IPOs and Catalysts/Events, Global Equity Research Ltd

Arun George

IPOs and Catalysts/Events

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Global Equity Research Ltd

Global Equity Research was started in 2017 by a group of experienced research professionals. It was founded on a passionate belief in the importance and the need for uncompromised, independent, conflict-free research. We aim to provide differentiated and actionable primary and bottom up fundamental research.

Event-Driven

<ul>
<li>
<a href="https://www.smartkarma.com/entities/fast-fitness-japan-inc" target="_blank" data-smartkarma-citation="entities:31510:1" rel="noopener">Fast Fitness Japan Inc (7092 JP)</a> has recommended a JGIA-sponsored MBO at JPY2,315, a 29.3% premium to the undisturbed price (31 October).</li>
<li>There was media speculation about a tender offer last month. The offer is arguably light as it is below the mid-point of the IFA DCF valuation range. </li>
<li>This is a done deal as the irrevocables to tender (20.65% ownership ratio) exceed the lower limit of the tender offer (17.12% ownership ratio).</li>
</ul>



Fast Fitness Japan Inc (7092 JP) has recommended a JGIA-sponsored MBO at JPY2,315, a 29.3% premium to the undisturbed price (31 October).
There was media speculation about a tender offer last month. The offer is arguably light as it is below the mid-point of the IFA DCF valuation range. 
This is a done deal as the irrevocables to tender (20.65% ownership ratio) exceed the lower limit of the tender offer (17.12% ownership ratio).


Fast Fitness Japan (7092 JP): JGIA-Sponsored MBO Is a Done Deal

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Equity Bottom-Up

Fast Fitness Japan Inc / Equity Bottom-Up

<ul><li>Revenue reached JPY4.9bn (+15.9% YoY), with JPY2.9bn from directly operated clubs and JPY1.8bn from franchise revenue.</li><li>Operating profit increased 40.8% YoY to JPY877mn, driven by higher revenue and offsetting increased SG&A expenses.</li><li>Gross profit was JPY2.2bn (+18.9% YoY) with a GPM of 44.8%, and SG&A expenses totaled JPY1.3bn (+7.7% YoY).</li></ul>

Revenue reached JPY4.9bn (+15.9% YoY), with JPY2.9bn from directly operated clubs and JPY1.8bn from franchise revenue.Operating profit increased 40.8% YoY to JPY877mn, driven by higher revenue and offsetting increased SG&A expenses.Gross profit was JPY2.2bn (+18.9% YoY) with a GPM of 44.8%, and SG&A expenses totaled JPY1.3bn (+7.7% YoY).

Fast Fitness Japan Inc (7092 JP): Q1 FY03/26 flash update

<ul><li>FY03/25 revenue increased 13.8% YoY to JPY18.0bn, driven by membership growth in domestic Anytime Fitness clubs.</li><li>Operating profit decreased 4.7% YoY to JPY3.3bn due to higher costs, despite revenue growth and cost-curbing efforts.</li><li>FY03/25 saw 71 club openings and 11 closures, ending with 1,194 clubs and 974,000 members.</li></ul>

FY03/25 revenue increased 13.8% YoY to JPY18.0bn, driven by membership growth in domestic Anytime Fitness clubs.Operating profit decreased 4.7% YoY to JPY3.3bn due to higher costs, despite revenue growth and cost-curbing efforts.FY03/25 saw 71 club openings and 11 closures, ending with 1,194 clubs and 974,000 members.

Fast Fitness Japan Inc (7092 JP): Full-year FY03/25 flash update

<ul><li>Revenue increased by 10.4% YoY to JPY8.6bn, with directly operated clubs contributing JPY5.3bn and franchise revenue JPY3.1bn.</li><li>Operating profit decreased by 28.2% YoY to JPY1.4bn, impacted by higher costs and growth investments, especially overseas.</li><li>Membership count rose to 935,000, with 33 new clubs opened and three closed, totaling 1,163 clubs.</li></ul>

Revenue increased by 10.4% YoY to JPY8.6bn, with directly operated clubs contributing JPY5.3bn and franchise revenue JPY3.1bn.Operating profit decreased by 28.2% YoY to JPY1.4bn, impacted by higher costs and growth investments, especially overseas.Membership count rose to 935,000, with 33 new clubs opened and three closed, totaling 1,163 clubs.

Fast Fitness Japan Inc (7092 JP): 1H FY03/25 flash update

<ul><li>Revenue: JPY4.2bn (+6.5% YoY), Operating profit: JPY623mn (-40.8% YoY), Recurring profit: JPY629mn (-40.5% YoY).</li><li>Gross profit: JPY1.8bn (-1.0% YoY), SG&A expenses: JPY1.2bn (+50.9% YoY), Operating profit margin: 14.7% (26.5% in Q1 FY03/24).</li><li>Opened 17 clubs, closed one franchise, total clubs: 1,149, members: 886,000 (780,000 at end-Q1 FY03/24).</li></ul>

Revenue: JPY4.2bn (+6.5% YoY), Operating profit: JPY623mn (-40.8% YoY), Recurring profit: JPY629mn (-40.5% YoY).Gross profit: JPY1.8bn (-1.0% YoY), SG&A expenses: JPY1.2bn (+50.9% YoY), Operating profit margin: 14.7% (26.5% in Q1 FY03/24).Opened 17 clubs, closed one franchise, total clubs: 1,149, members: 886,000 (780,000 at end-Q1 FY03/24).

Fast Fitness Japan Inc (7092 JP): Q1 FY03/25 flash update

Japan

Fast Fitness Japan, Inc. owns and operates fitness clubs. The Company offers gym and sports facilities and training. Fast Fitness Japan provides its services throughout Japan.

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Fast Fitness Japan Inc (7092 JP)

Fast Fitness Japan (7092 JP): JGIA-Sponsored MBO Is a Done Deal

The offer is arguably light as it is below the mid-point of the IFA DCF valuation range. Nevertheless, this is a done deal as irrevocables exceed...

Arun George