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Stillfront: Redeye: Stillfront Group - Good(game) synergies are starting to show

The reported figures for Q2 beat our estimates both on sales and
profits. When adjusting for non-recurring items, the EBITDA came in
13% above our projections. Operational synergies from the Goodgame
Studios acquisition are now starting to show. As a whole, we make no
changes to our valuation. We see a significant potential both in
relative and absolute terms from the current share price level. With
a strong pipeline and the new addition of Imperia Online, the
prospects look bright for the Group.

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