Download PDF

1. Company Snapshot

1.a. Company Description

Basic-Fit N.V. operates fitness clubs.As of March 9, 2022, it operated 223 clubs in the Netherlands, 207 clubs in Belgium, 10 clubs in Luxembourg, 578 clubs in France, and 63 clubs in Spain.The company was founded in 1984 and is headquartered in Hoofddorp, the Netherlands.

Show Full description

1.b. Last Insights on BFIT

Basic-Fit N.V. has garnered attention for its potential undervaluation, with an estimated fair value of €37.71, suggesting a 37% upside. The company's high insider ownership, indicating strong confidence from management, has been highlighted as a positive factor. Additionally, Basic-Fit has been identified as one of the European growth companies with high insider ownership, expecting up to 69% earnings growth. Recent analyses have also pointed to the company's undervaluation, with potential entry points for investors.

1.c. Company Highlights

2. Basic-Fit Delivers Robust Q1 2025 Results Amid Strategic Growth Initiatives

Basic-Fit reported a strong financial performance in Q1 2025, with revenue rising 17% year-over-year to EUR 332 million, driven by a combination of membership growth and higher average revenue per member. The company expanded its club network by 41 locations, reaching a total of 1,616 clubs, while memberships grew by 213,000 to 4.47 million, representing a 10% increase compared to the same period last year. Average revenue per member improved to EUR 24.25, up from EUR 23.57 in Q1 2024, benefiting from the introduction of a new three-tier membership structure. Despite these positive top-line results, the company reported an EPS of -1.22073, missing analyst estimates of -0.46, reflecting higher operational investments in strategic initiatives such as 24/7 club openings and digital enhancements.

Publication Date: Apr -24

📋 Highlights
  • Club Network Expansion: Added 41 clubs, reaching 1,616 locations, with a focus on France and Spain.
  • Membership Growth: Grew by 213,000 members, a 10% year-over-year increase, totaling 4.47 million members.
  • Revenue Increase: Revenue rose 17% to EUR 332 million, driven by higher memberships and average revenue per member (EUR 24.25).
  • New Membership Tiers: Introduced three-tier structure (Comfort, Premium, Ultimate), boosting average yields and member growth.
  • Financial Guidance: On track to add 100 net clubs in 2025, with revenue guidance of EUR 1.375-1.425 billion and a EUR 40 million share repurchase program planned.

Operating Momentum and Strategic Investments

The company remains on track to meet its 2025 guidance, including the addition of 100 net clubs and revenue projections of EUR 1.375-1.425 billion. Underlying EBITDA less rent is expected to range between EUR 330-340 million, supported by disciplined cost management and strong membership growth. Management highlighted the success of the new membership tiers, with Rene Moos noting, "The premiumization strategy has resonated well with members, as many are opting for higher-tier memberships despite price increases." This pricing strategy contributed to a 25% increase in the Ultimate membership tier, demonstrating customer willingness to pay for enhanced services. Additionally, the rollout of weekly pricing across all countries except Germany since January 1st has further bolstered average revenue per member and membership growth.

Valuation and Financial Flexibility

Basic-Fit's valuation reflects its growth trajectory, with a price-to-sales (P/S) ratio of 1.06 and an EV/EBITDA of 12.68, indicating that investors are pricing in the company's expansion plans and strategic investments. The company also announced a new EUR 200 million revolving credit facility, enhancing its financial flexibility, and plans to initiate a EUR 40 million share repurchase program in Q2 2025. With a free cash flow yield of 19.67%, the company is well-positioned to fund its growth initiatives while maintaining a disciplined approach to capital allocation. However, the net debt-to-EBITDA ratio of 8.65 remains elevated, though management aims to reduce leverage below 2x by 2026.

Geographic Expansion and Market Outlook

France and Spain continue to drive growth, with France benefiting from the rollout of 24/7 clubs. In Germany, initial club openings faced headwinds due to competitive pricing, but recent openings have shown improvement, with 37 clubs now operational. Rene Moos expressed optimism about Germany's growth potential, emphasizing low market penetration and the ability to expand without compromising pricing. The company also addressed recession risks, with Moos highlighting the resilience of gym memberships as consumers prioritize health over discretionary spending. This defensive characteristic, combined with the company's strategic initiatives, positions Basic-Fit well to navigate macroeconomic uncertainties while delivering on its growth objectives.

3. NewsRoom

Card image cap

3 European Stocks Possibly Undervalued By 28.2% To 37.7%

Nov -20

Source:

Card image cap

European Growth Companies With High Insider Ownership In November 2025

Nov -19

Source:

Card image cap

Are Investors Undervaluing Basic-Fit N.V. (AMS:BFIT) By 37%?

Nov -07

Source:

Card image cap

European Growth Stocks With High Insider Ownership And 76% Earnings Growth

Oct -21

Source:

Card image cap

European Stocks That May Be Trading Below Their Estimated Value

Oct -20

Source:

Card image cap

European Undervalued Small Caps With Insider Action To Consider

Oct -15

Source:

Card image cap

3 European Growth Companies With Insider Ownership Expecting Up To 69% Earnings Growth

Sep -22

Source:

Card image cap

European Stocks Estimated To Be Trading Below Their Intrinsic Value In September 2025

Sep -19

Source:

4. Business Breakdown

4.a. Revenues by Country

4.b. Revenues by Segment

5. Expected revenues mid-term growth (5.98%)

6. Segments

Fitness

Expected Growth: 6.0%

Basic-Fit N.V.'s 6.0% growth is driven by increasing health awareness, rising disposable income, and a growing demand for convenient, affordable fitness solutions. Expanding club network, innovative digital offerings, and strategic partnerships also contribute to the growth. Additionally, the company's focus on providing a high-quality, user-friendly experience and its strong brand reputation further support its growth momentum.

Other Club

Expected Growth: 5.5%

The 5.5% growth of Other Club from Basic-Fit N.V. is driven by increasing demand for premium fitness services, expansion into new markets, and strategic partnerships. Additionally, the club's focus on digitalization, personalized training, and member engagement has led to higher retention rates and revenue growth.

Other Non-club

Expected Growth: 4.8%

The 4.8% growth in Other Non-club segment from Basic-Fit N.V. is driven by increasing demand for digital fitness solutions, expansion into new markets, and strategic partnerships. Additionally, the company's focus on personalized fitness experiences, innovative marketing strategies, and cost optimization initiatives have contributed to this growth.

7. Detailed Products

Fitness Centers

Basic-Fit N.V. operates a chain of fitness centers across Europe, offering a range of exercise equipment, group fitness classes, and personal training services.

Group Fitness Classes

Basic-Fit N.V. offers a variety of group fitness classes, including yoga, Pilates, spinning, and more, led by certified instructors.

Personal Training

Basic-Fit N.V. offers one-on-one personal training sessions with certified trainers, tailored to individual fitness goals and needs.

Virtual Fitness Classes

Basic-Fit N.V. offers virtual fitness classes, allowing members to participate in live or on-demand classes from the comfort of their own homes.

Wellness Programs

Basic-Fit N.V. offers wellness programs, including nutrition counseling, stress management, and mindfulness coaching.

Corporate Wellness

Basic-Fit N.V. offers corporate wellness programs, providing fitness classes, workshops, and wellness initiatives for companies and their employees.

8. Basic-Fit N.V.'s Porter Forces

Forces Ranking

Threat Of Substitutes

Basic-Fit N.V. operates in the fitness industry, where substitutes are limited. The company's services are highly specialized, and customers are loyal to their fitness routines, making it difficult for substitutes to emerge.

Bargaining Power Of Customers

Basic-Fit N.V. has a large customer base, but customers have some bargaining power due to the availability of alternative fitness centers. However, the company's low-cost business model and convenient locations reduce the bargaining power of customers.

Bargaining Power Of Suppliers

Basic-Fit N.V. has a diversified supplier base, and suppliers have limited bargaining power. The company's scale of operations and long-term contracts with suppliers reduce the bargaining power of suppliers.

Threat Of New Entrants

The fitness industry has moderate barriers to entry, and new entrants may face challenges in replicating Basic-Fit N.V.'s low-cost business model and scale of operations. However, the industry is attractive, and new entrants may still pose a threat.

Intensity Of Rivalry

The fitness industry is highly competitive, with many players competing for market share. Basic-Fit N.V. faces intense rivalry from established players and new entrants, which may lead to pricing pressure and advertising wars.

9. SWOT Analysis

Strength

Weaknesses

Opportunities

Threats

10. Capital Structure

10.a. Balance Sheet

10.b. Weighted Average Cost of capital

Value
Debt Weight 76.83%
Debt Cost 3.95%
Equity Weight 23.17%
Equity Cost 12.28%
WACC 5.88%
Leverage 331.58%

11. Quality Control: Basic-Fit N.V. passed 2 out of 9 key points

12.a Historical Valuation

12.b Price/Earnings Ratio

12.c Margin Valuation

12.d Peers Valuation

Peers Group Analysis

Stock-Card
Profoto

A-Score: 4.5/10

Value: 9.0

Growth: 2.1

Quality: 6.9

Yield: 8.8

Momentum: 0.0

Volatility: 0.0

1-Year Total Return ->

View Full Report
Stock-Card
Tivoli

A-Score: 4.3/10

Value: 2.4

Growth: 5.7

Quality: 5.4

Yield: 0.6

Momentum: 2.0

Volatility: 10.0

1-Year Total Return ->

View Full Report
Stock-Card
Basic-Fit

A-Score: 4.1/10

Value: 5.3

Growth: 7.8

Quality: 2.8

Yield: 0.0

Momentum: 5.5

Volatility: 3.0

1-Year Total Return ->

View Full Report
Stock-Card
The Gym Group

A-Score: 3.8/10

Value: 5.5

Growth: 6.6

Quality: 3.4

Yield: 0.0

Momentum: 3.5

Volatility: 4.0

1-Year Total Return ->

View Full Report
Stock-Card
MIPS

A-Score: 3.3/10

Value: 0.0

Growth: 6.3

Quality: 9.0

Yield: 1.2

Momentum: 1.0

Volatility: 2.3

1-Year Total Return ->

View Full Report
Stock-Card
Focusrite

A-Score: 3.2/10

Value: 6.1

Growth: 3.1

Quality: 4.5

Yield: 3.1

Momentum: 1.5

Volatility: 1.0

1-Year Total Return ->

View Full Report

Peers Metrics

12.e Scoring Insights

12.f DCF BETA

Parameters

Short Term Growth

Short term Time

Long-Term Growth

WACC

Target Price

28.28$

Current Price

28.28$

Potential

0.00%

Expected Cash-Flows