Modern Times Group Doubles Its Size Through Plarium Acquisition -- Market Talk

Dow Jones

2024/11/12

1018 GMT - Modern Times Group has moved ahead with the acquisition of Plarium, paying a good price to double its size, Kepler Cheuvreux analyst Rasmus Engberg writes. Gaming studio Plarium is best known for its flagship title Raid: Shadow Legends. Engberg says that the valuation multiple being paid could indicate 10% upside to MTG shares. "We believe the stock is likely to perform strongly today, as the deal is value enhancing and strongly accretive to earnings per share and cash flow." Kepler Cheuvreux reiterates its buy rating and 109 Swedish kronor target price. Shares trade 6.8% higher at 82 kronor, having jumped more than 12% in early trade. (dominic.chopping@wsj.com)

(END) Dow Jones Newswires

November 12, 2024 05:18 ET (10:18 GMT)

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