Basic-Fit - In good shape

Basic-Fit remains firmly on the front foot after confirming at its recent capital markets day (CMD) that its aim is to more than double its owned clubs from 1,402 to 3,000-3,500 by 2030. Management is confident it can fund this growth internally as the business is highly cash generative and well-financed. The 387 net openings since 2021 (c 40% growth) provide both welcome earnings visibility as clubs mature and a strong record of delivery. Further positives are a ringing endorsement of Germany as a prime opportunity, a 'game-changing' new maintenance contract (saving €40m pa by 2030), a heightened focus on membership yield (the company is guiding +4% in 2024) and scope for additional growth by franchising. On Basic-Fit's preferred metric of pre-IFRS 16 adjusted EBITDA, consensus forecasts of €348m for 2024 give EV/EBITDA of 7.5x.

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