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Equity Research Summary: USA Lifestyle & Growth Platforms (May 19, 2025)

Overview

This report analyzes three companies in the lifestyle and growth sector: European Wax Center, Inc. (EWCZ), Mister Car Wash, Inc. (MCW), and Planet Fitness, Inc. (PLNT). Key investment insights, price targets, and risks are provided for each company.

European Wax Center, Inc. (EWCZ)

• Recent Performance: Solid 1Q results, revenue slightly better than estimates, and positive SSS growth.
• Adj. EBITDA Margin: Expanded by 250bps, driven by improved gross margin.
• Initiatives: New marketing efforts expected to drive traffic in the back half of the year.
• Valuation: Price target of $15, based on 15x EV/EBITDA.
• Risks: Increased competition and macro-related disruptions.

Mister Car Wash, Inc. (MCW)

• Recent Developments: Announced four new car wash locations (California, Virginia, Nebraska, Ohio).
• Valuation: Price target of $11, based on 12x EV/EBITDA, modestly below historical average.
• Risks: Poor weather and increased competition.

Planet Fitness, Inc. (PLNT)

• Valuation: Price target of $150, based on 23x EV/EBITDA, in line with historical average.
• Risks: Expansion risk, increasing competition, and capital risk.

Additional Notes

• The report outlines analyst compensation tied to firm performance.
• Detailed risks and disclosures related to investment guidelines and potential conflicts of interest are included.

Joint Summary

The analysts recommend strategic investments in EWCZ and Planet Fitness, while cautioning MCW about weather-related risks that could impact its growth trajectory. Valuations reflect current market conditions and future outlook.