 14).
Price implies For today's price to make sense, revenue must grow about -8% a year for seven years (Req g). Recent delivered growth is +24%, so the hurdle is -32 pp: the price already allows for a slowdown.
Capital Return on invested capital runs 2.1 points above its cost of capital (5.0% WACC).
Next results Next results expected around 11 Feb 2027 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | SEK 12.2B | SEK 11.6B | SEK 6.01B | SEK 5.83B | SEK 5.54B |
| Revenue growth | — | +93% | +3% | +5% | — |
| Gross profit | SEK 6.87B | SEK 7.49B | SEK 4.43B | SEK 4.19B | SEK 4.01B |
| EBITDA | SEK 2.73B | SEK 2.56B | SEK 1.62B | SEK 1.47B | SEK 1.24B |
| Net income | SEK 171M | -SEK 62.0M | -SEK 210M | SEK 164M | -SEK 272M |
| Free cash flow | SEK 2.08B | SEK 1.55B | SEK 1.24B | SEK 1.05B | SEK 808M |
| Capital expenditure | SEK 219M | SEK 197M | SEK 98.0M | SEK 212M | SEK 234M |
| Total debt | SEK 4.73B | SEK 3.74B | SEK 949M | SEK 708M | SEK 773M |
The default views of Competitor Analysis ▸ Charts, drawn from the same data. Open them in the cockpit to change the axes, pin companies and read every value.
| Company | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g |
|---|---|---|---|---|---|---|
| Modern Times Group MTG MTG-A.ST | $1.22B | +16% | +42% | 11% | 6.6× | -8.4% |
| Embracer EMBRAC-B.ST | $2.08B | +37% | -31% | -43% | 16.4× | -9.8% |
| Tencent 0700.HK | $482B | -11% | +16% | 32% | 12.5× | 6.4% |
Peer set: Industry: the same industry and sector in any market, nearest in size. This is the same default set the interactive Competitor Analysis opens with.
| Measure | MTG-A.ST | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | -23.5% | -3.8% | 2nd lowest of 21 |
| 6-month return | +16.1% | -3.7% | 9th highest of 19 |
| Distance from 52-week high | -27.9% | -39.5% | 8th highest of 21 |
| Revenue growth (TTM) | +42.3% | +13.3% | 2nd highest of 21 |
| Operating margin | 10.7% | 6.6% | 5th highest of 21 |
| Forward P/E | 6.6× | 19.6× | cheapest of 14 |
| Growth the price implies (Req g, 7 yrs) | -8.4% | 16.2% | least demanding of 15 |
| Growth delivered (Del g) | +23.7% | +14.5% | 3rd highest of 15 |
| Hurdle (Req g minus delivered) | -32.1 pp | +1.6 pp | 2nd least demanding of 15 |
| ROIC minus cost of capital | +2.1 pp | -6.1 pp | 5th highest of 21 |
| EV / EBITDA | 5.6× | 12.9× | cheapest of 11 |
| Net debt / EBITDA | 1.2× | 1.1× | 7th most indebted of 14 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| Modern Times Group MTG MTG-A.ST | Sweden | $1.22B | +16% | +42% | 11% | 6.6× | -8.4% | +23.7% |
| Vitec Software VIT-B.ST | Sweden | $1.22B | +18% | +6% | 21% | 24.0× | 3.8% | +22.6% |
| InnovAge INNV | United States | $1.22B | +18% | +15% | 8% | 19.8× | -6.7% | +9.2% |
| Cyient CYIENT.NS | India | $1.23B | +24% | +10% | 9% | 20.2× | 20.3% | +12.0% |
| PagerDuty PD | United States | $1.23B | +115% | +2% | 7% | 11.1× | 12.8% | +18.2% |
| Infomart 2492.T | Japan | $1.24B | +70% | +11% | 19% | 65.9× | 14.5% | +16.5% |
| Datang Telecom Technology 600198.SS | China | $1.25B | -24% | -11% | -30% | n/a | n/a | n/a |
| Beijing Zhongke WengeAI Science and Technology 1956.HK | Hong Kong | $1.19B | n/a | +28% | -54% | n/a | n/a | n/a |
| ICkey (Shanghai) Internet & Technology 301563.SZ | China | $1.19B | -26% | +26% | 4% | n/a | n/a | n/a |
| Digital Turbine APPS | United States | $1.26B | +200% | +19% | 10% | 14.7× | 33.1% | +12.5% |
| Chinasoft International 0354.HK | Hong Kong | $1.18B | 0% | +3% | 2% | 12.4× | 17.8% | +3.1% |
| Merit Interactive 300766.SZ | China | $1.17B | -30% | +30% | -2% | n/a | n/a | n/a |
| Fengzhushou 301382.SZ | China | $1.28B | -32% | +28% | 8% | n/a | n/a | n/a |
| Corsair Gaming CRSR | United States | $1.28B | +63% | +3% | 3% | 16.1× | 24.3% | -2.9% |
| Shenzhen HQVT Technology 1392.HK | Hong Kong | $1.28B | n/a | +28% | 5% | n/a | n/a | n/a |
| Genimous Technology 000676.SZ | China | $1.30B | -7% | +3% | 6% | n/a | 14.1% | -17.5% |
| CHAPTERS CHG.DE | Germany | $1.30B | +48% | +63% | -21% | 294.5× | 43.9% | +178.6% |
| Richinfo Technology 300634.SZ | China | $1.30B | -15% | -11% | 10% | 31.2× | 20.8% | +19.9% |
| Bandwidth BAND | United States | $1.31B | -19% | +15% | -1% | 19.6× | 19.3% | +17.0% |
| Shanghai Yaoji Technology 002605.SZ | China | $1.14B | -11% | -3% | 20% | 15.0× | 6.4% | +1.0% |
| Opera Limited Sponsored ADR OPRA | United States | $1.31B | -21% | +23% | 16% | 11.9× | 4.5% | +30.1% |