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Creating a healthy lifestyle is hard. It's even harder when you have no idea what anything means. We consulted a registered dietitian, a celebrity nutritionist, and an internist to help break down the trends.

The goal of an alkaline diet is to reduce the acidity in the bodywhich will supposedly aid in treating or preventing diseasesby nixing foods that are on the acidic side, like meat, dairy, eggs, and grains.

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This diet centers on the claim that certain foods have chemical reactions specific to your blood type and sticking to foods your blood type reacts positively to will help you shed pounds, give you an energy boost, and improve your overall health.

There isn't an exact definition for clean eating, but it's basically all about opting for natural foods and avoiding foods that have seen the inside of a factory.

Coconut Oil Isn't the Diet Miracle You Think It Is

Diets That Work: 10 Things They All Have In Common

Say good-bye to foods with grains like wheat, barley, and ryeeach contains a protein known as gluten. This diet is necessary if you're one of the 1 percent of Americans who suffer from celiac disease.

Intermittent fasters alternate between periods of eating and fasting to create metabolic changes to promote weight loss. Fasting periods range from a few hours to days of not eating or severely restricting calories.

It's exactly what it sounds like: These popular weight-loss plans eliminate or restrict foods high in carbs, like rice, pastas, and breads, and up your intake of fats and proteins.

Eat as they do in countries along the Mediterranean Sea: olive oil, seafood, complex carbohydrates, vegetables, fruits, beans, whole grains, even wine not so much dairy, meat, and processed foods. Bonus: It's considered a balanced, heart-healthy diet.

Known as the caveman diet, this eating plan sticks to basics like lean meats, seafood, fruits, vegetables, and nuts (and cuts out the fun stuff: sugar, booze, potatoes, and dairy). The philosophy is that this is how humans are "meant" to eat.

A version of this article appears in the July issue of Marie Claire, on newsstands June 20.

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Every Type of Diet, Explained - MarieClaire.com

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Men's Health

Where to Eat Fast Food If You're Following a Strict Diet Men's Health Their round up focused on low-carb, Mediterranean, pescatarian, vegan, and vegetarian diets, all of which are typically made up of low-calorie meals. (Read up on their methodology to find out exactly how they classified each diet and why they decided ...

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Where to Eat Fast Food If You're Following a Strict Diet - Men's Health

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Michael Fusek finishes a dunk at Adidas Eurocamp.Adidas Eurocamp

TREVISO, ITALYAs a shot-blocker, Michael Fuseks timing is impeccable, impressive, perhaps even NBA-caliber. During his 2016-17 campaign with Spirou Charleroi in Belgiums top league, Fusek swatted away 9.7 percent of opponents shots while he was on the floor. By comparison, Utahs Rudy Gobert led the NBA with a block percentage of 6.4 percent this past season.

But as a prospect who hopes to someday compete on the same courts as Gobert, Fuseks timing is off. If he were 18 or 19 years old, the NBA might salivate over the potential packed into his spindly frame, the fluidity with which he runs at 74, the touch with which he tosses hook shots through twine.

But at 22closer in age to a second-round senior than any of the college freshmen set to dominate the top of the 2017 NBA draftFusek is more project than prodigy, a gamble rather than a guarantee.

The potential is smaller with every month, says Kamil Rerabek, one of Fuseks agents, because the time is running and you cannot stop the age.

Still, there was no missing him at Adidas Eurocamp last weekend. Last year, he was named the top center at the annual showcase in Treviso, Italy. This year, he was tabbed as the top defender while flashing a knack for passing that had a former NBA coach in attendance calling him Magic Mike.

You cannot coach height, one Western Conference scout based in Europe told Bleacher Report.

Fusek was already close to 69 at the age of 13 when Rerabek first found him in Gajary, a village of 3,000 people about a half-hour outside of the Slovakian capital of Bratislava. Fusek towered over his teammates, who in turn could have snapped his 130-pound body like a twig.

You cannot do anything, Rerabek says. In that time, he cannot practice like the kids because his body was so different.

Nor did young Michael have the mentality to make the most of his unusual physical gifts. He slacked off studying formulas in school and disregarded hook-shot lessons from his mother, a former professional basketball player in Slovakia. At the time, he didnt see the value in either education.

I was young and stupid, Fusek admits now.

But he was tall enough and fluid enough on the court to merit an investment. Rerabek uprooted Fusek from Slovakia and brought him to the mining town of Ostrava in the Czech Republic, the same town that produced former Washington Wizards lottery pick Jan Vesely. During his two years there, Fusek was exposed to the power of basketball as a window to the world.

I saw there was much more than just Slovakia, Fusek says.

General managers across Europe were intrigued by the tree-sized Fusek, but nearly all lacked the courage to sign a teenager who couldnt hold his ground against sturdier opponents.

If you were a sane general manager, you would never bring in a kid that weighs 84 kilos [185 pounds] and measures 220 centimeters [about 72], says says Phillip Parun, another of Fuseks agents

But Parun eventually found one: Jacque Stas, in Charleroi, Belgium. Fusek left the forests and castles of Central Europe for the Low Countries in the Northwest of the continent to pursue his hoop dreams.

For the first time in his life, Fusek, at 18, was living alone, in a country where his Slovakian was as foreign to those around him as their French and English were to him. He put in the work, pulling double duty with Charlerois junior and senior squads.

The team fed him shakes and bars packed with protein while he was on its premises, but his weight barely budged. Parun drove overnight from Prague to Charleroi to find out why. He arrived at Fuseks apartment at two in the morning, where he rustled Michael from his slumber.

Whats for dinner, Mike? Parun asked.

He opened Fuseks refrigerator. It was empty, save for a hard-boiled egg and some bread.

So I threw the egg at him, Parun recalls. I said, Listen, the GM put a lot of faith in you. Were putting a lot of faith in you. Your parents have two jobs and youre feeding yourself toast.

It doesnt work that way, Parun told him. If you dont pack on some weight, some muscle, youre never going to get through the first barrier to play basketball.

Fusek needed more than just a stern talking-to. He had to learn how to feed himself, how to count calories, how to make a basic meal. At that point, even scrambled eggs were beyond his purview.

So was the work required to move on from Belgium, let alone find a home in the NBA. He would practice plenty in Charleroi, but needed to be prodded to put in time outside of team activities. Parun would call Fusek at six in the morning, just as he was arriving at his office in Prague, to get him going.

Listen, only a prostitute makes money staying in bed, Parun would tease. Its time to get to work.

Parun tried something radical with Fusek. He pulled Michael out of Charleroi, where the pro club would continue to pay him, and shipped him to Washington, D.C., where he spent the winter and spring of 2015 studying the ins and outs of nutrition and physical training in the home of Blair ODonovan, one of the lead trainers at Healthy Baller in Rockville, Maryland. The next year, Parun sent Fusek back to the United States for the same crash course.

The first time, he came back 28 pounds heavier. The second time, he added another 14 pounds to his frame.

This year, Fusek hired an American coach, Trevor Bing, to live with himand stay on top of himin Charleroi for two months.

When I was doing something other than watching basketball, he was on me, Fusek says. But I think it was good.

They would watch game film together, picking apart Fuseks mistakes and studying the likes of Gobert, Oklahoma Citys Steven Adams and the Los Angeles Clippers DeAndre Jordanall much bigger and stronger than Michael, but with skill sets he could emulate.

When the playoffs came, and Ivan Radenovic, Charlerois starting center, went down with an injury, Fusek was ready to contribute. He started twice during his teams first-round, best-of-three series against Aalstar. Charleroi won both of those games to advance, including one in which Fusek tallied his first double-double (12 points, 10 rebounds, three blocks) as a pro in Belgium.

As much promise as Fusek showed, it wasnt enough to keep him in Charlerois rotation. He played just 27 minutes during the teams three-game sweep at the hands of Oostende in the second round.

The Michael Fusek of today is a far cry from the one who first arrived in Belgium three years ago. That empty fridge of his is now beaming with vegetables, beaming with fruit, beaming with supplements, Parun says. That shy kid who once hid from strangers behind his mother now boasts about his height and length dwarfing Dwight Howards and hopes to revive Kareem Abdul-Jabbars sky hook in the NBA. That teenager who didnt know how to eat and didnt care for school now studies statistics, fixes computers and lectures his friends and associates on proper nutrition. That 20-something who didnt know how to work now spends his holidays in the gym.

Fusek still has a long way to go before he reaches the NBA. His frame, while more filled out, isnt quite ready for the physicality of the leagues frontcourts. He doesnt yet have a reliable go-to movemuch less a counterto employ when the ball hits his hands in any spot other than right above the rim.

None of this is a mystery to Michael anymore. If knowing is half the battle, Fusek is ready to fight.

I need a couple more kilos up and also some skills for sure, Fusek says. Two-to-three years, I can be there.

Even if Fusek bulks up and hones his offensive game, there will be those around the Association who wonder whether a center of his stature can survive in a league thats downsizing by the day.

Look at what Steve Kerr did in the Finals, one league source said.

Nonetheless, there is legitimate interest in Fusek within the NBA. He met with one team at Eurocamp and is scheduled to work out stateside for another before this years draft.

With any luck, hell hear his name called at some point in the second round and continue his basketball odyssey in the Gatorade League. There, he will be less an oddity than the object of NBA-caliber trainers and nutritionists looking to turn him into a rotation player.

It could be, then, that Fuseks timing is finally spot-on.

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7'4" Euro Behemoth Has Attention of NBA Scouts, the Rest Is Desire...and Diet - Bleacher Report

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ANDERSON, Ind. A new study claims to have found a connection between drinking diet soda and being at higher risk of developing dementia and stroke.

However, the study's author is calling for more research to be done.

The study found an association between drinking at least one artificially sweetened beverage daily and having an increased risk of stroke or dementia by three times the risk of someone who drinks diet soda less than once a week.

The researchers who conducted the study analyzed the Framingham Heart Study Offspring Cohort. The 2,888 people in the group for the stroke study were primarily Caucasian, over the age of 45. The 1,484 people in the dementia study were over the age of 60.

The authors quickly cautioned in the American Heart Association press release that the research only shows a trend among one group of people rather than an actual cause and effect.

The people who participated in the study had researchers check in with their drinking habits periodically over a seven-year period, according to the press release. The researchers then followed up 10 years later to see who developed the targeted diseases.

At the end of the 10-year period, 3 percent of the people had had a stroke and 5 percent had been diagnosed with dementia.

Matthew Pase, a senior fellow in the department of neurology at Boston University School of Medicine, Swinburne University of Technology in Melbourne, Australia, and the Framingham Heart Study, said more research needs to be done to confirm the findings since the sampling of people were primarily white and older. He also said they did not track how much regular soda the participants were drinking as well.

Even if someone is three times as likely to develop stroke or dementia, it is by no means a certain fate, Pase said in a press release. In our study, 3 percent of the people had a new stroke and 5 percent developed dementia, so we're still talking about a small number of people developing either stroke or dementia.

However, the study is one of many that point to artificially sweetened sodas, or diet soda, as not being a healthy option and even causing additional health issues of its own.

Studies since 2010 have showed various health concerns that could be linked to drinking diet soda, such as increased risks of Type 2 diabetes, heart attack and a slower metabolism. Diet sodas may have fewer calories, but some of the artificial sweeteners have been questioned.

Aspartame is one of the most commonly used artificial sweeteners, and its about 200 times sweeter than sugar, meaning much less of it needs to be used. Rumors and unscientific studies have claimed for years that the sweetener causes cancer, but the Food and Drug Administration and other agencies have found it to be safe, according to the American Cancer Society.

Marianne Spangler, patient navigation services director and dietitian at Community Hospital Anderson, said in 2016 that dietitians generally follow the guidelines of the FDA. She said while the FDA has said diet soda is safe, she encourages her patients to drink more water anyway.

Michelle Richart, registered dietitian at St. Vincent Anderson Regional Hospital, said she encourages her patients to drink less diet soda because it cuts down how much water they are drinking. If they are drinking enough water, a little diet soda is fine, she said in 2016.

What authors of the study published in the American Heart Associations journal Stroke are really trying to iterate is that while more research needs to be done, diet sodas may not be better for people than their sugary counterparts, said senior editorial author Ralph Sacco, a former president of the American Heart Association and the chairman of the Department of Neurology at the Miller School of Medicine at University of Miami in Florida.

Both sugar and artificially sweetened soft drinks may be hard on the brain, Sacco said in a press release.

Filchak writes for the Anderson, Indiana Herald Bulletin.

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Is diet soda a danger? Study links drinks to higher risk of dementia, stroke - Richmond Register

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June is National Dairy Month, and you should celebrate by enjoying dairy in your daily diet.

The United States first celebrated National Milk Month in 1937, when the holiday was created to help stabilize dairy demand during peak production periods. In 1939, it was renamed National Dairy Month to offer a greater focus on the entire category of dairy products.

The month also highlights some special dairy product days, with June 1 being National Milk Day, June 4 being National Cheese Day and June 7 being Chocolate Ice Cream Day.

Why eat dairy? We need to consume dairy to help us get adequate amounts of calcium, vitamin D, potassium, magnesium, vitamin A, and protein. We also get the key nutrients phosphorous and vitamin B12 when we consume cows milk. According to a report from the U.S. Dietary Guidelines Committee, most Americans are not consuming the recommended level of dairy in their diet. The dietary guidelines say that, as part of a healthy eating pattern, adults should have the equivalent of 2 cups of dairy for a 1,000-calorie diet, 2 1/2 cups for a 1,200- to 1,400-calorie diet, or 3 cups for a 1,600- to 3,200-calorie diet.

Children 9 and older should have three servings of low-fat and fat-free dairy, 4-to 8-year-olds should have 2 1/2 servings, and 2- to 3-year-olds should have two servings per day.

When eating dairy, be sure to choose low-fat and fat-free dairy options such as yogurt, frozen yogurt, dairy desserts, and cheeses. Also included in this group in the dietary guidelines are lactose-free, lactose-reduced, and fortified soy beverages. Dairy products with low calcium content are not included in this group, which means heavy cream, sour cream, and cream cheese are excluded.

It is best to receive the key nutrients our body needs from dairy foods instead of supplements. For example, calcium supplements alone are not enough for healthy bones and strong teeth. The mineral calcium works in synergy with vitamin D, vitamin K, potassium, fluoride and magnesium. Although calcium helps with vital bodily functions, including nerve signals, muscle contractions and blood clotting, our bodies are unable to produce calcium, making it important that we get enough in what we eat. Women 19 to 50 and men 19 to 70 need to consume 1,000 milligrams of calcium per day. Women older than 51 and men older than 71 need to consume 1,200 milligrams of calcium a day. Children 9 to 18 need 1,300 milligrams of calcium per day. Children 4 to 8 need 1,000 milligrams of calcium a day, while children 1 to 3 need 700 mg.

Vitamin D is known as the sunshine vitamin because our body makes it when we are exposed to the sun. Vitamin D works synergistically by helping our bodies absorb calcium and phosphorus, and it also helps our immune system, muscle contractions, brain and nerve signals. For individuals under age 50, 400 to 800 international units of vitamin D per day is recommended, and 800 to 1,000 international units per day is recommended for those older than 50. We also can consume vitamin D by eating foods fortified with it. If youre still unable to consume enough vitamin D, a supplement could be recommended by a doctor or a registered dietitian.

Research has shown that eating low-fat and fat-free dairy items as a part of a healthy lifestyle can help with weight maintenance and strong bones and teeth, as well as reduce our risk of some cancers, cardiovascular disease, osteoporosis, tooth decay, and Type 2 diabetes. When calcium and vitamin D are not consumed at recommended levels, an increased risk of adverse bone health will occur. Low consumption levels of potassium has been linked to cardiovascular disease and blood pressure issues.

Individuals who have dairy sensitivities or who have been diagnosed with lactose intolerance still have many options to get enough calcium and beneficial nutrients from dairy and other foods into their diets.

Lactose intolerance occurs when someone is unable to digest the sugar lactose that is found in nearly all dairy products, resulting in gastrointestinal discomfort. Fortunately, lactose-free milk and lactose-free dairy products are excellent alternatives for individuals who have difficulty digesting lactose. Lactose-free milk is simply milk that has been treated with the enzyme lactase to predigest the milks lactose before consumption.

Now that you are more knowledgeable about dairy and all of its benefits, take the time this month to treat yourself to some dairy foods.

Happy National Dairy Month!

Stacy reed is an educator with Penn State Extension in Lancaster, specializing in food safety and nutrition.

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Are you getting enough dairy in your diet? - LancasterOnline

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ToscanaPhotos / BACKGRID

Michelle Obama just gave us some fire fitness motivation.

Even though the former first lady is one very busy lady, she explained to her fans and 14.6 million Instagram followers how she stays motivated to keep healthy and fit...her friends!

She took to the social media platformto share some fitness photos and explain, "When I was at the White House, I often hosted bootcamp weekends for my close girlfriends. It didn't matter that we were all at varying fitness levels. Our bootcamp weekends were a reminder that if we want to keep taking care of others, we need to take care of ourselves first.And even though I'm no longer at the White House, I've continued this tradition and wanted to share some photos."

She continued, "Mygirlfriends have been there for me through all kinds of life transitions over the years including a pretty big one recently! and we've done our best to stay healthy together. Whether it's a bootcamp or a walk around the neighborhood, I hope you and your crew can find some time this summer to be healthy together."

Of course, even without this recent motivational post,Barack Obama's wife has always been a fitness inspiration. Not only are her biceps motivation on their own, she's alsospearheaded the nationwide Let's Move! campaign, which encourages children to lead healthy lifestyles that include balanced diets and regular exercise, since 2011.

As for her own fitness routine, she told Ryan Seacrest several years ago that she always tries to work out for an hour and a half in the morning, doing a variation of cardio and weight training.

The rest is here:
Michelle Obama Shares the Fitness Motivation You Need This Summer - E! Online

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As I continue my quest to find 15 stocks for my Double Five Portfolio, I intend to keep going through companies that are on my watch list. Recently, a new company landed on my watchlist, and as I unpacked the story I knew I had to cover this stock next.

The company is Planet Fitness (NYSE:PLNT). Considering this gym brand operates in 48 states, it's likely you're already familiar with the name. Likewise, I've known about the company for about a decade. My first memory of the company comes from seeing a hilarious TV ad with a muscular man rejoicing over tying his shoes using the "bunny ear" technique. But knowing about a company, and knowing the business behind the company are different things.

Planet Fitness the public company

To fully understand this business, let's begin with a recap of its life as a public company. Planet Fitness went public on August 6th 2015, pricing at $16/share. Right before the IPO, the company announced it had opened its 1,000th location.

Full year results for 2014 included revenue of $280 million, 6.1 million members, and 33 consecutive quarters of same store sales growth.

At the end of 2016 revenue came in at $378 million -- up 35% in two years. There were 8.9 million members -- up 46% during that same time. And same store sales had grown for 40 consecutive quarters. Despite this growth in these important metrics, and despite some earning beats, at the end of 2016 the stock price was only up 25% from IPO.

What's holding the company back?

This question can be answered with a one word: dilution. A quick glance at the company's S-1 showed that this was a known problem with this stock from the very beginning. (See page 56)

"Investors participating in this offering will incur immediate and substantial dilution."

Before the IPO, Planet Fitness had received capital from private investors. As is the case typically in these situations, the IPO is not so much for to benefit the company as much as it's for these private investors to be able to "cash out".

This has been the case with Planet Fitness. Despite only claiming 35 million shares at IPO, the company had a total of 98 million shares (!) when including the shares held by these insiders. Since coming public, these insiders have been cashing in with a dividend and cashing out by selling shares in secondary offerings.

Add it all up and that's dilution to the tune of around 66 million shares and a special dividend that cost $271 million. Very insider friendly. Not exactly shareholder friendly for the rest of us.

But the important part of this story for investors is that the share dilution should now be over. According to the most recent secondary offering press release, these insiders no longer hold any shares of Planet Fitness.

Planet Fitness's opportunity in the next five years

Planet Fitness's business can be neatly divided into three parts:

The company operated 1,313 stores at the end of 2016. 95% of these locations were franchised, the rest naturally being corporate owned. Over the next five years, Planet Fitness is projecting 1,000 new locations. What would it mean for the company should it actually hit this projection?

For the sake of this analysis, I'm going to assume that all of these new locations are going to be franchised locations. This is based on the fact that Planet Fitness didn't open any corporate owned locations in 2016.

Let's take the full year franchise segment revenue and divide by the total number of franchised locations at the year's end. Let's also do that for each of the last three years and average that out. Here's what that looks like:

The average revenue that each franchised location generated was just over $86,000 for Planet Fitness. Modelling revenue this way obviously has its flaws, since locations opened in the fourth quarter of a year obviously generated less revenue than a location opened in the first quarter of that same year. So this number is naturally low. But this crude model gives us something to work from for analysis purposes.

The company now has over 1,300 franchised locations when including 1Q 2017 results, and is expecting to open 1,000 more locations from there. That equates to 2,300 franchised locations that we are projecting towards.

Using our crude model of $86,000 per franchised location and adding in 1,000 new locations, by the end of 2021 the franchise revenue segment could be generating $198 million. That would be up 70% from full year 2016.

Since most (if not all) of Planet Fitness's expansion is going to be via franchised locations, I'm not projecting any increase for corporate owned location revenue. However, given the company's 41 consecutive quarters of same store sales growth, I'm also not projecting a decrease. Keeping it a round number, that would be $105 million in revenue.

This is where this story gets interesting and tricky for Planet Fitness. If you're like me, you had no idea that this segment was the largest source of revenue for the company. All franchisees must buy their equipment from Planet Fitness. In addition to signing a ten year brand agreement, franchisees also agree to update all the equipment every four to seven years.

Both the franchise and corporate owned revenue segments have higher margins than the equipment segment. But the equipment segment will gain momentum over time with the rapidly increasing store count.

According to the first quarter call, 30% of equipment sales in 2016 was from equipment renewal. This concrete number really helps us be able to project what future revenue in this segment might look like.

For full year 2016, equipment revenue came in at $157 million. Given the 30% statistic we can calculate that $47 million of this revenue was from renewals. The other $110 million was from new stores. Since there were 195 new locations opened in 2016, we can calculate that each new location bought $564,000 of equipment.

We know from management that 500 new locations are slated to open over the next three years, with an additional 500 opening four to five years from now. If you split those openings evenly, then there are 250 new locations slated to open in 2021 which would generate $141 million in new equipment sales just for that year.

Projecting equipment renewals is the tricky part. First, we don't know how many locations updated equipment in 2016, nor do we know how much of the equipment got updated. There's a flexible window for stores to update equipment.

But here's what we can project. We do know how many locations have been opened, will be opened, and the earliest and the latest these can update their equipment.

*Estimates based on forecast. Actual yearly breakdown will vary

Based on these figures, it's not implausible to see equipment renewals making up 50% of equipment revenue in the near future. For example, in the year 2021 there will be 737 locations up for equipment renewal. Stores opened in 2014 could theoretically push equipment renewals back all the way to 2021. And stores opened this year could theoretically renew at the first chance. Without a doubt, all 737 locations won't renew in the same year. But it's not unreasonable for just a third of those locations to choose to replace their equipment in 2021. A third would be right around 250 locations renewing equipment -- the same number of new location openings.

Should that scenario play out, Planet Fitness would generate another $141 million just in equipment renewals, bringing the grand total for the equipment segment over $282 million.

Add up the three business segments from Planet Fitness and the company could report full-year 2021 revenue of $585 million. This may also be conservative as it doesn't account for the possibility of any same store sales increases along the way.

The big bears

I've read several recurring bear theses regarding Planet Fitness that I feel deserve to be addressed.

I've read several people state that Planet Fitness simply does not have the runway for 4,000 locations domestically. In one article, the author pasted a United States map of existing Planet Fitness locations and asked (dared?) their readers to find space on the map for the more than 2,500 locations yet to be.

While it may have convinced some, don't confuse a quick glance at a map to be on the same objective level as true market research. Not only has Planet Fitness done market research, but an independent third party has as well. Both agree 4,000 domestic locations is possible. A two second glance at a 4 inch by 2.5 inch map is just not on the same level of objectivity.

For the sake of argument, let's say that the real data, studies, and math was far from the actual market potential for Planet Fitness. Let's say the research was off by 25%. That would be pretty far off but yet would still give the company 3,000 domestic locations. In fact, the research could be off by as much as 40% and the company would still be able to open 1,000 new locations before hitting a wall domestically.

And that's just the thing. The 4,000 location runway is just for the United States. That doesn't include Canada or Latin America -- which are both massive and largely untapped markets.

Therefore it seems Planet Fitness does have a lot of growth left in front of it.

We've already seen how equipment sales for a new location are over $560,000. Since all the equipment has to be replaced, in theory equipment renewals would cost the same as what it cost initially. Equipment has to be replaced every four to seven years. That means each location needs to be putting away between $80,000 and $140,000 every year to be able to pay this expense.

Is that a reasonable number? Consider that when it comes to corporate owned locations, each location generates around $1.8 million in revenue annually. The EBITDA margin for these locations was around 39% -- $702,000 EBITDA. In its annual report, Planet Fitness claims that it has done surveys of franchisees and has found the numbers are roughly the same. Given this data, it seems that the franchisees will be able to afford equipment renewals.

Further adding to the argument that Planet Fitness franchisees can indeed afford to update their equipment is the fact that a full 93% of them operate at least three locations. What's more, over 90% of the new locations opened in 2016 were opened by existing franchisees. If the equipment renewal burden was too unreasonable, who would better know than the franchisees themselves? They would already be aware that the cost was too much and it doesn't seem likely that they would dig themselves further into a hole by opening more locations. The more likely reason that so many franchisees are opening new locations is because the economics are attractive, despite the need to constantly be renewing the equipment.

Therefore it seems that the franchisees in fact can meet their equipment renewal obligations.

It is quite a shame that Planet Fitness did major damage to its balance sheet with a one-time dividend that required the company to take on $271 million in additional debt. When adding up every contractual obligation, Planet Fitness has over $1.4 billion currently outstanding.

The bare minimum contractual obligation for 2017 is $96 million. For 2018 - 2019, the average annual obligation will drop to $71 million. However, much of the debt matures in 2021. Just paying the minimum over the next few years will leave a substantial amount of debt that the company won't be able to pay by then.

But then again, what public company pays off this level of debt in just five years anyway? Paying the minimum requirement and refinancing the debt when appropriate is quite normal -- if not expected. I have no doubt that the company will refinance when the time comes.

Remember, that a big reason the company is in this position in the first place is that early insiders were lining their own pockets. Now that they are out of the picture, perhaps Planet Fitness can start heading towards steadier financial ground. After all, that's the advantage of a mostly franchised model. Costs are light and recurring revenue streams are strong.

The real question for now is can Planet Fitness pay its very real required obligations over the next several years? For full year 2016 the company reported revenue of $378 million and EBITDA of $150 million -- a margin of 40%. Assuming revenue increases this year, the EBITDA margin could shrink considerably in 2017, and the company would still meet its $96 million in obligations with ease.

Therefore Planet Fitness is highly leveraged, but it seems that it can meet its financial obligations going forward.

Projecting the future price per share

Projecting price per share for Planet Fitness has to assume that the share dilution deluge is finally over. But that's not necessarily a given considering this company's history. An investment in Planet Fitness would have to be comfortable with this unknown.

To predict the future share price, we need to start with the revenue I've modeled for 2021 -- $585 million.

We've already seen that the EBITDA margin was 40% this past year. But it's safe to assume that this margin will actually drop slightly going forward as the less profitable equipment segment plays a larger part of the revenue mix going forward.

To try and break down segment level EBITDA margins for 2016, we can take two things as facts from management. First, practically all costs associated with "cost of revenue" relates to the equipment segment. Second, corporate owned location EBITDA was 39%.

Take the corporate owned segment revenue of $105 million and multiply by the 39% margin. That gives us $40.8 million.

Take the equipment segment revenue of $157 million, and consider the cost of that revenue was $122 million. That gives us a margin of 22% and EBITDA of $34.7 million.

Between these two segments we've accounted for $75.5 million of the total $150 million. That leaves $74.5 million EBITDA from the franchise segment. Considering revenue from the franchise segment was $116 million, the EBITDA margin is around 64%.

So here's what Planet Fitness EBITDA could look like for full year 2021.

Again, last year's EBITDA was $150 million. Considering the share price was $20.10 at the end of 2016, and remembering that the share count is currently around 98 million shares, then the market has been valuing this company around 13.1 times EBITDA.

Let's take our projected 2021 EBITDA. Assuming the market values Planet Fitness at 13.1 times EBITDA moving forward, then the price per share in 2021 would be $30.60. That's a 34% increase from today's price of $22.81.

My faithful readers know that I'm looking for stocks that double in a five year time frame. For that to happen with Planet Fitness, not only would my projections have to play out, the market would also have to value the company at 19.5 times my projected 2021 EBITDA. That's a scenario I find highly unlikely.

Despite liking a lot about Planet Fitness's future opportunities, I won't be adding Planet Fitness to my portfolio. While I don't see the company as a short opportunity, I also don't recommend buying shares. However, I would reconsider if shares fell below $15.

Disclosure: I/we have no positions in any stocks mentioned, and no plans to initiate any positions within the next 72 hours.

I wrote this article myself, and it expresses my own opinions. I am not receiving compensation for it (other than from Seeking Alpha). I have no business relationship with any company whose stock is mentioned in this article.

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The Next 5 Years For Planet Fitness - Seeking Alpha

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Kevin Bogardus, E&E News reporter

Employees who work at U.S. EPA's Chicago-based Region 5 office have access to this fitness center. Special to E&E News

This story was updated at 2 p.m. EDT.

U.S. EPA employees' fitness benefits are now on the Trump administration's budget chopping block.

On Thursday, EPA union leaders received an email from an agency labor attorney saying the agency planned to stop funding for fitness subsidies and fitness centers by the end of next month.

"This serves as official notice that the agency will discontinue fitness subsidies and fitness center funding agency-wide, which will result in a savings of nearly $ 900K per year for the agency. Discontinuation of this funding is targeted for July 31, 2017," said the attorney in the email, which was obtained by E&E News.

Union officials expressed anger at the EPA notice.

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"It's petty," said John O'Grady, president of American Federation of Government Employees Council 238, which represents thousands of EPA employees. "Healthy employees tend to come to work more often instead of taking sick days, so it doesn't make much sense."

Mark Sims, president of the EPA Unit of the International Federation of Professional and Technical Engineers Local 20, based in Region 9, called the plan a "bad idea and shortsighted."

"It is something that has been provided for a long time and now it's suddenly going to be taken away," he said. "What's their basis for doing so, I don't know."

Tony Reardon, president of the National Treasury Employees Union, said in a statement the union "has been notified that EPA intends to discontinue offering fitness facilities to employees."

"NTEU has asked for a briefing and hopes to bargain with the agency to retain some fitness facilities," Reardon said. "This appears to be a case of an agency being penny-wise but pound-foolish as fitness centers save the government money through healthier employees."

Reardon noted that EPA employees represented by NTEU Chapter 280 pay a monthly fee for access to a fitness center, which is used by multiple agencies.

Jahan Wilcox, an EPA spokesman, said the fitness benefit funds would be used for the agency's "core activities" instead.

"We have ended taxpayer-funded fitness centers at EPA; a program that was costing American taxpayers $900,000 per year. Disinvestment in using federal funds for EPA fitness centers will allow the agency to invest this money in core activities to protect the environment," Wilcox said in a statement.

In his email, the EPA labor attorney said the date of the funding stop for fitness benefits may fluctuate depending on when already-obligated resources may end. In addition, negotiations on the fitness issue will be conducted on "the local level."

EPA union leaders have also been invited to a briefing on ending fitness benefits Wednesday.

After that meeting, O'Grady said he will talk to his union law firm about whether or not to file a grievance.

"I'm going to make that decision then. Quite frankly, I don't think there is much that we can do," O'Grady said.

Sims said he was considering filing a grievance over EPA's decision to end fitness benefits.

"A change in working conditions is always negotiable," Sims said.

Union officials pointed to agreements between EPA management and labor groups that are problematic for the agency's decision to halt funding of fitness benefits.

NTEU's collective bargaining agreement with EPA said employees' access to fitness centers will continue under the agreement and any changes to that condition will be handled at the local level.

In addition, a memorandum of understanding signed in 2012 between EPA and unions in Region 9 says the regional office is "committed" to setting aside $40,000 for equipment-related expenses and the fitness center will occupy roughly 5,200 square feet in its office building.

"We expect them to comply with the MOU they signed in 2012," Sims said.

Fitness centers are spread throughout the agency to be used by employees. In a 2013 EPA blog post, Craig Hooks, then a senior agency official, said over 94 percent of EPA locations had access to a fitness center.

"It's in our basement. It doesn't have a running track or a pool. It just has some treadmills and weights," O'Grady said, referring to the fitness center in EPA's Chicago-based Region 5 office, which is used by other federal employees.

O'Grady said his understanding of EPA's plan is to end stipends for employees' gym memberships and also end supplement funds provided by EPA to the fitness centers. That will mean EPA employees will have to pay larger fees to keep those centers open.

"For the most part, they [fitness centers] will stay open. Employees will have to pay more. If they don't, they may close," O'Grady said.

EPA employees' gym benefits have grabbed Administrator Scott Pruitt's attention in the past. On "Fox and Friends" in April, he was asked about EPA paying nearly $15,000 for employees' gym memberships.

"Well, the gym memberships ended yesterday. It was quite something to hear about that out of Nevada," Pruitt said. "That was the previous administration that granted those gym memberships, rather expensive."

He added, "It was something that needed to end."

Conservative group Americans for Tax Reform dug up receipts for gym memberships that Pruitt was questioned over in his Fox interview. The documents showed that EPA's Las Vegas office paid $14,799.63 for the memberships.

The EPA inspector general has also looked into fitness benefits for employees in the past. In a report released this February, the agency watchdog found two transactions, totaling $14,985, were for gym memberships that were improperly paid in advance (E&E News PM, Feb. 17).

"There was a lot of press attention on that, and it grabbed the administrator's attention. That's what brought his attention to this issue in my belief," Sims said.

"What happened in Las Vegas may be a triggering issue for this."

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Fox17

Family Fitness complaints climb; BBB weighs in Fox17 GRAND RAPIDS, Mich. Alyssa Walters, 20, said her two-year membership at Family Fitness on Plainfield Avenue ran its course when it ended two years ago. She said there were no problems. That's until Credit Karma sent her an email two weeks ago ...

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The State

Woman, 69, carjacked at Columbia fitness center Monday The State Police are investigating the armed carjacking of a 69-year-old woman at a Garners Ferry Road fitness center Monday. The incident happened just before 7 a.m. Monday at the Planet Fitness on the 7500 block of Garners Ferry Road, according to the Columbia ... and more »

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Woman, 69, carjacked at Columbia fitness center Monday - The State

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