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Ana Arjona-Martinez ... (+2)
  • Ana Arjona-Martinez
  • Yan Derocles
Ana Arjona-Martinez ... (+2)
  • Ana Arjona-Martinez
  • Yan Derocles
ING Helpdesk
  • ING Helpdesk

Benelux Morning Notes

Basic-Fit: Highlights and calculations on the back of Clever Fit analyst meeting. Colruyt: Exiting France after closing its last five stores

Jacob Mekhael ... (+5)
  • Jacob Mekhael
  • Lynn Hautekeete
  • Thomas Couvreur
  • Wim Hoste
  • Wim Lewi
Lynn Hautekeete
  • Lynn Hautekeete

Basic-Fit VAT from 6% to 12% on sports in Belgium

Yesterday, the Belgian federal government announced an agreement on the federal budget, which includes raising VAT on sports subscriptions from 6.0% to 12.0%. The BeNeLux region remains Basic-Fit's key profit driver, delivering a 46.5% EBITDA less rent margin in 1H25 compared to 12.0% across its other markets. For Belgium, we forecast FY25 revenue of approximately €250 million and underlying EBITDA less rent of €115 million. If the additional 6.0% VAT is absorbed without price adjustments, this ...

Marc Zwartsenburg ... (+4)
  • Marc Zwartsenburg
  • CEFA
  • Reg Watson
  • CFA

Basic-Fit/Acquisition Clever Fit – Clever? Fit?/BUY

BUY reiterated and TP increased from €33.0 to €35.00. We have not yet included the Clever Fit acquisition into our estimates or fair value as we lack the financial details. In this report we have made an extensive analysis of the earnings accretion and value creation of Clever Fit, based on early assumptions. Although we also have some concerns regarding the uncertainty around rebranding, capex needs, improving fundamentals and timing of rebranding, we also see the upside potential, strategic im...

Louis Boujard ... (+3)
  • Louis Boujard
  • CFA
  • Philippe Ourpatian
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