Membership levels and gym visits are both trending well ahead of market expectations following the reopening of gyms last month, pointing to a strong recovery in FY21E. A return to positive cash flow in May should be the catalyst to restarting the rollout and taking advantage of the unique opportunities to expand on favourable commercial terms. We update FY21E EBITDA (after normalised cash rent) to £5.1m (versus loss of £10.1m previously) and increase FY22E and FY23E by 14% and 5% respectively. We move our target price up to 325p (from 295p). BUY
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