Added to YB: 2026-07-01
Pitch date: 2026-06-28
212A.T [bullish]
FIT EASY Inc.
+5.48%
current return
Author Info
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Company Info
FIT EASY Inc. engages in planning, operation, and franchise development of fitness clubs in Japan. Its amusement facilities include saunas, golf, self-esthetics, o2 room, aero, baseball, laundry, fit-whitening, pilates, race, ride, tennis, futsul, tanning, and bouldering services.
Market Cap
JPY 42.8B
Pitch Price
JPY 2.6K
Price Target
8.3K
Dividend
1.54%
EV/EBITDA
15.17
P/E
25.88
EV/Sales
3.77
Sector
Hotels, Restaurants and Leisure
Category
growth
Why FitEasy is our largest position?
212A.T: Japanese fitness franchise at ~11x EV/EBIT, ~60% YoY earnings growth, ~30% compounding ahead. Largest position (14% cost basis). Misunderstood as gym; really asset-light franchise platform where high-margin royalties (31% rev = 60% EBIT) drive margin expansion. Japan only 6% penetration vs 15-20% West. 19mo of double-digit same-store growth, conservative mgmt repeatedly raising guidance, insiders own tens of %. Base case 18x EBIT = ¥138B EV vs ¥40B today, ~3.45x/65% annualized over 2.5yrs.
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