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Actic Q3: Slight positive organic growth and strong EBIT - SEB

Actic Group, a leading gym club operator, delivered Q3 sales that are a bit ahead of our forecasts, bolstered by positive organic growth of 0.5%. Improving membership efficiencies and cost management add up to EBIT of c. SEK 13m, which is well ahead of our break-even estimate. Increasing interest costs burden net financials to about SEK -15m (SEBe SEK -11m). Accordingly, we are contemplating earnings upgrades. Our fair mid-point equity value is SEK 8 per share.

Actic Group, a leading gym club operator, delivered Q3 sales that are a bit ahead of our forecasts, bolstered by positive organic growth of 0.5%. Improving membership efficiencies and cost management add up to EBIT of c. SEK 13m, which is well ahead of our break-even estimate. Increasing interest costs burden net financials to about SEK -15m (SEBe SEK -11m). Accordingly, we are contemplating earnings upgrades. Our fair mid-point equity value is SEK 8 per share.
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