Actic continued to show good progress in Q4, showcasing good cash flow while lowering leverage to 2.3x ND/EBITDA (excl. IFRS16), down from 4.4x a year ago. Leverage is again below the company’s financial target, leaving room for growth investments. Coupled with improved profitability and with club portfolio optimisation finished, we think Actic is ready for its next phase with more of a growth focus. Our new fair equity value mid-point is SEK 31 (37) per share.

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