Basic-Fit - Estimates reduced given prudent ST outlook
• Following the CMD back in November, we have reworked our model whereby we reduced our number of openings and also reduced the average pricing. Given the lower operating leverage, we have cut our EBITDA estimates by 8-10% over 2023-2025, bringing our estimates some 7-8% below consensus• Whereas we do see that Basic-Fit is gradually getting out of the (financial) doldrums, we continue to consider its financial position as quite leveraged, certainly given the aggressive openings they continue to plan for the years to come• Valuation remains demanding in the short term with still no material FCF anticipated before 2025.Basic-Fit NV is an operator of fitness centers based in the Netherlands. The Company operates more than 350 fitness clubs in the Netherlands, Belgium, France and Spain.
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