Basic-Fit N.V. : Absurd de-rating unjustified; TP cut to € 37, but Outperform reiterated
>Clubs, memberships, revenue and underlying EBITDA as expected in 2023 - In terms of key headlines of revenue, underlying EBITDA, number of clubs and members, Basic-Fit’s 2023 reporting was in line with our expectations and consensus. Net debt excluding leases amounted to € 804m, slightly higher than our forecast, and a tad below consensus of € 807m. Financial leverage came in at 2.6x, which is in line with our forecast and well below the covenant threshold of 3.5x. W...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.
Oddo Securities provides securities brokerage and research services. The company offers equity, economic, and derivatives research and credit analysis services. It focuses on insurance, automotive, building materials, pharmaceuticals, telecommunications, information technology, and agri-food industries.
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