Added to YB: 2026-05-26
Pitch date: 2026-05-22
BFIT.AS [neutral]
Basic-Fit N.V.
Author Info
No bio for this author
Company Info
Basic-Fit N.V. operates and franchises fitness clubs under the Basic-Fit brand in the Netherlands, Belgium, Luxembourg, France, Spain, Germany, Austria, Switzerland, Slovenia, Romania, Croatia, and the Czech Republic.
Market Cap
EUR 1.9B
Pitch Price
N/A
Price Target
39.28 (+31%)
Dividend
N/A
EV/EBITDA
7.86
P/E
135.91
EV/Sales
3.51
Sector
Hotels, Restaurants and Leisure
Category
value
Basic-Fit ($BFIT) Investment Thesis (Part 2)
BFIT.AS (update): European gym leader transforming to asset-light franchise model. Currently 7x EV/EBITDA vs 10.8x peer avg despite 8.6% FCF yield (vs 4.7% avg). Deleveraging to 2.0x Net Debt/EBITDA by 2026 from 2.66x. Franchise EBITDA to grow €20M→€67M by 2035 w/ 1,000+ Basic-Fit franchises. Conservative DCF shows €39.28 intrinsic value vs €30 price (31% upside, 11.3% IRR). Rev €1.42B→€3.34B by 2035, members 5M→10.5M (8.6% EU share). CEO owns 11.7%. Risks: member churn, CapEx overruns, failed franchise integration, poor M&A allocation.
Read full article (20 min)