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)
Copyright (c) 2024 Dow Jones & Company, Inc.
Disclaimer: Investing carries risk. This is not financial advice. The above content should not be regarded as an offer, recommendation, or solicitation on acquiring or disposing of any financial products, any associated discussions, comments, or posts by author or other users should not be considered as such either. It is solely for general information purpose only, which does not consider your own investment objectives, financial situations or needs. TTM assumes no responsibility or warranty for the accuracy and completeness of the information, investors should do their own research and may seek professional advice before investing.