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Actic: Savings, rights issue to support outlook - SEB

In connection with its Q4 results (bettering our sales forecasts, while costs were higher than expected), Actic Group, a leading Northern European fitness club operator, announced a fully guaranteed rights issue (netting SEK 50m), as well as a reorganisation aiming at annual savings of SEK 30m in 2023. In our view, these measures should also support our re-opening case in Actic. We set our revised equity mid-point value at SEK 19 (from SEK 22.50).

In connection with its Q4 results (bettering our sales forecasts, while costs were higher than expected), Actic Group, a leading Northern European fitness club operator, announced a fully guaranteed rights issue (netting SEK 50m), as well as a reorganisation aiming at annual savings of SEK 30m in 2023. In our view, these measures should also support our re-opening case in Actic. We set our revised equity mid-point value at SEK 19 (from SEK 22.50).
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