Why MTG stock moves
MTG fell after Danske Bank downgraded it to hold.
Written after the close on ·
Why today
16,307 news analyzed todayMTG fell after Danske Bank downgraded it to hold.
MTG fell very sharply in the last session, far more than the market, which fell clearly.
Danske Bank cut its rating to hold from buy, with a price target of SEK 121, the share price it sees as fair.
Over the last five trading days, MTG fell very sharply while the OMX Stockholm 30 was roughly flat, a move about six times a normal week.
Trading was also well above its usual level.
Today's move of −7.82% was 7.9 times a normal day's 1.0%. OMX Stockholm 30 moved −1.01% on the same day.
MTG −7.82%OMX Stockholm 30 −1.01%Much weaker than the market
What analysts expect, and how often they have been right
Analysts’ estimates for MTG.
MTG earned more than expected in 3 out of 8 reports.
For comparison, about 46% of reports from Nordic companies beat the estimate in the last three years.
The share moved in the same direction as the earnings surprise in 6 out of 8 reports with a measured move, against about 63% of reports from Nordic companies.
Ratings
Price targets
Latest price 101.40 SEK
Earnings against expectations, and the share’s reaction
Expected EPSAbove estimateBelow estimateAs expectedSEK
Next reported quarter: expected earnings per share of 4.51 SEK (February 4). For the current fiscal year, expected earnings per share changed from 15.87 SEK three months ago to 15.93 SEK now. 2026 estimate: 15.93 SEK. 2027 estimate: 17.72 SEK. One analyst made the estimate for the quarter.
Has the share price followed the business?
Price and earnings moved in the same direction: 2 out of 3 years. Across Nordic companies, that happens in about 60% of years. In 2025, the price changed +21% and earnings per share went from -1.74 SEK to -0.53 SEK.
Revenue, profit and market cap
RevenueProfitMarket capHatched bars: analysts’ estimates.bn SEK
Assets, liabilities and market cap
AssetsLiabilitiesMarket capbn SEK
Price and earnings moved in the same direction: 2 out of 3 years.Market cap (Now): 12.0 bn SEKRevenue 2025: 11.6 bn SEK
What the key figures say about MTG
The figures connect what MTG earns with what investors pay.
The line shows the share price in the same year, on its own scale. Hatched bars: analysts’ estimates.
Profit divided by the number of shares. Each share represents this much of the earnings.
2022–2025: -1.74 SEK–56.06 SEK. Peers: Embracer Group -29.85 SEK, CD Projekt 6.11 PLN, G5 Entertainment 3.11 SEK. 2026 estimate: 15.93 SEK (15.00 SEK–17.51 SEK). 2027 estimate: 17.72 SEK (16.90 SEK–18.30 SEK).
What the company sold during the year.
2022–2025: 5.5 bn SEK–11.6 bn SEK. Peers: Embracer Group 16.7 bn SEK, CD Projekt 947 m PLN, G5 Entertainment $90.6M. 2026 estimate: 12.5 bn SEK (12.4 bn SEK–12.7 bn SEK). 2027 estimate: 13.0 bn SEK (12.7 bn SEK–13.4 bn SEK).
The percentage of revenue left after the costs of running the business.
2022–2025: 8.2%–15.0%. Peers: Embracer Group −39.4%, CD Projekt 63.1%, G5 Entertainment 1.5%.
Profit as a percentage of shareholders’ money in the company.
2022–2025: −1.5%–47.2%. Peers: Embracer Group −25.6%, CD Projekt 18.3%, G5 Entertainment 5.4%.
The price investors pay for each unit of annual earnings per share. Not shown for a loss.
2022–2025: 1.6–65.3. Peers: CD Projekt 43.7, G5 Entertainment 22.5. 2026 estimate: 6.4. 2027 estimate: 5.7.
What investors pay for each unit the company sells.
2022–2025: 1.15–1.99. Peers: Embracer Group 1.25, CD Projekt 28.15. 2026 estimate: 0.96. 2027 estimate: 0.92.
Money paid to shareholders per share, summed by calendar year.
2017–2025: 0.00 SEK–11.05 SEK.
The ordinary yearly dividend as a percentage of the share price.
2022–2025: 0.0%–0.0%. Peers: Embracer Group 0.0%, CD Projekt 0.0%, G5 Entertainment 2.9%.
Net debt divided by operating earnings before depreciation and amortisation.
2022–2025: -4.46–1.20. Peers: Embracer Group -0.89, CD Projekt -1.54, G5 Entertainment -21.30.
More key figures
Market cap divided by shareholders’ equity, what remains after liabilities.
2022–2025: 0.76–1.25. Peers: Embracer Group 1.08, CD Projekt 7.48.
Market cap plus net debt, divided by operating earnings. This includes debt.
2022–2025: 8.6–42.4.
Cash left after investments, divided by the number of shares.
2022–2025: 7.02 SEK–14.88 SEK. Peers: Embracer Group -1.37 SEK, CD Projekt -1.27 PLN, G5 Entertainment $0.43.
The percentage of assets financed by shareholders’ equity.
2022–2025: 55.1%–78.4%.
MTG, A or B?
A and B are two share classes in MTG. The classes can carry different voting rights and trade at different prices.
A cost 101.00 SEK and B 101.40 SEK at the same close. The A-to-B price gap was −0.4%.
B's trading volume was 10,657.6 times A's on the same day.
What to watch next, and why
The earnings report shows how MTG's revenue and profit have changed.
- Earnings report
The earnings report shows how MTG's revenue and profit have changed.
Add to calendar
Earnings report
Next report: · Add to calendar · Google Calendar
On its last 15 report days MTG usually moved about 6.0%. On a normal day it moves 1.0%.
−9.69% Why? +6.06% +9.83% −0.26%
10,000 SEK in MTG bought on November 7, 2016 is worth 17,300 SEK today, with dividends reinvested.
What would 10,000 SEK in MTG be worth today? →
What would 10,000 SEK in MTG be worth today?
17,300 SEK
with dividends reinvested, bought on November 7, 2016.
The five biggest days of the journey
· +41.9% · the whole market rose 0.7% the same day
· −21.0% · the whole market fell 1.3% the same day
· +15.1% · the whole market rose 1.3% the same day · report day
· −15.1% · the whole market rose 1.5% the same day · report day
· −15.0% · the whole market rose 1.7% the same day
Earlier days
−16.20% market −0.11% MTG fell very sharply over the week, while the OMX Stockholm 30 was roughly flat. Read →
MTG fell very sharply over the week, while the OMX Stockholm 30 was roughly flat.
The most visible driver was the latest quarterly report on Thursday 5 November, which showed stable net sales of SEK 2,988 million and a steady 23% adjusted EBITDA margin, with the full-year outlook confirmed but revenue growth now expected towards the lower end.
Friday 6 November brought a downgrade from Danske Bank to hold, which likely added to the selling.
The move was very big for MTG, and trading volume was about four times normal, so the drop was driven by company-specific news rather than the market.
−9.69% market −0.32% Modern Times Group fell. Read →
Modern Times Group fell.
Over the last session, MTG fell very sharply, while OMX Stockholm 30 fell only slightly.
The Q3 report showed flat net sales of about SEK 3 billion and adjusted EBITDA up 3%.
Full-year outlook was kept, with revenue growth now expected towards the lower end of the range.
Over the last five trading days, MTG fell very sharply while the market rose slightly, on heavy trading volume.
+2.18% market +0.83% MTG rose sharply without a company-news explanation. Read →
MTG rose sharply without a company-news explanation.
Over the same day the OMX Stockholm 30 rose clearly, so MTG moved more than the market.
Over the last five trading days MTG was roughly unchanged, while the market rose slightly.
The routine buy-back reports and report date notices do not explain the move, though the shares' earnings report is due Thursday 5 November 2026, which is what to watch next.
The stock is well above its lowest close of the past year but below its highest, reached in late May.
−0.67% market −0.08% MTG fell slightly without a company-news explanation. Read →
MTG fell slightly without a company-news explanation.
Over the last five trading days MTG was roughly unchanged, while the market rose slightly, so it lagged.
The session was an ordinary day for MTG, with trading well below its usual level.
Routine buy-back reports showed MTG repurchasing its own shares, but those are background and do not explain the move.
The next event to watch is the third-quarter results on Thursday 5 November 2026.
−0.98% market −0.29% MTG fell slightly without company news. Read →
MTG fell slightly without company news.
Over the last five trading days it rose slightly, while OMX Stockholm 30 rose clearly, so MTG lagged the market.
Earlier this week MTG bought back shares under its running programme, which is routine background rather than a cause.
MTG reports third-quarter results on Thursday 5 November 2026, which is the next date to watch.
−1.00% market +0.41% MTG fell slightly, moving against a market that rose slightly. Read →
MTG fell slightly, moving against a market that rose slightly.
No company news explains the move; it was an ordinary day for MTG.
Over the last five trading days MTG rose slightly while the OMX Stockholm 30 fell sharply.
Next, MTG reports earnings on 5 November 2026.
+0.93% market −3.67% MTG, MTG on Nasdaq Stockholm, rose slightly over the last five trading days, a modest move against a falling OMX Stockholm 30. Read →
MTG, MTG on Nasdaq Stockholm, rose slightly over the last five trading days, a modest move against a falling OMX Stockholm 30.
The share price stayed well inside its yearly range, and the market's broader decline likely made the gain stand out.
Trading was quiet, and the next earnings report on 5 November 2026 is the event to watch.
+3.22% market +0.17% MTG rose sharply with no company news explaining it. Read →
MTG rose sharply with no company news explaining it.
MTG on Nasdaq Stockholm rose sharply in the last session.
The market was roughly flat over the same day, so MTG moved on its own.
The stock rose clearly over the last five trading days, while the OMX Stockholm 30 index fell slightly.
−0.26% market −0.89% MTG was roughly unchanged; no company news explains it. Read →
MTG was roughly unchanged; no company news explains it.
The market fell clearly.
The stock moved less than the market over the last session.
Most of the other news is about the card game, not the company.
Over the last five trading days, MTG was roughly unchanged while the market fell slightly.
−2.37% market −0.89% MTG fell sharply. Read →
MTG fell sharply.
Over the last five trading days MTG rose clearly, while the Stockholm market was roughly flat.
Trading in the shares was well below its usual level.
The news from the last session was mainly about Magic: The Gathering card prices and product releases, which likely did not drive the shares.
Earlier, MTG postponed the possible listing of its PlaySimple unit, and its shares fell sharply on that news two weeks ago.
Learn more · Why do stocks go up and down?