Stillfront Group (Buy, TP: SEK45.00) - Organic growth and USD swings
We expect Q3 (due at 07:00 CET on 26 October) was the second consecutive quarter of organic revenue growth recovery YOY after the post-pandemic weakness. Reflecting worsening global consumer trends (mobile market risk), we have cut our 2023e organic revenue growth by 2%-points to 5% YOY but adj. EPS by only 3%, thanks to strong FX tailwinds (USD). We have reduced our target price to SEK45 (50) but reiterate our BUY.
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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