olivLaw · European equity research
Basic-Fit N.V. BFIT.AS
Netherlands · Euronext Amsterdam · ISIN NL0011872650 · Vertical: Listed companies from Netherlands
Basic-Fit runs low-cost fitness clubs across Europe with more than five million members. For 2026 it plans to limit owned club openings and focus on integrating the Clever Fit franchise business and on profitability, a shift that could improve free cash flow if the plan materialises.
At the close of 03 Nov 2026, Basic-Fit N.V. (BFIT.AS) stock was 30.10 EUR (+0.33% on the day), with market capitalisation 2.0 bn EUR, P/E 136.8 on diluted EPS of 0.22 EUR over the last 12 months, beta 0.34, 52-week range 23.22–36.06 EUR.
Data as of · AI analysis dated · Source: ESEF annual reports and closing prices, computed by olivLaw.
Price history
Loading chart…
Technical reading
- RSI (14)
- 50.1
- neutral
- Bollinger (20, 2)
- 28.71 – 30.91
- in the upper half of the band · %B 0.63 · band width 7.4%
- SMA 50 / 200
- 31.05 / 31.36
- downtrend (price < SMA50 < SMA200)
- MACD (12, 26, 9)
- -0.25 / -0.38
- MACD above signal
Indicators describe past prices; on their own they do not predict direction. On our history the RSI ≤ 40 filter added no return (see the signals methodology).
Performance
| Company | EURO STOXX 50 | vs EURO STOXX 50 | Vertical median | |
|---|---|---|---|---|
| 1 month | +5.7% | −1.0% | +6.7 pp | — |
| 3 months | −13.5% | −3.9% | −9.6 pp | — |
| 6 months | +7.5% | +7.2% | +0.3 pp | — |
| Year to date | +1.8% | +6.6% | −4.7 pp | — |
| 1 year | +22.3% | +9.1% | +13.2 pp | −0.8% |
| 3 years | +17.5% | +47.9% | −30.5 pp | +0.5% |
| 5 years | −33.2% | +43.3% | −76.5 pp | — |
Price returns, dividends excluded.
Quarterly results
ESEF annual reports carry no quarters: the results are annual (below).
E/P over time
E/P = trailing-12-month diluted EPS / price at quarter end. E/P is the inverse of P/E and stays defined when earnings are negative.
Today's P/E sits at the 50 percentile of its own 2-quarter history (min 134.4, median 161.3, max 188.2; quarters with earnings only).
Fiscal years
| Fiscal year | 2023 | 2024 | 2025 |
|---|---|---|---|
| Revenue | 1.0 bn | 1.2 bn | 1.4 bn |
| Revenue YoY | unavailable | +16.0% | +16.9% |
| Net income | -2.7 m | 8.0 m | 14.5 m |
| Net income YoY | unavailable | unavailable | +81.3% |
| Diluted EPS | -0.04 | 0.12 | 0.22 |
| Diluted EPS YoY | unavailable | unavailable | +83.3% |
| net % | -0.3% | 0.7% | 1.0% |
| Free cash flow | 168.1 m | 253.6 m | 375.9 m |
Balance sheet & financial health
Fiscal year 2025 · 31 Dec 2025
- Cash
- 115.0 m EUR
- Financial debt
- 932.6 m EUR
- Net debt
- 817.6 m EUR
- Equity
- 397.1 m EUR
- Total assets
- 3.9 bn EUR
- Debt / equity
- 2.35x
- Current ratio
- 0.25x
- ROE
- 3.6%
- ROA
- 0.4%
- FCF margin
- 26.5%
Financial statements (source on every figure)
Revenue and net income (EUR)
Margins
Income statement · EUR
| Line | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|
| Revenue | 1.0 bn | 1.2 bn | 1.4 bn | esef· 07 Apr 2026verified |
| Operating income | 90.7 m | 123.6 m | 150.7 m | esef· 07 Apr 2026verified |
| Interest expense | 92.4 m | 111.2 m | 131.3 m | esef· 07 Apr 2026verified |
| Pre-tax income | -1.7 m | 13.5 m | 20.7 m | esef· 07 Apr 2026verified |
| Income tax | 1.0 m | 5.5 m | 6.4 m | esef· 07 Apr 2026verified |
| Net income | -2.7 m | 8.0 m | 14.5 m | esef· 07 Apr 2026verified |
| Diluted EPS | -0.04 | 0.12 | 0.22 | esef· 07 Apr 2026verified |
Balance sheet · EUR
| Line | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|
| Cash | 70.9 m | 56.7 m | 115.0 m | esef· 07 Apr 2026verified |
| Receivables | 80.3 m | 96.4 m | 94.7 m | esef· 07 Apr 2026verified |
| Inventories | 23.8 m | 29.2 m | 22.3 m | esef· 07 Apr 2026verified |
| Current assets | 176.9 m | 183.6 m | 232.5 m | esef· 07 Apr 2026verified |
| Property, plant & equipment, net | 1.2 bn | 1.3 bn | 1.3 bn | esef· 07 Apr 2026verified |
| Goodwill | 204.8 m | 215.8 m | 295.0 m | esef· 07 Apr 2026verified |
| Intangibles (excl. goodwill) | 43.9 m | 45.1 m | 140.4 m | esef· 07 Apr 2026verified |
| Total assets | 3.2 bn | 3.5 bn | 3.9 bn | esef· 07 Apr 2026verified |
| Long-term debt | 857.2 m | 993.2 m | 932.6 m | esef· 07 Apr 2026verified |
| Current liabilities | 560.7 m | 570.1 m | 915.8 m | esef· 07 Apr 2026verified |
| Total liabilities | 2.8 bn | 3.1 bn | 3.5 bn | esef· 07 Apr 2026verified |
| Equity | 404.0 m | 411.5 m | 397.1 m | esef· 07 Apr 2026verified |
| Shares outstanding at year end | 67.5 m | 66.7 m | 65.9 m | esef· 07 Apr 2026derived |
Cash flow · EUR
| Line | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|
| Operating cash flow | 490.4 m | 581.8 m | 647.4 m | esef· 07 Apr 2026verified |
| Capex | 322.3 m | 328.2 m | 271.5 m | esef· 07 Apr 2026verified |
| Free cash flow | 168.1 m ≈ | 253.6 m ≈ | 375.9 m ≈ | esef· 07 Apr 2026derived |
| Investing cash flow | -330.5 m | -358.5 m | -411.4 m | esef· 07 Apr 2026verified |
| Financing cash flow | -132.5 m | -237.5 m | -177.7 m | esef· 07 Apr 2026verified |
| Share repurchases | 500.0 k | 3.6 m | 29.4 m | esef· 07 Apr 2026verified |
≈ computed by olivLaw from the reported lines of the same year: Operating cash flow − Capex.
Computed indicators
Growth
Profitability
Returns
Balance sheet
Liquidity
Cash
Efficiency
Market and valuation
1 indicators that do not apply to the sector.
Valuation
olivLaw classification
- score weight coverage: 58.3% of at least 60%
A scoring methodology on indicators and valuation, not investment advice.
Closing price
03 Nov 2026Source: olivLaw, closing series
Market cap: 2.0 bn EUR
Key indicators
Coverage and freshness
Score by group
58% · Insufficient data
Estimated value range
The combined range = the median of the valid methods' low, central and high values; it is not a probability interval and does not cover every result. Envelope of all methods: 2.19 – 268.92 EUR.
Valuation assumptions are editorial choices, not measured; beta is not measured.
Method ranges (EUR per share)
— — Mid · ▏ Price
Valuation methods
- DCF (discounted cash flow)140.97 – 268.92 (Mid 185.37)WACC 6.9% · starting FCFF 466.6 m EUR · terminal value share of EV 80%The WACC × g sensitivity gives the method's bounds; these are not probabilities.Reverse DCF: no growth between −30% and +40% justifies the price
- Peers: EV/EBITDAunavailable · input data missing
- Peers: P/E2.19 – 4.68 (Mid 2.92)16 companies used · median multiple 13.3x · quartiles 10.0x – 21.3xAALB.AS, ACOMO.AS, AD.AS, ADYEN.AS, AKZA.AS, ARCAD.AS, ASM.AS, AXS.AS, BAMNB.AS, BNJ.AS, CRBN.AS, CTAC.AS, ECMPA.AS, FFARM.AS, HAL.AS, HAVAS.AS
- Dividend discount (DDM)unavailable · the company pays no dividend: a dividend model needs an explicit initiation assumption
Assumptions (illustrative, editorial)
- Risk-free rate
- 3.0%
- Equity risk premium
- 5.5%
- Beta (default)
- 1.00
- Cost of equity
- 8.5%
- Terminal growth
- 2.0%
Factor scorecard
Insufficient data
Minimum-evidence gate: score weight coverage: 58.3% of at least 60%
| Factor | Value | Score | Weight used |
|---|---|---|---|
| ROIC · Quality | 8.1% | 58 (vs peers) | 18% |
| Net margin · Quality | 1.0% | 42 (vs peers) | 11% |
| FCF conversion · Quality | 2,592.4% | 100 (on a fixed band) | 11% |
| Revenue CAGR 3Y · Growth | unavailable | unavailable | — |
| EPS CAGR 3Y · Growth | unavailable | unavailable | — |
| Net debt / EBITDA · Balance sheet | unavailable | unavailable | — |
| Interest coverage · Balance sheet | 1.1x | 0 (on a fixed band) | 11% |
| Current ratio · Balance sheet | 0.3x | 0 (on a fixed band) | 7% |
| P/E (TTM) · Valuation | 136.8x | 0 (vs peers) | 18% |
| EV/EBITDA · Valuation | unavailable | unavailable | — |
| FCF yield · Valuation | 18.9% | 100 (on a fixed band) | 14% |
| Shareholder yield (distributions) · Returns | 1.5% | 21 (on a fixed band) | 11% |
| Payout ratio (FCF) · Returns | unavailable | unavailable | — |
Factors without a value were dropped; the remaining weights were renormalised.
Score groups
- Balance sheet0/100 · 2/3 factors with a value
- Growth· partialunavailable · 0/2 factors with a value
- Quality65/100 · 3/3 factors with a value
- Returns· partial21/100 · 1/2 factors with a value
- Valuation44/100 · 2/3 factors with a value
A «partial» group is computed from under half of its weight or from one factor: it is not a full assessment of the group.
Memo
Basic-Fit N.V. (BFIT.AS). Latest full fiscal year: 2025; data up to 2025-12-31.
Figures computed from the financial statements: revenue 1.4 bn EUR in 2025; YoY growth 16.9%; net margin 1.0%; ROE 3.6%.
The estimated value range is 71.58–136.80 EUR per share (median of 2 methods, agreement: low); assumptions are illustrative. Against the central value of 94.15 EUR, the price of 30.10 EUR leaves a potential of 212.8% (value / price − 1) and a margin of safety of 68.0% (1 − price / value). The range is the median of the methods' low, central and high values, not a probability interval.
Insufficient data for a verdict (score weight coverage: 58.3% of at least 60%).
Text generated deterministically from the figures shown; no language model. Not investment advice.
What supports the thesis
- FCF conversion: 2,592.4%
- FCF yield: 18.9%
- The price is below the estimated value range
What contradicts it
- Interest coverage: 1.1x
- Current ratio: 0.3x
- P/E (TTM): 136.8x
- Shareholder yield (distributions): 1.5%
- The valuation methods diverge
Not assessed (insufficient data or a ratio without meaning): Revenue CAGR 3Y, EPS CAGR 3Y, Net debt / EBITDA, EV/EBITDA, Payout ratio (FCF).
Versus the vertical median
Listed companies from Netherlands · same country · compared with 39 companies
Multiples and returns vs the median
Price rebased to 100 (monthly, 5 years)
Companies in the vertical
| Market cap | P/E | ROE | Net margin | Revenue YoY | 1A / 3A | |
|---|---|---|---|---|---|---|
| ASML.ASASML Holding N.V. | 538.0 bn | 52.7 | 44.2% | 31.3% | +15.6% | +53% / +122% |
| ASM.ASASM International N.V. | 35.3 bn | 49.0 | 18.7% | 22.8% | +8.2% | +52% / +53% |
| DSFIR.ASDSM-Firmenich AG | 31.5 bn | 112.4 | 1.2% | 2.2% | +20.4% | +49% / +22% |
| AD.ASKoninklijke Ahold Delhaize N.V. | 29.0 bn | 12.9 | 15.3% | 2.5% | +3.4% | −10% / +21% |
| ADYEN.ASAdyen N.V. | 26.1 bn | 24.6 | 22.3% | 40.1% | +18.9% | −38% / −23% |
| HAL.ASHAL Trust | 15.3 bn | 9.6 | 10.5% | 12.8% | +1.2% | +21% / +46% |
| EXO.ASExor N.V. | 15.0 bn | — | -10.6% | — | −100.0% | +1% / −18% |
| BESI.ASBE Semiconductor Industries N.V. | 12.4 bn | 94.0 | 28.7% | 22.3% | −2.7% | +20% / +22% |
| AKZA.ASAkzo Nobel N.V. | 10.5 bn | 16.6 | 13.8% | 6.3% | −5.2% | +9% / −13% |
| AALB.ASAalberts N.V. | 4.7 bn | 26.1 | 7.2% | 5.7% | −5.3% | +53% / +17% |
| ARCAD.ASArcadis N.V. | 4.2 bn | 20.2 | 18.3% | 4.3% | −2.4% | +23% / +2% |
| BNJ.ASBanijay Group N.V. | 3.4 bn | 13.7 | 343.8% | 5.1% | +1.6% | −12% / −8% |
| BAMNB.ASKoninklijke BAM Groep N.V. | 3.4 bn | 42.4 | 9.1% | 1.3% | +2.9% | +49% / +407% |
| BFIT.ASBasic-Fit N.V. | 2.0 bn | 136.8 | 3.6% | 1.0% | +16.9% | +6% / +15% |
| HAVAS.ASHavas N.V. | 1.8 bn | 9.4 | 10.2% | 6.5% | +1.7% | +23% / unavailable |
| CRBN.ASCorbion N.V. | 1.6 bn | 8.3 | 27.3% | 14.9% | +1.9% | +39% / +55% |
| ECMPA.ASEurocommercial Properties N.V. | 1.4 bn | 11.0 | 5.9% | 45.4% | +4.2% | −6% / +17% |
| FUR.ASFugro N.V. | 940.4 m | — | -1.5% | -1.1% | −18.8% | −5% / −51% |
| ACOMO.ASAcomo N.V. | 677.0 m | 15.0 | 10.7% | 3.3% | +7.6% | −4% / +35% |
| FAST.ASFastned B.V. | 647.4 m | — | -28.2% | -21.7% | +66.1% | +56% / +22% |
| FFARM.ASForFarmers N.V. | 502.6 m | 10.1 | 14.5% | 1.6% | +14.8% | +28% / +134% |
| BRNL.ASBrunel International N.V. | 380.6 m | 124.7 | 1.0% | 0.3% | −10.8% | −7% / −30% |
| ALFEN.ASAlfen N.V. | 227.0 m | — | -0.1% | -0.0% | −10.7% | −1% / −77% |
| ENVI.ASEnvipco Holding N.V. | 220.8 m | — | -12.7% | -11.9% | −20.8% | −26% / +45% |
| CMCOM.ASCM.com N.V. | 192.5 m | — | -22.2% | -1.5% | −5.4% | +23% / −30% |
1- and 3-year price returns: for BFIT.AS from daily closes (the same as the performance table), for the other companies from month-end closes.
olivLaw engine forecast
The world engine ran after the company's latest material disclosure. Probabilities are of TOUCHING a level within the horizon (not closing there) and sit next to the random walk (p_rw), the no-information benchmark.
The engine has no published run for this company yet.
Valuation scenarios (editable assumptions)
Illustrative scenarios
Illustrative: not forecasts and without probabilities. Each case is one coherent set of assumptions, computed on today's figures.
Estimated price (EUR)
| Estimated price | Bear | Base | Bull |
|---|---|---|---|
| 1 years | 19.67 Total return -35% · Per year -35% | 34.61 Total return 15% · Per year 15% | 51.92 Total return 72% · Per year 72% |
| 3 years | 23.33 Total return -22% · Per year -8% | 45.78 Total return 52% · Per year 15% | 74.77 Total return 148% · Per year 35% |
| 5 years | 27.67 Total return -8% · Per year -2% | 60.54 Total return 101% · Per year 15% | 107.67 Total return 258% · Per year 29% |
- Exit P/E± 11.44
- Net margin± 8.01
- Annual revenue growth± 5.97
- Annual dilution± 0.67
AI analysis
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
In brief
Basic-Fit runs low-cost fitness clubs across Europe with more than five million members. For 2026 it plans to limit owned club openings and focus on integrating the Clever Fit franchise business and on profitability, a shift that could improve free cash flow if the plan materialises 1.
SWOT
Strengths
Weaknesses
Opportunities
Risks
- Refinancing the convertible bondshigh
Bondholders can require early redemption in June 2026, and the company has set up a bilateral facility for this purpose, which could depend on market conditions 1.
- Cost of financingmedium
A high weighted Euribor plus margin could reduce profitability if interest rates stay elevated 1.
- Collecting member receivablesmedium
Collection difficulties and higher credit loss provisions could affect results, especially if the economic situation worsens 1.
- Integration of Clever Fitmedium
Integrating the acquisition and franchise model could meet difficulties, affecting service quality and the growth plan 1.
- Sustainability reporting risklow
Sustainability reporting is in its second year under ESRS and internal controls are still developing, which could lead to data errors 1.
Investment thesis
What would need to be true (bull case)
- If positive membership trends hold, revenue and profitability growth could follow the 2026 plan the company has outlined 1.
- Limiting owned openings and growing through franchising could significantly improve free cash flow 1.
- A European fitness market described as under-penetrated could offer long-term growth 1.
What to watch
- Quarterly results on membership numbers and revenueQ1 2027
- Progress of the Clever Fit integration and franchise model2027
- Redemption or refinancing of the convertible bonds2026
- Strategic plan presented at the Capital Markets Day2026
Products, market & competition
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
The business
Basic-Fit aims to make fitness accessible to everyone by combining clubs with low build and running costs with technology and its own app 1. The company operates in twelve European countries and employs more than 9,000 people in seven countries 1. The Clever Fit acquisition from November 2025 adds a franchise model, which management sees as a capital-light growth path 1.
The funding structure combines bank loans, a €550 million revolving credit facility, convertible bonds and large lease liabilities, which make up a significant part of liabilities 1. The company said it expects another step up in revenue and profitability in 2026, following positive membership trends in 2025 1.
Management said it aims to significantly improve positive free cash flow by limiting its own expansion and raising profitability of the existing club base 1. A broader strategy update was expected at the Capital Markets Day in April 2026 1.
Segments
Owned clubs
Owned clubs are the core model, where the company owns and operates locations, and the 2026 plan limits net openings to 50 clubs in existing markets 1.
Clever Fit franchise
The Clever Fit acquisition from November 2025 brought a franchise model into the group, seen as a capital-light growth path, and integrating it is a priority for 2026 1.
Market context
The company describes the European fitness market as under-penetrated, which could support long-term growth if membership trends continue 1. The positioning sought is Europe's strongest value-for-money fitness brand 1.
Growth also depends on financing costs, as the weighted Euribor plus margin was 4.7% at the end of 2025 1. If rates stay high, debt costs could limit the company's profit margin 1.
Trends
- Positive membership trendstailwind
Membership growth seen through 2025 continued into the first two months of 2026, supporting expectations of higher revenue 1.
- Franchising as a capital-light modeltailwind
Franchise expansion could allow growth without heavy capital spending, if the Clever Fit integration succeeds 1.
- Pressure on collecting receivablesheadwind
Economic uncertainty has made it harder to collect outstanding amounts from members, and the expected credit loss provision has risen 1.
- Financing cost and refinancingmixed
Convertible bonds with a 2026 put option and high financing costs could create financial pressure, especially if refinancing is not achieved on favourable terms 1.
Competitive position
The analysed sources do not detail direct competitors. The company presents itself as a leader in the European low-cost fitness market and mentions its engagement with public bodies and national fitness federations 1.
The declared competitive edge rests on brand, scalability and low build and running costs, while the franchise model could add a new dynamic in relations with independent operators 1.
- Independent European fitness operators
Local competitors not named in the source, relevant on pricing and franchising, whose position cannot be detailed from the document analysed 1.
- European regional club chains
Regional operators competing for the same members, with no specific data in the source analysed 1.
- Low-cost gym chains
Competitors targeting the same affordable price segment, mentioned only as a category in the source 1.
- Digital fitness platforms
Home workout services competing for members' time and budget, mentioned generally in the source 1.
News & filings
In the press
No news in our archive over the last 180 days.
Annual reports (ESEF)
- Annual report 202507 Apr 2026
- Annual report 202417 Apr 2025
Sources
- [1] Annual report, fiscal year ended 2025-12-31 (ESEF) · SEC / Basic-Fit N.V. · 31 Dec 2025
Figures computed by olivLaw from ESEF annual reports and closing prices; the qualitative analysis is AI-generated from cited sources. Not investment advice.