Ja men tror den største forskjellen kommer til sommeren. En sommer med EM+OL vs en uten vil være merkbart. Man skal nok heller ikke glemme at noen av disse spillene også har inntekter fra reklame.
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Er det billig på søkeord relatert til gaming?
Facebook reklame er halvert i pris iforhold til normale
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Jeg ser Call of War , Supremacy og Conflict of nations fremdeles har en OK utvikling. Siste 30 dager er de opp 28% / 43% / 28% . Jeg ser også at Shakes & Fidget har tilsvarende utvikling og er opp 44.9%. S&F har snitt på 2371 og peak på 4926 spillere siste 30dager . Helt greie tall for et spill som blir 11 år i år.
EDIT:
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Meget nice, nå venter vi bare på embracer og eg7 sine kjøp!.
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Og ikke minst økt kursmål fra redeye. Sf virker nærmest ustoppelig. Tror det bare er ennedgang i spilling generelt eller lovmessige tiltak mot f2p spill som kan stoppe veksten. Omnoe kan da.
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Redeye:
We make a smaller and preliminary adjustment of our Base-case to 620 (544) per share. We not only adjust our valuation due to the Candywriter acquisition but also thanks to an improved understanding of current underlying earnings. We will look further into a detailed updated projection in the coming research update after the Q1 report is released on the 6th of May.
Pareto oppdaterer på SF.
A sweet deal
We find the acquisition of Candywriter accretive as it has been struck at attactive multiples of 3.4x (upfront payment of USD 74.4m) and 8.9x (including the full earn-out of USD 120.6m) based on our 2020 adjusted EBIT estimate for Candywriter of USD 22m, which we find achievable given its Q4 2019 revenue run-rate, BitLife appearing to be trending upwards on the charts in Q1, strong organic growth, short payback time on UAC, frequent content updates and several visible group synergies plus Stillfront’s management views the growth prospects for BitLife as very promising. We have included Candywriter as of 1 May and raise our adjusted EBIT estimates by 12-16% for 2020-2022E. Buy reiterated with a new target price of SEK 637 (558).
Candywriter – another accretive acquisition added to the group
Candywriter brings a portfolio of games but is mainly about the highly rated life-simulator game BitLife, released 2018, that accounts for ~85% of its revenue and has good growth prospects as about 70% of installs are organic and the return on UAC seems to be strong with payback in less than 100 days on UAC at scale. Stillfront sees visible and in our view easily collectable synergies in localisation and culturalisation opportunities: the game is currently only available in English, insourcing of marketing to Stillfront, it can share its expertise in live-ops and Candywriter brings in-game advertising expertise that can be leveraged throughout the group.
Q1 preview – the Q1 report is due out 6 May
We published our Q1 preview on 7 April (“Storming ahead”), expecting revenues of SEK 672m, growth of 60% y/y, adjusted EBITDA of SEK 235m, margin of 35% (37%), with Storm8 contributing from 1 March.
Buy reiterated with a raised target price of SEK 637 (558)
Our TP is based on an average 2020-21E adjusted EV/EBIT multiple of 14x (reflecting operational EBIT), in line with global gaming peers.
[Contact analyst(s)](mailto:lars-ola.hellstrom@paretosec.com ?subject=Ref: Stillfront Group AB - A sweet deal - Update&cc=)
Analyst(s):
Lars-Ola Hellstrom, +46 8 402 5277, lars-ola.hellstrom@paretosec.com
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Ganske syk utvikling i de spillene som SF har på steam. Call of war opp 32% i mars og 38% i april , Supremacy opp 48% i mars / 54% i april , Conflict of nations opp 14% i mars og 36% i april og Shakes & Fidget opp 67% i april . Blir veldig interessant å se hva de sier på qpresentasjonen i neste uke.
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Nytt spill fra Babil ?
EDIT: Nytt fra Goodgame ?
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Highlights First Quarter
Net revenue of 691 (418) MSEK, an increase of 65 percent compared to the first quarter of 2019
Adjusted EBITDA (EBITDA excluding items affecting comparability) of 254 (154) MSEK, an increase of 65 percent
Adjusted EBIT of 213 (126) MSEK, an increase of 69 percent, Adjusted EBIT margin of 31%
Items affecting comparability amounted to -50 MSEK, mainly driven by transaction costs related to the acquisition of Storm8. Amortization of PPA-items amounted to -56 (-13) MSEK
EBIT of 106 (113) MSEK, a decrease of 6 percent
Financial net of -4 (-13) MSEK
Net result of 77 (69) MSEK
Net result per share undiluted of 2.86 (2.93) SEK. Net result per share diluted of 2.85 (2.91) SEK
Net debt of 1 787 (485) MSEK and adjusted leverage ratio, pro forma of 1.15 (0.8)x
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Ok tall dette
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Ja , men tror Q2 kommer til å bli bedre 
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Full rapport hos pareto.
In a sweet spot
In Q2 to date, Stillfront has seen accelerated player activity, a strong inflow of new players and very high ROI on UAC, as people are staying home, a perfect setting to scale games. We estimate Stillfront has at least ~10 highly promising games to scale at present (including major games from Storm8 and Candywriter); thus, the company is in a sweet spot to boost the player base, revenue and profits. On top of all this, Stillfront is still hungry for accretive M&A and says it has ~10 discussions ongoing. Buy reiterated with a higher target price of SEK 697 (637) as the growth prospects remain rock solid.
Q1 review
The Q1 results were strong with an EBITDA beat of 7-8% versus our and consensus estimates with revenue being 3% higher and UAC ~8% lower compared with our estimates. The revenue beat relates to solid organic (including FX) growth of ~10% y/y for the strategy games segment as strong live-ops activity, games platform extensions and scaling of several games yielded good growth. Also, we estimate Storm8 topped our expectations, with revenue of SEK ~125m for March as Property Brothers Home Design had strong organic growth with support from very high ROI on UAC, a trend that has continued well into Q2. As of this note, we have remodelled our estimates to be in line with the new reporting segments based on the game genres. We have raised our revenue estimates due to the strong momentum seen while cautiously accounting for positive COVID-19 effects. UAC as a percentage of bookings has been lowered, mostly relating to the casual mash-up game segment. PPA has been adjusted lower and financial net raised.
Buy reiterated with a higher target price of SEK 697 (637)
Our target price is based on an average 2020-21E adjusted EV/EBIT ratio of 15.5x 2020E and 13x 2021E, in line with global gaming peers.
[Contact analyst(s)](mailto:lars-ola.hellstrom@paretosec.com ?subject=Ref: Stillfront Group AB - In a sweet spot - Quarterly Review&cc=)
Analyst(s):
Lars-Ola Hellstrom, +46 8 402 5277, lars-ola.hellstrom@paretosec.com
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Redeye reiterates our positive view of Stillfront and raises our Base-case to 750 (620) SEK per share. Currently, a considerable amount of acquisitions is rolled-up into the Group, so one must adjust the reported figures to arrive at the true earnings. We find that that Stillfront trades at about 14x underlying Adj. EBIT for 2020, which is below peers. We find a premium and not a discount is warranted. Despite a strong run in the share lately, we believe that there is still room for further expansion.
EDIT: STILLFRONT: BERENBERG INLEDER BEVAKNING MED KÖP, RK 855 KR
STOCKHOLM (Direkt) Berenberg Bank inleder bevakningen av gamingbolaget Stillfront med rekommendationen köp. Riktkursen är 855 kronor.
Det rapporterar nyhetsbyrån Dow Jones.
Aktien stängde på 658 kronor på onsdagen.
Börsredaktionen +46 8 51917900 https://twitter.com/Borsredaktion Nyhetsbyrån Direkt
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STOCKHOLM (Nyhetsbyrån Direkt) Stillfront är ett av det mest spännande aktieplaceringscasen inom hela den europeiska gamingssektorn. Bolagets genomsnittliga årliga försäljnings- och ebit-tillväxten väntas bli 36 respektive 41 procent fram till 2022.
Det skriver Berenberg i en analys där bevakningen av Stillfront inleds med rekommendationen köp och riktkursen 855 kronor, en initiering Nyhetsbyrån Direkt rapporterade om på torsdagsmorgonen.
Men eftersom Stillfront siktar på ytterligare förvärv tror vi att det finns en uppsida på 10-77 procent i våra ebit-prognoser för perioden 2020-2024, skriver Berenberg och tillägger att trots Stillfronts marknadsledande tillväxt och ebit-marginal handlas aktien till omotiverade 20 procents rabatt jämfört med sektor.
I sin analys pekar Berenberg på att den stanna hemma-effekt som covid-19 föranlett fortsätter att ge gamingsektorn rejäl medvind, men att det samtidigt är en marknad med få vinnare och många förlorare. I sin gallring i sektorn har Berenberg letat efter bolag som bland annat har en diversifierad spelportfölj, gör förvärv för att addera bevisat bra IP:n till portföljen och som har ett obevekligt fokus på så kallad live services.
Enligt vår åsikt förkroppsligar Stillfront dessa faktorer, skriver Berenberg.
Mats Torgander +46 8 5191 7915
Nyhetsbyrån Direkt
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"The Group’s Net Revenue and Adjusted EBIT performance of the Group during the first two months of the second quarter*, ending 31 May 2020 (unaudited figures):
Bookings of SEK 851 million
Net Revenue of SEK 833 million
"
I hele Q1 hadde de 691 i net revenue…
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