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Actic: Q3/24E: Warming up - SEB

Ahead of Actic Group's Q3 results (due 29 October at 07.45 CET), we leave our forecasts rather unchanged. That also implies we forecast a significant y/y earnings performance in H2 this year, based on improving ARPM, cost management and from strategic decisions, including its divestment of its DACH gym operations and optimisation of its remaining Nordic store footprint (Q3E: 113 clubs, down from 120 in Q3/23). We reiterate our DCF-based mid-point of SEK 11 per share.

Ahead of Actic Group's Q3 results (due 29 October at 07.45 CET), we leave our forecasts rather unchanged. That also implies we forecast a significant y/y earnings performance in H2 this year, based on improving ARPM, cost management and from strategic decisions, including its divestment of its DACH gym operations and optimisation of its remaining Nordic store footprint (Q3E: 113 clubs, down from 120 in Q3/23). We reiterate our DCF-based mid-point of SEK 11 per share.
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