F45 Training Holdings Inc. (FXLV) | Investment Case

1. Company Snapshot

1.a. Company Description

F45 Training Holdings Inc.operates as a fitness franchisor.The company offers consumers functional 45-minute workouts that combine elements of high-intensity interval, circuit, and functional training.

It provides workouts primarily through its digitally-connected network of studios.As of December 31, 2021, the company operated 1,749 total studios.It has operations in the United States, South America, Australia, New Zealand and surrounding island nations, and internationally.

The company was formerly known as Flyhalf Holdings Inc.and changed its name to F45 Training Holdings Inc.in March 2019.

F45 Training Holdings Inc.was founded in 2013 and is headquartered in Austin, Texas.

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1.b. Last Insights on FXLV

F45 Training Holdings Inc.'s recent performance was negatively impacted by the company's efforts to expand its offerings and partnerships. The launch of FIT, a unifying parent company for its key brands, marks a significant milestone in its commitment to delivering total wellness solutions. However, this strategic shift may have distracted from the company's core fitness business, potentially leading to a decline in sales and revenue growth. Furthermore, the partnership with Red Bull, while exciting, may not have yet translated into significant revenue gains. The recent partnership with Dietitian Live, while a positive development, may not have had sufficient time to contribute meaningfully to the company's financials.

1.c. Company Highlights

Last Price	0.1
Change Percentage	-2.50%
Open	0.1
Previous Close	0.1
Market Cap ( Millions)	10
Volume	717
Year High	0.49
Year Low	0.0
M A 50	0.06
M A 200	0.08

FCF Yield	-1142.75%
Dividend Yield	0.00%
ROE	-463.46%
Debt / Equity	-246.16%
Net Debt / EBIDTA	-74.06%
Price To Book	-0.22
Price Earnings Ratio	-0.05
Price To FCF	-0.09
Price To sales	0.09
EV / EBITDA	-0.81

2. Transcript Summary

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3. NewsRoom

Unleashing Strength in Style: Reebok and F45 Training Launch Global Partnership to Elevate Community Fitness

Oct -16

Source: businesswire.com

Global Gains: F45 Training Teams Up With Endurance Zone to Unveil New Loyalty Program For Members – FIT Rewards

Sep -03

Source: businesswire.com

Recovery Made Easy: F45 Training Partners with Hyperice to Enhance Exercise Recovery Experience Globally

May -29

Source: businesswire.com

F45 Training Launches Brand Campaign to Inspire the Next Generation of Fitness Enthusiasts: “This Is F45 Training”

May -05

Source: businesswire.com

F45 Training Partners With Dietitian Live to Fuel Performance Through Personalized Nutrition

May -01

Source: businesswire.com

F45 Training Launches First-Ever National Recommit to Your Fitness Day to Encourage People to Reset, Refocus, and Take Action

Apr -04

Source: businesswire.com

F45 Training Teams Up With Red Bull to Give Members Wiiings

Mar -17

Source: businesswire.com

More Than Fitness: F45 Training Unveils “FIT” - a Unifying Parent Company Paving the Way for Holistic Wellness

Mar -12

Source: businesswire.com

4. Business Breakdown

4.a. Revenues by Country

4.b. Revenues by Segment

5. Expected revenues mid-term growth (10.78%)

6. Segments

Franchise

Expected Growth: 10.92%

F45 Training Holdings Inc.'s franchise growth is driven by increasing demand for boutique fitness, high-margin business model, and scalable operations. Strong brand recognition, innovative workout programs, and strategic partnerships also contribute to growth. Additionally, the company's focus on technology integration, digital marketing, and data-driven decision making enables efficient studio operations and fuels expansion.

Equipment and Merchandise

Expected Growth: 10.47%

F45 Training Holdings Inc.'s Equipment and Merchandise segment growth of 10.47% is driven by increasing demand for high-quality fitness equipment and apparel, expansion into new markets, and strategic partnerships with fitness studios and gyms. Additionally, the company's focus on innovation, digitalization, and customer experience has contributed to the segment's growth.

7. Detailed Products

F45 Training Studios

A global fitness community offering a variety of high-intensity interval training (HIIT) workouts in a group fitness setting.

F45 Challenge

A nutrition and fitness program designed to help members achieve their health and wellness goals through a combination of workout routines and meal planning.

F45 Play

A digital fitness platform offering on-demand workouts, personalized coaching, and community support.

F45 Prodigy

A youth fitness program designed for children aged 7-12, focusing on fun and engaging workouts that promote physical activity and healthy habits.

F45 Partnerships

Strategic partnerships with like-minded brands and organizations to promote health and wellness initiatives.

8. F45 Training Holdings Inc.'s Porter Forces

Forces Ranking

Threat Of Substitutes

F45 Training Holdings Inc. has a low threat of substitutes due to its unique and patented workout systems, making it difficult for customers to find alternative options.

Bargaining Power Of Customers

F45 Training Holdings Inc. has a medium bargaining power of customers due to the presence of a large customer base, but the company's strong brand reputation and loyalty programs help to mitigate this power.

Bargaining Power Of Suppliers

F45 Training Holdings Inc. has a low bargaining power of suppliers due to its ability to negotiate favorable contracts with equipment and service providers.

Threat Of New Entrants

F45 Training Holdings Inc. has a high threat of new entrants due to the growing demand for fitness and wellness services, making it an attractive market for new competitors.

Intensity Of Rivalry

F45 Training Holdings Inc. operates in a competitive fitness industry, but its unique business model and strong brand reputation help to differentiate it from competitors, resulting in a medium intensity of rivalry.

9. SWOT Analysis

10. Capital Structure

10.a. Balance Sheet

10.b. Weighted Average Cost of capital

	Value
Debt Weight	168.42%
Debt Cost	5.96%
Equity Weight	-68.42%
Equity Cost	5.96%
WACC	5.96%
Leverage	-246.16%

11. Quality Control: F45 Training Holdings Inc. passed 5 out of 9 key points

Strong Liquidity

Low Debt

Strong Interest Coverage

Healthy Cash Flow

Operating Efficiency

Strong Return On Equity

Consistent Revenue Growth

Consistent Operating Cash Flow Growth

Margin Improvement

12.a Historical Valuation

12.b Price/Earnings Ratio

12.c Margin Valuation

12.d Peers Valuation

Peers Group Analysis

Johnson Outdoors

A-Score: 5.4/10

Value: 8.7

Growth: 1.9

Quality: 3.3

Yield: 5.0

Momentum: 8.0

Volatility: 5.3

1-Year Total Return ->

Clarus

A-Score: 4.2/10

Value: 9.6

Growth: 1.3

Quality: 4.4

Yield: 4.0

Momentum: 2.0

Volatility: 3.7

1-Year Total Return ->

Xponential Fitness

A-Score: 3.7/10

Value: 8.5

Growth: 5.7

Quality: 5.5

Yield: 0.0

Momentum: 1.5

Volatility: 1.0

1-Year Total Return ->

Inspirato

A-Score: 3.3/10

Value: 9.8

Growth: 2.6

Quality: 5.5

Yield: 0.0

Momentum: 0.5

Volatility: 1.7

1-Year Total Return ->

F45 Training

A-Score: 3.1/10

Value: 10.0

Growth: 3.7

Quality: 4.8

Yield: 0.0

Momentum: 0.0

Volatility: 0.0

1-Year Total Return ->

Funko

A-Score: 2.2/10

Value: 7.7

Growth: 2.7

Quality: 1.4

Yield: 0.0

Momentum: 0.0

Volatility: 1.3

1-Year Total Return ->

Peers Metrics

12.e Scoring ^Insights

12.f DCF ^BETA

Parameters

Short Term Growth

12.50%

Short term Time

10.0

Long-Term Growth

2.00%

WACC

5.96%

F45 Training Holdings Inc. - US30322L1017

1. Company Snapshot

1.a. Company Description

1.b. Last Insights on FXLV

1.c. Company Highlights

Lower Growth

More Volatile

Cheaper

Earnings Miss

Revenues Miss

Strong Momentum

Lower Quality

Weak Momentum

Fairly Valued

Expensive

Stable Momentum

2. Transcript Summary

3. NewsRoom

4. Business Breakdown

4.a. Revenues by Country

4.b. Revenues by Segment

5. Expected revenues mid-term growth (10.78%)

6. Segments

Franchise

Expected Growth: 10.92%

Equipment and Merchandise

Expected Growth: 10.47%

7. Detailed Products

F45 Training Studios

F45 Challenge

F45 Play

F45 Prodigy

F45 Partnerships

8. F45 Training Holdings Inc.'s Porter Forces

Forces Ranking

Threat Of Substitutes

Bargaining Power Of Customers

Bargaining Power Of Suppliers

Threat Of New Entrants

Intensity Of Rivalry

9. SWOT Analysis

Strength

Weaknesses

Opportunities

Threats

10. Capital Structure

10.a. Balance Sheet

10.b. Weighted Average Cost of capital

11. Quality Control: F45 Training Holdings Inc. passed 5 out of 9 key points

12.a Historical Valuation

12.b Price/Earnings Ratio

12.c Margin Valuation

12.d Peers Valuation

Peers Group Analysis

Peers Metrics

12.e Scoring Insights

12.f DCF BETA

Parameters

Short Term Growth

Short term Time

Long-Term Growth

WACC

Target Price

0.1$

Current Price

0.1$

Potential

-0.00%

Expected Cash-Flows

12.e Scoring ^Insights

12.f DCF ^BETA