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.
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