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MarketScreener Homepage  >  Equities  >  Nyse  >  Planet Fitness, Inc.    PLNT

PLANET FITNESS, INC.

(PLNT)
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Planet Fitness : Developer's new Butler County project gets fitness center, car wash

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07/09/2019 | 10:07am EDT

Jul. 9--Two of the first tenants for a mixed-use project will be a nationally known fitness center and a new-to-market car wash.

The Oaks is an 18-acre, mixed-use community across the street from the $350 million, 1.3 million-square-foot Liberty Center.

Planet Fitness is set to build a 30,560-square-foot fitness center on approximately 3 acres of land toward the southernmost portion of the property. The building will be the fitness company's two-story prototype, one that's already been constructed and opened in Oakley and Fairfield, according to Bob Hamilton, partner and director of development of Planet Fitness Midwest, a franchisee that owns 33 locations.

It will use a "a significant amount of windows and glass" to allow for plenty of natural light and the ability for members to work out facing toward the north and the east.

"We like this property because of the way it fit in with the rest of our gyms in the area, because we want to space them out a certain distance," he said. "Given all the growth in this immediate area, there's a lot of employees that work in the area, a lot of residents. It's very convenient for members because its directly off I-75.

Hamilton said he's received numerous calls from area residents asking when a West Chester location would be available. Now he has an answer: spring 2020.

The new location is expected to create as many as 30 new jobs for the area, he said.

The Oaks will get a new 4,800-square-foot car wash on approximately an acre of land bordering Liberty Way. Flying Pig Car Wash will be "the first modern car wash in Southwest Ohio," according to owner Emilie Parry, of Sycamore Twp.

The new business, which will feature translucent roof and side wall for a more open feel, will be an off-site modular build carried out by Genesis modular car wash building systems at the same time site work is carried out on the West Chester site. The car wash will be six feet wider than a standard car wash and offer friction and touchless options, plus free use of the shop's vacuums.

It also will offer a pet wash that will cost $10 for 12 minutes and offer all the water and soap necessary, as well as dryers.

"We chose (the name) Flying Pig because we wanted to really hook onto Cincinnati's grass roots," Parry said. "We've had a lot of really fun stuff going on with the logo and some slogans and a lot of great feedback."

Flying Pig Car Wash plans to hire as many as 15 employees and have as many as 5 on site during each shift. Parry said she's hoping to open the business by the end of 2019.

Both projects are scheduled to go before West Chester Township Zoning Commission during its regularly scheduled July 15 meeting. The commission is set to place 12 conditions of the Planet Fitness project and 11 conditions on Flying Pig Car Wash, including signage, road access and landscaping.

___

(c)2019 the Journal-News (Hamilton, Ohio)

Visit the Journal-News (Hamilton, Ohio) at www.journal-news.com

Distributed by Tribune Content Agency, LLC.

© Tribune Content Agency, source Regional News

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Financials (USD)
Sales 2019 683 M
EBIT 2019 240 M
Net income 2019 126 M
Debt 2019 792 M
Yield 2019 -
P/E ratio 2019 42,3x
P/E ratio 2020 32,7x
EV / Sales2019 8,60x
EV / Sales2020 7,51x
Capitalization 5 082 M
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Mean consensus BUY
Number of Analysts 16
Average target price 81,10  $
Last Close Price 60,49  $
Spread / Highest target 48,8%
Spread / Average Target 34,1%
Spread / Lowest Target 14,1%
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Managers
NameTitle
Christopher J. Rondeau Chief Executive Officer & Director
Dorvin D. Lively President, Chief Financial & Accounting Officer
Stephen Spinelli Chairman
Craig Jeffrey Miller Chief Digital & Information Officer
David P. Berg Independent Director
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