Basic-Fit N.V. (BSFFF)
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Basic-Fit N.V. (BSFFF) Q3 2025 Sales Call Transcript
Basic-Fit N.V. (OTCPK:BSFFF) Q3 2025 Sales Call October 17, 2025 8:00 AM EDT Company Participants Richard Piekaar - Director of Treasury, Investor Relations & Sustainability René Moos - Founder, Chairman of the Management Board & CEO Maurice de Kleer - CFO & Member of Management Board Conference Call Participants Kris Kippers - Banque Degroof Petercam S.A.
The Tide Is Shifting For Basic-Fit To Increased Profitability & A Higher Multiple
Investor sentiment toward Basic-Fit is poised for a major positive shift, which should lead to a period of increased profitability, upside to consensus forecasts, and a higher multiple. Our primary research suggests a high likelihood of a French government regulation change to allow gyms to operate 24/7, which will reduce temporary costs, drive increased memberships and club profitability. We believe Basic-Fit is entering a beat & raise phase relative to its financial performance, and FY26 consensus is too low by 15%-20%.
Basic-Fit: Expansion Decelerates While Navigating Increased Cost Pressure
Basic-Fit's Q1 update shows revenue of €332 million (17% YOY) and 10% membership growth, with 41 new clubs opened, reaffirming 2025 guidance. Growth deceleration and increased maintenance capex in French stores raise concerns about market saturation and margin pressures, despite BSFFF management's cost control efforts. The new three-tier membership structure increased average revenue per member by 2.9%, with no margin squeeze, maintaining a 24-27% EBITDA margin.
Basic-Fit N.V. (BSFFF) Q1 2025 Earnings Call Transcript
Basic-Fit N.V. (OTCPK:BSFFF) Q1 2025 Results Conference Call April 17, 2025 9:00 AM ET Company Participants Richard Piekaar - Head of Investor Relations Rene Moos - Chief Executive Officer Maurice de Kleer - Chief Financial Officer Conference Call Participants Marc Zwartsenburg - ING Robert Jan Vos - ABN AMRO Tim Ehlers - Kepler Cheuvreux Lynn Hautekeete - KBC Securities Natasha Brilliant - UBS Operator Hello and welcome to Basic-Fit's Q1 2025 Trading Upodate Call and Live Audio Webcast.
Basic-Fit N.V. (BSFFF) Q3 2024 Sales Call Transcript
Basic-Fit N.V. (OTCPK:BSFFF) Q3 2024 Sales Call October 18, 2024 4:00 AM ET Company Participants Richard Piekaar - Head of Investor Relations Rene Moos - Chief Executive Officer Hans van der Aar - Chief Financial Officer Conference Call Participants Robert Jan Vos - ABN AMRO Natasha Brilliant - UBS Chandni Hirani - Barclays Capital, Inc. Kris Kippers - Banque Degroof Petercam S.A.
Basic-Fit: Strong Business Execution, And Undervalued
Basic-Fit achieved a 17% increase in revenue in H1 2024, reaching $620.10 million, while opening 135 new clubs to reach a total of 1,537 locations. The company's average revenue per member rose to $25.23, driven by 43% of members upgrading to premium plans, boosting underlying EBITDA less rent by 26% to $147.34 million. Despite its strong expansion, challenges remain, including slower membership growth in France and a decline in average membership at mature clubs to 3,175 members.
Basic-Fit: Hidden Cash Machine
Basic-Fit is Europe's leading fitness chain, generating strong free cash flow despite significant growth CAPEX, making it an undervalued stock for long-term investors. The company leverages its size for competitive advantages, including economies of scale, superior supplier contracts, and efficient expansion strategies using data analysis and AI. Basic-Fit's operating leverage allows it to achieve high ROIC and EBITDA margins, with significant free cash flow generation even after accounting for maintenance CAPEX.
Basic-Fit N.V. (BSFFF) Q2 2024 Earnings Call Transcript
Basic-Fit N.V. (OTCPK:BSFFF) Q2 2024 Earnings Conference Call July 26, 2024 11:30 AM ET Company Participants Richard Piekaar - Head of Investor Relations Rene Moos - Chief Executive Officer Hans van der Aar - Chief Financial Officer Conference Call Participants Chandni Hirani - Barclays Marc Zwartsenburg - ING Lynn Hautekeete - KBC Securities Robert Jan Vos - ABN AMRO Natasha Brilliant - UBS Operator Hello and welcome to the Basic-Fit's 2024 Half Year Results Conference Call and Webcast.
Basic-Fit: A Fitness Chain With A Unique Moat
Basic-Fit has a wide moat due to their ability to operate a club with a low number of members, thanks to their scale and technology. The company only trades at less than 7 times EV to 2024 expected EBITDA. Management is assessing near-term headwinds.
