Stillfront Group (Buy, TP: SEK50.00) - Renewed confidence
After Stillfront’s Q2 numbers included a return to organic revenue growth YOY, we reiterate our BUY and SEK50 target price. We expect H2 organic revenue growth of c10% YOY, leading to 3% for 2022e, fairly in line with the intact guidance of mid-single digits. With some concerns about organic growth alleviated, we believe the company could resume a positive earnings revision trend, and we expect the share price recovery to continue in the near term. Our 2023e adj. EBIT is 7% above consensus.
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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