On the back of prevailing macro uncertainties and rising inflation in household budgets, we have adjusted our ARPM assumptions to reflect more muted demand, including for personal training (higher margin) services. In 2023 we now estimate Actic to record revenue of SEK 810m (+2% y/y) and EBIT of SEK 20m (2.5% margin) bolstered by its ongoing SEK 30m savings programme. We set our revised mid-point equity value at SEK 12 (SEK 14).
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