Hilton Grand Vacations To Benefit From Selling Owned Inventory, Analyst Says
Hilton Grand Vacations To Benefit From Selling Owned Inventory, Analyst Says
Mizuho analyst Ben Chaiken initiated coverage on Hilton Grand Vacations Inc. (NYSE:HGV) with a Buy rating and price target of $63.
瑞穗分析师本·柴肯开始报道希尔顿度假大酒店（纽约证券交易所代码：HGV），评级为买入，目标股价为63美元。
Chaiken foresees upside to estimates from an attainable/beatable '24 guidance.
Chaiken预计，根据可实现/可击败的24年指导方针，估计值将有所上涨。
In the long term, the analyst forecasts revenue synergies from better utilizing the Bass Pro network and monetizing the existing Bluegreen owner base.
从长远来看，分析师预测，通过更好地利用Bass Pro网络和利用现有的Bluegreen所有者基础获利，将产生收入协同效应。
As part of the Bluegreen transaction, Hilton Grand Vacations has highlighted $75 million to $100 million of revenue synergies.
作为蓝绿交易的一部分，希尔顿度假大酒店强调了7500万至1亿美元的收入协同效应。
For FY24 and FY25, the analyst sees a 13% provision at legacy HGV and 17.5% at Bluegreen (i.e., no improvement in either), for a blended 14.3% provision.
分析师预计，对于24财年和25财年，传统重型货车的准备金为13％，蓝绿的准备金为17.5％（即两者都没有改善），混合准备金为14.3％。
The analyst adds that Hilton Grand Vacations should also benefit from a transition to selling more owned inventory, which carries significantly greater EBITDA per transaction.
该分析师补充说，希尔顿度假大酒店还应受益于向出售更多自有库存的过渡，每笔交易的息税折旧摊销前利润将大大增加。
Owned inventory comes with a materially greater EBITDA contribution per transaction relative to the FFS model, the analyst adds.
分析师补充说，与FFS模型相比，自有库存每笔交易的息税折旧摊销前利润贡献要大得多。
Per Chaiken, cost headwinds should be more than offset by MSD+ contract sales, the legacy HGV business transitioning to selling more owned inventory (away from Fee For Service), and potential upside in sales & marketing (S&M).
根据Chaiken的说法，MSD+合同销售、传统重型货车业务向出售更多自有库存（不包括服务费）以及销售和营销（S&M）的潜在上行空间应足以抵消成本阻力。
For FY24, the analyst models EBITDA of $1.24 billion, approximately the midpoint of the guided range ($1.2 billion to $1.26 billion).
分析师模拟24财年的息税折旧摊销前利润为12.4亿美元，大约是指导区间（12亿美元至12.6亿美元）的中点。
The largest source of upside in the model is conservative S&M expectations.
该模型最大的上行空间是保守的S＆M预期。
Price Action: HGV shares are trading higher by 2.6% to $46.98 on the last check Tuesday.
价格走势：在周二的最后一次支票中，HGV股价上涨2.6％，至46.98美元。
Photo via Wikimedia Commons
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