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TORONTO, Sept. 17, 2024 (GLOBE NEWSWIRE) -- Planet Fitness, one of the largest and fastest-growing franchisors and operators of fitness centers with more members than any other fitness brand, announced today nearly three million high school students signed up for its annual High School Summer Pass program, logging more than 12 million workouts this summer between June 1 and August 31. During this time, Planet Fitness invited high schoolers between the ages of 14 – 19 to work out for free at any of its 2,600+ locations across the United States and Canada.
Since the High School Summer Pass program began, Planet Fitness has invested more than $300 million in waived membership dues to promote youth health and wellness and contributed to the physical and mental health of millions of teens1.
According to ParticipACTION, only 39% of youth in Canada met the recommendation of 60 minutes of moderate- to vigorous intensity physical activity per day (source). This reality underscores the importance of Planet Fitness' High School Summer Pass program, a critical solution during the summer months when many students don't have access to regular sports or fitness programs. Thankfully, 94 per cent2 of participating teens noted that the High School Summer Pass program helped them create long-lasting health and wellness habits.
“Our High School Summer Pass program continues to have a meaningful impact on the lives of millions of teens as we introduce them to positive fitness habits in our clubs,” said Colleen Keating, Chief Executive Officer at Planet Fitness. “It’s incredibly rewarding that nearly three million teens experienced a welcoming, Judgement Free fitness experience this summer at Planet Fitness. We know that regular exercise boosts energy and alleviates stress, and we’re proud to play a part in providing this for teens in their local communities.”
In a survey3 of hundreds of Canadian High School Summer Pass teen participants and their parents, Planet Fitness uncovered the impact of this year’s program:
“The High School Summer Pass program has allowed me the opportunity to become healthier and stronger all while being in a positive, safe, Judgement Free Zone®,” noted Boston S., who participated in the High School Summer Pass program at his local club in British Columbia this summer.
For more information on Planet Fitness and to locate any of its more than 2,600 Planet Fitness locations, please visit http://planetfitness.ca/local-clubs.
About Planet FitnessFounded in 1992 in Dover, NH, Planet Fitness is one of the largest and fastest-growing franchisors and operators of fitness centers in the world by number of members and locations. As of June 30, 2024, Planet Fitness had approximately 19.7 million members and 2,617 stores in all 50 states, the District of Columbia, Puerto Rico, Canada, Panama, Mexico and Australia. The Company's mission is to enhance people's lives by providing a high-quality fitness experience in a welcoming, non-intimidating environment, which we call the Judgement Free Zone®. More than 90% of Planet Fitness stores are owned and operated by independent business men and women.
Media ContactsBecky ZirlenSenior Director of Public Relations603-294-0567press@pfhq.com
Sreeja Sasidharan Narrative PR 647-212-3121 Sreeja.sasidharan@narrative.ca
1 Ten million teen participants since 2019, $10 per month, three month program2 Based on a survey of teen High School Summer Pass participants and their parents; conducted by Planet Fitness from July 18 – August 5, 2024.3Based on a survey of teen High School Summer Pass participants and their parents; conducted by Planet Fitness from July 18 – August 5, 2024.
Shares of Planet Fitness, Inc. PLNT have gained 14.4% in the past three months compared with the Zacks Leisure and Recreation Services industry’s rise of 3%. Over the same timeframe, the Zacks Consumer Discretionary sector and S&P 500 have gained 5% and 2.2%, respectively.
PLNT is riding on a strong franchise model, disciplined expansion and a unique value proposition. Also, steady growth in foot traffic and improved web visit trends are aiding investor sentiments.
Technical indicators are supportive of PLNT’s strong performance. The stock was recently trading at $82.39 on Friday, above its 50-day moving average of $77.50 and the 200-day moving average of $69.42. This technical strength reflects positive market perception and confidence in PLNT's financial health and prospects. So, should investors pour more capital into Planet Fitness now? Let’s take a closer look.
Key Fundamentals Supporting PLNT's Stock Growth
Planet Fitness continues to differentiate itself in the high-value, low-price (HVLP) sector by focusing on creating a welcoming and inclusive member experience. The company’s "no gymtimidation" philosophy resonates well with its 19 million members. Its High School Summer Pass Program, which has attracted over 2.6 million teen participants, further emphasizes its commitment to fostering community and long-term membership growth.
In June 2024, Planet Fitness implemented a $15 pricing structure for new classic card members, which is expected to contribute to a low to mid-single-digit increase in average unit volume (AUV) over the next year. The company is also testing higher Black Card membership pricing, which could further enhance profitability and store-level returns if successful.
Planet Fitness focuses on reducing capital requirements for opening and operating its franchises and identifying ways to lower operating expenses. At the beginning of 2024, the company reported progress on the execution of this new business growth model to achieve the target of reducing new units and remodeling building costs by at least 10% before the end of 2024.
The company’s expansion into international markets, such as Spain, demonstrates its global potential. During the second quarter of 2024, the company opened its first European location in Barcelona and is exploring opportunities in high-growth areas with strong population density. Franchise growth remains a key driver of profitability, with franchisee profits directly enhancing corporate performance. The company’s asset-light franchise model also generates substantial free cash flow, supporting continued investment in growth initiatives and shareholder returns.
What May Pull Back PLNT Stock?
Planet Fitness’s asset-light franchise model generates strong free cash flow, but its recent debt financing raises questions. The company refinanced $600 million of debt and upsized the total to $800 million. Although this allowed for favorable interest rates compared to initial expectations, it still resulted in an increase in the company’s blended interest rate from 4.0% to 4.5%. With $2.2 billion in long-term debt and fixed-rate securitization, any economic downturn could strain Planet Fitness’s ability to manage its debt obligations effectively.
The equipment segment, which contributes a notable portion of overall revenue, is seeing a downward trend. In the second quarter, revenues from equipment sales dropped 8.4% year over year as franchisees shifted toward purchasing strength equipment over cardio machines, which generate less revenues per store. This decrease in equipment sales could continue to weigh on overall performance, particularly if store openings remain below expectations.
PLNT’s Rising Valuation & Estimates
Planet Fitness is trading at a premium relative to industry peers like Xponential Fitness, Inc. XPOF, Peloton Interactive, Inc. PTON and YETI Holdings, Inc. YETI. PLNT is trading at a forward 12-month price-to-earnings of 30.24X, higher than the industry average of 16.22X.
The Zacks Consensus Estimate for the company’s 2024 earnings per share (EPS) increased from $2.43 to $2.44 in the past 60 days. During the same period, the consensus mark for 2025 EPS moved up from $2.83 to $2.84.
Investment Verdict: Hold for Now
Planet Fitness presents a unique opportunity within the fitness industry through its HVLP business model, franchise-driven growth and strong brand positioning. The company’s ability to drive long-term membership growth, enhance profitability through pricing strategies, and expand internationally underscores its potential for sustained growth. However, concerns over rising debt levels, declining equipment sales, and a lofty valuation — trading at a premium compared to the industry — warrant caution.
For investors already holding PLNT stock, it may be wise to maintain their position and monitor the company’s ability to translate its strategies into sustainable long-term growth. For new investors, it might be prudent to wait for a more favorable entry point.
PLNT currently carries a Zacks Rank #3 (Hold). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
Zacks Investment Research
Fund manager Matthew Tuttle made waves in the ETF space for his unique funds that offer ways for investors to get leveraged exposure or bet against well-known financial figures like Jim Cramer and Cathie Wood.
Tuttle is back with a new fund that gives investors a way to invest in companies that are not meeting ESG (environmental, social, and governance) requirements.
What Happened: Tuttle Capital Management launched the ETF Opportunities Trust Tuttle Capital Shareholders First Index ETF E, a new ETF that gives investors a way to invest in companies that "focus on profits, not politics or trendy activisms of the moment."
"ESGX allows investors to choose a portfolio of companies that follow the comment sense notion that companies that focus on profits are better for investors than companies that don't," a press release for the fund reads.
The ETF follows the AJN Shareholders First Index, which tracks a portfolio of U.S. companies that meet the requirement of focusing on profits and ignoring politics and "trendy activisms of the moment."
"Too many companies today put ESG and DEI politics first and their shareholders' profits last," Tuttle Capital CEO Matthew Tuttle said. "ESG has become a way for liberal executives and large investors to enact social changes that they can't pass at the ballot box."
Tuttle said CEOs can be pressured to "cave to the trendy politics of the moment," and often times this is not in the best interest of shareholders.
"That's why we launched ESGX – to put shareholders and profits first."
Tuttle added that investors had limited options of ways to invest in companies that put profits ahead of politics before the ETF launched.
As of Sept. 9, the following were the top holdings in the ESGX ETF:
The ETF launch comes after companies like Anheuser-Busch InBev , Planet Fitness , Target Corporation and others have been accused by consumers and investors of focusing too heavily on ESG and DEI policies and "going woke" instead of worrying about financial growth and returns for shareholders.
Read Also: Nancy Pelosi Among ‘Best Of The Best’ In Stock Trading: New Congress Trading ETF Coming From Creator Of Anti-Cathie Wood, Jim Cramer Funds
Self Defense ETF Also Launches: Tuttle Capital also launched the Spinnaker ETF Series Tuttle Capital Self Defense Index ETF G Tuesday.
The fund invests in companies that are engaged in self-defense, with a belief that the United States is becoming less safe.
The ETF invests in companies that manufacture, service, supply and distribute personal and law enforcement defense equipment and protection services. The fund tracks the AJN Self Defense U.S. Equity Index.
"Americans feel less safe and feel there is more crime in the country now than last year. Many Americans are taking self defense into their own hands," Tuttle said.
Tuttle added that shares of gun manufacturers have also risen after the assassination attempt on former President Donald Trump.
"Gun sales have rebounded after nearly three years of continuous decline and firearms manufacturers world wide have seen their stock surge after the terrorist attack on Israel and the Trump assassination attempt."
As of Sept. 9, the following were the top holdings in the GUNZ ETF:
Read Next:
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
** Planet Fitness PLNT.N shares hit new 1-yr high on Mon after Baird adds co as 'bullish fresh pick' through year-end
** Fitness center operator's shares rise as much as 2.2% to $82.82, surpassing prior 1-yr high of $81.64 set on Aug 15
** Baird analyst team led by Jonathan Komp highlights PLNT as "an attractive idea for a slowing growth environment" in note to clients
** New leadership has addressed economic challenges and Baird sees multiple potential drivers for PLNT, especially marketing
** Co's strong consumer value proposition and high-margin franchise model should prove resilient, Baird says, adding lower interest rates and reduced building costs could spur investor optimism in unit growth reaccelerating after 2024
** Baird sticks with "outperform" rating and $92 PT
** 15 of 18 brokerages rate stock "strong buy" or "buy", rest "hold", per LSEG
** Median PT of $89.50 up from $80 a month ago and from $77 on May 26
** PLNT's shares last up 1% at $81.89 on the session, up ~12% YTD. This compares to S&P 400 Consumer Discretionary sector's .SPMDCD ~8% advance and S&P 1500's .SPSUP 17% rise in 2024
(Lance Tupper is a Reuters market analyst. The views expressed are his own)
(( lance.tupper@thomsonreuters.com lance.tupper@tr.com 1-646-279-6380) )
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