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Actic Group Q4E: Material EBIT improvement in core Actic Nordic operations - SEB

Actic Group, the gym club operator, will report Q4 results on 14 February. Based on our assumptions for a continuing turnaround, we look for positive organic sales growth of 1% y/y. Adding cost management, we forecast underlying group EBIT of SEK 7m (Q4/22: SEK 10m). For Actic Nordic isolated (DACH operations were divested in Q1 last year), we expect Q4 EBIT to improve from SEK 2m, to SEK 12m. Based on unchanged forecasts, we reiterate our SEK 8 mid-point equity value.

Actic Group, the gym club operator, will report Q4 results on 14 February. Based on our assumptions for a continuing turnaround, we look for positive organic sales growth of 1% y/y. Adding cost management, we forecast underlying group EBIT of SEK 7m (Q4/22: SEK 10m). For Actic Nordic isolated (DACH operations were divested in Q1 last year), we expect Q4 EBIT to improve from SEK 2m, to SEK 12m. Based on unchanged forecasts, we reiterate our SEK 8 mid-point equity value.
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