Actic Group is exiting from its German and Austrian markets, pending its agreement to divest its non-Nordic subsidiaries to German competitor INJOY Quality Gmbh for EUR 3.3m (SEK 37m) in cash and debentures. The transaction, including 22 clubs, implies about 0.5x our 2023 EV/Sales estimates leaves Actic Group fully-focused on turning around its core Nordic market operations. We agree with this strategic decision. Our current mid-point equity value is SEK 12.
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