Actic's positive trends, with strong cash flows and lower leverage, continued in Q4. Sales came in in line with our estimates (-1% vs SEBe) and ARPM beat expectations by 1%. OPEX was however somewhat higher than we had anticipated which we think relates to higher number of members and service/maintenance costs. Consequently, EBIT came in at SEK 12m (SEBe at 24m). Still, EBIT is up 42% y/y, and positive trends continue. Our estimates are under review.
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