Q4-osavuosiraportti
21 päivää sitten‧15 min
1,00 SEK/osake
Viimeisin osinko
11,96 %Tuotto/v
Tarjoustasot
First North Sweden
Määrä
Osto
1 847
Myynti
Määrä
200
Viimeisimmät kaupat
| Aika | Hinta | Määrä | Ostaja | Myyjä |
|---|---|---|---|---|
| 317 | - | - | ||
| 346 | - | - | ||
| 226 | - | - | ||
| 386 | - | - | ||
| 300 | - | - |
Ylin
8,74VWAP
Alin
8,36VaihtoMäärä
0,9 106 836
VWAP
Ylin
8,74Alin
8,36VaihtoMäärä
0,9 106 836
Välittäjätilasto
Dataa ei löytynyt
Yhtiötapahtumat
| Seuraava tapahtuma | |
|---|---|
| 2026 Q1-osavuosiraportti | 21.1.2026 |
| Menneet tapahtumat | ||
|---|---|---|
| 2025 Q4-osavuosiraportti | 22.10. | |
| 2025 Q3-osavuosiraportti | 25.6. | |
| 2025 Q2-osavuosiraportti | 2.4. | |
| 2025 Q1-osavuosiraportti | 22.1. | |
| 2024 Yhtiökokous | 22.1. |
Datan lähde: Millistream, Quartr
Asiakkaat katsoivat myös
Shareville
Liity keskusteluun SharevillessäShareville on aktiivisten yksityissijoittajien yhteisö, jossa voit seurata muiden asiakkaiden kaupankäyntiä ja omistuksia.
Kirjaudu
·2 päivää sitten🤔 What does the CEO mean when he says that Crozzle shows “exceptional key figures”? Crozzle accounted for 20 % of MAG’s revenue in Q4 and has quickly become the company’s most important growth engine. Behind the CEO’s words are figures that stand out even in industry comparison: 🔹 Net revenue Q4 2025: approx. 15 MSEK (≈ 20 % of MAG’s total 77 MSEK) 🔹 DAU: ~65 000 (≈ 7 % of total) 🔹 ARPDAU: ~24 ¢ (≈ 2.3 SEK/day) – three times higher than the portfolio average 🔹 ARPPU: ~450 SEK/month (MAG average ~270 SEK) – clear premium profile right from the start 🔹 MUP: +7 000 new payers Q3 → Q4 – drives the entire group’s MUP growth 🔹 IAP / Ads split: ≈ 65 % / 35 % – balanced revenue mix with high eCPM 🔹 UA-payback: approx. 66 % within the quarter 🔹 Rating: ⭐️ 4.7 (Android) / ⭐️ 4.8 (iOS) – very strong user feedback In short: Crozzle delivers the “exceptional key figures” the CEO referred to – high ARPDAU, growing payer base and strong user response. ⸻ 💭 Reflection It has been unexpectedly exciting to dig into the Q4 report and truly understand why Crozzle stands out. When trying to answer the question “how high is ARPDAU really?” it becomes clear that Crozzle’s level of 24 cents per player and day is among the highest in MAG’s history – a testament to how well the game has succeeded with both engagement and monetization. The analysis is based on official report data, the product mix between Q3–Q4 and reasonable assumptions regarding DAU, ARPDAU and MUP – precisely to be able to put numbers to the CEO’s words “exceptional key figures”. Seeing how quickly Crozzle has changed the company’s revenue profile makes it clear how much potential remains as MAG continues to build further during 2026.- ·3 päivää sitten🧭 Didner & Gerge on their way out – retail investors take over the baton MAG's updated ownership list shows that Didner & Gerge continue to reduce their holding. Since July, they have sold just over 670,000 shares, corresponding to approximately 2.5 % of the company. At the same time, both Avanza Pension and Nordnet Pensionsförsäkring have increased by almost exactly the same volume. This suggests that the sales have been absorbed by new long-term savers. 📊 Avanza Pension and Nordnet Pensionsförsäkring largely consist of retail investors' capital insurance policies. In addition to these, there are also many smaller owners visible in the banks' apps – for example, the number of owners at Avanza or the number of owners at Nordnet. These figures show how many accounts own at least one share, but not how many shares are actually held there. Sales continue in November, with high turnover and clear block movements in the order book. Given how long the tapering has already taken, it's difficult to say when it will be completely finished – but the pattern suggests that a new larger owner may be building a position, in parallel with the retail investor base growing. 📈 It's interesting to see how reality is starting to follow the model we described earlier – the five phases of a turnaround-case. We seem to have moved from “smart money” to the beginning of “retail awakening”, where more retail investors wake up and start to see the opportunities. Once the selling pressure from Didner finally subsides, it could be the starting signal for the next phase – where the market begins to price in growth, cash flow, and potential rather than historical data. Perhaps now is the time to take a position when few dare, but more and more are starting to understand where it's heading. 💬 Please read our latest post on how we calculate MAG's underlying profitability and growth-driven UA-effekt – it puts the ownership change in a larger context.
- ·3 päivää sitten💡 Behind the numbers: why Q4 looks weak – but it's exactly according to plan During the Q&A session, the CEO said something telling: “We need to do what is best for the company.” The words summarize the year's close well. The full year clearly shows the effect of MAG's growth initiative. UA costs rose sharply in Q4 when Crozzle was launched on the English-speaking market, which temporarily weighed down the result by approximately 7 MSEK. 🚀 ⸻ 📈 The trend for the full year: ARPDAU rose to record levels and EBITDAC became positive for the year. The fourth quarter marks the shift – growth cost short-term but strengthens profitability going forward. ⸻ 💰 Valuation perspective: The UA-adjusted EBITDA level shows MAG's actual underlying profitability. It includes the effect of growth-driven UA that has not yet generated revenue within the quarter – and thus provides a fairer picture of the company's long-term value creation. Based on our calculations – based on the UA-adjusted EBITDA level – the value is around 20 kr per share. ⸻ 💬 Reflection: We have passionately worked to develop the yellow-highlighted area in the images – so that more people understand why and how much growth-driven UA temporarily pulls down gross profit (game contribution), EBITDAC, EBITDA and EBIT. The purpose is to create understanding of how growth really works – and contribute with a model for a fairer valuation model for MAG Interactive. 💛
- ·8.11.🔮 MAG Interactive Q1 simulation: growth, investments and the path towards 500 MSEK It's a long way until the report on January 21, but we can already begin to discern the outlines of Q1. Here is my forecast compared to the same quarter last year – based on my latest dashboard work. 📊 ⸻ 📈 Revenue and currency effect Net revenue is estimated to rise to 75 MSEK (+9 %). The full-year forecast is 350 MSEK. USD/SEK has fallen from 10.56 to 9.5, which dampens growth in SEK – but in USD the increase is significantly stronger. 🚀 ⸻ 🎯 UA investments increase – and build the future UA is approximately 10 MSEK higher than last year. This pressures the gross margin to 54 %, but the investment creates future revenue growth. ⸻ 🧩 Crozzle takes its place Crozzle now accounts for approximately 20 % of revenue (15 MSEK) and 7 % of the group's total game contribution. The gross margin for Game Contribution 1 (Crozzle) is 18 %, which reflects the ongoing UA phase – the investment pressures the margin short-term but builds future revenue growth. ARPDAU remains at an exceptionally high level. 💪 ⸻ 📊 Stable DAU and more efficient cost base DAU is slightly below last year (-10 %), but at the same level as Q4 – which indicates stabilization. Server, personnel, and external costs have been reduced by 15–25 %, which strengthens profitability. 👏 ⸻ 💰 Cash flow grows EBITDAC increases by approximately 5 MSEK. EBIT remains unchanged at 2 MSEK, which is strong considering the UA increase. ⸻ 🧭 Reflection Not simulating the future is like driving a car in the dark without the lights on. By building forecasts, we get to see the growth engine behind the numbers – and see how profitability follows as the company grows to the right size. ⸻ 💬 What do you think? Does it feel inspiring to follow the forecasts between reports? Please like if you want to see more analyses in the future! 🙌
- ·6.11.🧩 Key figures without context can mislead In apps like Avanza and Nordnet, one often sees misleading key figures – but to understand MAG Interactive, one must know which numbers actually matter in the growth phase. ⸻ 🧭 The mobile gaming industry's dilemma – IFRS can't keep up The biggest misunderstanding about the mobile gaming industry concerns how growth is expensed. When companies like MAG invest in user acquisition (UA) – that is, to acquire new players – the entire cost must be taken directly into the income statement. It is not permitted under IFRS (International Financial Reporting Standards) to account for UA as an investment, even if it generates revenue over a long period. Imagine if an industrial company were forced to write off its entire new machine the same day it is purchased. The profit would look catastrophic – but only in the accounting. Precisely that is the mobile gaming industry's dilemma. While industrial companies are allowed to spread their investments over several years, gaming companies must write off their UA investments directly. This makes the accounting short-term unfair – but says nothing about the real profitability. 📊 See the first image for which key figures actually reflect long-term development. ⸻ 📘 Key figures that are often misunderstood Traditional metrics like P/E, EV/EBIT, and earnings per share often look weak in fast-growing gaming companies. This is not due to a lack of profitability – but to how the accounting is designed. 📘 See the second image for examples of common key figures that can mislead when one doesn't see the whole picture. ⸻ 💬 Reflection When I started following MAG, a user here on the forum wrote: “I have never understood MAG. I know the company invests a lot in UA – but what's wrong with making money now?” That was a good question. To be able to answer, we built our own calculations and forecasting tools – and realized that the answer lies in the accounting itself and that growth at the right level is needed for profitability. 💬 Please like if you think more people should understand how accounting affects the perception of the industry.
Yllä olevat kommentit ovat peräisin Nordnetin sosiaalisen verkoston Sharevillen käyttäjiltä, eikä niitä ole muokattu eikä Nordnet ole tarkastanut niitä etukäteen. Ne eivät tarkoita, että Nordnet tarjoaisi sijoitusneuvoja tai sijoitussuosituksia. Nordnet ei ota vastuuta kommenteista.
Uutiset ja analyysit
Tämän sivun uutiset ja/tai sijoitussuositukset tai otteet niistä sekä niihin liittyvät linkit ovat mainitun tahon tuottamia ja toimittamia. Nordnet ei ole osallistunut materiaalin laatimiseen, eikä ole tarkistanut sen sisältöä tai tehnyt sisältöön muutoksia. Lue lisää sijoitussuosituksista.
Q4-osavuosiraportti
21 päivää sitten‧15 min
1,00 SEK/osake
Viimeisin osinko
11,96 %Tuotto/v
Uutiset ja analyysit
Tämän sivun uutiset ja/tai sijoitussuositukset tai otteet niistä sekä niihin liittyvät linkit ovat mainitun tahon tuottamia ja toimittamia. Nordnet ei ole osallistunut materiaalin laatimiseen, eikä ole tarkistanut sen sisältöä tai tehnyt sisältöön muutoksia. Lue lisää sijoitussuosituksista.
Shareville
Liity keskusteluun SharevillessäShareville on aktiivisten yksityissijoittajien yhteisö, jossa voit seurata muiden asiakkaiden kaupankäyntiä ja omistuksia.
Kirjaudu
- ·2 päivää sitten🤔 What does the CEO mean when he says that Crozzle shows “exceptional key figures”? Crozzle accounted for 20 % of MAG’s revenue in Q4 and has quickly become the company’s most important growth engine. Behind the CEO’s words are figures that stand out even in industry comparison: 🔹 Net revenue Q4 2025: approx. 15 MSEK (≈ 20 % of MAG’s total 77 MSEK) 🔹 DAU: ~65 000 (≈ 7 % of total) 🔹 ARPDAU: ~24 ¢ (≈ 2.3 SEK/day) – three times higher than the portfolio average 🔹 ARPPU: ~450 SEK/month (MAG average ~270 SEK) – clear premium profile right from the start 🔹 MUP: +7 000 new payers Q3 → Q4 – drives the entire group’s MUP growth 🔹 IAP / Ads split: ≈ 65 % / 35 % – balanced revenue mix with high eCPM 🔹 UA-payback: approx. 66 % within the quarter 🔹 Rating: ⭐️ 4.7 (Android) / ⭐️ 4.8 (iOS) – very strong user feedback In short: Crozzle delivers the “exceptional key figures” the CEO referred to – high ARPDAU, growing payer base and strong user response. ⸻ 💭 Reflection It has been unexpectedly exciting to dig into the Q4 report and truly understand why Crozzle stands out. When trying to answer the question “how high is ARPDAU really?” it becomes clear that Crozzle’s level of 24 cents per player and day is among the highest in MAG’s history – a testament to how well the game has succeeded with both engagement and monetization. The analysis is based on official report data, the product mix between Q3–Q4 and reasonable assumptions regarding DAU, ARPDAU and MUP – precisely to be able to put numbers to the CEO’s words “exceptional key figures”. Seeing how quickly Crozzle has changed the company’s revenue profile makes it clear how much potential remains as MAG continues to build further during 2026.
- ·3 päivää sitten🧭 Didner & Gerge on their way out – retail investors take over the baton MAG's updated ownership list shows that Didner & Gerge continue to reduce their holding. Since July, they have sold just over 670,000 shares, corresponding to approximately 2.5 % of the company. At the same time, both Avanza Pension and Nordnet Pensionsförsäkring have increased by almost exactly the same volume. This suggests that the sales have been absorbed by new long-term savers. 📊 Avanza Pension and Nordnet Pensionsförsäkring largely consist of retail investors' capital insurance policies. In addition to these, there are also many smaller owners visible in the banks' apps – for example, the number of owners at Avanza or the number of owners at Nordnet. These figures show how many accounts own at least one share, but not how many shares are actually held there. Sales continue in November, with high turnover and clear block movements in the order book. Given how long the tapering has already taken, it's difficult to say when it will be completely finished – but the pattern suggests that a new larger owner may be building a position, in parallel with the retail investor base growing. 📈 It's interesting to see how reality is starting to follow the model we described earlier – the five phases of a turnaround-case. We seem to have moved from “smart money” to the beginning of “retail awakening”, where more retail investors wake up and start to see the opportunities. Once the selling pressure from Didner finally subsides, it could be the starting signal for the next phase – where the market begins to price in growth, cash flow, and potential rather than historical data. Perhaps now is the time to take a position when few dare, but more and more are starting to understand where it's heading. 💬 Please read our latest post on how we calculate MAG's underlying profitability and growth-driven UA-effekt – it puts the ownership change in a larger context.
- ·3 päivää sitten💡 Behind the numbers: why Q4 looks weak – but it's exactly according to plan During the Q&A session, the CEO said something telling: “We need to do what is best for the company.” The words summarize the year's close well. The full year clearly shows the effect of MAG's growth initiative. UA costs rose sharply in Q4 when Crozzle was launched on the English-speaking market, which temporarily weighed down the result by approximately 7 MSEK. 🚀 ⸻ 📈 The trend for the full year: ARPDAU rose to record levels and EBITDAC became positive for the year. The fourth quarter marks the shift – growth cost short-term but strengthens profitability going forward. ⸻ 💰 Valuation perspective: The UA-adjusted EBITDA level shows MAG's actual underlying profitability. It includes the effect of growth-driven UA that has not yet generated revenue within the quarter – and thus provides a fairer picture of the company's long-term value creation. Based on our calculations – based on the UA-adjusted EBITDA level – the value is around 20 kr per share. ⸻ 💬 Reflection: We have passionately worked to develop the yellow-highlighted area in the images – so that more people understand why and how much growth-driven UA temporarily pulls down gross profit (game contribution), EBITDAC, EBITDA and EBIT. The purpose is to create understanding of how growth really works – and contribute with a model for a fairer valuation model for MAG Interactive. 💛
- ·8.11.🔮 MAG Interactive Q1 simulation: growth, investments and the path towards 500 MSEK It's a long way until the report on January 21, but we can already begin to discern the outlines of Q1. Here is my forecast compared to the same quarter last year – based on my latest dashboard work. 📊 ⸻ 📈 Revenue and currency effect Net revenue is estimated to rise to 75 MSEK (+9 %). The full-year forecast is 350 MSEK. USD/SEK has fallen from 10.56 to 9.5, which dampens growth in SEK – but in USD the increase is significantly stronger. 🚀 ⸻ 🎯 UA investments increase – and build the future UA is approximately 10 MSEK higher than last year. This pressures the gross margin to 54 %, but the investment creates future revenue growth. ⸻ 🧩 Crozzle takes its place Crozzle now accounts for approximately 20 % of revenue (15 MSEK) and 7 % of the group's total game contribution. The gross margin for Game Contribution 1 (Crozzle) is 18 %, which reflects the ongoing UA phase – the investment pressures the margin short-term but builds future revenue growth. ARPDAU remains at an exceptionally high level. 💪 ⸻ 📊 Stable DAU and more efficient cost base DAU is slightly below last year (-10 %), but at the same level as Q4 – which indicates stabilization. Server, personnel, and external costs have been reduced by 15–25 %, which strengthens profitability. 👏 ⸻ 💰 Cash flow grows EBITDAC increases by approximately 5 MSEK. EBIT remains unchanged at 2 MSEK, which is strong considering the UA increase. ⸻ 🧭 Reflection Not simulating the future is like driving a car in the dark without the lights on. By building forecasts, we get to see the growth engine behind the numbers – and see how profitability follows as the company grows to the right size. ⸻ 💬 What do you think? Does it feel inspiring to follow the forecasts between reports? Please like if you want to see more analyses in the future! 🙌
- ·6.11.🧩 Key figures without context can mislead In apps like Avanza and Nordnet, one often sees misleading key figures – but to understand MAG Interactive, one must know which numbers actually matter in the growth phase. ⸻ 🧭 The mobile gaming industry's dilemma – IFRS can't keep up The biggest misunderstanding about the mobile gaming industry concerns how growth is expensed. When companies like MAG invest in user acquisition (UA) – that is, to acquire new players – the entire cost must be taken directly into the income statement. It is not permitted under IFRS (International Financial Reporting Standards) to account for UA as an investment, even if it generates revenue over a long period. Imagine if an industrial company were forced to write off its entire new machine the same day it is purchased. The profit would look catastrophic – but only in the accounting. Precisely that is the mobile gaming industry's dilemma. While industrial companies are allowed to spread their investments over several years, gaming companies must write off their UA investments directly. This makes the accounting short-term unfair – but says nothing about the real profitability. 📊 See the first image for which key figures actually reflect long-term development. ⸻ 📘 Key figures that are often misunderstood Traditional metrics like P/E, EV/EBIT, and earnings per share often look weak in fast-growing gaming companies. This is not due to a lack of profitability – but to how the accounting is designed. 📘 See the second image for examples of common key figures that can mislead when one doesn't see the whole picture. ⸻ 💬 Reflection When I started following MAG, a user here on the forum wrote: “I have never understood MAG. I know the company invests a lot in UA – but what's wrong with making money now?” That was a good question. To be able to answer, we built our own calculations and forecasting tools – and realized that the answer lies in the accounting itself and that growth at the right level is needed for profitability. 💬 Please like if you think more people should understand how accounting affects the perception of the industry.
Yllä olevat kommentit ovat peräisin Nordnetin sosiaalisen verkoston Sharevillen käyttäjiltä, eikä niitä ole muokattu eikä Nordnet ole tarkastanut niitä etukäteen. Ne eivät tarkoita, että Nordnet tarjoaisi sijoitusneuvoja tai sijoitussuosituksia. Nordnet ei ota vastuuta kommenteista.
Tarjoustasot
First North Sweden
Määrä
Osto
1 847
Myynti
Määrä
200
Viimeisimmät kaupat
| Aika | Hinta | Määrä | Ostaja | Myyjä |
|---|---|---|---|---|
| 317 | - | - | ||
| 346 | - | - | ||
| 226 | - | - | ||
| 386 | - | - | ||
| 300 | - | - |
Ylin
8,74VWAP
Alin
8,36VaihtoMäärä
0,9 106 836
VWAP
Ylin
8,74Alin
8,36VaihtoMäärä
0,9 106 836
Välittäjätilasto
Dataa ei löytynyt
Asiakkaat katsoivat myös
Yhtiötapahtumat
| Seuraava tapahtuma | |
|---|---|
| 2026 Q1-osavuosiraportti | 21.1.2026 |
| Menneet tapahtumat | ||
|---|---|---|
| 2025 Q4-osavuosiraportti | 22.10. | |
| 2025 Q3-osavuosiraportti | 25.6. | |
| 2025 Q2-osavuosiraportti | 2.4. | |
| 2025 Q1-osavuosiraportti | 22.1. | |
| 2024 Yhtiökokous | 22.1. |
Datan lähde: Millistream, Quartr
Q4-osavuosiraportti
21 päivää sitten‧15 min
Uutiset ja analyysit
Tämän sivun uutiset ja/tai sijoitussuositukset tai otteet niistä sekä niihin liittyvät linkit ovat mainitun tahon tuottamia ja toimittamia. Nordnet ei ole osallistunut materiaalin laatimiseen, eikä ole tarkistanut sen sisältöä tai tehnyt sisältöön muutoksia. Lue lisää sijoitussuosituksista.
Yhtiötapahtumat
| Seuraava tapahtuma | |
|---|---|
| 2026 Q1-osavuosiraportti | 21.1.2026 |
| Menneet tapahtumat | ||
|---|---|---|
| 2025 Q4-osavuosiraportti | 22.10. | |
| 2025 Q3-osavuosiraportti | 25.6. | |
| 2025 Q2-osavuosiraportti | 2.4. | |
| 2025 Q1-osavuosiraportti | 22.1. | |
| 2024 Yhtiökokous | 22.1. |
Datan lähde: Millistream, Quartr
1,00 SEK/osake
Viimeisin osinko
11,96 %Tuotto/v
Shareville
Liity keskusteluun SharevillessäShareville on aktiivisten yksityissijoittajien yhteisö, jossa voit seurata muiden asiakkaiden kaupankäyntiä ja omistuksia.
Kirjaudu
- ·2 päivää sitten🤔 What does the CEO mean when he says that Crozzle shows “exceptional key figures”? Crozzle accounted for 20 % of MAG’s revenue in Q4 and has quickly become the company’s most important growth engine. Behind the CEO’s words are figures that stand out even in industry comparison: 🔹 Net revenue Q4 2025: approx. 15 MSEK (≈ 20 % of MAG’s total 77 MSEK) 🔹 DAU: ~65 000 (≈ 7 % of total) 🔹 ARPDAU: ~24 ¢ (≈ 2.3 SEK/day) – three times higher than the portfolio average 🔹 ARPPU: ~450 SEK/month (MAG average ~270 SEK) – clear premium profile right from the start 🔹 MUP: +7 000 new payers Q3 → Q4 – drives the entire group’s MUP growth 🔹 IAP / Ads split: ≈ 65 % / 35 % – balanced revenue mix with high eCPM 🔹 UA-payback: approx. 66 % within the quarter 🔹 Rating: ⭐️ 4.7 (Android) / ⭐️ 4.8 (iOS) – very strong user feedback In short: Crozzle delivers the “exceptional key figures” the CEO referred to – high ARPDAU, growing payer base and strong user response. ⸻ 💭 Reflection It has been unexpectedly exciting to dig into the Q4 report and truly understand why Crozzle stands out. When trying to answer the question “how high is ARPDAU really?” it becomes clear that Crozzle’s level of 24 cents per player and day is among the highest in MAG’s history – a testament to how well the game has succeeded with both engagement and monetization. The analysis is based on official report data, the product mix between Q3–Q4 and reasonable assumptions regarding DAU, ARPDAU and MUP – precisely to be able to put numbers to the CEO’s words “exceptional key figures”. Seeing how quickly Crozzle has changed the company’s revenue profile makes it clear how much potential remains as MAG continues to build further during 2026.
- ·3 päivää sitten🧭 Didner & Gerge on their way out – retail investors take over the baton MAG's updated ownership list shows that Didner & Gerge continue to reduce their holding. Since July, they have sold just over 670,000 shares, corresponding to approximately 2.5 % of the company. At the same time, both Avanza Pension and Nordnet Pensionsförsäkring have increased by almost exactly the same volume. This suggests that the sales have been absorbed by new long-term savers. 📊 Avanza Pension and Nordnet Pensionsförsäkring largely consist of retail investors' capital insurance policies. In addition to these, there are also many smaller owners visible in the banks' apps – for example, the number of owners at Avanza or the number of owners at Nordnet. These figures show how many accounts own at least one share, but not how many shares are actually held there. Sales continue in November, with high turnover and clear block movements in the order book. Given how long the tapering has already taken, it's difficult to say when it will be completely finished – but the pattern suggests that a new larger owner may be building a position, in parallel with the retail investor base growing. 📈 It's interesting to see how reality is starting to follow the model we described earlier – the five phases of a turnaround-case. We seem to have moved from “smart money” to the beginning of “retail awakening”, where more retail investors wake up and start to see the opportunities. Once the selling pressure from Didner finally subsides, it could be the starting signal for the next phase – where the market begins to price in growth, cash flow, and potential rather than historical data. Perhaps now is the time to take a position when few dare, but more and more are starting to understand where it's heading. 💬 Please read our latest post on how we calculate MAG's underlying profitability and growth-driven UA-effekt – it puts the ownership change in a larger context.
- ·3 päivää sitten💡 Behind the numbers: why Q4 looks weak – but it's exactly according to plan During the Q&A session, the CEO said something telling: “We need to do what is best for the company.” The words summarize the year's close well. The full year clearly shows the effect of MAG's growth initiative. UA costs rose sharply in Q4 when Crozzle was launched on the English-speaking market, which temporarily weighed down the result by approximately 7 MSEK. 🚀 ⸻ 📈 The trend for the full year: ARPDAU rose to record levels and EBITDAC became positive for the year. The fourth quarter marks the shift – growth cost short-term but strengthens profitability going forward. ⸻ 💰 Valuation perspective: The UA-adjusted EBITDA level shows MAG's actual underlying profitability. It includes the effect of growth-driven UA that has not yet generated revenue within the quarter – and thus provides a fairer picture of the company's long-term value creation. Based on our calculations – based on the UA-adjusted EBITDA level – the value is around 20 kr per share. ⸻ 💬 Reflection: We have passionately worked to develop the yellow-highlighted area in the images – so that more people understand why and how much growth-driven UA temporarily pulls down gross profit (game contribution), EBITDAC, EBITDA and EBIT. The purpose is to create understanding of how growth really works – and contribute with a model for a fairer valuation model for MAG Interactive. 💛
- ·8.11.🔮 MAG Interactive Q1 simulation: growth, investments and the path towards 500 MSEK It's a long way until the report on January 21, but we can already begin to discern the outlines of Q1. Here is my forecast compared to the same quarter last year – based on my latest dashboard work. 📊 ⸻ 📈 Revenue and currency effect Net revenue is estimated to rise to 75 MSEK (+9 %). The full-year forecast is 350 MSEK. USD/SEK has fallen from 10.56 to 9.5, which dampens growth in SEK – but in USD the increase is significantly stronger. 🚀 ⸻ 🎯 UA investments increase – and build the future UA is approximately 10 MSEK higher than last year. This pressures the gross margin to 54 %, but the investment creates future revenue growth. ⸻ 🧩 Crozzle takes its place Crozzle now accounts for approximately 20 % of revenue (15 MSEK) and 7 % of the group's total game contribution. The gross margin for Game Contribution 1 (Crozzle) is 18 %, which reflects the ongoing UA phase – the investment pressures the margin short-term but builds future revenue growth. ARPDAU remains at an exceptionally high level. 💪 ⸻ 📊 Stable DAU and more efficient cost base DAU is slightly below last year (-10 %), but at the same level as Q4 – which indicates stabilization. Server, personnel, and external costs have been reduced by 15–25 %, which strengthens profitability. 👏 ⸻ 💰 Cash flow grows EBITDAC increases by approximately 5 MSEK. EBIT remains unchanged at 2 MSEK, which is strong considering the UA increase. ⸻ 🧭 Reflection Not simulating the future is like driving a car in the dark without the lights on. By building forecasts, we get to see the growth engine behind the numbers – and see how profitability follows as the company grows to the right size. ⸻ 💬 What do you think? Does it feel inspiring to follow the forecasts between reports? Please like if you want to see more analyses in the future! 🙌
- ·6.11.🧩 Key figures without context can mislead In apps like Avanza and Nordnet, one often sees misleading key figures – but to understand MAG Interactive, one must know which numbers actually matter in the growth phase. ⸻ 🧭 The mobile gaming industry's dilemma – IFRS can't keep up The biggest misunderstanding about the mobile gaming industry concerns how growth is expensed. When companies like MAG invest in user acquisition (UA) – that is, to acquire new players – the entire cost must be taken directly into the income statement. It is not permitted under IFRS (International Financial Reporting Standards) to account for UA as an investment, even if it generates revenue over a long period. Imagine if an industrial company were forced to write off its entire new machine the same day it is purchased. The profit would look catastrophic – but only in the accounting. Precisely that is the mobile gaming industry's dilemma. While industrial companies are allowed to spread their investments over several years, gaming companies must write off their UA investments directly. This makes the accounting short-term unfair – but says nothing about the real profitability. 📊 See the first image for which key figures actually reflect long-term development. ⸻ 📘 Key figures that are often misunderstood Traditional metrics like P/E, EV/EBIT, and earnings per share often look weak in fast-growing gaming companies. This is not due to a lack of profitability – but to how the accounting is designed. 📘 See the second image for examples of common key figures that can mislead when one doesn't see the whole picture. ⸻ 💬 Reflection When I started following MAG, a user here on the forum wrote: “I have never understood MAG. I know the company invests a lot in UA – but what's wrong with making money now?” That was a good question. To be able to answer, we built our own calculations and forecasting tools – and realized that the answer lies in the accounting itself and that growth at the right level is needed for profitability. 💬 Please like if you think more people should understand how accounting affects the perception of the industry.
Yllä olevat kommentit ovat peräisin Nordnetin sosiaalisen verkoston Sharevillen käyttäjiltä, eikä niitä ole muokattu eikä Nordnet ole tarkastanut niitä etukäteen. Ne eivät tarkoita, että Nordnet tarjoaisi sijoitusneuvoja tai sijoitussuosituksia. Nordnet ei ota vastuuta kommenteista.
Tarjoustasot
First North Sweden
Määrä
Osto
1 847
Myynti
Määrä
200
Viimeisimmät kaupat
| Aika | Hinta | Määrä | Ostaja | Myyjä |
|---|---|---|---|---|
| 317 | - | - | ||
| 346 | - | - | ||
| 226 | - | - | ||
| 386 | - | - | ||
| 300 | - | - |
Ylin
8,74VWAP
Alin
8,36VaihtoMäärä
0,9 106 836
VWAP
Ylin
8,74Alin
8,36VaihtoMäärä
0,9 106 836
Välittäjätilasto
Dataa ei löytynyt