User

Modern Times Group MTG AB (publ)

MTG-B.ST

Electronic Gaming & Multimedia · Technology

Price

kr 126.30

+2.00 (+1.61%)

Market Cap

kr 15.13B

Exchange

Stockholm Stock Exchange

Winston Score

Winston is serious

Mixed quality — meaningful strengths and weaknesses.

Winston Score between 40 and 70. The stock passes some quality checks but not all.

Modern Times Group (MTG) is a Swedish company that owns and operates video game businesses, focusing on mobile and online gaming. Its portfolio includes game studios and esports assets, with products aimed at casual and mid-core gamers around the world. MTG has shifted fully into gaming after selling off its traditional media and TV broadcasting assets.

MTG makes money primarily through in-app purchases and advertising within its mobile games, a model that depends on keeping players engaged over long periods. The company operates globally, with a strong presence in Europe and North America, and generates over $500 million in annual revenue across its studio portfolio. Its competitive position relies on owning a collection of studios rather than a single hit game, which spreads risk but also makes it harder to build a dominant brand. The main risk is player churn and rising user acquisition costs, which can quickly erode margins in the highly competitive mobile gaming market.

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

+110.9% 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

26.1%ownership

Insiders own a meaningful stake in the company

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

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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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