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Actic: Lower incline but a steady pace - SEB

Actic reported a solid Q2. Sales were in line with our estimates and EBIT surprised on the positive side with reported EBIT margin of 3.8%, 3.4pp better than we expected. A new decentralised organisation was an important driver of profitability, as reported personnel expenses were SEK 3.9m lower y/y. The favourable Q2 report looks to be the start of what we believe will be the new normal. We reiterate our DCF based mid-point value of SEK 19 per share.

Actic reported a solid Q2. Sales were in line with our estimates and EBIT surprised on the positive side with reported EBIT margin of 3.8%, 3.4pp better than we expected. A new decentralised organisation was an important driver of profitability, as reported personnel expenses were SEK 3.9m lower y/y. The favourable Q2 report looks to be the start of what we believe will be the new normal. We reiterate our DCF based mid-point value of SEK 19 per share.
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