Investment Thesis
Planet Fitness (PLNT) is a leading fitness club franchisor/operator. It is well-positioned to capitalize on secular trends of growing mind and wallet share devoted to fitness and the strong U.S. consumer. Its differentiating asset light business model is characterized by attractive financials. Despite our positive take on the value proposition and market potential for Planet Fitness, we're deterred by valuation. We're neutral.
Fitness is a Secular Growth Trend
From the rise of Whole Foods to meatless meat alternatives, from the rise of Crossfit to the cyclist commuter, the trend of health