Stillfront Group AB (SE:SF)
:SF
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Stillfront Group AB
(SF)
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Rating:55Neutral
Price Target:
kr6.00
â–¼(-5.96% Downside)
Action:Reiterated
Date:05/01/26
The score is held back primarily by weakened profitability and higher balance-sheet risk despite continued positive cash generation. Technical indicators are supportive in the near term, and the earnings call highlighted improved margins, strong free cash flow, and deleveraging, but these are tempered by ongoing organic revenue declines, impairment, and execution risk around growth re-acceleration.
Positive Factors
Strong cash generation
Sustained positive operating and free cash flow provides durable funding for selective user acquisition, product polishing, debt reduction and buybacks without relying on equity raises. This cash cushion supports strategic investments and absorbes temporary revenue dips while management reaccelerates growth.
Negative Factors
Organic revenue declines
Persistent organic revenue declines indicate weakening franchise engagement or acquisition shortfalls. Falling top-line reduces scale benefits, pressures marketing efficiency and makes sustainable reinvestment harder, raising execution risk for management's plan to return to organic growth.
Read all positive and negative factors
Positive Factors
Negative Factors
Strong cash generation
Sustained positive operating and free cash flow provides durable funding for selective user acquisition, product polishing, debt reduction and buybacks without relying on equity raises. This cash cushion supports strategic investments and absorbes temporary revenue dips while management reaccelerates growth.
Read all positive factors
Stillfront Group AB (SF) vs. iShares MSCI Sweden ETF (EWD)
Market Cap
kr2.80B
Dividend YieldN/A
Average Volume (3M)2.19M
Price to Earnings (P/E)4.0
Beta (1Y)0.62
Revenue Growth-15.98%
EPS Growth69.06%
CountrySE
Employees1,255
SectorServices
Sector StrengthN/A
IndustryElectronic Gaming & Multimedia
Share Statistics
EPS (TTM)-4.52
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
kr11.00Price Target Upside72.41% Upside
Rating ConsensusModerate Buy
Number of Analyst Covering1
EPS Forecast (FY)1.34
Revenue Forecast (FY)kr5.26B
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 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:Feb 04, 2026
(Q4-2025)
| % Change Since: |
Next Earnings Date:Jul 24, 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
24
Negative
Balance Sheet
46
Neutral
Cash Flow
62
Positive
| Breakdown | TTM | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 5.50B | 5.71B | 6.74B | 7.01B | 7.06B | 5.46B |
| Gross Profit | 1.26B | 1.40B | 1.40B | 4.17B | 7.67B | 5.92B |
| EBITDA | -1.46B | -1.40B | -6.05B | 2.24B | 2.04B | 1.68B |
| Net Income | -2.30B | -2.40B | -7.38B | 7.00M | 559.00M | 590.00M |
Balance Sheet | ||||||
| Total Assets | 11.16B | 11.02B | 16.37B | 22.61B | 24.13B | 20.05B |
| Cash, Cash Equivalents and Short-Term Investments | 646.00M | 701.00M | 957.00M | 807.00M | 989.00M | 1.13B |
| Total Debt | 4.45B | 4.47B | 5.86B | 4.94B | 4.76B | 4.58B |
| Total Liabilities | 7.04B | 7.04B | 8.89B | 8.76B | 9.88B | 10.25B |
| Stockholders Equity | 4.12B | 3.99B | 7.48B | 13.84B | 14.24B | 9.77B |
Cash Flow | ||||||
| Free Cash Flow | 1.05B | 1.46B | 1.07B | 857.00M | 971.00M | 761.00M |
| Operating Cash Flow | 1.30B | 1.47B | 1.69B | 1.69B | 2.03B | 1.62B |
| Investing Cash Flow | -1.07B | -1.11B | -1.14B | -1.67B | -3.76B | -4.18B |
| Financing Cash Flow | -479.00M | -505.00M | -452.00M | -175.00M | 1.46B | 2.62B |
Stillfront Group AB Technical Analysis
Positive
6.38
Price Trends
4.62
Positive
4.89
Positive
5.35
Positive
Market Momentum
0.25
Positive
58.13
Neutral
59.37
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 6.38 is above the 20-day moving average (MA) of 5.36, above the 50-day MA of 4.62, and above the 200-day MA of 5.35, indicating a bullish trend. The MACD of 0.25 indicates Positive momentum. The RSI at 58.13 is Neutral, neither overbought nor oversold. The STOCH value of 59.37 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 |
|---|---|---|---|---|---|---|---|
68 Neutral | kr470.63M | 14.35 | 12.65% | 9.28% | -19.83% | -72.63% | |
67 Neutral | kr13.77B | 37.90 | 22.69% | 3.16% | -1.05% | -84.87% | |
60 Neutral | kr205.60M | 81.39 | -3.04% | 13.12% | 0.57% | -263.59% | |
60 Neutral | kr1.77B | 17.81 | ― | ― | -15.13% | -602.18% | |
55 Neutral | $13.29B | 17.42 | 10.03% | 0.93% | 7.13% | -12.93% | |
55 Neutral | kr2.80B | 3.97 | ― | ― | -15.98% | 69.06% | |
45 Neutral | kr185.86M | -0.73 | -76.88% | ― | -8.66% | -91.13% |
* Services Sector Average
SE:SF
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-1.90
-26.01%
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Stillfront Group AB Corporate Events
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...
Stillfront Tightens Capital Structure With New SEK 2 Billion Credit Facility
Apr 28, 2026
Stillfront Group has secured an amended unsecured revolving credit facility of SEK 2.0 billion maturing in June 2028, replacing a previous SEK 2.5 billion facility and aligning with the redemption of its senior unsecured floating rate bonds maturi...
Stillfront Moves Earlier Time for Q1 2026 Results Webcast
Apr 27, 2026
Stillfront Group AB, a Stockholm-based global developer of digital games with a portfolio spanning major franchises and niche titles, serves roughly 35 million monthly players across core markets including the U.S., Japan, MENA, Germany and the U....
Stillfront Releases 2025 Annual Report Emphasizing Long-Term Gaming Franchises
Apr 22, 2026
Stillfront Group AB has published its 2025 annual report, presenting a combined view of the group’s financial and non-financial performance in a single document. The report outlines audited financial statements, a sustainability statement pr...
Stillfront sets date for Q1 2026 earnings release and webcast
Apr 15, 2026
Stillfront Group AB will publish its financial results for the first quarter of 2026 on April 29 at 7:00 a.m. CEST and follow up with a live webcast presentation at 10:00 a.m. CEST the same day. President and CEO Alexis Bonte and CFO Emily Villatt...
Stillfront Sets May 13, 2026 AGM With In-Person and Postal Voting
Apr 10, 2026
Stillfront Group has called its annual general meeting for 13 May 2026 in Stockholm, offering shareholders the option to participate either in person or via postal voting. The company details the procedural requirements for registration, voting, a...
Stillfront Nomination Committee Backs Nezahat Gultekin for Board Role in 2026
Apr 8, 2026
Stillfront’s nomination committee has proposed that technology and investment banking veteran Nezahat Gultekin be elected as a new board member at the company’s annual general meeting in May 2026, expanding the board to six ordinary di...
Stillfront raises SEK 1 billion in new bond issue and launches early redemption of 2027 notes
Mar 27, 2026
Stillfront Group AB has raised SEK 1 billion through a new issue of senior unsecured bonds under a SEK 2 billion framework, bearing a floating rate of 3‑month Stibor plus 500 basis points and maturing on 7 April 2030. The company plans to li...
Stillfront Overhauls Board After Extraordinary General Meeting
Mar 27, 2026
Stillfront Group AB held an extraordinary general meeting on 27 March 2026 at the request of its two largest shareholders, resulting in significant changes to the board of directors’ composition and leadership. Shareholders elected three new...
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. ...
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.