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

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.

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

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%.