KBC cuts Basic-Fit on rising uncertainty, but notes low tariff exposure

KBC Securities downgrades Basic-Fit BFIT.AS to "hold" from "accumulate" citing uncertainty surrounding the Dutch fitness chain's bond refinancing and membership growth

The company plans to rely on bank refinancing to manage a bond repayment due in June 2026, but the lack of an official credit rating could classify its debt as high yield, KBC says

The broker notes Basic-Fit missed its 2023 targets and has lowered guidance for two consecutive years, impacting investor confidence

It however says the company could benefit from lower interest rates following a recession past the 90-day pause on U.S. President Donald Trump's tariffs

It adds Basic-Fit's cashflow "won't be directly impacted by tariffs" given its lack of direct involvement in the U.S. market

Out of 10 analysts that cover Basic-Fit, five rate the stock "strong buy" or "buy" and​ five "hold"