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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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  "documentKindSlug": "activist-deck",
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  "sourceTypeSlug": "activist_investor",
  "sourceTypeLabel": "Activist investor",
  "presentationDate": "2021-05-01 00:00:00",
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  "pageNumber": 4,
  "pageCount": 13,
  "prevPage": 3,
  "nextPage": 5,
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  "function": "expose_gap",
  "density": "dense",
  "nDataPoints": 5,
  "notes": "The slide uses a bar chart comparing HGV's standalone EBITDA CAGR to Diamond's, highlighting a 1,200 bps growth gap.",
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  "slideHref": "/slides/019f6b8f-2b4f-7389-831b-d20954c0c620/4",
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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: HGV (16%) vs Diamond (4%)",
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      "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\nHGV management forecasting robust 16% EBITDA growth between 2022 and 2025 for HGV standalone as investments in inventory positioned to drive growth\nDiamond materially dilutes HGV's growth potential, with Diamond's forecasted EBITDA growth of only 4% between 2022 and 2025",
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        "h": 0.04,
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      "kind": "source-note",
      "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.",
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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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      "evidence": "Comparing HGV standalone vs. the combined entity with Diamond to show dilution",
      "confidence": 0.8
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      "beatId": "fb02da9b-129c-4ca7-8686-4d1ecb19f7e6",
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      "evidence": "The document exposes contradictions and misleading claims by HGV",
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  "loops": [
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      "evidence": "The document presents a pattern of HGV's potential",
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