Report
Basic-Fit A zoom on the Spanish RSG deal
We increase our FY24/FY25 EBITDA by 1% and 4%. We keep our recommendation at ACCUMULATE and set the TP slightly higher from EUR 32.0 to EUR 33.0 per share. The rationale is that margin pressure from inflation will continue to ease over FY24/25 due to higher fitness revenues per member. The long term growth story remains compelling. In the short run, the RSG deal approval expected in 1Q24, changes to the membership structure and member/immature club recovery support our valuation.
Underlying
Basic-Fit NV
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.
Provider
KBC Securities
We are a financial services provider for several types of professional clients, each with distinct needs.
Lynn Hautekeete
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