Actic Group, a leading northern-European fitness club operator, will report Q1 results on 29 April at 07.45 CET. Reflecting closed clubs and restrictions on capacity utilization, we expect the group to turn to red numbers in the period. Q1 guidance is for "continuing lower revenues, while lowered costs will mitigate lost sales". We expect sales to be down 35% y/y. Despite good cost management, we estimate LBIT of SEK 22m. Our midpoint DCF value remains SEK 25 (12x EV/EBIT).
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