Basic-Fit - Fit to grow more profitably? Upgrade to Hold
Basic-Fit has shown recently that growth, both in memberships and revenue/member, has returned. In the near future, we are confident this can continue driven by its opening strategy as well as price-mix improvements stemming from the rising penetration of ‘Premium'Cost inflation seems under control, supported by the company's well known tight cost control, further improving operating leverage when expanding and a normalization of its energy bill as from 2024 (~ EUR 30m impact)This week's CMD could comfort the markets further. Currently, they are worried by meagre membership growth, questions on cannibalization by its ‘Premium' membership, consumer sentiment and, classically, itsBasic-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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