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MTG-B.ST

Modern Times Group MTG AB (MTG-B.ST) fair value

Communication Services · Electronic Gaming & Multimedia · Nasdaq Stockholm · Sweden
kr 119.00-1.00%
Market cap kr 14.1BNext earnings 2026-11-05Updated Oct 22, 2026
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Our verdict
Trades 24% below our fair value
Price
kr 119.00
Model fair valueConfidence: good
kr 156
Model range
kr 71.90 to kr 264
Fair value kr 156
Price kr 119
3 models fit Modern Times Group MTG AB and they disagree: 0 of 3 land within 15% of the average.
Two or more of our models back this value.
Large discount(i)Bronze45
Valued as a mature, profitable company: Discounted cash flow, P/E comparison, EV/EBITDA comparison, and Dividend discount.
ACCE opinionModern Times Group MTG AB (MTG-B.ST)
Fair value (3 models)
kr 156
ACCE price target
kr 127
Rating
Undervalued
Horizon
12 months
Fair value published on 22 Oct 2026, 14:04 CEST.
ACCE price target published on 23 Oct 2026, 01:52 CEST.
Rating published on 22 Oct 2026, 14:04 CEST.
Price used: kr 119 at the close on 23 Oct 2026, 17:30 CEST.
Models: Discounted cash flow, P/E comparison, and EV/EBITDA comparison.
Fair value: the average of the applicable valuation models (discounted cash flow, multiples, residual income, dividend discount, shareholder yield), each run on the latest financial statements and the market price shown. Opinion columns (fair value, target, rating) are shown apart from the data. Full methodology: acceinvestments.com/data/how-we-value-stocks
Full methodology
Conflicts of interest: The author holds no personal position in this security. General statement
Produced by ACCE Investments (acceinvestments.com)
Data
Price vs fair value
23.6% below
+30.9% to fair value
ACCE score
60
out of 100
P/E
83.8x
forward 12.7x
1-year return
-5.6%
Dividend yield
0.00%

Modern Times Group MTG AB in four questions

Plain answers, details below
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OverviewAsk ACCEValuationQualityAnalystsSmart MoneyCompareNews and Record

Overview

ACCE thesis

Modern Times Group owns Sweden's Nordic gaming studios and the Viaplay streaming and pay-TV business, with revenue of about 1.9% growth and a gross margin of 67.5% signalling a high-margin content and subscription mix. Its position rests on owning game franchises and a premium Nordic streaming footprint, though a 1.5% ROE shows little of that value reaching shareholders yet. The near-term story is margin repair: an operating margin of 10.7% leaves room for improvement if the streaming segment keeps trimming losses and the studios sustain their hit cadence. The stock looks interesting now because the trailing P/E of 84.6 sits far above the forward P/E of 12.8, meaning earnings are expected to rise sharply from a depressed base, which is exactly what a deeper look should test. The gap between those two multiples is the first thing to verify.

AI-assisted·How I use AIWritten Oct 23, 2026
⚠ Investor warnings · 2 flagsAI-assisted·How I use AI
  • moderate
    Thin headline earnings
    Net margin is 1.4% and ROE 1.5%, while P/E sits at 82.7. Earnings jumped 110.5% off a low base, so the trailing multiple looks stretched on profits that remain small.
  • moderate
    Revenue growth slowing
    Revenue grew only 1.9% year on year, far below the 23.7% five-year CAGR, so the growth story has cooled sharply.

AI research notes

AI-assisted·How I use AIWritten Oct 22, 2026 · figures from 2026-06-30 · prices to Oct 23, 2026
Why it could do well
  • Free cash flow over the last twelve months reached SEK 1.5B, and the stock offers a 10.8% free cash flow yield.
  • Analysts' mean price target of SEK 166.25 sits 44.8% above the current share price.
  • The company trimmed its diluted share count by 3.3% last fiscal year, lifting each shareholder's slice of earnings.
Why it could disappoint
  • Trailing earnings multiple of 82.7x shows profits are thin, even though the forward multiple looks far cheaper at 10.0x.
  • Return on invested capital is negative at -0.4%, meaning the money tied up in the business is not earning its cost.
  • Net margin of just 1.4% and return on equity of 1.5% leave very little cushion if revenue stops growing.
Each chip shows the exact figure and where it comes from. A claim without a source is not published.

Next results

Nov 5, 2026
We update the fair value about 2 days after the results, once the new figures are filed.Add to calendarGoogle

Walk me through this stock

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Valuation

INVESTOR
Where MTG-B.ST's valuation models land
Price
kr 119.00
Model fair value
kr 156
Model range
kr 71.90 to kr 264
Fair value kr 156
Price kr 119
The price sits inside the model range.
Model
Fair value
Upside
Discounted cash flow
Dividend discount
EV/EBITDA comparison
P/E comparison
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Quality

INVESTOR
Quality and conviction INVESTOR FEATURE

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  • +A plain reason under every score
  • +Conviction breakdown and growth / value / quality / momentum scores
  • +Score history: how each score moved over time

Analysts

Wall Street consensus

No analyst coverage yet.
Analyst intelligence INVESTOR FEATURE

The full analyst picture: the price-target distribution against the current price, forward consensus estimates, and how ACCE's own models compare.

  • +Price-target low / average / high vs the current price, with implied upside
  • +Forward revenue and EPS consensus by fiscal year
  • +ACCE fair-value models lined up against the Street

Smart Money

PRO

In one line

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Company insiders
No trades filed
Last 90 days
Congress
No trades filed
Last 180 days
Average delay
No trades filed
From trade to public filing
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Compare

Where it sits vs peers

News and Record

Recent performance

1 week
+0.9%
1 month
-9.2%
3 months
-4.5%
6 months
+4.1%
YTD
+3.7%
1 year
-5.6%

Recommendation history, last 12 months

DateTypeNewPreviousPrice
23 Oct 2026, 01:52 CESTACCE price targetkr 127first publicationkr 120
22 Oct 2026, 14:04 CESTRatingUndervaluedfirst publicationkr 115
22 Oct 2026, 14:04 CESTFair valuekr 156first publicationkr 115

This analysis is not personalised investment advice and does not take your situation, objectives or risk tolerance into account. ACCE Investments is not an authorised investment firm.

Investing in shares carries a risk of losing capital. The value of an investment can go down as well as up.

This security trades in SEK. Exchange-rate movements can increase or reduce the result in your own currency.

Valuation horizon: 12 months from the publication date.

Conflicts of interest. ACCE Investments is operated by Adrien Chantreuil, who may hold personal positions in the securities analysed. Positions are declared on each security. ACCE receives no payment from the companies analysed or from any intermediary for this analysis.

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Snapshot

Growth55Value65Quality55Momentum63Total60
Valuation
Trailing P/E
83.8x
Forward P/E
12.7x
PEG
0.76
P/B
1.37x
EV / Revenue
1.5x
Book value/sh
kr 95.14
Enterprise value
kr 18.9B
Profitability
ROE
1.5%
FCF yield
10.62%
ROIC
-0.4%
Health and risk
Debt / equity
0.35
Dividend yield
0.00%
Beta
0.80

Price

-5.6% · 1Y

Ask anything about MTG-B.ST

Answered from Modern Times Group MTG AB fundamentals + recent valuations. Every number shows its source and date.

This stock Peer Peer median weaker → stronger
P/Ebetter than 25% of peers
low 0.0x83.8xhigh 114.5x
ROEbetter than 67% of peers
low -95%1%high 171%
Div yieldbetter than 33% of peers
low 0.0%0.0%high 9.7%

Peers

Prices Oct 23, 2026
CompanyPriceFair valuevs fair valueP/EROEQualityScore
MTG-B.ST Modern Times Group MTG ABkr 119.00kr 15624% below83.8x1.5%5560
PDX.ST Paradox Interactive AB (publ)kr 136.30kr 9641% above114.5x5.2%6861
HACK.ST Hacksaw AB (publ)kr 54.60kr 8838% below8.1x170.5%10068
VIV.PA Vivendi€1.55€14% above77.5x0.3%4629
EMBRAC-B.ST Embracer Group AB (publ)kr 90.40----25.6%4765
PLTK Playtika Holding Corp. Common Stock$2.07$453% below-0.0%4548
UBI.PA Ubisoft Entertainment SA€4.32€1263% below--95.0%3837

Sector report card

Where MTG-B.ST ranks against its sector peers on each metric.

Computing percentiles…