Through its focused actions, Actic has cut its leverage to more healthy levels. We believe the company is now in a position to focus once again on growth initiatives. Continued positive momentum in the number of members per club development and an improved mix to support ARPM should drive stronger profitability ahead. We raise our underlying assumptions and our fair equity value range to SEK 24-30 (17-21) per share with a new mid-point of SEK 27.

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