Stillfront Group (Buy, TP: SEK35.00) - Executing on cash flow and profitability
We reiterate our BUY and SEK35 target price, having edged up our 2023–2024e adj. EBITDA by c2% following the solid Q2 results, where Stillfront continued to execute on profitability and cash flow ahead of a potential sustained market recovery in H2. We believe the near-term balance-sheet risk is still easing and find the risk/reward attractive ahead of likely further revenue growth improvement, a margin pick-up, and continued cash flow delivery.
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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