Benefit Systems S.A. (BFT.WA) | Investment Case

1. Company Snapshot

1.a. Company Description

Benefit Systems S.A. provides non-wage employee benefits solutions in Poland and internationally.The company offers its solutions for sports and recreation, such as multisport card, fitprofit, and fitness network; and culture and entertainment, including cinema program, MultiBilet, MultiTeatr, and multi-museum.It also provides non-wage incentives through cafeteria platforms comprising MyBenefit and BenefitLunch.

The company was founded in 2000 and is based in Warsaw, Poland.

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1.b. Last Insights on BFT

Benefit Systems S.A.'s recent performance was driven by a favorable market environment, with European markets experiencing a resurgence due to the European Central Bank's interest rate cuts and a temporary reprieve from escalating tariffs. This has led to increased investor interest in dividend stocks, making Benefit Systems' robust dividend yield an attractive consideration for those seeking stability and income potential. The company's ability to maintain a strong dividend payout ratio, despite the economic uncertainties, has also contributed to its appeal.

1.c. Company Highlights

Last Price	3380
Change Percentage	-0.59%
Open	3290
Previous Close	3400
Market Cap ( Millions)	11072
Volume	29641
Year High	3595
Year Low	2685
M A 50	3210.5
M A 200	3164.72

FCF Yield	4.27%
Dividend Yield	0.00%
ROE	32.87%
Debt / Equity	145.27%
Net Debt / EBIDTA	195.09%
Price To Book	5.45
Price Earnings Ratio	24.7
Price To FCF	23.39
Price To sales	2.92
EV / EBITDA	11.76

2. Transcript Summary

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3. NewsRoom

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4. Business Breakdown

4.a. Revenues by Country

4.b. Revenues by Segment

5. Expected revenues mid-term growth (13.14%)

6. Segments

Poland

Expected Growth: 12%

Benefit Systems S.A. in Poland, with 12% growth, is driven by increasing demand for employee benefits, a growing middle class, and government support for employee welfare. Additionally, the company's diversified portfolio of benefits, including fitness, wellness, and entertainment, resonates with Polish consumers, contributing to its rapid expansion.

Abroad

Expected Growth: 16%

Benefit Systems S.A.'s 16% growth abroad is driven by increasing demand for employee benefits, expansion into new markets, and strategic partnerships. The company's diversified portfolio of benefits, including fitness, wellness, and entertainment, resonates with multinational corporations seeking to enhance employee satisfaction and retention. Additionally, Benefit Systems' digital platform and data analytics capabilities provide a competitive edge in the market.

7. Detailed Products

MultiSport

A comprehensive sports and fitness platform offering access to a network of sports facilities, fitness classes, and wellness services.

MyFitness

A personalized fitness and wellness program offering access to fitness classes, personal training, and nutrition counseling.

OK System

A comprehensive platform for managing employee benefits, including sports, fitness, and wellness programs.

MultiLife

A comprehensive employee benefits platform offering access to a range of services, including insurance, assistance, and wellness programs.

8. Benefit Systems S.A.'s Porter Forces

Forces Ranking

Threat Of Substitutes

The threat of substitutes for Benefit Systems S.A. is medium, as there are some alternatives available in the market, but they are not very attractive to customers.

Bargaining Power Of Customers

The bargaining power of customers is low, as Benefit Systems S.A. has a strong brand and a wide range of products, making it difficult for customers to negotiate prices.

Bargaining Power Of Suppliers

The bargaining power of suppliers is medium, as Benefit Systems S.A. relies on a few large suppliers, but it also has some alternative sources.

Threat Of New Entrants

The threat of new entrants is high, as the market is attractive and there are low barriers to entry, making it easy for new companies to enter the market.

Intensity Of Rivalry

The intensity of rivalry is high, as there are many competitors in the market, and they are all competing for market share.

9. SWOT Analysis

10. Capital Structure

10.a. Balance Sheet

10.b. Weighted Average Cost of capital

	Value
Debt Weight	20.75%
Debt Cost	4.10%
Equity Weight	79.25%
Equity Cost	10.12%
WACC	8.87%
Leverage	26.19%

11. Quality Control: Benefit Systems S.A. passed 8 out of 9 key points

Strong Liquidity

Low Debt

Strong Interest Coverage

Healthy Cash Flow

Operating Efficiency

Strong Return On Equity

Consistent Revenue Growth

Consistent Operating Cash Flow Growth

Margin Improvement

12.a Historical Valuation

12.b Price/Earnings Ratio

12.c Margin Valuation

12.d Peers Valuation

Peers Group Analysis

Technogym

A-Score: 6.6/10

Value: 2.3

Growth: 6.6

Quality: 7.5

Yield: 6.9

Momentum: 8.5

Volatility: 7.7

1-Year Total Return ->

Compagnie des Alpes

A-Score: 6.2/10

Value: 6.2

Growth: 5.8

Quality: 3.2

Yield: 6.9

Momentum: 8.5

Volatility: 6.7

1-Year Total Return ->

Sats

A-Score: 5.2/10

Value: 5.5

Growth: 5.9

Quality: 5.6

Yield: 1.2

Momentum: 9.5

Volatility: 3.7

1-Year Total Return ->

The Italian Sea Group

A-Score: 5.1/10

Value: 7.4

Growth: 6.2

Quality: 5.8

Yield: 6.2

Momentum: 0.5

Volatility: 4.7

1-Year Total Return ->

Hollywood Bowl

A-Score: 5.1/10

Value: 4.7

Growth: 8.0

Quality: 5.7

Yield: 5.0

Momentum: 2.0

Volatility: 5.0

1-Year Total Return ->

Benefit Systems

A-Score: 4.9/10

Value: 2.9

Growth: 9.3

Quality: 5.7

Yield: 0.0

Momentum: 7.5

Volatility: 4.0

1-Year Total Return ->

Peers Metrics

12.e Scoring ^Insights

12.f DCF ^BETA

Parameters

Short Term Growth

6.13%

Short term Time

10.0

Long-Term Growth

2.00%

WACC

8.87%

Benefit Systems S.A. - PLBNFTS00018

1. Company Snapshot

1.a. Company Description

1.b. Last Insights on BFT

1.c. Company Highlights

Higher Growth

Strong Momentum

Better Quality

Average Growth

Revenues Miss

Revenues Beats

Expensive

Stable Momentum

Average Quality

Lower Yield

2. Transcript Summary

3. NewsRoom

4. Business Breakdown

4.a. Revenues by Country

4.b. Revenues by Segment

5. Expected revenues mid-term growth (13.14%)

6. Segments

Poland

Expected Growth: 12%

Abroad

Expected Growth: 16%

7. Detailed Products

MultiSport

MyFitness

OK System

MultiLife

8. Benefit Systems S.A.'s Porter Forces

Forces Ranking

Threat Of Substitutes

Bargaining Power Of Customers

Bargaining Power Of Suppliers

Threat Of New Entrants

Intensity Of Rivalry

9. SWOT Analysis

Strength

Weaknesses

Opportunities

Threats

10. Capital Structure

10.a. Balance Sheet

10.b. Weighted Average Cost of capital

11. Quality Control: Benefit Systems S.A. passed 8 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

Peers Metrics

12.e Scoring Insights

12.f DCF BETA

Parameters

Short Term Growth

Short term Time

Long-Term Growth

WACC

Target Price

3380.0$

Current Price

3380$

Potential

-0.00%

Expected Cash-Flows

12.e Scoring ^Insights

12.f DCF ^BETA