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Spinoff Report
MTGB: Recommend Accumulate E-Sports Leader
Modern Times Group AB (MTGB) has trimmed out its traditional broadcasting businesses (Nova Broadcasting via sale for $187m and Nordic Entertainment (NENT) via Spin on March 28), making it a pure-play global digital entertainment business and a leader in the e-sports and online gaming space. The future is bright, with $220m cash-in-hand and a $30m Venture Capital fund ready to deploy minority investments. This is a compelling early-entry opportunity in a 26% CAGR industry.

  • First Ever Publicly Listed Pure-Play E-Sports Leader / Buy at Current Levels
  • Sale of Nova Broadcasting Boosts Cash Balance to SEK 2.1bn ($220m)
  • $30m Venture Capital Fund is a Competitive Advantage / E-SPorts CAGR of +26%
  • Peers are Mostly Private & Demand Higher Valuations / MTGB Gains Premium from Its Traction
  • ESR Model Portfolio Weighting in MTGB Increased by +2% at the End of Tomorrow's (May 10) VWAP
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