Stillfront Group (Buy, TP: SEK35.00) - Improving in a tough market
We reiterate our BUY and SEK35 target price, having fine-tuned our 2023–2034e adj. EBIT post the Q1 results (EBITDA up 4% YOY on -5% organic revenue growth). We forecast a return to organic revenue growth in H2, driven by an improved market and company initiatives, as well as increasing FCF as working capital normalises. We continue to view this as an attractive entry point as we expect revenue growth improvement, margin gain (synergy phase) and continued healthy cash flow.
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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