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Stillfront: Redeye: Stillfront Group - Still in the front

Stillfront Group showed yet another record quarter both in terms of
revenue and profits during Q3. The product segments Core and Big were
especially impressive. This was the first quarter with Kixeye
consolidated in the books. The acquisition boosted the growth rate,
but the company still grew organically by roughly 20%. We raise our
Base-case valuation; the market seems to underappreciate the growth
ahead, and we see an attractive valuation.

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