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SENASTE
While admitting that forecast uncertainty amid a prospective inflection point is high, we argue health and exercise trends in society are still driving underlying demand for Actic Group fitness club operations. Also, municipal swimming facilities were generally re-opened again on 1 September, suggesting Actic should benefit from re-opening of its adjacent facilities. Valuation looks low at 0.7x 2022 estimates (excl. IFRS-16 leases). We reiterate our mid-point DCF of SEK 25.
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