Actic Group, a leading Northern European gym club operator, reported Q4 sales in line with our estimates, while LBIT at SEK 2m was SEK 6m ahead of our estimate (LBITA of SEK 8m). Efficiencies are improving (10% growth in members per club) and savings have mitigated cost inflation (energy, etc). The board proposes no dividends for FY 2022, as we expected. We are likely to leave our 2023 forecasts unchanged and maintain our mid-point equity value of SEK 12 per share.
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