Actic’s Q4 showed stronger profitability than we had estimated, indicating that its internal efficiency measurements are indeed starting to pay off. The number of members continued to move in a positive direction, and members/club was up 12% y/y. ARPM was up 5.5% y/y and q/q, on the back of more consumers choosing memberships with more features. We raise our estimates on stronger profitability with a new mid-point of SEK 9 (8).
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