Ahead of Actic Group’s Q1 results (due on 28 April) we have raised our membership assumptions, increasing our net sales forecasts. From increased cost growth assumptions, we lower our EBITDA estimates by about SEK 5m in Q1 and in FY 2022. As society reopens post-Covid, we reckon underlying mega-trends in health and exercise will bolster a marked recovery for Actic in the years ahead. Our mid-point DCF remains SEK 19 per share.
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