Actic Group's Q1 sales came in SEK 9m below our SEK 149m estimate, implying a 39% y/y decline. In the period 45% of its gym and swimming club facilities have been closed or operating under pandemic restrictions. Reflecting strong cost management, LBIT of SEK 22m are in line with our forecasts (no consensus). As expected covenants have been breached and the company expects continuing negative impact on sales also in Q2. Our midpoint DCF in Actic Group is SEK 25.
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