Stillfront Group - Initiation of coverage - Free-to-play army on the rise
We consider the Stillfront investment case attractive, thanks to further structural growth and consolidation in global mobile gaming. Organic growth and execution of its proven M&A strategy should lead to healthy earnings and FCF growth. The negative consensus revision trend YTD – a reaction to overly bullish scenarios of ‘stay-at-home’ trends – is about to bottom out in our view. We initiate coverage with a BUY and SEK102 target price.
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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