Basic-Fit (1K) | Buy | Hungry for profitable growth

研报英文原文证据摘录

Basic-Fit (1K) | Buy | Hungry for profitable growth

#EstimatesRevision #HighConviction

Release date: 12 May 2026

Company research

Buy Basic-Fit

Netherlands | Travel & leisure Beta Profile: MCap: EUR1.9bn

Target Price: EUR42.00 Change in TP: none Bloomberg: BFIT NA Reuters: BFIT.AS

Current Price: EUR28.86 Change in Sales: none 26E/none 27E Free float 81.7%

Avg. daily volume (EURm) 13.7 Up/downside: 45.5% Change in Adj EBIT: 2.1% 26E/0.6% 27E

YTD abs performance -2.4%

Market data: 11 May 2026 Change in Adj. EPS: 5.7% 26E/1.1% 27E

52-week high/low (EUR) 34.12/20.46

Hungry for profitable growth Price performance

Why this report?

April was a busy month for Basic-Fit, it hosted a CMD, issued a convertible 36

bond and reported good Q1 results. For us the CMD was the highlight, and 34 32

management presented its ambitions for the next 3-5 years. We appreciate 30

the confirmation that growth should become more rewarding for 28

shareholders, as a group wide ROCE target was introduced. At the same time, 2624

is seems likely that part of the cash flows will be steered to in-market M&A 22

transactions to accelerate market share gains in the DACH region. We resume 20

May 25 Nov 25

our coverage an unchanged Buy rating and EUR42 per share target price.

Key findings Price Stoxx Europe 600 (rebased)

▪At the CMD, management presented its vision for the next years and the focus

shifts from purely growth, to profitable growth. The group’s ROCE should increase

from 6% in 2025 to 10-15% over the medium term. A more mature clubs network, FY to 31/12 (EUR) 12/26E 12/27E 12/28E

lower openings rate, and the benefits of a sizeable franchise operation in due Sales (m) 1,650.3 1,863.2 2,045.5

time, should all contribute to a rapid increase of FCF and ROCE generation.