Stillfront Group (Buy, TP: SEK33.00) - Healthy cash flow to aid recovery
We reiterate our BUY but have lowered our target price to SEK33 (35), reflecting a 5% cut to our 2023e EBIT in a tough market. At the same time, we expect growth to outperform, resilient margins, and cash flow to more than offset an uncertain near-term mobile-games market outlook. We identify signs of resilience and healthy cash flow (easing balance sheet concerns) as the key catalysts ahead. The results are due at 07:00 CET on 15 February.
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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