Actic’s Q2 showed that its profitability measures are taking effect. Cash flow looks healthy and net debt is reduced, both in absolute terms and in relation to EBITDA. Within one year, Actic’s ND/EBITDA excl. leases has decreased from 5.7x to the current level of 3.0x. Given the increased profitability, we expect this trend to continue. We raise 2025E-27E EBIT on our higher profitability assumptions deriving a new mid-point equity value of SEK 29 (27) per share.
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