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Redeye: Stillfront Group - The Valuation Discount is Not Warranted

Redeye reiterates our positive view of Stillfront and raises our Base-case to 750 (620) SEK per share. Currently, a considerable amount of acquisitions is rolled-up into the Group, so one must adjust the reported figures to arrive at the true earnings. We find that that Stillfront trades at about 14x underlying Adj. EBIT for 2020, which is below peers. We find a premium and not a discount is warranted. Despite a strong run in the share lately, we believe that there is still room for further expansion. Read the initial research report: https://bit.ly/2Ls0cGg Start following companies

Redeye: Sector comment - "Gaming as a Safe Haven"

Redeye has analyzed the recent data in the Gaming sector and identifies a demand boom due to the Corona outbreak. Despite the low impact on the business, the shares in many Gaming companies have crashed. We view the sector as an investment safe haven in these uncertain times. Read the initial research report: http://bit.ly/Gaming-sector Start following companies at Redeye to receive the latest equity research within Life Science and Technology. This is a press release from Redeye - Research Powered Investment Banking. https://www.redeye.se/about/

Redeye: Stillfront Group - Market Turmoil Hedge

Redeye again raise estimates and valuation on Stillfront following strong, yet in-line Q4’19 performance, and reiterate our positive stance on the stock. In particular, we believe the market has yet to fully grasp the potential of the Storm8 and KIXEYE acquisitions which, characteristically, we think may drive positive earnings surprises for in the year ahead. We see a limited effect of a virus outbreak on Stillfront’s business. In China, demand for gaming apps has surged. We see Stillfront as a hedge against the recent market turmoil. Read more and download the research update: http://

Redeye: Stillfront Group - The next level!

Stillfront had a CMD (Capital Markets Day) on the 27th of November. One of the main topics of the CMD was the new financial goals for 2022. We argue that Stillfront goals are ambitious, but also at the same time reachable. Following the strong development by Stillfront, shown synergies, impressions from the CMD, and raised margin goals, we have increased our long-term profitability assumptions, which leads to an increased Base-case. It seems like Stillfront is entering the next phase (level up!) as a company, and the valuation will likely follow suit. Read more and download the research

Redeye: Stillfront Group - Still in the front

Stillfront Group showed yet another record quarter both in terms of revenue and profits during Q3. The product segments Core and Big were especially impressive. This was the first quarter with Kixeye consolidated in the books. The acquisition boosted the growth rate, but the company still grew organically by roughly 20%. We raise our Base-case valuation; the market seems to underappreciate the growth ahead, and we see an attractive valuation. Read more and download the research update: http://bit.ly/351ArVm Start following companies at Redeye to receive the latest equity research

Redeye: Stillfront Group - Level up through live ops

Stillfront Group produced yet another record quarter; the main driver was improved live operations which fueled the monetization. We view the development as sustainable and raise our projections. We find that the market is yet to appreciate the strong growth that lies ahead; in our view, Stillfront is still to conservatively valued. We raise our Base-case valuation by roughly 26%. Read more and download the research update: http://bit.ly/2U5LlFn Start following companies at Redeye to receive the latest equity research within Life Science and Technology. This is a press release from

Redeye: Stillfront Group - An attractive valuation

Stillfront continues to set new all-time highs and Q1 was no expectation. The management states that the marketing ROI was especially good during the quarter. We believe that the high level of marketing during Q1 will continue to boost the growth rate during the coming periods. Based on gross ranking data we believe that Q2 will continue to show a substantial growth primarily driven by Strike of Nation’s launch. Given strong value drivers in the making and comparable valuation multiples, we regard the current valuation as attractive for a company of Stillfront’s caliber. Read more and

Redeye: Stillfront Group - User momentum will continue

Stillfront Group’s report for the fourth quarter was strong all over but especially within the Core Products. We believe that a trend shift is now confirmed and that we will see a strong user development during the begging of the year. Third-party grossing data indicates a strong release for Strike of Nations, the global version of the highly successful Nida Harb III from Babil Games. We have raised our financial projections and valuation slightly. At about 10x EBIT 2019E we view the valuation as attractive. 

Redeye: Stillfront Group - Good(game) synergies are starting to show

The reported figures for Q2 beat our estimates both on sales and profits. When adjusting for non-recurring items, the EBITDA came in 13% above our projections. Operational synergies from the Goodgame Studios acquisition are now starting to show. As a whole, we make no changes to our valuation. We see a significant potential both in relative and absolute terms from the current share price level. With a strong pipeline and the new addition of Imperia Online, the prospects look bright for the Group. Read more and download the Research Update by Kristoffer Lindström: http://bit.ly/2Oa4SDY

Redeye: Stillfront Group - The strongest pipeline ever

Stillfront Group showed a strong development during Q1, the first reported quarter after the major Goodgame Studios acquisition. Management firmly states the pipeline for H2’18 and 2019 is the strongest ever. We raise our Base-case valuation further due to favorable forecast adjustment and improved Rating. Read more and download the Research Update by Kristoffer Lindström: https://goo.gl/apv5Rv Start following companies at Redeye to receive the latest equity research within Life Science and Technology. This is a press release from Redeye - Research Powered Investment Banking. https:

Redeye: Stillfront Group - Revaluation is in order

Stillfront showed strong numbers during Q4 but, of course, the most exciting thing was the healthy development of Goodgame Studios which will be consolidated from Q1'18. Read more and download the Research Update: https://goo.gl/WHUnM7 Start following companies at Redeye to receive the latest equity research within Life Science and Technology. This is a press release from Redeye - Research Powered Investment Banking. https://www.redeye.se/about/

Redeye: Stillfront Group - Setting new records

We have made some positive forecast adjustments, both short- and long-term. Our increased Rating has also had a positive effect on the valuation. Read more and download the Research Update: https://goo.gl/8qCS8x Start following companies at Redeye to receive the latest equity research within Life Science and Technology. This is a press release from Redeye - Research Powered Investment Banking. https://www.redeye.se/about/

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