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SENASTE
As societies reopen post Covid-19 pandemic restrictions that have impacted the indoor gym market markedly, we believe Actic Group looks well placed to recover its share of lost sales over our forecast period. Despite Q1 being impacted by restrictions (closed facilities), Actic recorded strong and better-than-expected increases in membership levels. We argue Q1 performance corroborates our main thesis and we reiterate our mid-point value of SEK 19.
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