Stillfront Group (Buy, TP: SEK14.00) - Announced actions to improve
We keep our BUY but have cut our target price to SEK14 (16) ahead of Stillfront’s Q3 report, reflecting a c10% cut to our 2025e adj. EPS. The focus on efficiency should enable solid investments in user acquisition costs, with the ambition of returning to top-line growth, potentially also supported by a healthier market in the coming years. We estimate annual FCF of cSEK1bn for 2024–2025e. The results are due at 07:00 CET on 23 October.
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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