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Stillfront Group AB (SE:SF)
:SF
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Stillfront Group AB (SF) AI Stock Analysis

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SE:SF

Stillfront Group AB

(SF)

Rating:39Underperform
Price Target:
kr4.50
▼(-6.05% Downside)
Stillfront Group AB's stock score is primarily impacted by its poor financial performance and bearish technical indicators. The company's declining sales, negative profitability, and concerning valuation metrics are significant risks. While there are strategic initiatives in place, the overall outlook remains challenging.

Stillfront Group AB (SF) vs. iShares MSCI Sweden ETF (EWD)

Stillfront Group AB Business Overview & Revenue Model

Company DescriptionStillfront Group AB (publ), through its subsidiaries, designs, develops, markets, publishes, and distributes digital games in Europe, North America, the United Kingdom, and the Middle East and North Africa region. The company's games portfolio include Albion Online, Battle pirates, Big Farm: Mobile Harvest, BitLife, eRepublik.com, Call of War, Conflict of Nations: World War 3, Goodgame Empire, Hollywood Story, Home Design Makeover!, Imperia Online, My Story, Nida Harb 3, OFM, Property Brothers Home Design, Shakes & Fidget, Siege: World War II, The Horus Heresy: Legions, and Trivia Star. Its games portfolio also include Unravel Two, War and Peace: American Civil War, War Commander: Rogue Assault, Word Collect, Word nut, What's the Pic, Ludo Club, and Teen Patti Gold. The company was founded in 2010 and is headquartered in Stockholm, Sweden.
How the Company Makes MoneyStillfront Group AB generates revenue primarily through its portfolio of free-to-play games, where the primary revenue model is microtransactions. These in-game purchases allow players to buy virtual goods, upgrades, or additional content to enhance their gaming experience. Another significant revenue stream is advertising, where the company earns money by displaying ads within its games. Stillfront maintains strategic partnerships with platform providers and other industry players to boost distribution and visibility of its games, further contributing to its revenue. Additionally, occasional acquisitions of successful game studios expand Stillfront's portfolio and revenue potential by integrating new and profitable games.

Stillfront Group AB Earnings Call Summary

Earnings Call Date:Jul 22, 2025
(Q2-2025)
|
% Change Since: |
Next Earnings Date:Oct 23, 2025
Earnings Call Sentiment Neutral
The earnings call reflects a mixed performance with strategic initiatives showing promise, such as the increased DTC share and successful MENA and APAC growth. However, significant challenges remain, particularly in terms of declining revenues in major regions like Europe and North America. The company's cost-saving measures and strong cash flow provide some positive offsets.
Q2-2025 Updates
Positive Updates
Successful Launch of Supremacy: Warhammer 40,000
Announced the new game Supremacy: Warhammer 40,000 as part of the Supremacy franchise, expected to boost future performance.
Growth in Direct-to-Consumer (DTC) Share
Increased DTC share from 26% in 2023 to 39% in Q2 2025, enhancing margins by reducing reliance on third-party stores.
MENA and APAC Revenue Growth
Key franchises in MENA and APAC grew by more than 15% year-on-year, with overall revenues of SEK 473 million.
Significant Cost Savings Achieved
Achieved SEK 225 million in annualized cost savings, primarily from North America, and improved gross margins from 80% to 82%.
Strong Cash Flow Performance
Free cash flow exceeded SEK 1 billion for the third consecutive quarter, supported by effective cost management and strategic investments.
Negative Updates
Decline in Net Revenue
Net revenue declined by 11.3% organically to SEK 1,436 million, impacted by currency headwinds and lower performance in certain regions.
North America Revenue Decrease
North America revenues fell by 18% year-on-year, with ongoing restructuring efforts and conservative UAC investments.
Challenges in Europe
Organic revenue in Europe declined by 14.5% year-on-year, affected by tough comparables and underperformance in the narrative segment.
Negative EBITDAC Margin in Word Franchise
The Word franchise reported a negative 9% EBITDAC margin, prompting its move to Moonfrog for better management.
Company Guidance
During the Q2 2025 earnings call, Stillfront provided guidance highlighting a strategic focus on expanding key franchises, notably with the launch of Supremacy: Warhammer 40,000 within their Supremacy franchise. The company emphasized its direct-to-consumer (DTC) efforts, which have grown from a 26% share in 2023 to 39% in Q2 2025, improving gross profit margins by reducing reliance on third-party stores, whose share declined from 61% to 49% over the same period. In terms of financial performance, Stillfront reported a net revenue of SEK 1,436 million, an 11.3% organic decline, with adjusted EBITDAC at SEK 374 million. The company also achieved a free cash flow of SEK 1,089 million, marking the third consecutive quarter with over SEK 1 billion in LTM free cash flow. In Europe, net revenues were SEK 653 million, a 14.5% organic decline, while North America saw revenues of SEK 309 million, down 18% year-on-year on an organic basis. MENA and APAC regions experienced growth, driven by key franchises increasing over 15% year-on-year, with revenues of SEK 473 million. The company also reported SEK 225 million in annualized cost savings, primarily from North American restructuring, contributing to an increased gross margin from 80% to 82% year-over-year.

Stillfront Group AB Financial Statement Overview

Summary
Stillfront Group AB is facing significant financial challenges, with declining sales and negative profitability margins. The income statement shows a negative revenue growth rate and substantial operational difficulties. The balance sheet indicates moderate leverage but poor returns on equity, while cash flow analysis highlights resilience in operating cash flow but concerns in free cash flow growth.
Income Statement
35
Negative
The income statement reveals significant challenges for Stillfront Group AB. The TTM data shows a negative revenue growth rate of -4.61%, indicating declining sales. Additionally, the company is experiencing negative profitability margins, with a net profit margin of -116.76% and an EBIT margin of -110.15%. These figures suggest substantial operational and financial difficulties, likely due to high costs or declining demand. The gross profit margin remains positive at 61.77%, but the overall financial health is concerning.
Balance Sheet
45
Neutral
The balance sheet presents a mixed picture. The debt-to-equity ratio is 0.77, indicating a moderate level of leverage, which is manageable but could pose risks if profitability does not improve. The return on equity is negative at -84.23%, reflecting the company's inability to generate profits from shareholders' equity. However, the equity ratio is relatively healthy, suggesting some stability in asset financing.
Cash Flow
50
Neutral
Cash flow analysis shows some resilience despite the company's challenges. The operating cash flow to net income ratio is 1.28, indicating that the company generates sufficient cash from operations relative to its net losses. However, the free cash flow growth rate is negative at -168.6%, highlighting potential issues in sustaining cash flow. The free cash flow to net income ratio of 0.66 suggests that the company is still able to convert a portion of its earnings into free cash flow.
BreakdownTTMDec 2024Dec 2023Dec 2022Dec 2021Dec 2020
Income Statement
Total Revenue6.25B6.74B7.01B7.06B5.46B3.99B
Gross Profit3.86B1.40B4.17B7.67B5.92B4.32B
EBITDA-5.63B-6.05B2.24B2.04B1.77B1.26B
Net Income-7.30B-7.38B7.00M559.00M590.00M580.00M
Balance Sheet
Total Assets14.31B16.37B22.61B24.13B20.05B12.37B
Cash, Cash Equivalents and Short-Term Investments912.00M957.00M807.00M989.00M1.13B1.00B
Total Debt5.09B5.00B4.94B4.76B4.58B2.90B
Total Liabilities7.70B8.89B8.76B9.88B10.25B6.22B
Stockholders Equity6.61B7.48B13.84B14.24B9.77B6.13B
Cash Flow
Free Cash Flow1.11B1.07B857.00M971.00M761.00M788.00M
Operating Cash Flow1.67B1.69B1.69B2.03B1.62B1.25B
Investing Cash Flow-1.18B-1.14B-1.67B-3.76B-4.18B-4.74B
Financing Cash Flow-402.00M-452.00M-175.00M1.46B2.62B4.21B

Stillfront Group AB Technical Analysis

Technical Analysis Sentiment
Negative
Last Price4.79
Price Trends
50DMA
5.79
Negative
100DMA
6.05
Negative
200DMA
6.48
Negative
Market Momentum
MACD
-0.19
Negative
RSI
32.25
Neutral
STOCH
33.15
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 4.79 is below the 20-day moving average (MA) of 4.94, below the 50-day MA of 5.79, and below the 200-day MA of 6.48, indicating a bearish trend. The MACD of -0.19 indicates Negative momentum. The RSI at 32.25 is Neutral, neither overbought nor oversold. The STOCH value of 33.15 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

Overall Rating
UnderperformOutperform
Sector (56)
Financial Indicators
Name
Overall Rating
Market Cap
P/E Ratio
ROE
Dividend Yield
Revenue Growth
EPS Growth
56
Neutral
$13.94B12.6010.03%0.85%7.13%-12.93%
39
Underperform
kr2.59B
-9.57%-6078.38%
$1.94B30.5424.96%2.82%
$80.89M9.9615.05%8.96%
$32.60M-22.68%
€35.09M39.33>-0.01%
49
Neutral
kr1.04B
3.23%5.10%-623.00%
* Services Sector Average
Performance Comparison
Ticker
Company Name
Price
Change
% Change
SE:SF
Stillfront Group AB
4.79
-2.42
-33.56%
PRXXF
Paradox Interactive AB
18.31
4.50
32.59%
GENTF
G5 Entertainment AB
9.30
1.02
12.32%
STBEF
Starbreeze AB
0.02
0.00
0.00%
DE:MHK
MAG Interactive AB
1.31
0.60
84.51%
SE:EG7
Enad Global 7 AB
11.92
-2.63
-18.08%

Stillfront Group AB Corporate Events

Stillfront Group to Announce Q2 2025 Financial Results
Jul 8, 2025

Stillfront Group AB has announced that it will release its second quarter results for 2025 on July 22, 2025. The results will be presented in a live webcast by President & Group CEO Alexis Bonte and interim Group CFO Tim Holland. This announcement is a routine financial disclosure that provides stakeholders with insights into the company’s performance and strategic direction.

The most recent analyst rating on (SE:SF) stock is a Buy with a SEK7.30 price target. To see the full list of analyst forecasts on Stillfront Group AB stock, see the SE:SF Stock Forecast page.

Stillfront Group Appoints New CFO to Drive Strategic Growth
Jul 7, 2025

Stillfront Group AB has announced the appointment of Emily Villatte as the new Group Chief Financial Officer, effective January 7, 2026. Villatte, who brings extensive financial and leadership experience from her roles at Acast and JLT Group, is expected to contribute significantly to Stillfront’s strategic development and growth in the global gaming market. The transition will be overseen by Tim Holland, who will continue as interim CFO until Villatte assumes her role.

The most recent analyst rating on (SE:SF) stock is a Buy with a SEK7.30 price target. To see the full list of analyst forecasts on Stillfront Group AB stock, see the SE:SF Stock Forecast page.

Stillfront Group’s Shareholding Drops Below 5% Threshold
Jul 1, 2025

Stillfront Group AB has announced that its holding of own shares has fallen below the 5% threshold, now standing at 3% of all shares and votes. This change follows the completion of a repurchase program aimed at facilitating earn-out payments related to acquisitions. The company’s board has been authorized to initiate new share repurchase programs until the next annual general meeting, indicating strategic financial management and potential future acquisitions.

The most recent analyst rating on (SE:SF) stock is a Buy with a SEK7.30 price target. To see the full list of analyst forecasts on Stillfront Group AB stock, see the SE:SF Stock Forecast page.

Stillfront Group Completes Share Repurchase Program
Jun 9, 2025

Stillfront Group AB has completed a share repurchase program, acquiring 5,463,665 shares for approximately SEK 40.8 million. These shares, along with those from previous buy-back programs, will be used for earnout payments related to acquisitions, indicating a strategic move to strengthen its financial position and shareholder value.

The most recent analyst rating on (SE:SF) stock is a Buy with a SEK7.30 price target. To see the full list of analyst forecasts on Stillfront Group AB stock, see the SE:SF Stock Forecast page.

Stillfront Partners with Games Workshop for Warhammer 40,000 Game
May 23, 2025

Stillfront Group AB has announced a significant collaboration with Games Workshop through its studio Twin Harbour Interactive to develop a new game set in the Warhammer 40,000 universe. This partnership marks a major milestone for Stillfront’s Supremacy franchise, allowing them to integrate a legendary IP into their portfolio and expand their market reach. The game, titled Supremacy: Warhammer 40,000, will feature large-scale multiplayer warfare and is set to launch on mobile and browser platforms, offering players an immersive strategy experience.

The most recent analyst rating on (SE:SF) stock is a Buy with a SEK7.30 price target. To see the full list of analyst forecasts on Stillfront Group AB stock, see the SE:SF Stock Forecast page.

Stillfront Appoints Tim Holland as Interim CFO
May 16, 2025

Stillfront Group AB has appointed Tim Holland as interim Group Chief Financial Officer, following the resignation of Andreas Uddman. Holland, who has been with Stillfront since 2019, brings nearly 20 years of finance experience and will provide continuity in financial leadership as the company pursues strategic initiatives to enhance profitability and shareholder value.

The most recent analyst rating on (SE:SF) stock is a Buy with a SEK7.30 price target. To see the full list of analyst forecasts on Stillfront Group AB stock, see the SE:SF Stock Forecast page.

Stillfront Group AB Announces Share Repurchase Program
May 14, 2025

Stillfront Group AB’s Board of Directors has decided to repurchase its own shares on Nasdaq Stockholm, as authorized by the Annual General Meeting. This move aims to facilitate payment in shares for earn-out considerations related to acquisitions, with a repurchase cap of SEK 60 million. The program will be managed by DNB Carnegie Investment Bank AB and is expected to involve approximately 31.65 million shares for earn-out payments in 2025.

The most recent analyst rating on (SE:SF) stock is a Buy with a SEK7.30 price target. To see the full list of analyst forecasts on Stillfront Group AB stock, see the SE:SF Stock Forecast page.

Stillfront Group AB Annual General Meeting Resolutions and Strategic Share Issues
May 14, 2025

Stillfront Group AB held its annual general meeting where key resolutions were adopted, including the approval of financial statements and the re-election of board members and auditors. The meeting also resolved on directed new share issues and transfers to fulfill previous acquisition agreements, impacting the company’s capital structure and strategic growth through acquisitions.

The most recent analyst rating on (SE:SF) stock is a Buy with a SEK7.30 price target. To see the full list of analyst forecasts on Stillfront Group AB stock, see the SE:SF Stock Forecast page.

Stillfront Group’s Shareholding Exceeds 5% Threshold
May 13, 2025

Stillfront Group AB has announced that its holding of own shares has surpassed the 5 percent threshold, now holding 5.04 percent of all shares and votes. This move is part of a repurchase program authorized by the Annual General Meeting to facilitate earn-out payments related to acquisitions, potentially impacting the company’s financial strategies and shareholder value.

The most recent analyst rating on (SE:SF) stock is a Buy with a SEK7.30 price target. To see the full list of analyst forecasts on Stillfront Group AB stock, see the SE:SF Stock Forecast page.

Stillfront Group Completes Share Repurchase Program
May 13, 2025

Stillfront Group AB has completed a share repurchase program, acquiring 1,845,000 shares for approximately SEK 11.5 million, to be used for earnout payments related to acquisitions. The board may authorize further repurchases to facilitate share-based earnout considerations, potentially involving up to 31.65 million shares, reflecting strategic financial maneuvers to support acquisition-related obligations.

The most recent analyst rating on (SE:SF) stock is a Buy with a SEK7.30 price target. To see the full list of analyst forecasts on Stillfront Group AB stock, see the SE:SF Stock Forecast page.

Stillfront Group Initiates Strategic Review to Enhance Shareholder Value
May 6, 2025

Stillfront Group AB has initiated a strategic review of certain group assets to maximize shareholder value, following the appointment of Alexis Bonte as President & Group CEO. The review aims to evaluate assets for potential divestment or discontinuation, focusing on reallocating resources towards scalable franchises and long-term growth opportunities. This strategic move is intended to strengthen the group’s market position without affecting the previously announced cost savings program. Financial advisors Carnegie (DNB) and Aream have been appointed to assist in this process, with updates to be provided in accordance with regulations.

Stillfront Group Initiates Share Repurchase Program for Acquisition Payments
May 6, 2025

Stillfront Group AB’s Board of Directors has decided to repurchase its own shares on Nasdaq Stockholm, as authorized by the Annual General Meeting. This initiative, capped at SEK 70 million, aims to facilitate earn-out payments related to acquisitions, with the company planning to pay approximately 31.65 million shares as part of these considerations in 2025. The repurchase program, managed by Carnegie Investment Bank AB, highlights Stillfront’s strategic focus on acquisitions and shareholder value enhancement.

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.Date of analysis: Aug 19, 2025