Reflecting a transition year in 2019 for Actic, a leading Northern European fitness club operator, our underlying EBITA forecasts are now back on a par with 2017 levels. In this year we expect savings in personnel, A&P and rents of SEK 45m, to bolster earnings.

Following a 37% share price decline over the past year, the shares now trade at 8x EV/EBITA (excl. IFRS16). This could be compared to key peer SATS (SATS.OL) at 10x consensus estimates.