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.
瑞穗分析師本·柴肯開始報道希爾頓度假大酒店（紐約證券交易所代碼：HGV），評級爲買入，目標股價爲63美元。
Chaiken foresees upside to estimates from an attainable/beatable '24 guidance.
Chaiken預計，根據可實現/可擊敗的24年指導方針，估計值將有所上漲。
In the long term, the analyst forecasts revenue synergies from better utilizing the Bass Pro network and monetizing the existing Bluegreen owner base.
從長遠來看，分析師預測，通過更好地利用Bass Pro網絡和利用現有的Bluegreen所有者基礎獲利，將產生收入協同效應。
As part of the Bluegreen transaction, Hilton Grand Vacations has highlighted $75 million to $100 million of revenue synergies.
作爲藍綠交易的一部分，希爾頓度假大酒店強調了7500萬至1億美元的收入協同效應。
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.
分析師預計，對於24財年和25財年，傳統重型貨車的準備金爲13％，藍綠的準備金爲17.5％（即兩者都沒有改善），混合準備金爲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.
該分析師補充說，希爾頓度假大酒店還應受益於向出售更多自有庫存的過渡，每筆交易的息稅折舊攤銷前利潤將大大增加。
Owned inventory comes with a materially greater EBITDA contribution per transaction relative to the FFS model, the analyst adds.
分析師補充說，與FFS模型相比，自有庫存每筆交易的息稅折舊攤銷前利潤貢獻要大得多。
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).
根據Chaiken的說法，MSD+合同銷售、傳統重型貨車業務向出售更多自有庫存（不包括服務費）以及銷售和營銷（S&M）的潛在上行空間應足以抵消成本阻力。
For FY24, the analyst models EBITDA of $1.24 billion, approximately the midpoint of the guided range ($1.2 billion to $1.26 billion).
分析師模擬24財年的息稅折舊攤銷前利潤爲12.4億美元，大約是指導區間（12億美元至12.6億美元）的中點。
The largest source of upside in the model is conservative S&M expectations.
該模型最大的上行空間是保守的S＆M預期。
Price Action: HGV shares are trading higher by 2.6% to $46.98 on the last check Tuesday.
價格走勢：在週二的最後一次支票中，HGV股價上漲2.6％，至46.98美元。
Photo via Wikimedia Commons
照片來自維基共享資源