Actic Group, the gym club operator, records a strong Q1 rebound on better-than-expected memberships (+12% y/y, a full 5pp above our 7% growth estimate), driving y/y organic growth to 33% (SEBE: 26%). ARPM at SEK 334 are 2% ahead of our SEK 327 forecasts and up 28% y/y. Adjusting for SEK 13m in reported non-recurring items relating to its previously announced savings programme, LBIT came in at SEK 4m (SEBE: SEK 2m).W e reiterate our SEK 19 mid-point equity value.
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