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Actic Q2: Optimization is now core business - SEB

Actic Group, a leading Nordic gym club operator, saw a solid Q2 which was broadly in-line with our expectations. Adj. EBIT beat of 14.4% against us. Positive NRI of SEK 4.5m. L-f-l growth of 0.2%. On the back of fewer clubs, we lower our sales and opex estimates for 2023-25E slightly. Furthermore, we lower adj. EBIT with on average SEK 4m for the same period. We now forecast 121 clubs for year-end 2023. We reiterate our mid-point equity value of SEK 8 per share.

Actic Group, a leading Nordic gym club operator, saw a solid Q2 which was broadly in-line with our expectations. Adj. EBIT beat of 14.4% against us. Positive NRI of SEK 4.5m. L-f-l growth of 0.2%. On the back of fewer clubs, we lower our sales and opex estimates for 2023-25E slightly. Furthermore, we lower adj. EBIT with on average SEK 4m for the same period. We now forecast 121 clubs for year-end 2023. We reiterate our mid-point equity value of SEK 8 per share.
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