Planet Fitness, Inc.
Thesis
Planet Fitness is positioned for significant growth with a target of 3,000 stores by 2025, driven by its strong value proposition and resilience during economic downturns. The company has a unique opportunity to expand both nationally and internationally, and its unit economics are attractive even without leverage. The recommendation is to go long on PLNT with a 3-year target price of $102, reflecting an IRR of 18%.
Did it work?
The stock price of Planet Fitness (PLNT) has decreased by 47% since the pitch, which is a significant decline and contradicts the long thesis that anticipated growth and a target price of $102. Given that nearly two-thirds of the 3-year horizon has elapsed, the substantial negative return indicates that the thesis did not materialize as expected.
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