Stillfront Group (Buy, TP: SEK14.00) - Optimisation; what about growth?
We reiterate our BUY and SEK14 target price, having only fine-tuned our 2025e adj. EBIT forecast (-3%). We like the efficiency and cash flow focus, enabling healthy de-leveraging (2x net debt/EBITDA, including NTM earnouts). The company is set to host a CMD on 6 February, and we hope to get more clarity on the top-line growth outlook for 2025–2026, in addition to the recently announced optimisation activities.
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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