Stillfront Group (Buy, TP: SEK30.00) - Cash flow warrants positive view
We reiterate our BUY but have cut our target price to SEK30 (35) ahead of the Q3 results (due at 07:00 CET on 25 October). Although we have postponed our scenario of a return to organic revenue growth YOY (from Q3 to Q4 2023e), we believe the near-term risk continues to ease – confirmed by still-strong cash flow generation (SEK~1bn rolling 12-month FCF). We have lowered our 2023–2024e EBIT by 5%, respectively.
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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