Stillfront Group (Buy, TP: SEK85.00) - Set to re-rate on return to growth
We reiterate our BUY and SEK85 target price following the Q3 report and the Q4 guidance implying another step closer to a return to organic revenue growth. We expect this to trigger a re-rating as revenue improvements kick-start positive consensus revisions and multiples expansion. In addition, we believe Stillfront will continue to execute on the M&A roll-up story and move closer to its target of SEK10bn revenues in 2023.
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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