Stillfront Group (Buy, TP: SEK35.00) - Business as usual in Q2e
We expect -4% organic growth in a quiet Q2 for Stillfront, only fine-tuning our 2023–2024e sales and EBIT in a market awaiting H2 recovery. Our impression is that Stillfront is focusing on the things it can control, such as margins, cash flows, and potentially paying down debt. Our 2024e adj. EBITDAC margin of 26.6% is at the lower end of the company’s target range of 26–29%. We reiterate our BUY and SEK35 target price ahead of the Q2 results, due at 07:00 CET on 21 July.
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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