Basic-Fit NV "Bigger, Stronger, Leaner: The Path to Higher Returns" (Buy)

Research evidence excerpt

Basic-Fit NV "Bigger, Stronger, Leaner: The Path to Higher Returns" (Buy)

Global Research

9 June 2026ab

Basic-Fit NV Equities

NetherlandsBigger, Stronger, Leaner: The Path to Higher

Returns Consumer Services

12-month rating Buy

Prior : Neutral

12m price target €43.50Upgrade to Buy

Prior : €23.50

We upgrade Basic-Fit to Buy, as we see an improving risk-reward with the market under-

appreciating 3 key factors: 1) the potential for the core business to deliver higher returns Price (08 Jun 2026) €29.10

as new club openings moderate and the existing footprint matures; 2) the scope for RIC: BFIT.AS BBG: BFIT NA

Germany to inflect over time; and 3) the ability of the franchise model to drive higher

profitability and support asset-light growth. Together, even if only partially realised, Trading data and key metrics

these dynamics should mark a new phase for Basic-Fit, where scale and an evolving 52-wk range €34.12-22.76

business mix translate into more sustainable cash generation and improved group Market cap. €1.89b/US$2.17b

returns, areas where the company has historically under-delivered. Given past execution Shares o/s 64.8m (ORD)

challenges, we embed conservative assumptions, particularly around the pace of Free float 78%

franchise ramp-up, but see scope for both earnings upgrades and a valuation re-rating Avg. daily volume ('000) 176

from a current discount of ~25% vs its post-COVID history. Importantly, we have greater Avg. daily value (m) €5.3

conviction in the core business than previously, supported by recent disclosures and the Common s/h equity (12/26E) €0.47b

CMD, while the stock continues to trade at a discount to its historical range despite P/BV (12/26E) 4.1x

stronger positioning and an improving mix.