Rankings Software, cloud & internet Stillfront
Stillfront
63
15070100
A view of the same findings, not a new score. How it works
A good business with a real question mark: the price, a crack, or both.
Biggest deductions
- Quality of growth−7
- Capital allocation−7
- Debt−6
Strengths
- Cash flow+2
- Buybacks+2
- Insider buying+1
How the score is built
From 100 to 63, step by step: points off for the business, the price and the cracks, back for documented strengths, then three data adjustments.
Start
Score
Hover or select a step to see what drove it. Steps with findings open them below.
Key numbers
As of 3 Nov 2026. Analyst targets tend to be optimistic; read upside as a hint, not a forecast.
- Price
- 6.04 SEK
- Median analyst target
- 9.75 SEK
- Upside to median
- +61.6%
- Analysts
- 4
- Target range
- 4.70 – 11.00 SEK
- 52-week change
- −7%
- P/E (trailing)
- n/a
- Forward P/E
- 4.1
- PEG
- n/a
Findings
Every deduction and every plus, with its source. Open a step to read them.
Business
Is the company getting stronger, not just bigger? · 5 findings−24 of −30
- −7Quality of growthRevenue has fallen three years in a row: SEK 7,686m (2022) → 7,576 → 7,223 → 6,094 (2025, -15.6%) and 5,758m TTM (-13.7%). Analysts expect -13.6% in 2026. Organic growth in Q2 2026 was -1%, while the key franchises grew 10%.
- −7Capital allocationThe acquisition wave in 2020–2022 was financed with debt and issues (SEK 1,074m in 2021 and 2,001m in 2022 at far higher prices). Since then 7,057m (2024) and 2,326m (2025) have been written down, in total approx. 2.4 times the current market value.
- −5Moat and future segmentThe portfolio consists of older free-to-play titles (Big Farm, Supremacy, Empire etc.) that depend on paid user acquisition (UA) and on Apple/Google as platforms. The margin improvement in Q2 came mainly from lower UA after the launch of Big Farm: Homestead, not from pricing power.
- −3ROICROIC is 9.0% vs a WACC of 6.8%, but only because the capital base has been written down by over SEK 9bn. ROE is −35.9% TTM.
- −2MarginGross margin 84%, adjusted EBITDAC margin 29% in Q2 and EBIT margin 12.8% TTM (SEK 737m). That is solid for a gaming company, but the reported net income is −2,020m TTM because of write-downs.
Price
Today's multiples against the company's own history and its peers. · 2 findings−5 of −35
- −3Multiples vs own historyEV/EBITDA 6.5 vs 6.6-7.1 in 2022-2025 and forward P/E 5.3 vs 3.7-5.6. It is cheap in absolute terms, but in line with history, and the stock is up about 80% in three months. With the company's own FCF (1,037m incl. the one-off item), P/FCF is about 3.8, or about 4.7 without it.
- −2Leveraged valuationEV is SEK 7.7bn vs a market cap of 3.9bn. Debt thus makes up over half of EV, so equity is very sensitive to a small drop in EBITDA.
Cracks
Cash flow, customers, debt, insiders, guidance and what sits behind the headline numbers. · 3 findings−12 of −35
- −6DebtNet debt incl. earn-outs for the next 12 months was SEK 4,369m (4,572m incl. all earn-outs), and adjusted gearing was 2.21x as of Q2 2026. Interest cover is 1.86x (stockanalysis). The 2027 bond has been redeemed, and the RCF of 2.0bn runs to June 2028.
- −3ManagementOn 30/6-2026 the board started a search for a new CEO; Alexis Bonte stays until a successor is found. The CFO (Emily Villatte) only took office in January 2026. The management change in the middle of a turnaround creates execution risk.
- −3UA and platform riskEarnings fluctuate with the UA level. The EBITDAC margin went from 23% in Q1 to 29% in Q2 solely because of lower UA. New launches require heavy UA investment, and platform fees and privacy rules at Apple/Google are outside the company's control.
Plus
Only documented strengths. · 3 findings+5 of +15
- +2Cash flowFCF was SEK 519m in Q2 and 1,037m LTM (after capitalized development). That corresponds to about 26% of market cap (about 21% without the Gameberry one-off item).
- +2BuybacksOwn shares have been bought for SEK 220m TTM (share count −2.9% y/y), and no dividend is paid. That is well below FCF of about SEK 1,037m.
- +1Insider buyingChairman Lars-Johan Jarnheimer bought shares on 27/3 and 13/5-2026. Two insiders bought for a total of about SEK 0.9m (secondary tracker, not checked against FI).
Caveats
What the score does not capture, or where the data is weak.
Industry: game developer (mobile games); closest on the list is 'Software, cloud & internet'. Stockanalysis' FCF (1,545m) is before capitalised development; the company's own FCF is SEK 1,037m (LTM at Q2 2026) incl. a one-off effect of SEK 196m from the Gameberry settlement. Net debt incl. earn-outs for the next 12 months is SEK 4,369m according to the company. The share price rally of +80% in 3 months is not explained by a single piece of news; an upgrade from Pareto is mentioned, but the date is not confirmed. Largest owners and short interest not verified. Insider purchases come from a secondary tracker. Peers not retrieved.
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