Stillfront continues to set new all-time highs and Q1 was no expectation. The management states that the marketing ROI was especially good during the quarter. We believe that the high level of marketing during Q1 will continue to boost the growth rate during the coming periods. Based on gross ranking data we believe that Q2 will continue to show a substantial growth primarily driven by Strike of Nation’s launch. Given strong value drivers in the making and comparable valuation multiples, we regard the current valuation as attractive for a company of Stillfront’s caliber.

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