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Actic: Kicking the tyres post-divestments - SEB

Actic Group, the gym club operator, has announced the pending divestment of its German and Austrian operations for a total consideration of SEK 37m (equal to 2023E EV/Sales of about 0.5x) as of 23 March 2023. Given the significance of its remaining Nordic operations, we agree with this strategic decision on capital allocation. Largely maintaining our Nordic going concern forecasts, we set our new DCF-based mid-point equity value at SEK 11 (12).

Actic Group, the gym club operator, has announced the pending divestment of its German and Austrian operations for a total consideration of SEK 37m (equal to 2023E EV/Sales of about 0.5x) as of 23 March 2023. Given the significance of its remaining Nordic operations, we agree with this strategic decision on capital allocation. Largely maintaining our Nordic going concern forecasts, we set our new DCF-based mid-point equity value at SEK 11 (12).
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