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Stillfront Group AB
(SF)
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Rating:63Neutral
Price Target:
kr7.00
▲(28.91% Upside)
Action:Reiterated
Date:07/29/26
The score is driven primarily by mixed financial performance—strong cash flow resilience and some stabilization, but ongoing losses and higher leverage constrain quality. Technicals are supportive with the stock above all key moving averages, and the earnings call adds confidence through margin improvement and deleveraging progress, tempered by revenue declines, portfolio weakness, and near-term earn-out cash outflows. Valuation remains weaker due to a loss-making P/E and no dividend yield data.
Positive Factors
Strong cash generation
Stillfront’s trailing cash generation is a persistent strength: robust operating cash flow and growing free cash flow (FCF growth ~25%) have materially covered accounting losses and provide internal funding for live‑ops, product updates and selective reinvestment, supporting multi‑quarter stabilization and execution of deleveraging plans.
Negative Factors
Elevated leverage and compressed equity
Leverage remains meaningfully above pre‑2024 levels and equity has compressed, limiting financial flexibility. Elevated net debt increases refinancing and covenant risk and constrains capacity for large organic UA spend or acquisitions, making multi‑quarter restoration of balance sheet health necessary for strategic optionality.
Read all positive and negative factors
Positive Factors
Negative Factors
Strong cash generation
Stillfront’s trailing cash generation is a persistent strength: robust operating cash flow and growing free cash flow (FCF growth ~25%) have materially covered accounting losses and provide internal funding for live‑ops, product updates and selective reinvestment, supporting multi‑quarter stabilization and execution of deleveraging plans.
Read all positive factors
Stillfront Group AB (SF) vs. iShares MSCI Sweden ETF (EWD)
Market Cap
kr3.39B
Dividend YieldN/A
Average Volume (3M)2.19M
Price to Earnings (P/E)―
Beta (1Y)0.66
Revenue Growth-13.65%
EPS Growth72.95%
CountrySE
Employees1,133
SectorGeneral
Sector StrengthN/A
IndustryElectronic Gaming & Multimedia
Share Statistics
EPS (TTM)-3.93
Shares Outstanding517,968,500
10 Day Avg. Volume1,897,818
30 Day Avg. Volume2,190,783
Financial Highlights & Ratios
PEG Ratio0.02
Price to Book (P/B)0.82
Price to Sales (P/S)0.57
P/FCF Ratio2.25
Enterprise Value/Market CapN/A
Enterprise Value/RevenueN/A
Enterprise Value/Gross ProfitN/A
Enterprise Value/EbitdaN/A
Forecast
1Y Price TargetN/A
Price Target UpsideN/A
Rating ConsensusN/A
Number of Analyst Covering0
EPS Forecast (FY)1.33
Revenue Forecast (FY)kr5.27B
Stillfront Group AB Business Overview & Revenue Model
Company Description
Stillfront Group AB (publ), operating through its subsidiaries, specializes in the full lifecycle of digital games, encompassing their design, development, marketing, publishing, and distribution. The company serves a wide geographic area, includi...
How the Company Makes Money
Stillfront primarily makes money by operating its games as ongoing live services. Its main revenue stream is in-game monetization (microtransactions), where players purchase virtual goods, upgrades, currency, season/battle passes, and other digita...
Stillfront Group AB Earnings Call Summary
Earnings Call Date:Jul 24, 2026
(Q2-2026)
| % Change Since: |
Next Earnings Date:Oct 23, 2026
Earnings Call Sentiment Positive
The call presents a constructive picture: the company demonstrated clear progress on profitability (higher adjusted EBITDAC and margins), strong cash generation, successful launches (notably Big Farm: Homestead) and double-digit organic growth in key franchises. At the same time, there are notable challenges — overall reported revenue declined year-on-year, the Other games portfolio and certain franchises (BitLife, Supremacy) showed weakness, the user acquisition environment weakened late in the quarter, and near-term earn-out payments continue to absorb cash. On balance, the operational improvements, margin expansion, cash generation and strategic focus on core franchises outweigh the cyclical and portfolio headwinds highlighted in the call.Positive Updates
Improved Profitability and Margin Expansion
Adjusted EBITDAC increased to SEK 387 million, up 3% year-on-year, with an adjusted EBITDAC margin of 29% (up from 23% in Q1 and up 3 percentage points YoY). Margin expansion was primarily driven by lower user acquisition costs and a higher share of direct-to-consumer bookings.
Negative Updates
Overall Revenue Decline
Reported net revenue for the quarter was SEK 1.323 billion, down 8% year-on-year on an absolute basis and showing an organic decline of 1.3%. Reported decline was partly driven by divestments and FX headwinds.
Read all updates
Q2-2026 Updates
Positive
Negative
Improved Profitability and Margin Expansion
Adjusted EBITDAC increased to SEK 387 million, up 3% year-on-year, with an adjusted EBITDAC margin of 29% (up from 23% in Q1 and up 3 percentage points YoY). Margin expansion was primarily driven by lower user acquisition costs and a higher share of direct-to-consumer bookings.
Read all positive updates
Company Guidance
The management pointed to a clear, disciplined outlook: continue to concentrate capital and UA on key franchises (which grew organically 10% in Q2) while prioritizing profitability and deleveraging, with near-term cash flows partly absorbed by earn‑out and settlement activity until an expected inflection point in Q2 2027. Key metrics underpinning that guidance include Q2 net revenue SEK 1.323 billion (organic -1.3%), adjusted EBITDAC SEK 387 million (29% margin, up from 23% in Q1), gross margin 84% (+2 ppt y/y), free cash flow SEK 519 million (LTM FCF SEK 1.307 billion; SEK 841 million adjusted for upfront Gameberry cash), cash from operations SEK 644 million (including ~SEK 245 million Gameberry benefit), UAC SEK 340 million (26% of revenue vs 30% a year ago; down from SEK 447 million sequentially), DTC bookings 46% (vs 39% a year ago), net debt SEK 4.6 billion (reduced SEK 621 million q/q) and leverage ~2.2x including next‑12‑month earn‑outs—while noting that strong launches (e.g., BIG: SEK 172 million, +79% organic) can drive step‑ups in UA and revenue, but the company does not expect that launch‑level growth rates to persist quarter‑to‑quarter.Stillfront Group AB Financial Statement Overview
Summary
Income Statement
24
Negative
Balance Sheet
40
Negative
Cash Flow
70
Positive
| Breakdown | TTM | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 5.39B | 5.71B | 6.74B | 7.01B | 7.06B | 5.46B |
| Gross Profit | 1.30B | 1.40B | 1.40B | 4.17B | 7.67B | 5.92B |
| EBITDA | -799.00M | -1.40B | -6.05B | 2.24B | 2.04B | 1.68B |
| Net Income | -2.02B | -2.40B | -7.38B | 7.00M | 559.00M | 590.00M |
Balance Sheet | ||||||
| Total Assets | 11.42B | 11.02B | 16.37B | 22.61B | 24.13B | 20.05B |
| Cash, Cash Equivalents and Short-Term Investments | 907.00M | 701.00M | 957.00M | 807.00M | 989.00M | 1.13B |
| Total Debt | 4.70B | 4.57B | 5.86B | 4.94B | 4.76B | 4.58B |
| Total Liabilities | 6.77B | 7.04B | 8.89B | 8.76B | 9.88B | 10.25B |
| Stockholders Equity | 4.65B | 3.99B | 7.48B | 13.84B | 14.24B | 9.77B |
Cash Flow | ||||||
| Free Cash Flow | 1.31B | 1.46B | 1.07B | 857.00M | 971.00M | 761.00M |
| Operating Cash Flow | 1.56B | 1.47B | 1.69B | 1.69B | 2.03B | 1.62B |
| Investing Cash Flow | -972.00M | -1.11B | -1.14B | -1.67B | -3.76B | -4.18B |
| Financing Cash Flow | -605.00M | -505.00M | -452.00M | -175.00M | 1.46B | 2.62B |
Stillfront Group AB Technical Analysis
Positive
5.43
Price Trends
5.02
Positive
4.95
Positive
5.25
Positive
Market Momentum
0.52
Positive
64.08
Neutral
39.74
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For SE:SF, the sentiment is Positive. The current price of 5.43 is below the 20-day moving average (MA) of 5.97, above the 50-day MA of 5.02, and above the 200-day MA of 5.25, indicating a bullish trend. The MACD of 0.52 indicates Positive momentum. The RSI at 64.08 is Neutral, neither overbought nor oversold. The STOCH value of 39.74 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for SE:SF.
Stillfront Group AB Peers Comparison
UnderperformOutperform
Sector (55)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
72 Outperform | kr14.19B | 110.33 | 3.38% | 7.84% | 7.73% | -81.02% | |
72 Outperform | kr465.12M | 19.05 | 5.44% | 3.22% | -19.67% | -68.42% | |
63 Neutral | kr3.39B | -1.66 | ― | ― | -13.65% | 72.95% | |
60 Neutral | kr1.85B | -0.95 | ― | ― | -15.13% | -602.18% | |
55 Neutral | $6.65B | 3.83 | -15.92% | 6.20% | 10.91% | 7.18% | |
51 Neutral | kr203.48M | -20.24 | -3.33% | 13.12% | 4.39% | -6331.67% | |
47 Neutral | kr196.96M | -0.43 | -138.93% | ― | -8.66% | -91.13% |
* General Sector Average
SE:SF
Stillfront Group AB
6.53
1.69
34.87%
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Stillfront Group AB Corporate Events
Stillfront Schedules Webcast to Present Q2 2026 Results
Jul 10, 2026
Stillfront Group AB, a Stockholm-based global games company, develops a diversified portfolio of digital titles including well-known franchises like BIG, Jawaker and Supremacy, reaching roughly 36 million monthly players across major markets such ...
Stillfront Extends EUR 60 Million Term Loan to 2028, Bolstering Debt Profile
Jul 7, 2026
Stillfront Group AB has extended and amended its unsecured EUR 60 million term loan facility with Swedish Export Credit Corporation, pushing the maturity out by one year to September 2028. The company has also aligned the facility’s terms wi...
Stillfront launches CEO succession as Alexis Bonte plans orderly exit
Jun 30, 2026
Stillfront Group AB has begun a CEO succession process, with current chief executive Alexis Bonte agreeing with the board to initiate a search for his successor while remaining in post until a new leader is appointed. The move is designed to ensur...
Stillfront’s Treasury Share Holding Drops Below Five Percent After Earn‑Out Transfers
Jun 26, 2026
Stillfront Group AB said its holding of own shares has fallen below five percent of total shares and votes, after transferring stock to fulfill earn-out obligations tied to past acquisitions. The company now holds 2,981,335 treasury shares, equal ...
Stillfront streamlines portfolio with Gameberry settlement and OFM sale
Jun 3, 2026
Stillfront Group has restructured parts of its portfolio by securing an early settlement with India-based Gameberry Labs and divesting German studio OFM Studios for a combined consideration of about SEK 268 million. Under the agreement, Gameberry ...
Stillfront AGM Approves Accounts, Board Changes and New Share Authorities
May 13, 2026
Stillfront Group AB’s annual general meeting approved the 2025 financial statements, decided to carry forward profits, discharged the board and CEO from liability, and endorsed the remuneration report. Shareholders confirmed the existing boa...
Stillfront Holds Revenue Steady but Sees Margin Pressure in Q1 2026
Apr 29, 2026
Stillfront Group AB reported first-quarter 2026 net revenue of SEK 1,333 million, broadly flat in organic terms, with 12 percent organic growth in its key franchises, highlighting the resilience of its core games despite an overall year-on-year re...
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.