Search


	Podcast:		Yet Another Value Podcast
	Episode:		Vadim Perelman's Basic-Fit thesis $BFIT
	Category:		Business
	Duration:		01:05:46
	Publish Date:		2022-01-13 13:00:00
	Description:		Vadim Perelman goes through his thesis on Basic-Fit (BFIT) and why he thinks it could be a ~10x in ~10 years. Key topics include a detailed walk through the unit economics and why competitors won’t be able to open new gyms once the company “fortresses” their markets. My notes on BFIT: https://twitter.com/AndrewRangeley/st... Vadim's BFIT write up: https://punchcardstocks.substack.com/... Chapters 0:00 Intro 1:00 BFIT intro 6:55 The key BFIT question: is 30%+ ROIC sustainable for gyms 15:00 Why winning the "land grab" precludes competitors in local markets 20:55 How BFIT's scale gives them a cost advantage 25:00 Quick mentions of BFIT's marketing and rent advantages 30:00 Comping BFIT's costs to UK low cost peers 32:50 Why aren't we seeing a faster land share grab by competitors? 40:15 Why isn't BFIT pursuing a franchise model? 46:55 Could BFIT's ROIC go higher over time as penetration goes up? 51:35 What bear cases does Vadim worry about? 56:35 Store aging risk / underinvesting in MCX 59:45 How BFIT uses their scale to bring down employee costs and create a moat 1:05:15 Closing thoughts
	Total Play:		0