Stillfront Group: Going for a global Strike (of Nations)!

Research Update

2018-11-28

07:30

Stillfront had already released preliminary figures for Q3, so there were no, surprises there. The strong development within Core Products continues, the main driver is the continued success of Nida Harb III, September and November seem to have been strong with average app store rankings exceeding Q3 levels for the game. The global version of the game is in its early launch phase. The monetization of Strike of Nations seems extremely promising according to data we have gathered. We have adjusted our estimate upwards for Core Products, but at the same time shifted our growth trajectory for Empire and BIG downwards slightly. Our valuation is adjusted downwards, but still implies a significant potential from today’s levels. We argue that 8x our relatively conservative 2019 EBIT forecast is appetizing for a company of Stillfront’s caliber.

KL

TO

Kristoffer Lindström

Tomas Otterbeck

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