Actic Group, a leading Nordic and Northern European gym and fitness club operator, should continue to benefit from the removal of restrictions after the Covid-19 pandemic. We raise mainly our ARPM assumptions, which boosts sales, but also our cost assumptions, implying largely maintained earnings projections. We now forecast sales of SEK 850m for next year and about a 6% EBIT margin. We reiterate our SEK 19 mid-point equity value.

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