Stillfront Group (Buy, TP: SEK50.00) - Strategy for 2022e organic growth
Following DNB Markets’ role in the SEK2bn rights issue, we reinstate our BUY with a SEK50 target price. To reflect the key events since our last publication on 12 January (e.g. Q1 negative organic growth, 6waves acquisition, rights issue and Q1 numbers), we have cut our 2022e EPS by c20%. The current positive trend in the core high-ARPU Strategy game genre underpins the company’s intact 2022e guidance of mid-single-digit organic growth, which is far from reflected in the share price, in our view.
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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