{"id":257704,"date":"2026-05-27T13:11:13","date_gmt":"2026-05-27T13:11:13","guid":{"rendered":"https:\/\/www.europesays.com\/se\/257704\/"},"modified":"2026-05-27T13:11:13","modified_gmt":"2026-05-27T13:11:13","slug":"mtg-dags-att-plocka-hem-vinsten","status":"publish","type":"post","link":"https:\/\/www.europesays.com\/se\/257704\/","title":{"rendered":"MTG: Dags att plocka hem vinsten?"},"content":{"rendered":"

2. Indisk notering av PlaySimple<\/p>\n

Den andra stora saken som drivit upp MTG:s aktiekurs \u00e4r den indiska noteringen av det Bangalore-baserade dotterbolaget PlaySimple<\/strong>. N\u00e4r vi sist skrev om bolaget lyfte vi det som en intressant option, men p\u00e5 sista tiden har f\u00f6rv\u00e4ntningarna stigit rej\u00e4lt.<\/p>\n

I april l\u00e4mnade bolaget in utkast p\u00e5 ett noteringsprospekt f\u00f6r PlaySimple, s\u00e5 planerna har g\u00e5tt fr\u00e5n f\u00f6rhoppningar till konkreta. Enligt erbjudandet ska MTG s\u00e4lja aktier f\u00f6r motsvarande 3,1 miljarder kronor. Det inneb\u00e4r att v\u00e4rderingen p\u00e5 hela PlaySimple ligger en bra bit h\u00f6gre \u00e4n s\u00e5, men priset \u00e4r inte spikat \u00e4n.<\/p>\n\n\n

PlaySimple<\/strong><\/p>\n<\/td>\n\n

Hel\u00e5ret 2020 (vid f\u00f6rv\u00e4rvet)<\/strong><\/p>\n<\/td>\n\n

Hel\u00e5ret 2025 (inf\u00f6r noteringen)<\/strong><\/p>\n<\/td>\n<\/tr>\n\n\n

Oms\u00e4ttning<\/p>\n<\/td>\n\n

706 Mkr<\/p>\n<\/td>\n\n

2 540 Mkr<\/p>\n<\/td>\n<\/tr>\n\n\n

\u00a0– tillv\u00e4xt i konstant valuta<\/p>\n<\/td>\n\n

+144%<\/p>\n<\/td>\n\n

+15%<\/p>\n<\/td>\n<\/tr>\n\n\n

Justerad Ebitda<\/p>\n<\/td>\n\n

154 Mkr<\/p>\n<\/td>\n\n

576 Mkr<\/p>\n<\/td>\n<\/tr>\n\n\n

\u00a0– marginal<\/p>\n<\/td>\n\n

22%<\/p>\n<\/td>\n\n

23%<\/p>\n<\/td>\n<\/tr>\n\n\n

Genomsnittligt antal dagliga anv\u00e4ndare<\/p>\n<\/td>\n\n

1,9 m<\/p>\n<\/td>\n\n

4,8 m<\/p>\n<\/td>\n<\/tr>\n\n\n

K\u00f6peskilling<\/p>\n<\/td>\n\n

4 377 Mkr<\/p>\n<\/td>\n\n

i.u.<\/p>\n<\/td>\n<\/tr>\n\n\n

Multipel<\/p>\n<\/td>\n\n

28x<\/p>\n<\/td>\n\n

i.u.<\/p>\n<\/td>\n<\/tr>\n

MTG f\u00f6rv\u00e4rvade PlaySimple under 2021 f\u00f6r 4,4 miljarder kronor. Sedan dess har det indiska f\u00f6retaget v\u00e4xt kraftigt och st\u00e5r nu f\u00f6r 22% av hela MTG-koncernens justerade Ebitda-resultat. D\u00e4r och d\u00e5 betalade MTG 28 g\u00e5nger r\u00f6relseresultatet f\u00f6re av- och nedskrivningar. En h\u00f6g prislapp \u2013 men PlaySimple var d\u00e5 ocks\u00e5 ett bolag med klart h\u00f6gre tillv\u00e4xttakt \u00e4n idag, se tabellen bredvid.<\/p>\n

I prospektet n\u00e4mns ett indiskt j\u00e4mf\u00f6relsebolag, Nazara Technologies<\/strong>, som de tre senaste \u00e5ren oftast v\u00e4rderats till omkring 20-30 g\u00e5nger Ebitda-resultatet. Nazara \u00e4r ett gamingkonglomerat d\u00e4r \u00e5tminstone delar av verksamheten p\u00e5minner om PlaySimples. Storleksm\u00e4ssigt \u00e4r de b\u00e5da bolagen ungef\u00e4r j\u00e4mf\u00f6rbara, och gemensamt \u00e4r \u00e4ven att de fr\u00e4mst riktar sig mot v\u00e4sterl\u00e4ndska marknader snarare \u00e4n lokala.<\/p>\n

I v\u00e4stv\u00e4rlden \u00e4r ensiffriga multiplar det normala f\u00f6r mobilspelsf\u00f6retag. De indiska b\u00f6rsv\u00e4rderingarna \u00e4r generellt h\u00f6ga, vilket troligen \u00e4r ett av sk\u00e4len bakom noteringen. \u00c4ven indiska b\u00f6rser har dock g\u00e5tt n\u00e5got svagare hittills under 2026.<\/p>\n\n\n

PlaySimple<\/strong><\/p>\n<\/td>\n\n

Pessimistiskt scenario<\/strong><\/p>\n<\/td>\n\n

Huvud-scenario<\/strong><\/p>\n<\/td>\n\n

Optimistiskt scenario<\/strong><\/p>\n<\/td>\n<\/tr>\n\n\n

Justerat Ebitda rullande 12m<\/p>\n<\/td>\n\n

576 Mkr<\/p>\n<\/td>\n\n

576 Mkr<\/p>\n<\/td>\n\n

576 Mkr<\/p>\n<\/td>\n<\/tr>\n\n\n

Antagen multipel<\/p>\n<\/td>\n\n

12x<\/p>\n<\/td>\n\n

16x<\/p>\n<\/td>\n\n

24x<\/p>\n<\/td>\n<\/tr>\n\n\n

V\u00e4rde<\/p>\n<\/td>\n\n

6,9 mdr kr<\/p>\n<\/td>\n\n

9,2 mdr kr<\/p>\n<\/td>\n\n

13,8 mdr kr<\/p>\n<\/td>\n<\/tr>\n

Allt detta g\u00f6r det sv\u00e5rt att sia kring vart v\u00e4rderingen p\u00e5 PlaySimple kan t\u00e4nkas landa. I tabellen bredvid har vi i tre olika scenarier laborerat med olika antaganden f\u00f6r hur PlaySimple ska v\u00e4rderas. V\u00e5rt huvudsp\u00e5r anv\u00e4nder en multipel p\u00e5 16 g\u00e5nger och d\u00e5 blir v\u00e4rdet 9,2 miljarder kronor. Det skulle i s\u00e5 fall motsvara drygt h\u00e4lften av MTG:s nuvarande b\u00f6rsv\u00e4rde p\u00e5 17 miljarder.<\/p>\n

Som vi f\u00f6rst\u00e5r saken vill MTG kvarst\u00e5 som l\u00e5ngsiktig majoritets\u00e4gare i PlaySimple, som genom noteringen eventuellt ska kunna gasa p\u00e5 med egna f\u00f6rv\u00e4rv. Som kontrast kan man dock notera att det i noteringen inte tas in ytterligare kapital, utan det \u00e4r enbart MTG som s\u00e4ljer.<\/p>\n\n\n

Bolag<\/strong><\/p>\n<\/td>\n\n

Avkastning 1 \u00e5r %<\/strong><\/p>\n<\/td>\n\n

P\/E 2027E<\/strong><\/p>\n<\/td>\n\n

EV\/Ebit 2027E<\/strong><\/p>\n<\/td>\n\n

EV\/Sales 2027E<\/strong><\/p>\n<\/td>\n\n

Ebit-marginal 2027E %<\/strong><\/p>\n<\/td>\n\n

\u00c5rlig tillv\u00e4xt 2027E-2028E %<\/strong><\/p>\n<\/td>\n<\/tr>\n\n\n

MTG<\/p>\n<\/td>\n\n

27%<\/p>\n<\/td>\n\n

8,7x<\/p>\n<\/td>\n\n

6,9x<\/p>\n<\/td>\n\n

1,5x<\/p>\n<\/td>\n\n

22,1%<\/p>\n<\/td>\n\n

4,0%<\/p>\n<\/td>\n<\/tr>\n\n\n

Stillfront<\/p>\n<\/td>\n\n

-23%<\/p>\n<\/td>\n\n

4,1x<\/p>\n<\/td>\n\n

5,3x<\/p>\n<\/td>\n\n

1,2x<\/p>\n<\/td>\n\n

22,5%<\/p>\n<\/td>\n\n

1,6%<\/p>\n<\/td>\n<\/tr>\n\n\n

G5 Entertainment<\/p>\n<\/td>\n\n

-40%<\/p>\n<\/td>\n\n

8,6x<\/p>\n<\/td>\n\n

3,9x<\/p>\n<\/td>\n\n

0,3x<\/p>\n<\/td>\n\n

6,5%<\/p>\n<\/td>\n\n

-0,1%<\/p>\n<\/td>\n<\/tr>\n\n\n

Playtika<\/p>\n<\/td>\n\n

-19%<\/p>\n<\/td>\n\n

5,0x<\/p>\n<\/td>\n\n

6,1x<\/p>\n<\/td>\n\n

1,1x<\/p>\n<\/td>\n\n

17,5%<\/p>\n<\/td>\n\n

1,3%<\/p>\n<\/td>\n<\/tr>\n\n\n

Netmarble<\/p>\n<\/td>\n\n

-14%<\/p>\n<\/td>\n\n

10,2x<\/p>\n<\/td>\n\n

9,1x<\/p>\n<\/td>\n\n

1,3x<\/p>\n<\/td>\n\n

14,7%<\/p>\n<\/td>\n\n

1,1%<\/p>\n<\/td>\n<\/tr>\n\n\n

Genomsnitt<\/strong><\/p>\n<\/td>\n\n

-14%<\/strong><\/p>\n<\/td>\n\n

7,3x<\/strong><\/p>\n<\/td>\n\n

6,3x<\/strong><\/p>\n<\/td>\n\n

1,1x<\/strong><\/p>\n<\/td>\n\n

16,7%<\/strong><\/p>\n<\/td>\n\n

1,6%<\/strong><\/p>\n<\/td>\n<\/tr>\n\n\n

K\u00e4lla: Factset. F\u00f6r MTG avser Ebit m\u00e5ttet Ebita, som anv\u00e4nds p\u00e5 grund av stora f\u00f6rv\u00e4rvsrelaterade avskrivningar.<\/p>\n<\/td>\n<\/tr>\n

\u00a0<\/p>\n","protected":false},"excerpt":{"rendered":"2. Indisk notering av PlaySimple Den andra stora saken som drivit upp MTG:s aktiekurs \u00e4r den indiska noteringen…\n","protected":false},"author":2,"featured_media":257705,"comment_status":"","ping_status":"","sticky":false,"template":"","format":"standard","meta":{"footnotes":"","_share_on_mastodon":"0"},"categories":[65],"tags":[72,70,71,6998,34,31,33,32,30],"class_list":["post-257704","post","type-post","status-publish","format-standard","has-post-thumbnail","category-ekonomi","tag-business","tag-economy","tag-ekonomi","tag-mtg","tag-se","tag-svenska","tag-sverige","tag-sweden","tag-swedish"],"share_on_mastodon":{"url":"https:\/\/pubeurope.com\/@se\/116646712717890301","error":""},"_links":{"self":[{"href":"https:\/\/www.europesays.com\/se\/wp-json\/wp\/v2\/posts\/257704","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.europesays.com\/se\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.europesays.com\/se\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.europesays.com\/se\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.europesays.com\/se\/wp-json\/wp\/v2\/comments?post=257704"}],"version-history":[{"count":0,"href":"https:\/\/www.europesays.com\/se\/wp-json\/wp\/v2\/posts\/257704\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.europesays.com\/se\/wp-json\/wp\/v2\/media\/257705"}],"wp:attachment":[{"href":"https:\/\/www.europesays.com\/se\/wp-json\/wp\/v2\/media?parent=257704"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.europesays.com\/se\/wp-json\/wp\/v2\/categories?post=257704"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.europesays.com\/se\/wp-json\/wp\/v2\/tags?post=257704"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}