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

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