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).