Stillfront Group (Buy, TP: SEK90.00) - Re-loading for user acquisition
Q2 mirrored near-term issues like tough growth comparables and the ongoing changes in the mobile ad market (e.g. adverse effects from IDFA). While the circumstances prompted soft Q3 guidance and cuts to our forecasts, we believe the user acquisition cost (UAC) step-up and new game releases in late-Q3e should trigger a return to organic revenue growth in Q4. We have cut our target price to SEK90 (102) but keep 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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