Stillfront Group Minor model adjustments
We have updated our estimates for the preliminary Q4 results and SEK6.9bn non-cash goodwill write-down announced on 29 January. We have also edged up our 2025–2026e revenues for FX. We do not consider these changes to be material, and we have not changed our BUY recommendation. We reiterate our SEK14 target price. The full Q4 results are due at 07:00 CET on 5 February.
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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