While Q2 sales came in ahead of our estimates, adjusted EBITA was SEK 14m lower than expected, mainly due to higher personnel expenses. We lower our margins slightly over our forecast period, while we reiterate our SEK 25 midpoint valuation based on DCF and updated peer group multiples. Actic Group is now refinanced and well-placed to capitalise on any post-pandemic normalisation ahead. The secular trends favour health and well-being.
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