Basic-Fit (BFIT.AS), mcap=€2.5bn, price €37.3 vs. €40.7

Pitch: Leading gym operator in Europe expected to triple gym count to 3,500 in a decade and compound revenues at >15% CAGR. Low-cost gym model (similar to PLNT, just not franchised) with a strong scale of economics. Attractive unit-level economics with ROIC=30%.

Valuation: BFIT trades at c. 9x estimate of mature EBITDA for currently open 1,100 clubs, in line with recent transactions.

Exp. gain: 25%- 30% IRR from further expansion and unit growth

Full BFIT.AS write-up (free guest account required):


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