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 view the recent revaluation of the company as justified. We raise our Base-case valuation further due to favorable forecast adjustment and improved Rating. Stillfront still trades at a discount to peers based on EBIT multiples for no good reason.