Stillfront Group
Stillfront Group: Continues to add value (Redeye)
2017-06-01 08:58
Stillfront’s Q1’report came in close to our revenue forecast. At first glance, the profitability deviated a bit but adjusted for one-offs the margin was spot-on. We see major releases coming up which should fuel the revenue uptake further. The company continues to take initiatives for further expansion. After the quarter had ended Stillfront raised SEK 110m through a bond issue, and made yet another acquisition of a game studio. The acquired company, eRepublik Labs, will increase annualized revenues for 2017 by roughly 22% and only dilutes the shareholders by 7%, clearly value adding. We have conducted some minor estimate adjustments after the report and added the acquired company eRepublik Labs to our forecast. We have also updated the capital structure and our Rating. Our estimated Fair value increases marginally to 129 (125) SEK per share.
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