In this episode of Yet Another Value Podcast, host Andrew Walker welcomes back Zack Buckley of Buckley Capital Partners to discuss Basic-Fit, Europe’s largest gym chain. Zack shares why the market has been overly pessimistic on the name, despite long-term growth potential. They break down what went wrong post-2020, unit economics, and whether Basic-Fit can finally deliver on expectations. Zack also outlines the opportunity in France’s 24/7 gym shift, the underappreciated moat in Basic-Fit's cluster strategy, and why he sees the stock potentially tripling. It's a conversation packed with deep due diligence, strategic insights, and a firm outlook on value creation.______________________________________________________________________[00:00:00 ] Podcast and guest introduction[00:02:41 ] Basic Fit’s business overview[00:03:15 ] Why market misjudges Basic Fit[00:04:40 ] COVID’s impact on gym cohorts[00:07:48 ] Zack’s in-person gym visits[00:10:12 ] Unit economics explained[00:14:00 ] Capex and depreciation debate[00:15:36 ] Member per store growth importance[00:16:32 ] 24/7 France investment case[00:18:38 ] Staffless gym impact analysis[00:20:22 ] Basic Fit’s sustainable moat[00:22:43 ] Differences with Dental Corp[00:24:38 ] Low-cost model’s retail parallel[00:28:13 ] Franchising potential is minimal[00:31:50 ] Marketing spend not a concern[00:34:38 ] Path to $90 price target[00:36:51 ] Why past forecasts failed[00:38:26 ] Thoughts on management team[00:43:39 ] Valuing via replacement cost[00:46:47 ] Risk of future underperformance[00:48:48 ] European gym vs. U.S. context[00:50:25 ] Demand across European markets[00:53:50 ] Competitor threats and strategy[00:56:43 ] Cautious growth after 2021 boomLinks:Yet Another Value Blog - https://www.yetanothervalueblog.com See our legal disclaimer here: https://www.yetanothervalueblog.com/p/legal-and-disclaimer