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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": "Uses red dashed callout boxes to directly annotate and refute specific claims made in HGV's transaction announcement deck.",
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      "kind": "callout",
      "text": "More resorts does not equate to more benefit from recovery, market mix does, and HGV's standalone portfolio and inventory investments provide greater upside",
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      "text": "HGV's EBITDA growth is severely reduced by Diamond's slower growth business. HGV is forecasting 16% EBITDA growth on a standalone basis annually between 2022 and 2025 while Diamond standalone is only forecasted to grow 4% annually",
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      "kind": "callout",
      "text": "HGV has greater exposure to markets that should experience significant growth such as Hawaii and Japan\n\n4/29/21: Mark Wang, CEO – \"As Japan restrictions ease, we believe that Oahu will recover and set us up for a strong second half of the year...\"",
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      "text": "The transaction is expected to increase cash flow available to shareholders and increase the ability to invest in the future growth, as outlined in the transaction announcement deck",
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      "kind": "source-note",
      "text": "Source: Company Filings, including Schedule 14A filed with the SEC on April 30, 2021.",
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      "text": "WE BELIEVE THE DIAMOND ACQUISITION MATERIALLY DILUTES THE POTENTIAL FOR HGV AS A STANDALONE BUSINESS",
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      "text": "HGV'S MISLEADING CLAIMS",
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