Stillfront Group (Buy, TP: SEK35.00) - Healthy focus on cash flow
We have cut our Q1e EBIT adj. by c4% to better reflect the seasonality in UA spending, but our 2023–2024e sales and EBIT are mostly intact. We forecast Q1 organic sales -5%, outperforming a weak market YOY, which is likely to return to growth in H2e. Near-term, we believe the focus will be on game launches, margins, and cash flow to ease balance sheet concerns.
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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