Modern Times Group MTG AB (publ)

MTG-B.ST

Electronic Gaming & Multimedia · Technology

Price

kr 133.90

+3.50 (+2.68%)

Market Cap

kr 15.92B

Exchange

Stockholm Stock Exchange

Winston Score

Winston is curious

A decent business — some strong pillars, some weaker.

Data as of Aug 23, 2026 · filings through Jun 30, 2026

How the score breaks down

Quality

Mixed

Growth

Good

Cash Flow

Exceptional

Stability

Strong

Valuation

Good

Dividends

Exceptional

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Share count rising — dilution

+12.7% over 4y

The company has issued more shares over this period, which dilutes each existing shareholder’s stake.

Diluted shares outstanding: 103.9M (2021) → 117.2M (2025)

Winston Score History

The full picture

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.

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

+1.9% YoY

YoY Growth Rate

Slow revenue growth

EPS Growth

+259.6% YoY

YoY Growth Rate

EPS growth accelerating

R&D Spend

kr 0/ year

0.0% of revenue

Below sector average (15%)

Research and development spending

Insider Activity

26.0%ownership

→ Flat

Insider ownership roughly steady over the past year

Cash Position

Cash flow positive

kr 2.0B cash & investments

Quarterly Free Cash Flow

↑ Burn rate improving

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

Growth context

Modern Times Group MTG AB (publ) is growing revenue at 2% year-over-year. The Winston Score measures business quality today — these growth metrics show what could matter tomorrow.

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

Profit per sale

Gross Margin

68.5%

Premium pricing power — 68.5% gross margin

Profit after running costs

Operating Margin

10.7%

Modest — 10.7% operating margin

Return on the money invested

ROCE

7.3%

Weak — 7.3% return on capital

ROIC between 5% and 15%. They earn 5 to 15 cents back per year on every dollar invested.

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Growth

Sales growth

Sales YoY

+42.3%

Fast-growing sales (+42.3% YoY)

Profit growth

EPS YoY

N/A

Data not available

How steady the profit is

EPS Consistency

5/8 quarters

Mixed — about half the quarters showed growth

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Cash Flow

Profit that turns into cash

Cash Conversion

1343%

Turns 1343% of profit into real cash

Spare cash per sale

FCF Margin

16.5%

Converts sales into free cash efficiently (16.5%)

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

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Stability

What it owes vs what it owns

Debt / Equity

0.40

Conservative — low debt load (0.40)

Covers its interest

Interest Cover

4.13x

Adequate interest coverage (4.1x)

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

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Valuation

Price vs profit

P/E Ratio (TTM)

94.3x

Expensive — P/E 94.3

P/E over 35. The market is pricing in heavy, sustained growth.

Cheaper or dearer next year

P/E vs Forward

+86.3

GROWING

Earnings expected to grow meaningfully — cheaper on forward P/E (94.3 → 8.0)

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Dividends

Dividend

Dividend Yield

8.25%

Healthy income — 8.25% yield

Yield above 6% — often a flag the market is pricing in a cut.

Dividend record

Dividend Growth

+27.0%

Dividend growing fast (27.0% YoY)

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