BVH - Laughing Water Capital - Hilton Grand Vacations:  Heads We Win Soon Tails We Win More Later

2024-02-08 10:05:00 ET

Summary

• Hilton Grand Vacations had a year that came with undeniable improvements to normalized earnings power, and undeniable short-term problems.
• HGV announced they would be acquiring Bluegreen Vacations.
• I believe HGV will become an “uber-cannibal” and aggressively return capital to shareholders through buybacks for years to come.

The following segment was excerpted from this fund letter.

Hilton Grand Vacations ( HGV )

HGV, the Hilton branded timeshare business, had a year that came with undeniable improvements to normalized earnings power, and undeniable short-term problems. On the problem side, as mentioned previously the Company was forced to cut guidance following the well-publicized wildfires in Hawaii....

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