Stillfront Group (Buy, TP: SEK12.00) - FCF holding up well
We have cut our 2025e adj. EBIT by 9% on the near-term guidance for an accelerating organic revenue drop YOY in Q1. However, we reiterate our BUY and have lowered our target price to SEK12 (14) following the solid FCF trend, which we expect to continue, and catalysts such as new management, improved organic revenue growth (H2e), and further FCF-enhancing efficiency gains. Our 2025e NIBD of SEK4.3bn, including current earnouts, equals 1.8x adj. EBITDA.
DNB Markets is the investment banking arm of DNB Bank ASA and is focused primarily on the Nordic region, as well as internationally on niches such as global shipping, energy and related services, and seafood. DNB Markets offers services in FICC, Equities and Investment Banking advisory from offices in Oslo, Stockholm, London, Singapore and New York. Equity research coverage is offered on c250 Nordic companies. DNB was ranked no.2 in Extel Nordic Research 2017. The DNB Markets’ Credit and FICC Macro & FX Research teams are repeatedly highly rated by Prospera Nordic Institutional Investor Surveys.
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