companyName

extensiveId

feedTypes

includeDividend

includeEstimates

includeOverview

includeOwnership

snapshotDate

CompanyName_Query

companySlug

CompanyMetaData

CompanyContent_query

company

query CompanyName_Query(
  $companyName: String!
  $extensiveId: ID
  $snapshotDate: String
  $feedTypes: [ContentType!]!
  $includeEstimates: Boolean!
  $includeOverview: Boolean!
  $includeOwnership: Boolean!
  $includeDividend: Boolean!
) {
  ...CompanyMetaData_Ux1x9
  ...CompanyContent_query_3mc3wd
}

fragment AnalystData on Analyst {
  name
  pageUrl
  jobTitle
  imgUrl
}

fragment AuthorList on Content {
  __isContent: __typename
  id
  authors {
    __typename
    id
    name
    pageUrl
  }
}

fragment ChangePercentBlock_Company on Company {
  defaultInstrument {
    isin
    symbol
    priceData {
      diff1mPercentage
      diff1yPercentage
      diff3yPercentage
      diffFromStartPercentage
    }
    id
  }
}

fragment CompactFeed_3NXCcw on Query {
  compactFeed: feedContent(companySlug: $companyName, filter: {types: $feedTypes}) {
    edges {
      node {
        __typename
        id
        ...TeaserExtraCompact_content
        createdAt
        companies {
          viewerIsFollowing
          id
        }
      }
      cursor
    }
    pageInfo {
      endCursor
      hasNextPage
    }
  }
}

fragment CompanyAnalystQuery on Company {
  analysts {
    ...AnalystData
    name
    pageUrl
    jobTitle
    imgUrl
    id
  }
}

fragment CompanyContent_query_3mc3wd on Query {
  ...CompanyHeader_query_Ux1x9
  ...CompanyOwnership_query_Ux1x9 @include(if: $includeOwnership)
  ...CompanyFinancials_query_Ux1x9 @include(if: $includeEstimates)
  ...CompanyDividend_query_Ux1x9 @include(if: $includeDividend)
  ...CompanyInvestorConsensus_query_Ux1x9
  ...CompanyPageTop_query_Ux1x9 @include(if: $includeOverview)
  ...CompanyPageBottom_query_2bVJwf @include(if: $includeOverview)
  ...CompanyDisclaimer_query_Ux1x9
  ...Extensive_query_3u4Ry5
}

fragment CompanyCoverage_Company on Company {
  analysts {
    name
    id
  }
  isPayingCustomerOf
  isFormerCustomerOf
  isCorporateCustomer
  ...CompanyAnalystQuery
  defaultInstrument {
    ...TargetAndRecommendation_Company
    id
  }
}

fragment CompanyDescription_Company on Company {
  description
  websiteUrl
  name
}

fragment CompanyDisclaimer_query_Ux1x9 on Query {
  company(companySlug: $companyName) {
    name
    isPayingCustomerOf
    isFormerCustomerOf
    id
  }
}

fragment CompanyDividendER_query on Company {
  name
  defaultInstrument {
    estimateData {
      reportingCurrency
    }
    dividendTransactions: estimateTransactions(first: 1, includeQuarters: false) {
      actualized {
        year
        dividend
        dividendYield
        payoutPercentage
        sharePrice
      }
      estimates {
        year
        dividend
        dividendYield
        payoutPercentage
        sharePrice
      }
    }
    id
  }
}

fragment CompanyDividendNonER_query on Company {
  name
  defaultInstrument {
    nonERDividendSet: nonERCompanyNumberSet(includeQuarters: false) {
      year
      dividend
      dividendYield
      epsReported
      sharePrice
      currency
    }
    id
  }
}

fragment CompanyDividend_query_Ux1x9 on Query {
  company(companySlug: $companyName) {
    ...CompanyDividendER_query
    ...CompanyDividendNonER_query
    defaultInstrument {
      coreId
      id
    }
    id
  }
}

fragment CompanyFinancials_query_Ux1x9 on Query {
  company(companySlug: $companyName) {
    ...NonERCompanyNumbers_query
    ...CompanyNumbers_query
    defaultInstrument {
      coreId
      id
    }
    id
  }
}

fragment CompanyHeader_query_Ux1x9 on Query {
  company(companySlug: $companyName) {
    id
    companyInsref
    name
    viewerIsFollowing
    followersCount
    isCorporateCustomer
    hasPinpointData
    hasDividendHistory
    sector {
      sectorname
      industry
    }
    regions
    extensiveExists
    defaultInstrument {
      symbol
      priceData {
        tradeCurrency
        lastPrice
        diff1dPercentage
      }
      marketplace {
        name
      }
      estimates: estimateTransactions(first: 1, includeQuarters: false) {
        date
      }
      nonERCompanyNumberSet(first: 1, includeQuarters: false) {
        year
      }
      id
    }
    topOwners {
      holders {
        name
      }
    }
    transactions: insiderTransactions(filter: {types: [BUY, SELL, SUBSCRIPTION]}) {
      edges {
        node {
          date
          id
        }
      }
    }
  }
}

fragment CompanyInsiderTransactions on Company {
  name
  regions
  insiderTransactions(filter: {types: [BUY, EXERCISE_OF_SHARE_OPTION, PLEDGE, RECEPTION_OF_SHARE_PREMIUM, SELL, SUBSCRIPTION]}) {
    edges {
      node {
        insider
        position
        volume
        price
        date
        unit
        type
        relatedParty
        id
      }
    }
  }
}

fragment CompanyInvestorConsensus_query_Ux1x9 on Query {
  company(companySlug: $companyName) {
    name
    companyInsref
    id
  }
}

fragment CompanyMetaData_Ux1x9 on Query {
  company(companySlug: $companyName) {
    name
    description
    pageUrl
    defaultInstrument {
      estimateData {
        modelType
      }
      id
    }
    id
  }
}

fragment CompanyName_Slug on Company {
  slug
}

fragment CompanyNumbers_query on Company {
  name
  defaultInstrument {
    estimateData {
      modelType
      reportingCurrency
    }
    estimateTransactions(first: 1, includeQuarters: true) {
      comparisonIndexName
      actualized {
        year
        quarter
        revenue
        revenueGrowth
        ebitda
        ebitAdjusted
        ebitReported
        preTaxProfit
        netEarnings
        epsReported
        epsAdjusted
        dividend
        payoutPercentage
        roePercent
        roiPercent
        enterpriseValue
        bookValue
        marketCap
        gearingPercent
        equityRatio
        dividendYield
        totalCosts
        loanLosses
        balanceSheetTotal
        tangibleBook
        cet1
        rwa
        sharePrice
        sharesTotal
        nav
        navPerShare
        opexOfNav
        totalShareholderReturn
        comparisonIndexReturn
        netDebtTotalAsset
        quarterlySharePrice
      }
      estimates {
        year
        quarter
        revenue
        revenueGrowth
        ebitda
        ebitAdjusted
        ebitReported
        preTaxProfit
        netEarnings
        epsReported
        epsAdjusted
        dividend
        payoutPercentage
        roePercent
        roiPercent
        enterpriseValue
        bookValue
        marketCap
        gearingPercent
        equityRatio
        dividendYield
        totalCosts
        loanLosses
        balanceSheetTotal
        tangibleBook
        cet1
        rwa
        sharePrice
        sharesTotal
        nav
        navPerShare
        opexOfNav
        totalShareholderReturn
        comparisonIndexReturn
        netDebtTotalAsset
        quarterlySharePrice
      }
    }
    id
  }
}

fragment CompanyOverviewGraphs_query_Ux1x9 on Query {
  company(companySlug: $companyName) {
    defaultInstrument {
      estimateData {
        modelType
        reportingCurrency
      }
      companyTransactions: estimateTransactions(first: 1, includeQuarters: false) {
        actualized {
          year
          revenue
          ebitAdjusted
          epsAdjusted
          dividendYield
          navPerShare
          totalShareholderReturn
        }
        estimates {
          year
          revenue
          ebitAdjusted
          epsAdjusted
          dividendYield
          navPerShare
          totalShareholderReturn
        }
      }
      id
    }
    id
  }
}

fragment CompanyOwners on Company {
  regions
  topOwners {
    recordDate
    compareDate
    source
    holders {
      name
      capitalPercent
      votingPowerPercent
      positionChange
      totalSharesChange
      shareChange
      isNew
      isRemoved
    }
  }
}

fragment CompanyOwnership_query_Ux1x9 on Query {
  company(companySlug: $companyName) {
    name
    ...CompanyOwners
    ...CompanyInsiderTransactions
    id
  }
}

fragment CompanyPageBottom_query_2bVJwf on Query {
  ...GeneralFeed_data_3NXCcw
  ...CompactFeed_3NXCcw
  ...UpcomingEventsQuery_Ux1x9
  ...RiskRecommendMatrix_query_Ux1x9
  ...CompanyOverviewGraphs_query_Ux1x9
  ...NonERCompanyOverviewGraphs_query_Ux1x9
  company(companySlug: $companyName) {
    companyInsref
    ...ForumUpdates_Company
    defaultInstrument {
      coreId
      id
    }
    id
  }
  allFeed: feedContent(first: 1, companySlug: $companyName, filter: {hideUpcomingVideos: true}) {
    edges {
      node {
        __typename
        id
      }
    }
  }
  main: feedContent(first: 1, companySlug: $companyName, filter: {hideUpcomingVideos: true, types: [COMPANY_REPORT, EXTENSIVE_COMPANY_REPORT, ANALYST_COMMENT, VIDEO, ARTICLE]}) {
    edges {
      node {
        __typename
        id
      }
    }
  }
  webcasts: feedContent(first: 1, companySlug: $companyName, filter: {hideUpcomingVideos: true, types: [WEBCAST]}) {
    edges {
      node {
        __typename
        id
      }
    }
  }
  thirdPartyResearch: feedContent(first: 1, companySlug: $companyName, filter: {types: [THIRD_PARTY_COMPANY_REPORT]}) {
    edges {
      node {
        __typename
        id
      }
    }
  }
  releases: feedContent(first: 1, companySlug: $companyName, filter: {types: [STOCK_EXCHANGE_RELEASE, PRESS_RELEASE]}) {
    edges {
      node {
        __typename
        id
      }
    }
  }
}

fragment CompanyPageTop_query_Ux1x9 on Query {
  ...StockChart_ChartQuery_Ux1x9
  ...LatestReports_query_Ux1x9
  company(companySlug: $companyName) {
    isFund
    name
    ...CompanyCoverage_Company
    ...CompanyName_Slug
    ...CompanyDescription_Company
    ...FundNumbers_Company
    ...ChangePercentBlock_Company
    ...KeyEstimateFigures_Company
    ...InvestmentCompanyKeyFigures_Company
    defaultInstrument {
      id
      estimateData {
        modelType
      }
    }
    analysts {
      name
      id
    }
    id
  }
  extensiveReport: feedContent(first: 1, companySlug: $companyName, filter: {types: [EXTENSIVE_COMPANY_REPORT]}) {
    edges {
      node {
        __typename
        id
      }
    }
  }
  analysis: feedContent(first: 1, companySlug: $companyName, filter: {types: [COMPANY_REPORT, EXTENSIVE_COMPANY_REPORT], tagNames_nin: ["Mallisalkku", "Arvonluojat"]}) {
    edges {
      node {
        __typename
        id
      }
    }
  }
  analysisArvonluojat: feedContent(first: 1, companySlug: $companyName, filter: {types: [COMPANY_REPORT, EXTENSIVE_COMPANY_REPORT], tagNames_nin: ["Mallisalkku"]}) {
    edges {
      node {
        __typename
        id
      }
    }
  }
}

fragment CompanyTagList on Company {
  pageUrl
  name
  viewerIsFollowing
}

fragment Extensive_query_3u4Ry5 on Query {
  company(companySlug: $companyName) {
    extensive(extensiveId: $extensiveId, snapshotDate: $snapshotDate) {
      publishedAt
      pageUrl
      content {
        id
        title
        lang
        slug
        htmlBody
        publishedAt
        createdAt
        changedAt
        isOutdated
      }
    }
    id
  }
}

fragment ForumUpdates_Company on Company {
  name
  forum {
    threadUrl
    highlightedPosts {
      url
      author
      authorImgUrl
      text
      postedAt
      likesCount
    }
  }
}

fragment FundNumbers_Company on Company {
  defaultInstrument {
    isin
    symbol
    priceData {
      lastPrice
      ath
    }
    id
  }
}

fragment GeneralFeed_data_3NXCcw on Query {
  generalFeed: feedContent(first: 20, companySlug: $companyName, filter: {types: $feedTypes}) {
    edges {
      node {
        __typename
        id
        ...Teaser_content
        ...TeaserCompact_content
      }
      cursor
    }
    pageInfo {
      endCursor
      hasNextPage
    }
  }
}

fragment InvestmentCompanyKeyFigures_Company on Company {
  marketData {
    marketCap
  }
  defaultInstrument {
    priceData {
      tradeCurrency
      dailyTurnover
    }
    estimateData {
      modelType
    }
    estimateTransactions(first: 1, includeQuarters: true) {
      actualized {
        year
        quarter
        sharesTotal
        marketCap
        nav
        navPerShare
        dividendYield
        quarterlySharePrice
      }
      estimates {
        year
        quarter
        dividendYield
      }
    }
    id
  }
}

fragment KeyEstimateFigures_Company on Company {
  marketData {
    marketCap
  }
  defaultInstrument {
    priceData {
      tradeCurrency
      dailyTurnover
      lastPrice
      marketCap
    }
    sector
    fundamentalData {
      ebit
      eps
      sales
      dividend
    }
    estimateData {
      modelType
      estimates {
        firstEstimateYear {
          year
          bookValue
          netSales
          dividendA
          epsAdjusted
          ebitAdjusted
          hybridLoan
          noOfShares
          netDebt
          mvMinorities
          mvAssociated
          roePercent
        }
      }
    }
    estimatesSharePrice: estimateTransactions(first: 1) {
      estimates {
        sharePrice
      }
    }
    id
  }
}

fragment LatestReports_query_Ux1x9 on Query {
  extensiveReport: feedContent(first: 1, companySlug: $companyName, filter: {types: [EXTENSIVE_COMPANY_REPORT]}) {
    edges {
      node {
        __typename
        createdAt
        pageUrl
        id
      }
    }
  }
  analysis: feedContent(first: 1, companySlug: $companyName, filter: {types: [COMPANY_REPORT, EXTENSIVE_COMPANY_REPORT], tagNames_nin: ["Mallisalkku", "Arvonluojat"]}) {
    edges {
      node {
        __typename
        createdAt
        pageUrl
        id
      }
    }
  }
  analysisArvonluojat: feedContent(first: 1, companySlug: $companyName, filter: {types: [COMPANY_REPORT, EXTENSIVE_COMPANY_REPORT], tagNames_nin: ["Mallisalkku"]}) {
    edges {
      node {
        __typename
        createdAt
        pageUrl
        id
      }
    }
  }
}

fragment NonERCompanyNumbers_query on Company {
  name
  defaultInstrument {
    nonERNumberSet: nonERCompanyNumberSet(includeQuarters: true) {
      year
      quarter
      revenue
      ebitda
      ebitReported
      epsReported
      dividend
      sharesTotal
      roe
      roi
      enterpriseValue
      marketCap
      gearingRatio
      equityRatio
      dividendYield
      sharePrice
      currency
      evSales
      evEbitda
      evEbit
      pb
      netIncome
      ptp
    }
    id
  }
}

fragment NonERCompanyOverviewGraphs_query_Ux1x9 on Query {
  company(companySlug: $companyName) {
    defaultInstrument {
      overviewGraphsData: nonERCompanyNumberSet(includeQuarters: false) {
        year
        revenue
        ebitReported
        epsReported
        dividend
        dividendYield
        currency
      }
      id
    }
    id
  }
}

fragment Reactions on Content {
  __isContent: __typename
  id
  reactionGroups {
    reactionType
    reactionsCount
    viewerReacted
  }
}

fragment RiskRecommendMatrix_query_Ux1x9 on Query {
  company(companySlug: $companyName) {
    defaultInstrument {
      riskData: estimateTransactions(first: 1) {
        businessRisk
        valuationRisk
      }
      id
    }
    id
  }
}

fragment StockChart_ChartQuery_Ux1x9 on Query {
  company(companySlug: $companyName) {
    isFund
    defaultInstrument {
      coreId
      id
      marketOpen
      marketClose
      marketplace {
        region
      }
      priceData {
        lastPrice
      }
      returns {
        day
        week
        month
        threeMonths
        sixMonths
        year
        threeYears
        fiveYears
        tenYears
        ytd
        total
      }
    }
    id
  }
}

fragment TargetAndRecommendation_Company on Instrument {
  estimateData {
    modelType
    researchCurrency
    estimates {
      date
      recommendation
      targetPrice
    }
  }
}

fragment TeaserCompact_content on Content {
  __isContent: __typename
  __typename
  id
  type
  title
  createdAt
  isPremium
  pageUrl
  lang
  companies {
    ...CompanyTagList
    id
  }
  ... on Video {
    liveTime
  }
  ... on Webcast {
    liveTime
  }
  ...AuthorList
}

fragment TeaserExtraCompact_content on Content {
  __isContent: __typename
  id
  title
  createdAt
  pageUrl
  lang
  companies {
    name
    pageUrl
    viewerIsFollowing
    id
  }
}

fragment Teaser_content on Content {
  __isContent: __typename
  __typename
  id
  type
  title
  createdAt
  pageUrl
  imgUrl
  isPremium
  lang
  companies {
    ...CompanyTagList
    id
  }
  publishers {
    imgUrl
  }
  authors {
    __typename
    id
  }
  ... on AnalystComment {
    preview
  }
  ... on Article {
    preview
  }
  ... on CompanyReport {
    preview
  }
  ... on ThirdPartyCompanyReport {
    preview
  }
  ... on QA {
    preview
  }
  ... on Video {
    preview
    liveTime
    videoDuration
  }
  ... on Webcast {
    preview
    liveTime
  }
  ...AuthorList
  ...Reactions
}

fragment UpcomingEventsQuery_Ux1x9 on Query {
  company(companySlug: $companyName) {
    defaultInstrument {
      calendarEvents(first: 10) {
        edges {
          node {
            date
            type
            period
            id
          }
        }
      }
      id
    }
    id
  }
}


name

description

pageUrl

defaultInstrument

companyInsref

viewerIsFollowing

followersCount

isCorporateCustomer

hasPinpointData

hasDividendHistory

sector

regions

extensiveExists

topOwners

insiderTransactions

isPayingCustomerOf

isFormerCustomerOf

extensive

feedContent

Stillfront Group

Stillfront completes repurchases of own shares

Stillfront announces changes to the Nomination Committee ahead of the 2026 AGM

Notice of Extraordinary General Meeting in Stillfront Group AB (publ)

Stillfront receives request from two shareholders to convene an extraordinary general meeting to elect a new board of directors, including a new chairman

Stillfront's holding of own shares exceeds five percent

Stillfront, Webcast, Q4'25

Stillfront’s Full-Year Report 2025 – Margin expansion despite revenue decline

Stillfront announces new segment reporting structure – increased focus on key franchises

Stillfront announces non-cash impairment of goodwill and other intangible assets of SEK 2,258 million and preliminary full year results for 2025

Modular Finance IR Consensus: Stillfront Group – Consensus estimates Q4 2025

Invitation – presentation of Stillfront’s Year-end Report 2025

Emily Villatte starts as Group CFO

Stillfront, Webcast, Q3'25

The Board of Directors of Stillfront has resolved to exercise its authorisation to acquire own shares

Stillfront’s Interim report July – September 2025

Stillfront expects higher adjusted EBITDAC in the third quarter of 2025 compared to market expectations

Invitation – presentation of Stillfront’s report for the third quarter 2025

Stillfront, Webcast, Q2'25

Stillfront’s Interim report April – June 2025

Modular Finance IR Consensus: Stillfront Group – Consensus estimates Q2 2025

Invitation – presentation of Stillfront’s report for the second quarter 2025

Stillfront appoints Emily Villatte as Group Chief Financial Officer

Stillfront's holding of own shares falls below five percent

Stillfront completes repurchase of own shares

Stillfront unveils collaboration with Games Workshop. Announcing Supremacy Warhammer 40,000

NASDAQ Stockholm

Stillfront Group operates in the gaming industry and focuses on the development and distribution of mobile and browser-based games. The company's products are aimed at gamers seeking entertainment and gaming experiences. The business is global with a primary presence in Europe, North America and Asia. Stillfront Group was founded in 2010 and is headquartered in Stockholm, Sweden.

Having closely followed the company since spring 2024 and having elevated the stock to the second pillar of my high-risk portfolio over the last month, I thought I’d share my fresh thoughts with others, as the previous post was from January 2022 – those who invested in the stock back then are now suffering a horrifying -85% loss. Quick background on the stock price decline: The mobile gaming bubble during the Covid era, both in terms of results and valuation multiples, hit the company particularly hard. Not only did it invest heavily in game development (with very poor future ROI), but it also built its investment story around M&A (a kind of mobile gaming Embracer). As the cherry on top, several M&A deals included unprecedented earn-out payments (e.g., 1x EBIT earn-outs for the next 3-4 years), leaving current investors with independent studios with weak margins and growth, cash-consuming earn-outs, and a debt burden of approximately 60% of the current enterprise value. Of course, valuation multiples across the entire mobile gaming market have decreased (e.g., MTG’s EV/EBIT 2026E approx. 8x), most likely due to fierce competition/weak competitive advantages (=poor ROIs for the average game) and the continued downturn in the market (excluding a few clear market winners). The latest “capitulations” in the stock were seen after the Q1 and Q2 reports, which were overshadowed by extremely sharp revenue growth figures of over -10% – investors have been waiting for positive growth figures since Q4/22. However, large declines and weak sentiment can also hide potential! Theses for significant appreciation potential and a “risk buffer”:   Subsidiary Jawaker almost solely covers the current enterprise value In 2021, Stillfront acquired Jawaker, an Abu Dhabi-based gaming company targeting the global Arabic-speaking population. Its mobile application, containing 50 card and board games, has managed to grow 30% p.a. from Q4/21-Q4/24 with very low UAC (network effects). At the time of the acquisition, 2021E revenue was stated to be SEK 270-310m and the EBIT margin around 70%. The acquisition cost USD 205m (vs. Stillfront’s current market cap of approx. USD 350m) or 8.9x EV/EBIT (midpoint of forecast). In addition, Stillfront pays sellers 1x EBIT in earn-outs based on 2022-2026 results in July of the following year. What makes the situation interesting is that Jawaker is the only acquisition for which Stillfront will still pay additional purchase price after this summer, which in turn allows for the current EBIT to be bracketed from the reported earn-out liabilities. The forecast and discounted earn-outs due in 2026 are SEK 578m. Assuming a 10% discount rate, Jawaker’s 2025E EBIT is SEK 636m. Since we are clearly talking about a gaming studio that stands out from the rest of the gaming market, is based in the Middle East (money is plentiful ), growing at 30%, and generating a 70% EBIT margin, I believe a valuation multiple of 10x without additional purchase price does not seem particularly strange – this would make the price SEK 6.4bn (or USD 678m). This compares to the current SEK 7.9bn enterprise value, of which SEK 4.6bn is net debt. Using a 70% EBIT margin, Jawaker’s revenue can be estimated at approximately SEK 900m, which compares to the approximately SEK 5.9bn 2025 revenue forecast for the entire group – although at the EBIT level, the forecast is only about SEK 1.2bn, which indicates the poor profitability of the rest of the group and the need for restructuring (which is discussed in point 2.).   New management is conducting a strategic review, actions and statements are convincing When former COO Alexis Bonte took over as Group CEO in early 2025 after the founder/CEO was dismissed, the company immediately began a comprehensive organizational restructuring. The first item on the agenda was segment reporting by three continents (which revealed a growing and profitable Asia/Middle East, Europe as a focus of investment, and weak growth and profitability in the United States). The first actions of the SEK 250m cost-saving program (whose run-rate savings were achieved in two quarters) were the closure of two unprofitable US studios and the transfer of games to lower-cost studios (temporarily negatively impacting Q2 revenue in particular). In May 2025, the stock price temporarily gained momentum as the company initiated a strategic review, including potential divestments, with Carnegie investment bank – which every finance professional knows as one of the most aggressive in the Nordics – and Aream, a sector specialist who facilitated Jawaker’s earlier deal. Taking into account point 1 of my text (Jawaker’s value), in addition to the strategic review, two interesting observations must be mentioned: 1) Jawaker’s management and founders consolidated their ownership under one holding company in late summer, now owning over 10% of Stillfront; 2) The board has not authorized share buybacks, which have been running for over a year since the Q2 report, to cover earn-out payments, even though management stated in the Q2 call that they see the stock as undervalued and the company will continue to generate high cash flow (LTM FCF SEK 1.1bn) – does the board have information on the table that could significantly affect the stock price?   Very strong cash flow / low valuation and reasonably low cost of debt As mentioned, approximately 60% of the enterprise value is net debt. However, the company generates approximately SEK 1.1bn in free cash flow after interest expenses, and its net debt/EBITDA is only 2.2x – for a highly diversified portfolio requiring little investment, this seems reasonable. The debt market thinks similarly, pricing the latest unsecured bonds at S+365bps at the end of 2024, and the bonds are currently trading above par (around 100.6%) – so no stress can be observed. The current cash flow (SEK 1.1bn) translates to a 33% FCFE yield for a SEK 3.3bn market cap, which, of course, predicts the company’s crisis or collapse. Many parties, of course, include the two upcoming earn-out payments in the cash flow, which halves the figure. In my opinion, however, including one-time payments (which will end in less than 2 years) when valuing for eternity is simply a flawed idea. On the other hand, a collapse of cash flow within 2 years in a situation where gross margins have been improved (transition from 3rd party payment solutions to DTC channel) and the company’s fixed costs are being driven down at an accelerating pace is unlikely. Investors are, of course, particularly concerned about the very weak revenue growth figures seen in H1, but taking into account the phase-out of the “legacy” portfolio, game development investments halved since 2022, the US restructuring in H1, the major launch of the significant Albion game in Q1 (strong comparison period), and the previous new game launch in Q3/Q4 2023, a stronger development can be projected for the future after the restructuring ends and new game releases / expansions come out of the pipeline (e.g., Supremacy Warhammer 40k in November 2025). All in all, not much needs to be paid for the current results (2025E adj. EV/EBIT 6.5x and adj. P/E 4x).   Finally, a disclaimer that investing in a serial underperformer, which happens to be indebted and has declining revenue for the last 3 years, is more than at your own risk, and I would gladly hear constructive challenges to the likely errors in my thinking. This can also be leveraged in Nordnet with a frightening 70% collateral rate, although I wouldn’t equate this risk to that of an apartment share in downtown Helsinki

Q4 is nearing its halfway point, and the most active period for mobile gaming has begun. Here are a few observations from recent weeks.   Own share repurchases: Between 24.10 and 11.11, Stillfront has repurchased 7,405,000 of its own shares (approximately 47mSEK / 210mSEK of the program). The entire program represents about 6% of the market capitalization. (Stockholm Repurchase of Own Shares | Nasdaq)   Insider purchases: Board member Markus Jacobs (a gaming industry veteran from EA and King, among others) bought 140,000 shares at the turn of the month for 891kSEK (approx. 82kEUR, a significant sum for a board position). His ownership is now 355k shares, with previous smaller purchases in August.   New game soft launches:   Big Farm Homestead has been available in limited release in the US Google Play Store since summer. The game aims to build on the successes familiar from Sunshine Island, and initial comments are cautiously positive despite limited content (poor reviews mainly due to restricted levels). According to the Q3 report, the game’s global launch is at the end of the quarter, so the biggest impact on figures will only be in 2026.    Supremacy: Warhammer 40k, for which Stillfront likely has the highest expectations, has gradually added countries to its Beta version. More content will be added before the actual release, and on Discord, for example, the game’s development team is in close discussion with dedicated players about bugs, game mechanics, etc. No actual data is available yet, but based on information received today (Discord), the global launch will happen “before the holidays,” contrary to the earlier 17.11 indication. This means development will continue slightly longer than expected due to player feedback, which has included positive comments in addition to development suggestions – negative for Q4 revenue, but in the long run, this is certainly preferable.   Nanobit’s new Unfolded: Webtoon Stories, which has also been pre-released in the US, among other places, appears to be a weak game at least at this stage, based on reviews. Of course, I personally haven’t set any expectations for this hypercasual narrative game, and Nanobit’s previous games are not very relevant to the group’s revenue generation (Nanobit’s entire 3-month revenue for three games is $300k on iOS vs. e.g., Jawaker $1m – which also has a larger D2C share – and Bitlife $600k).     Old games: Due to Stillfront’s “patchwork” nature, it is very difficult to estimate the growth of “Key franchise” games (many games, many countries, many platforms, D2C / 3rd party stores, etc.), but I have not noticed any significant weakening in any game when moving from Q3 to Q4 (note: I mainly follow Sensor Tower’s free data in relation to other games, and it only shows a small part of Stillfront’s earnings in terms of revenue, thus mainly indicating an increase/decrease in activity relative to the rest of the market. For Albion, Steam is also relevant, but most players play directly through Stillfront’s interface). However, a few clear positive observations can be found:  Bitlife, whose development was somewhat subdued in Q3 due to, among other things, investment in D2C payment channels, has now shown very positive results due to Halloween updates (Vampire theme bit?  ). The game has risen to among the top 40 most downloaded games on iOS in the US from around 100-150th place in a 3-month review.    Sunshine Island, released in 2023, which based on comments continued strong performance already in Q3/25, still seems to have accelerated activity for Q4 (below is a 3-month graph of game downloads on iOS in the US in the “Family” category). It is also noteworthy that the game is already among Stillfront’s top 3 highest-revenue-generating individual games, if only Sensor Tower’s Google Play / iOS are considered – the top 3 are Jawaker, Supremacy: ww3, and Sunshine Island.     Google Play fees: Not a Q4 matter yet, apparently (awaiting court approval), but on 4.11, an agreement between Epic and Google was announced, which attracted attention in the gaming industry. It concerned the long-running monopoly dispute over Google Play Store fees and openness. The parties agreed that Google would drop its own fee share from approximately 15/30% (under/over 1 million payments) to 9/20% (depending on the payment type) and open Google Play to third-party payment solutions (such as Stillfront’s D2C) without a separate fee. This will have a positive impact on game gross margins and thus on the profitability of mobile gaming companies with leverage over time. As one example of the challenges of the current setup, Sunshine Island has roughly the same number of downloads on iOS / Android, but Android has €700k in monthly revenue vs. €300k on iOS according to Sensor Tower (presumably a larger portion of iOS revenue goes through Stillfront’s own payment service with a higher gross margin).   Overall, it feels like the momentum in the portfolio is currently better than what could be seen at the time of the Q3 earnings release. On the other hand, Q4 revenue will not get much help from new releases, but I see 2/3 of the games as quite potential contributors to organic growth in 2026. Edit. The situation in point 5 was not finalized, as a judge in the US did not approve the settlement, seeing elements that still restrict competition. No wonder, with Google and Epic as parties

In the absence of discussion, let’s continue with an informative approach. Stillfront published its Q3 results on Thursday, with revenue and adj. EBITDAC (Adj. EBITDA - capex) already known in advance. Thus, no major surprises were seen, but a few observations (positives / negatives): \+ Both Europe and Asia / Middle East growing, negative growth purely driven by the United States (weak organic development + restructuring) \+ Three new games are being released imminently (the previous one being Sunshine Island 2023), which finally creates belief in better organic revenue development in 2026 (though analysts remain cautious about 2026 growth). The impact on Q4 is moderate (excluding increased marketing costs) due to the late release timing. \+ DTC channel revenue share grew 33% → 44% y/y, which is a high level compared to the industry. This had a +3ppt impact on gross margin (which, of course, scales significantly to the bottom line), even though players are attracted to DTC channels with significant discounts during the transformation phase. \- Cash flow was disappointing, but mainly due to NWC fluctuations and abnormally high taxes (LTM cash flow still >900mSEK) \- No divestment news, but regarding the strategic review, the continuous exploration of divestments was explicitly mentioned – on the other hand, winding down unproductive operations increases the significance of valuable assets, bringing out value without divestments \- Q4 revenue growth will be closer to H1’s weak levels due to the partial shutdown in the United States and lower UAC usage at the end of Q3, with the focus being on Q4 new game releases –- however, the market seems to be gradually looking past this quarter. In addition, the board initiated fairly large share buyback programs for earn-out payments (SEK 210m, or 6.4% of market value). On the other hand, this would imply that there is no acute insider project regarding divestments on the board’s table (if I understand insider trading legislation correctly). Before the results, Cantor, among others, surprisingly raised its target price from SEK 6 to SEK 14, and after the Q3 results, Pareto, which had been bearish recently, raised its target price from SEK 6 to SEK 9. The share price also rose +19% in a week, but the YTD graph looks more like Linnanmäki’s wooden roller coaster than a stock price – YTD still -24%. Next in sight are the three game releases in November/December (the first significant one being Supremacy: Warhammer 40k) and the anticipation of potential divestment news. A new CFO starts at the beginning of the year (although I personally liked the interim CFO’s firm communication), and hopefully, a comprehensive CMD will be held after the strategic review concludes early next year.            stillfront.com              stillfront-quarterly-report-q3-2025-251023.pdf    525.71 KB

There isn’t much activity in this thread, so let’s post this news here. Pareto has named Stillfront as one of its Top 15 Swedish stock picks for 2026. I couldn’t find a direct link to this from Pareto itself, but I came across this on Nordnet and it was also found elsewhere: https://www.marketscreener.com/news/pareto-unveils-its-15-top-stock-picks-for-2026-ce7e58dedf88f427

Uusi osto, hakee lisää rahaa sijoittajilta lähitulevaisuudessa. Q4 ennakkotulokset redeyen odotusten mukaiset.  Kurssi lähti alas 5%. Tällä hetkellä n.48.5 SEK ja RedEyen bear case 57 SEK                   redeye.se              Stillfront: Expands Asia exposure with acquisition of 6Waves    Redeye comments on Stillfront’s announced acquisition of 6Waves which is a Japan focused publisher of mobile free-to-play strategy games. Stillfront also publish preliminary Q4’21 financials which wa

Let’s update a few recent developments:  New CFO Emily Villatte bought 200k shares at a price of approximately 4.26 SEK (about €80k – a decent “skin in the game” for a new hire). The two largest owners, Laureus Capital (GoodGame founders) and Knuth Capital (Jawaker founders), with a combined 23% stake, demanded the convening of a general meeting about two months ahead of schedule and are changing the board composition (the new Chairman will come from within the board, including the former H&M CEO and current IKEA Chairman; a couple of old members remain, and the two largest owners appoint three new members). Media comments highlighted “differences in strategic vision” between the former Chairman and the owners, as well as “no time to waste” – the old board was indeed full of Swedish “bureaucrats,” and on the other hand, Laureus Capital had already voted against discharging the board from liability at the 2024 AGM. It remains to be seen in which direction the company, which has undergone a transformation process, will be guided from here on, but at least there is now “skin in the game” on the board. The recent drop on Friday was triggered when a nomination committee representative, serving as a “professional board member” for Handelsbanken, decided to step aside – after all, he had been bypassed by the owners, and Handelsbanken has been selling shares into the market for about a year. The stock’s momentum has been very weak, and the buy side has mainly consisted of the company itself (a stake of about 6% purchased from zero in the fall in about five months) – this week an announcement was made regarding the completion of the previous buyback program, and we’ll see if the current board still has the motivation to continue with a new program (or if they wait until the EGM). Based on public data, the game portfolio has developed very positively regarding the largest games:   Jawaker, well-known in Arab culture (28% growth in Q4, approximately 16% of the company’s revenue in 2025), is somewhat exposed to the situation in the Middle East (at least if internet connections fail), but according to SensorTower data, Q/Q development is at least not negative (even slightly growing). The war-themed strategy game trilogy Supremacy has developed very positively across both Steam and mobile game channels (figures for Stillfront’s own browser version are not public), even though the fourth game in the series (Warhammer 40k) has not been released yet. The games were clearly marketed anyway in January/February as player counts rose, but especially the Iran vs. USA situation has accelerated the numbers for Supremacy: WW3 (Steam is clearly an “onboarding channel” for the game, as the games grew y/y also in Q4, even though player activity on Steam was clearly lower – unlike Q1 so far):     The new addition to the Big Farm game series, “Big Farm Homestead,” seems to be a success at least on par with Sunshine Island (released in 2023); furthermore, Sunshine Island’s metrics also appear to have improved Q/Q (Q4 growth was already 34% organically, without significant contribution from the new game released in December).    Otherwise, major negative or positive trends are hard to spot. Bitlife looks slightly negative on SensorTower, but on the other hand, there has been a focus on D2C channels since Q4, affecting the numbers. Albion Online is preparing for an Xbox release in Q2, which is a very interesting expansion (previously entirely PC / slightly mobile).  The stock is down -37% YTD, and this has also fueled shorts following the momentum trend (about 6% vs. 1.5% in the fall). It may be that we have to wait for a catalyst at least until the next earnings release at the end of April, but a 41% LTM FCF yield has kept me loading up on the stock.

Positive news from Stillfront regarding profitability, against the backdrop of actions weighing on revenue as the portfolio continues to focus on the most important franchises. In any case, the strategy is progressing, and hopefully positive news will continue to be received. Results on Thursday, October 23rd.                   Stillfront Group              Stillfront expects higher adjusted EBITDAC in the third quarter of 2025...    Stillfront expects to report adjusted EBITDAC of SEK 436 million for the third quarter of 2025, which is higher than market expectations. This corresponds to an increase of 13 percent compared to the third quarter of 2024. The adjusted EBITDAC growth...

Laureus Capital 

Knuth Capital LLC FZ

Stillfront Group

4.11 SEK

-3.38 %