We make minor estimate revisions ahead of Actic’s Q3 report. We expect the company to maintain its focus on optimising its existing club portfolio to improve utilisation rates while continuing to reduce debt. Consequently, we anticipate another quarter of improved profitability and higher earnings, supported by a further increase in ARPM as more customers opt for higher-tier memberships. Reflecting those trends, we slightly raise our profitability assumptions, resulting in a new mid-point equity value of SEK 30 (29).
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