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Actic: Calling the trough - SEB

As societies are reopening post-pandemic restrictions, we expect Actic Group, a leading Northern European health and fitness club and swimming facility operator, to gradually benefit from returning members; increased utilisation rates and increased spending (ARPM). Shorter-term we reckon marketing costs (CAC) will have to rise, while we expect margins to recover in the medium-term. Our revised mid-point equity value equals SEK 22.50.

As societies are reopening post-pandemic restrictions, we expect Actic Group, a leading Northern European health and fitness club and swimming facility operator, to gradually benefit from returning members; increased utilisation rates and increased spending (ARPM). Shorter-term we reckon marketing costs (CAC) will have to rise, while we expect margins to recover in the medium-term. Our revised mid-point equity value equals SEK 22.50.
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