Basic-Fit (BFIT.AS), mcap=$2300m

BFIT.AS pitch:
– As newly opened clubs mature (416 out of 1200), BFIT will see a significant positive inflection in the earnings power.
– Clear market leader with a decade+ of growth runway for organic reinvestment at high ROI.
– Potential to expand to >3,000 clubs.
– Significant margin of safety at ~6x 2024 EBITDA for a business growing EBITDA at ~20%.
– Existing club footprint at maturity justifies today’s valuation.
– Also France alone is likely to be worth the current valuation.

BFIT.AS valuation:
– Set to generate >€5 in recurring FCF/share in 2026.
– At 15x multiple, target of €80/share.

Exp. gain: +150% to €80/share

Full write-up (free guest account required):

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