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.

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