axie schreef op 13 maart 2025 18:44:
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Omdat de shorts niet veel zijn toegenomen en waarschijnlijk grote partijen vandaag en gisteren zijn uitgestapt, is het goede nieuws dat verkopers zijn opgedroogd en grootste oorzaak van daling nu wel gestopt is.
ps: je kunt zien dat Impactive Capital al eea in december 2024 heeft aangekondigd en dat het management van Basic Fit dit 1 op 1 heeft overgenomen (het inkopen van aandelen en slechts 100 clubs per jaar openen). Dit nieuws was dus eigenlijk al veel eerder bekend, alleen nu dus als besluit van Basic Fit.
finance.yahoo.com/news/impactive-capi...
Over the next three years, based on management expectations, Basic-Fit will produce between €799 million and €931 million of cumulative free cash flow before new club capex, representing, at the midpoint, an astonishing 63% of the company’s current €1.4 billion market capitalization.9 Even at the low end of this range, Basic-Fit can repurchase €300 million of its own shares, reducing shares outstanding by more than 20% at today’s price, while continuing to open 100 clubs per year, before any growth from franchised clubs, and de-levering from 2.8x as of June 2024 to below management’s mid-term net debt to EBITDA target of 2.0x by year-end 2027.10
We support making progress towards what management and the supervisory board consider an optimal leverage level over time. However, in determining the pace of de-levering, it is prudent to take into account opportunity cost. When the opportunity cost of cash is high, as it is today with Basic-Fit’s shares trading well below their intrinsic value, the pace of de-levering should be slowed. Even while repurchasing €100 million of its own shares per year, Basic-Fit would rapidly de-lever over the next three years as EBITDA grows. The company has the financial strength to buy back stock now and achieve its leverage targets.