Stillfront Group AB (SE:SF)
:SF
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Stillfront Group AB
(SF)
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Rating:46Neutral
Price Target:
kr4.00
▼(-37.30% Downside)
Action:ReiteratedDate:03/26/26
The score is held down primarily by weak financial performance (declining revenue, sizable net losses, and a thinner equity cushion) and bearish technicals (below key moving averages with negative MACD). Earnings call commentary provides partial support through stronger cash generation, margin improvements, and a deleveraging focus, while valuation is difficult to assess meaningfully due to negative earnings and no dividend yield.
Positive Factors
Strong free cash flow generation
Consistent, material free cash flow provides durable financial flexibility: it funds selective investment, debt paydowns, and buybacks without reliance on equity markets. Over 2–6 months this supports deleveraging and targeted UA into proven franchises while preserving liquidity.
Negative Factors
Multi-year organic revenue decline
Persistent organic revenue declines indicate weakening top-line momentum and slower player monetization. Over a multi-month horizon this reduces operating leverage, limits reinvestment capacity, and makes achieving sustainable growth and improved margins harder without product reacceleration.
Read all positive and negative factors
Positive Factors
Negative Factors
Strong free cash flow generation
Consistent, material free cash flow provides durable financial flexibility: it funds selective investment, debt paydowns, and buybacks without reliance on equity markets. Over 2–6 months this supports deleveraging and targeted UA into proven franchises while preserving liquidity.
Read all positive factors
Stillfront Group AB (SF) vs. iShares MSCI Sweden ETF (EWD)
Market Cap
kr2.05B
Dividend YieldN/A
Average Volume (3M)2.19M
Price to Earnings (P/E)―
Beta (1Y)0.56
Revenue Growth-11.82%
EPS Growth-7499.16%
CountrySE
Employees1,255
SectorServices
Sector StrengthN/A
IndustryElectronic Gaming & Multimedia
Share Statistics
EPS (TTM)-4.66
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 Target
kr12.00Price Target Upside88.09% Upside
Rating ConsensusModerate Buy
Number of Analyst Covering1
EPS Forecast (FY)1.29
Revenue Forecast (FY)kr5.30B
Stillfront Group AB Business Overview & Revenue Model
Company Description
Stillfront Group AB is a leading free-to-play gaming company that specializes in developing, publishing, and distributing games across various platforms, including PC, mobile, and console. Headquartered in Stockholm, Sweden, the company operates t...
How the Company Makes Money
Stillfront primarily makes money by operating its games as live services, monetizing an ongoing player base over time rather than relying only on one-time game sales. Its core revenue stream is in-game purchases (microtransactions) where players b...
Stillfront Group AB Earnings Call Summary
Earnings Call Date:Feb 04, 2026
(Q4-2025)
| % Change Since: |
Next Earnings Date:Apr 29, 2026
Earnings Call Sentiment Neutral
The call presented a mixed picture: management delivered meaningful margin expansion, strong cash generation and debt reduction, significant progress on DTC adoption and a North American profitability turnaround, and MENA/APAC continued to grow at healthy margins. Offsetting these positives were a 9% organic revenue decline, a sharp 31.3% fall in North American revenue, a large non-cash goodwill impairment (~SEK 2.3bn), and some product delays. Management emphasized disciplined investment and a franchise-focused strategy to drive a return to organic growth over time.Positive Updates
Adjusted EBITDAC Margin Expansion
Group adjusted EBITDAC margin expanded to 27% in Q4 (up from 25% a year ago) despite an organic revenue decline, reflecting cost savings and disciplined UA deployment.
Negative Updates
Overall Organic Revenue Decline
Group net revenues declined to SEK 1.356 billion in Q4, representing an organic revenue decline of 9% year-over-year.
Read all updates
Q4-2025 Updates
Positive
Negative
Adjusted EBITDAC Margin Expansion
Group adjusted EBITDAC margin expanded to 27% in Q4 (up from 25% a year ago) despite an organic revenue decline, reflecting cost savings and disciplined UA deployment.
Read all positive updates
Company Guidance
The guidance from the call was that Stillfront aims to return to organic net revenue growth over time while 2026 is expected to be an investment year with disciplined, targeted UA deployment into key franchises (defined as >SEK 200m annual revenue), continued rollout of direct-to-consumer (DTC) channels and a focus on cash generation and deleveraging; management reiterated no material debt maturities until 2027 and the final earn‑out due in 2027, and said it will prioritize maintaining healthy cash flows (Q4 free cash flow SEK 290m, LTM FCF SEK 922m; cash from operations Q4 SEK 440m) even as it selectively invests (Q4 investing cash flow SEK 122m) and funds repayments and buybacks (Q4 financing outflows SEK 371m including SEK 234m debt repaid and SEK 146m buybacks; FY buybacks SEK 248m); operational context for that guidance included Q4 net revenue SEK 1,356m (organic −9%), adjusted EBITDAC SEK 368m (margin 27% vs 25% a year ago, despite FX headwinds ~SEK 45m), lower UA spend SEK 356m (26% of revenue vs 30% prior year) and higher group gross margin 83%, while segment dynamics (e.g., Europe net revenue SEK 622m, adj. EBITDAC SEK 94m margin 15%; North America net revenue SEK 197m, adj. EBITDAC SEK 23m margin 12% with UA down to SEK 88m from SEK 258m and DTC now 24% of NA bookings; MENA/APAC net revenue SEK 537m, adj. EBITDAC SEK 288m margin 54%) underpin the plan.Stillfront Group AB Financial Statement Overview
Summary
Income Statement
28
Negative
Balance Sheet
40
Negative
Cash Flow
67
Positive
| Breakdown | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|
Income Statement | |||||
| Total Revenue | 5.71B | 6.74B | 7.01B | 7.06B | 5.46B |
| Gross Profit | 1.40B | 1.40B | 4.17B | 7.67B | 5.92B |
| EBITDA | -1.40B | -6.05B | 2.24B | 2.04B | 1.68B |
| Net Income | -2.40B | -7.38B | 7.00M | 559.00M | 590.00M |
Balance Sheet | |||||
| Total Assets | 11.02B | 16.37B | 22.61B | 24.13B | 20.05B |
| Cash, Cash Equivalents and Short-Term Investments | 701.00M | 957.00M | 807.00M | 989.00M | 1.13B |
| Total Debt | 4.47B | 5.86B | 4.94B | 4.76B | 4.58B |
| Total Liabilities | 7.04B | 8.89B | 8.76B | 9.88B | 10.25B |
| Stockholders Equity | 3.99B | 7.48B | 13.84B | 14.24B | 9.77B |
Cash Flow | |||||
| Free Cash Flow | 1.46B | 1.07B | 857.00M | 971.00M | 761.00M |
| Operating Cash Flow | 1.47B | 1.69B | 1.69B | 2.03B | 1.62B |
| Investing Cash Flow | -1.11B | -1.14B | -1.67B | -3.76B | -4.18B |
| Financing Cash Flow | -505.00M | -452.00M | -175.00M | 1.46B | 2.62B |
Stillfront Group AB Technical Analysis
Negative
6.38
Price Trends
4.58
Negative
5.44
Negative
5.69
Negative
Market Momentum
-0.26
Positive
43.29
Neutral
29.23
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For SE:SF, the sentiment is Negative. The current price of 6.38 is above the 20-day moving average (MA) of 4.13, above the 50-day MA of 4.58, and above the 200-day MA of 5.69, indicating a bearish trend. The MACD of -0.26 indicates Positive momentum. The RSI at 43.29 is Neutral, neither overbought nor oversold. The STOCH value of 29.23 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative 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 |
|---|---|---|---|---|---|---|---|
61 Neutral | kr12.51B | -21.32 | 22.69% | 3.16% | -18.54% | 71.38% | |
61 Neutral | kr423.97M | 23.65 | 12.65% | 9.28% | -14.68% | -29.97% | |
56 Neutral | kr135.12M | -84.11 | -3.04% | 13.12% | -3.51% | -192.91% | |
55 Neutral | $13.29B | 17.42 | 10.03% | 0.93% | 7.13% | -12.93% | |
46 Neutral | kr2.05B | -1.37 | ― | ― | -11.82% | -7499.16% | |
44 Neutral | kr1.34B | -0.62 | ― | ― | 1.74% | -5214.06% | |
40 Underperform | kr157.22M | -0.40 | -76.88% | ― | 8.38% | -48.41% |
* Services Sector Average
SE:SF
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Stillfront Group AB Corporate Events
Stillfront Completes SEK 10 Million Share Buyback to Fund Acquisition Earn-Outs
Mar 24, 2026
Stillfront Group AB has completed a share buyback programme announced earlier this month, repurchasing 2,655,000 of its own shares on Nasdaq Stockholm between 17 and 24 March 2026 for a total consideration of about SEK 10 million. The company now ...
Stillfront launches bond refinancing plan with new SEK 1 billion issue and tender offer
Mar 24, 2026
Stillfront Group AB plans to issue new floating-rate senior unsecured bonds under a SEK 2 billion framework, with an expected four-year tenor and an initial size of SEK 1 billion. The proceeds are intended primarily to refinance its outstanding SE...
Stillfront launches share buyback to fund acquisition earn-outs
Mar 16, 2026
Stillfront Group AB’s board has decided to use its AGM-granted mandate to repurchase up to SEK 10 million of its own shares on Nasdaq Stockholm between 17 March 2026 and the 2026 AGM. The buyback, managed by DNB Carnegie Investment Bank AB a...
Stillfront Completes SEK 210 Million Share Buyback for Acquisition Earn-outs
Mar 13, 2026
Stillfront Group has completed a share repurchase program on Nasdaq Stockholm, buying back 36,708,121 of its own shares between 24 October 2025 and 13 March 2026 for a total consideration of about SEK 210 million. The buyback, conducted under a ma...
Stillfront Reshapes Nomination Committee Ahead of 2026 AGM
Mar 12, 2026
Stillfront Group AB has announced a change to the composition of its Nomination Committee ahead of the Annual General Meeting scheduled for 13 May 2026, following the immediate resignation of Roger Storm, who represented Handelsbanken Fonder. The ...
Stillfront Calls Extraordinary Meeting at Request of Major Shareholders
Feb 23, 2026
Stillfront Group AB has called an extraordinary general meeting for 27 March 2026 in Stockholm at the request of its two largest shareholders, Laureus Capital and Knuth Capital, who together hold about 23% of the company’s shares and votes. ...
Major Stillfront Shareholders Seek New Board and Chairman at Extraordinary Meeting
Feb 15, 2026
Stillfront Group AB, a Stockholm-headquartered global gaming company, develops and operates a broad portfolio of digital games spanning large franchises and niche titles for roughly 35 million monthly players across major markets including the U.S...
Stillfront’s Share Buyback Lifts Treasury Stake Above 5%
Feb 11, 2026
Stillfront Group AB, a Stockholm-based global games developer with a diversified portfolio of franchises and niche titles, serves roughly 35 million monthly players across major markets including the U.S., Japan, MENA, Germany and the U.K. The com...
Stillfront to Shift to Single-Segment Reporting with Greater Focus on Key Game Franchises
Feb 4, 2026
Stillfront Group is overhauling its financial reporting from the first quarter of 2026, moving from three geographical segments to reporting the entire company as a single segment in order to align disclosures with its increasingly franchise-focus...
Stillfront takes SEK 2.3bn non-cash impairment as 2025 revenue and earnings decline
Feb 2, 2026
Stillfront Group will book a non-cash impairment of SEK 2,258 million, equivalent to about 20% of its goodwill and other intangible assets, mainly related to its Europe and North America businesses, but stressed that the charge will not affect cas...
Stillfront Sets Date for 2025 Year-End Results and Investor Webcast
Jan 21, 2026
Stillfront Group has scheduled the release of its year-end report for 2025 on 4 February 2026, with results to be published early in the morning and followed by a live webcast later that day. President and Group CEO Alexis Bonte and CFO Emily Vill...
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.