Still needs some fine-tuning
Weaker than expected membership growth weighed on Actic's Q2 results, prompting us to cut our 2018–2019 estimates by 9–10%. However, with the IPO-related efforts behind it, management is driving an even greater sales focus coming out of what is the seasonal low, suggesting potential for a quick reversal in the trend. We still like the medium-term investment case, and reiterate our BUY recommendation, while we have lowered our target price to SEK57.5 (67).
DNB Markets is the investment banking arm of DNB Bank ASA and is focused primarily on the Nordic region, as well as internationally on niches such as global shipping, energy and related services, and seafood. DNB Markets offers services in FICC, Equities and Investment Banking advisory from offices in Oslo, Stockholm, London, Singapore and New York. Equity research coverage is offered on c250 Nordic companies. DNB was ranked no.2 in Extel Nordic Research 2017. The DNB Markets’ Credit and FICC Macro & FX Research teams are repeatedly highly rated by Prospera Nordic Institutional Investor Surveys.
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