User

Modern Times Group MTG AB (publ)

MTG-A.ST

Electronic Gaming & Multimedia · Technology

Price

kr 120.00

-7.00 (-5.51%)

Market Cap

kr 14.10B

Exchange

Stockholm Stock Exchange

Winston Score

Winston is serious

Below-average fundamentals — multiple weak pillars.

Winston Score below 40. The stock fails on most of our quality checks.

Modern Times Group (MTG) is a Swedish company that owns and operates video game businesses. It focuses on mobile and online games, targeting casual and mid-core gamers around the world. MTG has grown by acquiring gaming studios and companies, including well-known mobile game developers.

MTG makes money primarily by selling in-game items, upgrades, and virtual currency within its games — a model called free-to-play, where the game is free but players can spend money inside it. The company operates globally, with a strong presence in Europe and North America, and generates over $500 million in annual revenue across its portfolio of studios. Its competitive position depends on keeping players engaged long enough to spend money, which is a constant challenge as mobile gaming is a crowded market with low switching costs. The main risk is player churn — if users stop playing, revenue drops quickly — while the key growth opportunity lies in expanding its existing game franchises and making further acquisitions.

Winston Score History

Growth Profile

For growth stock investors

When traditional metrics don't capture the full picture, these are the signals growth stock investors use instead.

Revenue Growth

+23.5% YoY

YoY Growth Rate

Steady revenue growth

EPS Growth

+118.9% YoY

YoY Growth Rate

EPS growth accelerating

R&D Spend

$0/ year

0.0% of revenue

Below sector average (15%)

Research and development spending

Insider Activity

0.4%ownership

Relatively low insider ownership

Cash Position

Cash flow positive

$1.4B cash & investments

Quarterly Free Cash Flow

↑ Burn rate improving

Company generates more cash than it spends — no dilution risk from fundraising

Growth + cash flow

Modern Times Group MTG AB (publ) is a rare growth stock that's already generating positive cash flow while growing at 24%. The Winston Score doesn't fully credit this transition from "burner" to "earner."

The Winston Score above measures business quality today. Growth stocks often score lower because they invest in the future rather than maximising current profits. These metrics show what matters most for evaluating that future.

Score breakdown

Every number that matters to educated investors.

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Quality

Gross Margin

49.3%

Healthy — 49.3% gross margin

Operating Margin

12.5%

Healthy — 12.5% operating margin

ROCE

2.5%

Weak — 2.5% return on capital

ROIC between 0% and 5%. They earn a few cents back per dollar invested in the business.

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Growth

Sales YoY

+70.9%

Fast-growing sales (70.9% YoY)

EPS YoY

N/A

Data not available

EPS Consistency

2/8 quarters

Earnings rarely grow — volatile business

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Cash Flow

Cash Conversion

19555%

Turns 19555% of profit into real cash

FCF Margin

15.6%

Converts sales into free cash efficiently (15.6%)

FCF margin between 10% and 20%. Every $100 in sales becomes $10 to $20 in real cash.

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Stability

Debt / Equity

0.37

Conservative — low debt load (0.37)

Interest Cover

3.71x

Tight — interest eats into profit (3.7x)

Interest coverage between 3 and 8. Profits cover interest several times over.

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Valuation

P/E Ratio

N/M

Negative earnings — P/E not meaningful

P/E vs Forward

N/A

not available

Data not available

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Dividends

Not applicable for this business.

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