Modern Times Group (MTG-B) Fair Value & Analysis
Communication Services · SE · Market cap 14.1B SEK (≈ $1.5B) · ISIN SE0018012494
What is Modern Times Group really worth?
A solid business, but trading 22% above our fair value of kr 108.15.
As of Aug 27, 2026, the fair value of Modern Times Group is kr 108.15 per share against a price of kr 131.70, so the fair value sits 18% below the price. A model estimate blended from multiple valuation models, recalculated regularly.
Strengths
Risks
Fair value as of: Aug 27, 2026
From 14 valuation models · updated 9 days ago
Fair value updated Aug 27, 2026, revised from kr 173.64 to kr 108.15 (−37.7%) since Aug 13, 2026. Share price +0.2% over the past month.
What runs behind every stock
69 individual criteria per stock, every one traceable See the method →
What matters now
- Solid but not exceptional quality (68/100) and above fair value, neither a clear bargain nor a standout compounder.
- A fairly wide model range (kr 75.40 to kr 140.89) leaves room in how you read the outcome.
Price vs Fair Value (5 years)
White line = price, green steps = our fair value per fiscal year, dashed = 300-day average. As of Aug 27, 2026.
How to read this chart
60‑month range kr 30.10 – kr 139.50 · fair‑value band kr 75.40 – kr 140.89 · the kr 131.70 price screens above the kr 108.15 fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). 1 fiscal year is left out: there the valuation rested on only a fraction of the usual models. Dashed = 300-day average. As of Aug 27, 2026.
Analysis
Modern Times Group (MTG-B) currently trades at kr 131.70, while our model-based Fair Value estimate is kr 108.15, implying the stock looks roughly 21.8% overvalued today. The Quality Score stands at 68/100 (solid quality), in the Communication Services sector. Bull case: the DCF Models group reads highest at a median of kr 139.47 per share, and 7 of the 14 models we run sit above the kr 131.70 price. Bear case: the Earnings-Based group reads lowest at kr 29.79, and 7 of the 14 models stay below the price. Evidence for this calculation is medium.
Over the trailing twelve months, Modern Times Group generated revenue of 12.2B SEK at a net margin of 0.1%. Revenue grew 23.5% year over year. It earns a return on equity of 0.1%. Net debt stands at 2.7B SEK. Fundamentals as of Aug 27, 2026
Our scenario range runs from kr 75.40 (bear case) to kr 140.89 (bull case); at kr 131.70, the current price sits within that range. Bear and bull are the same models run on conservative and optimistic assumptions (margins, growth, valuation multiples), so a plausible valuation range, not a price target. The share trades about 7% below its 52-week high and 59% above its 52-week low, currently above its 200-day average. For context, the median of 10 Communication Services peers we cover trades at −46% fair-value upside, at −18%, MTG-B screens cheaper than that median.
Fair Value models
This estimate rests on fiscal year 2025 figures, and about 8 months have passed since. In that time the company retained roughly kr 0.0544 per share, which is 0.1 % of the fair value. The fair value deliberately does not add this in: the models value reported figures, not a projection.
Each model estimates fair value its own way; the Fair Value above is the evidence-weighted, family-balanced blend. Evidence (0–100) measures how completely this model’s inputs are available: well-fed models carry more weight in the blend. The spread across models is intentional, each one stresses a different value driver; dividend models, for instance, come out structurally low when payout is small. Every input is real reported data, nothing guessed.
All 14 models by family
Widest divergence: DCF Models (kr 139.47) versus Earnings-Based (kr 29.79). Highest evidence: FCF DCF (79).
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Key figures & financial health
More key figures
Figures from reported company fundamentals · as of Aug 27, 2026. TTM = trailing twelve months.
Quality Score breakdown
Of which business quality 65 · Market factors (momentum, volatility) 73
Non-valuation factor families (profitability, growth, cashflow, financial strength, momentum …), each academically grounded. Valuation itself sits in the Fair Value and is deliberately excluded here to avoid double-counting.
All values are scores from 0 to 100 (100 = best against fixed, research-based bands), not percentages. The three market factors (momentum, 52-week proximity, low volatility) are displayed but carry zero weight in the headline number: market sentiment is not a business property.
About the company
Modern Times Group MTG AB, through its subsidiaries, engages in the provision of game franchises in Sweden, the United Kingdom, Germany, rest of Europe, Singapore, India, the United States, and New Zealand. The company also provides in-app purchase, in-app advertising, and other digital distribution services.
Full company description
Modern Times Group MTG AB, through its subsidiaries, engages in the provision of game franchises in Sweden, the United Kingdom, Germany, rest of Europe, Singapore, India, the United States, and New Zealand. The company also provides in-app purchase, in-app advertising, and other digital distribution services. In addition, it develops and publishes mobile and online games under the PlaySimple, Plarium, InnoGames, Snowprint, Hutch, Futureplay, and Ninja Kiwi names. Modern Times Group MTG AB was incorporated in 1987 and is headquartered in Stockholm, Sweden.
Company description, as reported by the company or data provider.
Revenue & earnings trend
FY2021 – FY2025 · reported fiscal years
Modern Times Group reported revenue of 11.6B SEK in FY2025 versus 5.3B SEK in FY2021, a compound +21.5%/yr. Reported net income was −62.0M SEK in FY2025.
MTG-B screens 22% overvalued. Compare with Konami Group →
Peer Group
Electronic Gaming & Multimedia · 150 stocks
How this stock ranks against its industry: the green marker is this stock, the band is the typical 25–75% peer range, and the tick is the median.
Valuation Multiples vs Electronic Gaming & Multimedia median · lower = cheaper
Strength profile in five axes (Snowflake)
Five quick dimensions, each 0 to 100: VALUE (fair-value potential), FUTURE (revenue growth), PAST (return on equity), HEALTH (low debt), DIVIDEND (yield). Green = this stock, grey = typical sector peer.
Values & ESG
Does this company touch areas you may want to avoid? The classification is inferred from sector and industry.
Similar stocks
10 more Electronic Gaming & Multimedia stocks, each showing price versus our Fair Value estimate (as of Aug 27, 2026).
| Stock | Price | Fair Value | vs Fair Value |
|---|---|---|---|
| Konami Group KNM | £221.05 | £71.97 | −67% |
| NetEase, Inc 9999 | HK$188.80 | HK$263.39 | +40% |
| Electronic Arts Inc EA | $209.70 | $76.57 | −63% |
| Take-Two Interactive Software, Inc TTWO | $233.00 | $60.20 | −74% |
| Roblox Corporation RBLX | $41.29 | $21.20 | −49% |
| Zhejiang Century Huatong Group 002602 | ¥13.90 | ¥14.68 | +6% |
| KRAFTON, Inc 259960 | 234,500 KRW | 356,218 KRW | +52% |
| Giant Network Group 002558 | ¥28.57 | ¥15.50 | −46% |
| International Games System Co 3293 | 762.00 TWD | 568.16 TWD | −25% |
| CD Projekt S.A CDR | 234.40 PLN | 64.48 PLN | −72% |
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