Today Stillfront Group released user statistics for Q4’17. Compared to the previous quarter the number of DAU’s remained relatively flat, mostly due to reduced marketing effort on Siege Titan Wars. The engagement ratio increased significantly, which also likely have boosted the monetization ratio of the users. We trim our Q4 estimates slightly but make no changes to our valuation. The most interesting takeaway from the user figures was a sharp rise in active players for Goodgames Studios compared to Q3, which implies a continued successful launch of Big Farm: Mobile Harvest. We find that Stillfront is at the moment trading at roughly 16x their underlying EBIT level, compared to peers who trades at about 25x. Our Base-case valuation of 248 SEK per share implies an EV/EBIT of 20x.