Stillfront Group (Buy, TP: SEK35.00) - Navigating a tougher market
We have cut our 2022–2023e EBIT by 8–18% after the Q3 report. However, Stillfront has returned to organic revenue growth, in a challenging environment, and we expect it to navigate fairly well through a tougher market (2023e OCF growth >10% YOY) on growth investments, e.g. ‘live ops’ and new games, marketing efficiency, and a diversified games portfolio. We reiterate our BUY, but have cut our target price to SEK35 (45).
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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