BasicFit announced the successful pricing of a EUR 307.6m senior unsecured convertible bond due April 2031. The 5year bonds were issued at par with a 2.50% semiannual coupon and an initial conversion price of EUR 46.62, implying a 45% premium. Proceeds will be used for general corporate purposes, refinancing and to support accelerated organic and/or inorganic growth. Basic-Fit announces it has obtained a waiver for approx. €159.0m on its 2028 outstanding €303.7m convertible with a put option in ...
BFIT announced its trading update in line with our expectations. The underlying EBITDA guidance increases by €10.0m on the back of regulatory tailwinds in France and Belgium, which we still believe to be conservative. Likely some energy cost increases (80% hedged in 2026) are offset by regulatory tailwinds. Membership growth continues to be strong at +215k members on 33 new club openings vs +213 on 46 new club openings in 1Q25. The average number of memberships increases further to 2,981 vs 2,90...
Basic-Fit: 1Q26 trading update – FY26 outlook raised. CM.com: 1Q26 trading update – encouraging, but early. Fastned: 1Q26 trading update – Soft volume mitigated by better pricing. NSI: Another difficult quarter, as expected. Sligro: Change in ERP accounting expected to weigh on 2026/27F margins. Staffing sector: Hays' 3Q26 trading update a touch better. TomTom: 1Q26 results, profitability a bit better. Vopak: Limited 1Q26 impact, some downside for 2Q26
We update our model ahead of the 1Q26 (16/04) results and CMD (21-22/04) The shift towards a franchise model fundamentally changes our thesis. It allows Basic-Fit to deploy strong free cash flow from its mature owned clubs towards faster deleveraging and potential shareholder returns in the near to medium term, addressing our previous key concern around prolonged high leverage. With the stock currently trading at a 6.9% FCF yield, expected to rise to 10.0% in FY27 and 11.8% in FY28, and a path t...
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