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Actic: Nearing re-opening with well-managed costs - SEB

The health and gym segment has been hard hit by the imposed restrictions from the pandemic situation. With 45% of Actic Group’s facilities either closed or operating at very low capacity in Q1, organic sales declined by 38% y/y. Reflecting ongoing restrictions, we cut our sales and LBIT estimates in Q2 and 2021. From strong cost management (improved operating leverage), we upgrade EBIT in 2022-2023. We reiterate our midpoint DCF value of SEK 25.

The health and gym segment has been hard hit by the imposed restrictions from the pandemic situation. With 45% of Actic Group’s facilities either closed or operating at very low capacity in Q1, organic sales declined by 38% y/y. Reflecting ongoing restrictions, we cut our sales and LBIT estimates in Q2 and 2021. From strong cost management (improved operating leverage), we upgrade EBIT in 2022-2023. We reiterate our midpoint DCF value of SEK 25.
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