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A predictable walk down recovery lane - SEB (oms)

Post-Q3 results, we reiterate our mid-point DCF-based equity value of SEK 25 for Actic Group, one of the leading northern European health and fitness club operators. Q3 corroborated our thesis that along with re-openings (albeit with lingering local market restrictions), the company recorded a sequential increase in its membership base, the first since the start of the pandemic impact in 2020. We expect a meaningful recovery to materialise in 2022.

Post-Q3 results, we reiterate our mid-point DCF-based equity value of SEK 25 for Actic Group, one of the leading northern European health and fitness club operators. Q3 corroborated our thesis that along with re-openings (albeit with lingering local market restrictions), the company recorded a sequential increase in its membership base, the first since the start of the pandemic impact in 2020. We expect a meaningful recovery to materialise in 2022.
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