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Spinoff Report
MTGB SS: Near-Term Catalysts Appear to be Priced-In, Exits MP
Modern Times Group’s (MTGB SS) recent 1QFY20 earnings came in again lower than expectations. Longer-term, MTGB still has positive catalysts with either the sale or the US listing of its online gaming segment. However, with the potential near-term pressure on the stock and the removal of company guidance for the rest of its FY20E, we’ll be exiting MTGB from our Model Portfolio.

  • MTG Releases Q1 2020 Earnings Results / Near-Term Catalysts Appear to be Priced-In
  • Long-Term Catalyst: Potential Sale of its Gaming Segment (Fetch SEK 4.3bn to SEK 5bn) / Listing on the Nasdaq
  • Cutback in Sponsorship Spends a Key Negative / Other Partnership Deals Not Enough to Offset Impact
  • Target Price Maintained / Limited Upside from Base Case
  • Recommend Exit / MTGB SS to Exit Our Model Portfolio at the end of Tomorrow’s (May 6) VWAP Holding
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