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  "docSlug": "jarvis-land-buildings-hilton-grand-vacations-presentation-may-2021",
  "documentTitle": "Land Buildings Hilton Grand Vacations Presentation May 2021",
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  "presentationDate": "2021-05-01 00:00:00",
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  "notes": "The slide uses a 'before-after' framing to contrast a company's claim with historical market data.",
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      "kind": "callout",
      "text": "HGV is trading at a material discount to its closest peer, Marriott Vacations Worldwide Corp. (NYSE: VAC) (\"VAC\"), based on 2022 EBITDA, whereas HGV historically traded at a comparable multiple to VAC.",
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      "text": "NTM EBITDA Multiples",
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      "text": "HGV has historically traded at a comparable multiple to VAC; however HGV has decreased the peer set in response to statement #5",
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      "text": "Source: Company Filings, including Schedule 14A filed with the SEC on April 30, 2021.",
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      "text": "HGV'S MISLEADING CLAIMS",
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      "text": "HGV TRADED AT A COMPARABLE EBITDA MULTIPLE TO VAC PRIOR TO COVID",
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