Basic-Fit - First M&A in a long time: 47 clubs in Spain
Yesterday evening, Basic-Fit announced a first M&A transaction in quite some years. As RSG Group retreats from the Spanish market, Basic-Fit acquired all 47 Spanish clubs, hereby strengthening Basic-Fit's leading position in Spanish market.Our EUR 30.3 TP is based on a valuation exercise where we combine an EV for ‘mature' vs. ‘young' clubs. At this TP, Basic-Fit would trade at around 8x EV/EBITDA. In the short term, FCF remains limited, resulting that leverage (incl. IFRS 16) remains quite high as well as the overhang to refinance. As such, we reiterate our Hold rating.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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