reports
- Lynn Hautekeete
Basic-Fit Increased competition in Belgium
One month after VivaGym (Number 3) acquired Altafit (Number 4) in Spain for EUR 155.0m, there is now additional competition coming in the Belgian market. Jims (number 3) acquires NRG (number 2). Jims had 40 clubs (BE+Lux) and NRG 42. Jims is part of the Colruyt group (COLR BB) The name NRG will cease to exist and a rebranding of the clubs is in order. The acquisition price is unknown. With 228 clubs (YE 2024E KBCS) and 660k members (KBCS Estimate) in total, Basic-Fit remains the market leader i...
Basic-Fit N.V.: 1 director
A director at Basic-Fit N.V. bought 10,000 shares at 21.100EUR and the significance rating of the trade was 50/100. Is that information sufficient for you to make an investment decision? This report gives details of those trades and adds context and analysis to them such that you can judge whether these trading decisions are ones worth following. Included in the report is a detailed share price chart which plots discretionary trades by all the company's directors over the last two years clearl...
- Ghada Ben Sedrine
- Nicolas David
ODDO BHF Small & MIDCAP MORNING NEWS - 22/10/2024
Nous initions la couverture de Vontobel avec une recommandation Surperformance et un objectif de cours de 65 CHF. Le groupe présente un potentiel de croissance à moyen long terme de l’activité (renforcé par l’acquisition d’une participation dans Ancala) et d’amélioration de sa rentabilité. (croissance annuelle moyenne du RN de 15%e entre 2023 et 2027) qui ne nous semble pas pleinement intégré par le consensus à ce stade (estimation ODDO BHF 1%-5% > au css. La valorisation actuelle du ...
- Ghada Ben Sedrine
- Nicolas David
ODDO BHF Small & MIDCAP MORNING NEWS - 10/22/2024
We are initiating coverage of Vontobel with an Outperform recommendation and a target price of CHF 65. The group presents medium- to long-term growth potential in terms of its activity (strengthened by the acquisition of a stake in Ancala) and improvement to its profitability (an average annual increase in net income of 15% between 2023 and 2027) which does not appear to be fully factored in by the consensus for the time being (ODDO BHF estimate some 1-5% above the consensus). Therefo...
- Robert Jan Vos
Basic-Fit N.V. : Flexed and fit - Q3 trading update reinforces our inv...
>Key metrics in line with our projections for Q3 2024 - Basic-Fit's trading update for Q3 2024 showed key performance indicators that aligned closely with our forecasts. As of the end of Q3, the company operated 1,570 clubs (ABNe: 1,566), and had 4.2m memberships (ABNe: 4.22 m). Basic-Fit generated € 307m in revenue in Q3 (ABNe: € 310m). The average revenue per member per month was € 23.86, in line with our projections.Positive membership trends in France...
- Marc Zwartsenburg
- CEFA
- Reg Watson
- CFA
Basic-Fit/Comforting 3Q24 update/BUY
BFIT reported a comforting 3Q24 update with a beat on membership ingrowth in 3Q24 and better YoY ingrowth in the first weeks of October, further improving club economics including the 2021 Covid-19 cohort. BFIT reiterated that its outlook is on track and announced the launch of the Franchise model in 2025. In addition, BFIT announced a change in membership structure in France and from 2025 onward it will implement some further changes to the membership structure to tackle the cannibalisation of ...
- Charlotte Vaisse
- Jerôme Bodin
- Marc Lavaud
ODDO BHF Small & MIDCAP MORNING NEWS - 10/18/2024
The recovery in growth in the IT & engineering services sector is undermined by the still mixed macroeconomic climate and the setbacks in the automotive and aerospace sectors. The improvement in sector momentum will therefore be minimal in H2 2024 with a growing decorrelation between the US which should be robust and a stagnating Europe. This leads us to adopt a more cautious approach on companies in our sector (revision to our 2025 growth estimates for 12 companies) and to prefer Acc...
- Charlotte Vaisse
- Jerôme Bodin
- Marc Lavaud
ODDO BHF Small & MIDCAP MORNING NEWS - 18/10/2024
La reprise de la croissance du secteur IT & Engineering Services est mise à mal par un contexte macro toujours mitigé et par les déboires des secteurs Auto et Aéro. Ainsi, l’amélioration de la dynamique du secteur sera minimale au S2 2024 et probablement aussi au S1 2025, avec une décorrélation grandissante entre les US qui devraient être solides et une Europe stagnante. Ceci nous amène à adopter une approche plus prudente pour les sociétés de notre secteur (révision de croissance 202...
- Carole Braudeau
- Carole Braudeau
- Robert Jan Vos
Basic-Fit N.V. : Q3 2024 in line with forecasts; membership price incr...
>Report on key items in line with our forecasts for Q3 2024 - Basic-Fit had 1,570 clubs open at the end of Q3 2024, which is four more clubs than our forecast. Memberships amounted to 4.20m, pretty much in line with our forecast of 4.22m memberships. Basic-Fit reported net revenue of € 307m in Q3 2024, a notch below our forecast of € 310m. The yield (average monthly revenue per member) came in at € 23.86, in line with our forecast of € 23.85. Basic-Fit said that membe...
- ING Helpdesk
Benelux Morning Notes
Basic-Fit: 3Q24 results strong, membership ingrowth ahead, on track to FY24 outlook. BE Semiconductor Industries: 3Q24 preview - a mixed picture. CM.com: 3Q24 trading update – in the right direction. Coca-Cola Europacific Partners PLC: No more pussyFTSEing around. Exor: Once-in-a-decade launch of Ferrari's next flagship supercar. Signify: 3Q24 Preview, prolonged market weakness. Staffing sector: Manpower 3Q24 results a slight miss, 4Q24 outlook weak and well below. WDP: Results in ...
- Guy Sips
- Hilde Van Boxstael
- Lynn Hautekeete
- Wim Lewi
- Lynn Hautekeete
Basic-Fit 3Q24 trading update: sacrificing pricing for growth
This morning Basic-Fit reported its 3Q24 trading update. The quarterly updates provide less information than last year. It has repeated the FY24 guidance given on all its KPI's apart from the average yield per member. Initially it was guided at EUR 24.50 vs EUR 24.25 now. The reason is the lower priced membership and discounts given to attract members. Hence the YTD membership growth is slightly above our expectations. As of FY25 there will again be a new membership structure in line with commun...
- Ahmed Ben Salem
- Thomas Zlowodzki
ODDO BHF Small & MIDCAP MORNING NEWS - 10/17/2024
We measured the impact of the contribution from Michel Barnier’s exceptional tax on 88 stocks exposed to France. Some 17 of them would experience a (negative) impact on their EPS of more than 4% on average over 2024 and 2025: LDC (-8.3%), Synergie (-8%), Eiffage (-7.9%), ADP (-7.9%), Dassault Aviation (-7%), Crit (-6.9%), Derichebourg (-6.3%), Hermès (-5.6%), Safran (-5.6%), Bouygues (-5.6%), M6 (-5.2%), Thales (-5%), TF1 (-4.9%), Nexans (-4.9%), Vinci (-4.7%), Compagnie des Alpes (...
FP TOTAL SE
IPN IPSEN SA
EQNR EQUINOR ASA
GALP GALP ENERGIA SGPS SA CLASS B
ALFOC FOCUS HOME INTERACTIVE SA
AUTN AUTONEUM HOLDING AG
MC LVMH MOET HENNESSY LOUIS VUITTON SE
BFIT BASIC-FIT NV
UHR SWATCH GROUP LTD. BEARER
RMS HERMES INTERNATIONAL SCA
KORI KORIAN SA
HCO HIGHCO SA
EL ESSILORLUXOTTICA SA
BLC BASTIDE LE CONFORT MEDICAL SA
BRBY BURBERRY GROUP PLC
VIRP VIRBAC SA
VETO VETOQUINOL SA
VLS VALNEVA SE
LNA LNA SANTE SA
GBT GUERBET SA
GLO GL EVENTS SA
KER KERING SA
ENI ENI S.P.A.
PNL POSTNL NV
01913 PRADA S.P.A.
REP REPSOL SA
TIETO TIETOEVRY OYJ
TECN TECAN GROUP AG
SLIGR SLIGRO FOOD GROUP N.V.
AALB AALBERTS N.V.
MONC MONCLER SPA
BEZ BERENTZEN GRUPPE
BC BRUNELLO CUCINELLI S.P.A.
CFR COMPAGNIE FINANCIERE RICHEMONT SA
BP. BP P.L.C.
BIM BIOMERIEUX SA
S92 SMA SOLAR TECHNOLOGY AG
BAR BARCO NV
NA9 NAGARRO
SHEL SHELL PLC
EAPI EUROAPI
ORP ORPEA
- Ahmed Ben Salem
- Thomas Zlowodzki
ODDO BHF Small & MIDCAP MORNING NEWS - 17/10/2024
Nous avons mesuré l’impact de la contribution exceptionnelle Barnier sur 88 valeurs exposées à la France. 17 d’entre elles auraient un impact (négatif) sur leurs BPA de plus de 4% en moyenne sur 2024 et 2025 : LDC (-8,3%), Synergie (-8%), Eiffage (-7,9%) ADP (-7,9%), Dassault Aviation (-7%), Crit (-6,9%), Derichebourg (-6,3%), Hermès (-5,6%), Safran (-5,6%), Bouygues (-5,6%), M6 (-5,2%), Thalès (-5%), TF1 (-4,9%), Nexans (-4,9%), Vinci (-4,7%), Compagnie des Alpes (-4,4%), FDJ (-4%). - ...
FP TOTAL SE
IPN IPSEN SA
EQNR EQUINOR ASA
GALP GALP ENERGIA SGPS SA CLASS B
ALFOC FOCUS HOME INTERACTIVE SA
AUTN AUTONEUM HOLDING AG
MC LVMH MOET HENNESSY LOUIS VUITTON SE
BFIT BASIC-FIT NV
UHR SWATCH GROUP LTD. BEARER
RMS HERMES INTERNATIONAL SCA
KORI KORIAN SA
HCO HIGHCO SA
EL ESSILORLUXOTTICA SA
BLC BASTIDE LE CONFORT MEDICAL SA
BRBY BURBERRY GROUP PLC
VIRP VIRBAC SA
VETO VETOQUINOL SA
VLS VALNEVA SE
LNA LNA SANTE SA
GBT GUERBET SA
GLO GL EVENTS SA
KER KERING SA
ENI ENI S.P.A.
PNL POSTNL NV
01913 PRADA S.P.A.
REP REPSOL SA
TIETO TIETOEVRY OYJ
TECN TECAN GROUP AG
SLIGR SLIGRO FOOD GROUP N.V.
AALB AALBERTS N.V.
MONC MONCLER SPA
BEZ BERENTZEN GRUPPE
BC BRUNELLO CUCINELLI S.P.A.
CFR COMPAGNIE FINANCIERE RICHEMONT SA
BP. BP P.L.C.
BIM BIOMERIEUX SA
S92 SMA SOLAR TECHNOLOGY AG
BAR BARCO NV
NA9 NAGARRO
SHEL SHELL PLC
EAPI EUROAPI
ORP ORPEA
- Robert Jan Vos
Basic-Fit N.V. : 14% growth in clubs/memberships, and 9% revenue growt...
>1,566 clubs, 4.219m memberships and revenue of € 310m forecast for Q3 - Basic-Fit is set to report its Q3 2024 trading update on 18 October at 07:30. We note that the updates for Q1 and Q3 address number of clubs, memberships, revenue and yield only. Furthermore, Basic-Fit does not host a conference call following its Q1 and Q3 updates. We forecast 1,566 clubs (+29 sequentially), memberships of 4.219m (+128,365), and revenue of € 310m. We expect Basic-Fit to reiterat...
- Robert Jan Vos
Basic-Fit N.V. : Expected short-term tapering to serve long-term growt...
We cut our target price on Basic-Fit to € 35 from € 37, and reiterate our Outperform. The TP cut is related to the possible early redemption of the convertible bond, and the refinancing this may trigger. As a result (in order to optimise financial leverage), we expect a deceleration in club openings, which the market may not like initially. That said, Basic-Fit’s valuation remains very compelling. - >Convertible bondholders could request early redemption in 2026 - In...
- ING Helpdesk
Benelux Morning Notes
ING Benelux Conference London: Aalberts, Arcadis, Azelis, Barco, Basic-Fit, Brunel International, DEME Group, Euronext, Fagron, Heijmans, Kinepolis, Lotus Bakeries, Melexis, Ontex, Randstad, Recticel, SBM Offshore, TKH Group, Van Lanschot Kempen Other company stories - OCI: Divestment of Methanol to Methanex for US$2.05bn, Staffing: US August temp volumes marginally better trend; NFP jobs miss
BFIT BASIC-FIT NV
SBMO SBM OFFSHORE NV
FAGR FAGRON SA
RAND RANDSTAD NV
LOTB LOTUS BAKERIES NV
REC RECTICEL SA
HEIJM HEIJMANS N.V. CERT
VLK
ARCAD VAN LANSCHOT KEMPEN NV CERT. OF SHS
AALB ARCADIS NV
OCI AALBERTS N.V.
BRNL OCI NV
ONTEX BRUNEL INTERNATIONAL N.V.
MELE ONTEX GROUP N.V.
TWEKA MELEXIS NV
KIN TKH GROUP N.V. CERT
BAR KINEPOLIS GROUP NV
AZE BARCO NV
DEME AZELIS GROUP NV
DEME GROUP NV
- Guy Sips
- Hilde Van Boxstael
- Lynn Hautekeete
- Thibault Leneeuw
- Wim Hoste
- Wim Lewi
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