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  "documentTitle": "Hilton Grand Vacations (HGV)",
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  "presentationDate": "2021-05-01 00:00:00",
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  "notes": "The slide uses a two-column layout to contrast governance concerns (left) with valuation discrepancies (right).",
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      "text": "HGV is materially undervalued and overpaying",
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      "text": "A transfer of control without payment of a control premium; HGV overpaying for Diamond",
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      "text": "EBITDA multiple: 10x",
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      "text": "Source: Company Filings. Share price represents price utilized in proxy statement of March 5, 2021.",
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      "text": "HGV valuation range $35.75 - $50.75; Diamond DCF $580mm - $1,110mm; Diamond EBITDA $490mm - $970mm",
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      "text": "L&B TO VOTE “AGAINST” DIAMOND ACQUISITION DUE TO NUMEROUS CONCERNS",
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