{
  "docId": "019dd923-622b-71dc-a6dd-ae628fe3d169",
  "docSlug": "b8729cb82d0d",
  "documentTitle": "Hilton Grand Vacations (HGV)",
  "authorId": "26_Land_and_Buildings",
  "authorName": "Land and Buildings",
  "documentKindSlug": "activist-deck",
  "documentKindLabel": "Activist deck",
  "sourceTypeSlug": "activist_investor",
  "sourceTypeLabel": "Activist investor",
  "presentationDate": "2021-05-01 00:00:00",
  "orientation": "landscape",
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  "pageNumber": 4,
  "pageCount": 13,
  "prevPage": 3,
  "nextPage": 5,
  "slideType": "comparison_table",
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  "density": "dense",
  "nDataPoints": 2,
  "notes": "Uses a bar chart to visualize the growth dilution caused by the Diamond acquisition.",
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  "deckAnchorHref": "/decks/019dd923-622b-71dc-a6dd-ae628fe3d169#slide-4",
  "components": [
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        "x": 0.75,
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      "kind": "callout",
      "text": "Diamond EBITDA growth is forecasted to be 1,200 bps lower than HGV's",
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      "kind": "chart",
      "text": "EBITDA 2022 - 2025 CAGR",
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      "subkind": "bar-vertical",
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      "bbox": {
        "h": 0.06,
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      "kind": "disclaimer",
      "text": "Source: Company Filings. EBITDA forecasts disclosed in HGV preliminary proxy statement. HGV EBITDA based on HGV management's forecasts and Diamond EBITDA based on HGV management's adjustments to Diamond management's forecasts. HGV standalone value based on VAC's EBITDA multiple disclosed in proxy statement and HGV management's 2022 EBITDA projection.",
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      "kind": "list",
      "text": "HGV standalone is worth $55 using Marriott Vacations (VAC), current EBITDA multiple of 11.2x on HGV management's 2022 EBITDA, as disclosed in its Proxy Statement. HGV management forecasting robust 16% EBITDA growth between 2022 and 2025 for HGV standalone as investments in inventory positioned to drive growth. Diamond materially dilutes HGV's growth potential, with Diamond's forecasted EBITDA growth of only 4% between 2022 and 2025",
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      "kind": "metric",
      "text": "EBITDA growth: 16%",
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      "toolName": "Quantification",
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      "componentId": "019dd953-25b7-709e-b8ce-327d3009c796",
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      "kind": "title",
      "text": "PROPOSED TRANSACTION DILUTES THE POTENTIAL FOR HGV STANDALONE PORTFOLIO",
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      "kind": "title",
      "text": "WE BELIEVE HGV AS A STANDALONE COMPANY HAS SIGNIFICANT UPSIDE",
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  "frameworks": [
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      "matchId": "fff85226-54d8-4c92-b39b-a55bf5085aaa",
      "evidence": "Compares HGV and Diamond growth metrics to frame the transaction as dilutive.",
      "confidence": 0.9
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      "arcSlug": "problem-agitate-solution",
      "beatName": "Agitate (Make it worse)",
      "beatSlug": "problem-agitate-solution-agitate-make-it-worse",
      "evidence": "The document agitates the problem by highlighting flaws and concerns about the acquisition",
      "position": 1,
      "confidence": 0.8,
      "parentBeatName": "Development",
      "parentBeatSlug": "development"
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      "arcSlug": "problem-agitate-solution",
      "beatName": "Solution (Provide relief)",
      "beatSlug": "problem-agitate-solution-solution-provide-relief",
      "evidence": "The document provides a solution by suggesting HGV as a standalone company is a better option",
      "position": 2,
      "confidence": 0.8,
      "parentBeatName": "Resolution",
      "parentBeatSlug": "resolution"
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  "loops": [
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      "name": "Zoom In",
      "slug": "06-zoom-in",
      "bestFor": "Technical deep-dives, case studies, detailed analysis",
      "matchId": "4c9c9a3e-4af2-4983-985b-2f4a12f9bd56",
      "evidence": "The document uses a zoom-in loop to focus on specific details and contradictions in HGV's claims",
      "position": 0,
      "objective": "To highlight the flaws in HGV's claims and the acquisition",
      "structure": "The Big Picture -> Key Area of Focus -> Specific Detail -> Implication",
      "confidence": 0.7,
      "description": "Start broad, then progressively focus on specific details that prove your point"
    },
    {
      "to": 12,
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      "name": "Cost Of Inaction",
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      "bestFor": "Urgent budget requests, compliance, risk mitigation",
      "matchId": "3175196c-1975-4293-a5d9-d66dc2e4bb83",
      "evidence": "The document implies that not voting against the acquisition will result in significant costs and risks",
      "position": 1,
      "objective": "To highlight the risks of not voting against the acquisition",
      "structure": "The Status Quo -> The Hidden Costs Accumulating -> The Future State of Inaction -> The Tipping Point",
      "confidence": 0.6,
      "description": "Quantify what happens if the audience does nothing"
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