Skiers and riders also invited to leave their gear at home this season and try My Epic Gear membership: Premium gear available slopeside √ BROOMFIELD, Colo., Aug. 14, 2024 /PRNewswire/ -- The best time to plan for winter is now, and your checklist to prepare for the ski and ride season is here. Skiers and riders who start planning now will lock in the best deals and experiences when visiting iconic mountain resorts like Vail Mountain, Breckenridge, Park City Mountain, Whistler Blackcomb and more. Here is Va ...

文章核心观点 - 尽管面临消费者信心下降、北美滑雪场降雪量减少以及疫情后反弹带来的艰难比较等三大挑战,但作为全球最大的滑雪度假胜地运营商,Vail Resorts凭借其领导地位、广阔护城河以及市场对其股价的严厉反应,可能成为一只出色的高股息股票,目前估值处于十年一遇的水平 [2][3][4] 行业和公司概况 - Vail Resorts是北美最大的滑雪度假胜地运营商,在北美、澳大利亚和欧洲共有42个滑雪场,是行业的领导者 [5][6][7] - 公司在过去20年里的总回报率几乎是标普500指数的两倍,体现了其强大的护城河 [7] - 公司今年以1.07亿美元收购了欧洲第二大滑雪市场的Crans-Montana滑雪场,正在谨慎地拓展欧洲市场,这可能成为公司未来的增长引擎 [8] 业绩表现 - 尽管面临多重挑战,但公司在关键的第三季度仍实现了EBITDA、每股收益和自由现金流分别增长11%、17%和28% [9] - 这得益于公司不可退款的会员订阅模式,现有2.4百万忠实会员,他们的滑雪天数是非会员的3倍,为公司带来更多的附属业务收入机会 [10][11] - 公司正在通过推出滑雪装备订阅服务"My Epic Gear"来颠覆自身的租赁业务,利用供应链优势和25百万客户数据库为滑雪者提供性价比更高的最新装备 [12] 投资价值 - 公司当前的销售价格比率处于过去10年的最低水平,股息收益率达4.7%,创历史新高,是一个难得的投资机会 [13][14] - 假设公司能将自由现金流率恢复到历史平均水平15%,那么其股价仅为16倍自由现金流,大幅低于市场平均水平 [15] - 公司仅使用83%的自由现金流支付股息,显示股息不太可能会被削减 [16] - 公司的行业领导地位和广阔护城河将帮助其度过当前的低迷周期,是一只值得关注的优质高股息股票 [17]

KEYSTONE, Colo., June 24, 2024 /PRNewswire/ -- The National Brotherhood of Snowsports (NBS), in partnership with Vail Resorts, is proud to share that NBS has selected Keystone Resort for its 2025 Annual Summit. Bringing together 58 member clubs and thousands of supporters from around the world, the NBS Summit offers a week of winter sports fun to raise funds to support their mission: increasing participation in winter sports while developing and supporting athletes of color who will win international compet ...

JulPo/E+ via Getty Images I wrote about Vail Resorts (NYSE:MTN) previously (Jan this year) with a hold rating as I was not sure if the business could meet its FY24 guidance given the weak consumer spending environment. Based on the recent performance, I don't see any positive developments in the investment case for MTN. In contrast, I believe demand is going to remain weak given the challenging macro environment, high price point, and poor structural weather headwinds ahead. To recapture demand, MTN most li ...

This factor eventually drove the decline in the number of skier visits during the period, resulting in the downtick of the top line of the company. Increased Expenses: To counter the negative impacts of the weather and other related issues, Vail Resorts has been considering various strategic investments to upgrade its ski resorts. The upgrades include new high-speed lift changes with increased headcounts and snowmaking system enhancements. Also, enhancements to its digital platform, My Epic app, and the lau ...

Yes, Vail cut guidance, but does it merit such a big decline? Vail updated guidance (Vail Q3 key metrics) cheaper than ~20x for the S&P 500), which on top of a ~5% yield for the stock ($8.88 in annual yield, based on its most recent $2.22 quarterly dividend annualized) makes this a stock worth banking on. | --- | --- | --- | --- | --- | --- | |-------------------------------------------------------------------|-------|-------------|-----------------------------------------------------------------|---------- ...

Vail Resorts shares traded down 13.5% at of 10:15 a.m. ET Friday to $167.89, their lowest point since the early part of the COVID-19 pandemic in 2020. Vail Resorts blamed a lack of snowfall as its third-quarter profit and revenue missed analysts' forecasts. The company also cut its full-year guidance. The news sent shares of Vail Resorts to their lowest level since the early part of the COVID-19 outbreak. Shares of Vail Resorts (MTN) headed downhill Friday, a day after the operator of ski resorts posted wor ...

Vail Resorts, Inc. (MTN) reported dismal third-quarter fiscal 2024 results, with earnings and net revenues missing the Zacks Consensus Estimate. The top and the bottom line rose year over year. Total skier visits for the 2023/2024 North American and European ski season declined 7.7% year over year. The downside was caused by a combination of unfavorable conditions and broader industry normalization postCOVID scenario. While pass product visitation met expectations, lift ticket visitation, particularly at Wh ...

Emily began her career as a political journalist for Australian Community Media in Hobart, Tasmania. After she relocated to Toronto, Canada, she reported on business, legal, and scientific developments in the emerging psychedelics sector before joining Proactive in 2022. She brings a strong journalism background with her work featured in newspapers, magazines, and digital publications across Australia, Europe, and North America, including The Examiner, The Advocate, The Canberra Times, and... Read more Proa ...

财务数据和关键指标变化 - 公司第三季度净收入为3.62亿美元,每股摊薄收益为9.54美元,上年同期分别为3.25亿美元和8.18美元 [12] - 第三季度净收入包括约3700万美元的预计公允价值变动费用,上年同期为4600万美元 [13] - 第三季度净收入还包括收购和整合相关费用的税后影响,分别为100万美元和100万美元 [14] 各条业务线数据和关键指标变化 - 滑雪场参访量下降7.7%,主要由于不利天气条件和行业正常化 [8] - 其中,可退款的单日滑雪票参访量下降17% [9] - 但滑雪学校、餐饮和租赁业务的每人次消费均有强劲增长 [9] 各个市场数据和关键指标变化 - 惠斯勒布莱克康布的滑雪票参访量在春季大幅下降,主要由于当地天气条件较差持续时间较长 [61][62][63] - 惠斯勒布莱克康布作为一个以目的地游客为主的滑雪场,滑雪票参访量对天气条件更加敏感 [61][62][63] 公司战略和发展方向及行业竞争 - 公司继续推进提前承诺策略,提高预订率和收入稳定性 [7] - 公司正在欧洲拓展,收购了第二个欧洲滑雪场Crans-Montana [26][27][28][29] - 公司正在评估未来5年内投资约3000万瑞士法郎提升Crans-Montana的客户体验 [29] - 公司正在评估Epic Pass产品在欧洲的发展潜力,认为这是一个重大机遇 [103][104][105] - 公司与竞争对手Alterra的定价策略和目标存在差异,公司更注重提高预订率和收入稳定性 [123][124][125][126] 管理层对经营环境和未来前景的评论 - 公司对3月和4月的业绩改善感到满意,但滑雪票参访量未能完全恢复到历史水平,尤其是在惠斯勒布莱克康布 [6][61][62][63] - 公司预计2024财年度度假村报告EBITDA将在8.33亿美元至8.51亿美元之间,低于此前指引,主要由于滑雪票参访量未能完全恢复所致 [15][16] - 公司对2024-2025年北美滑雪季度的季票销售保持谨慎,认为受到行业正常化的影响 [35][52][53][54][55] - 公司认为天气条件和行业正常化都是影响本季业绩的重要因素 [52][53][54][120] 其他重要信息 - 公司已完成6.5%2032年到期6亿美元优先票据的发行,并偿还了6.25%2025年到期的6亿美元优先票据 [21] - 公司还完成了信贷协议的修订,将9.69亿美元的定期贷款和5亿美元的循环信贷的到期日从2026年延长至2029年 [22] - 公司在本季度回购了约30万股,9个月内累计回购约60万股 [23][24] - 公司宣布每股2.22美元的季度现金股利,将于2024年7月10日支付 [24] 问答环节重要的提问和回答 问题1 **Shaun Kelley 提问** 询问新增季票持有者的决策行为和反馈 [46][47][48][49] **Kirsten Lynch 回答** 公司看到长期持有季票的客户续订意愿较强,而新增和2年内季票持有者的续订意愿较弱,可能会延迟到秋季再做决定 [47][48][49] 问题2 **Jeff Stantial 提问** 询问滑雪票参访量下滑的原因,尤其是惠斯勒布莱克康布 [56][57][58][59][60][61][62][63] **Kirsten Lynch 回答** 惠斯勒布莱克康布的天气条件较差持续时间较长,加上该滑雪场以目的地游客为主,滑雪票参访量对天气更加敏感 [61][62][63] 问题3 **Ben Chaiken 提问** 询问公司是否考虑通过拓展季票使用场景,如与零售商等合作,来拉动淡季需求 [69][70][71][72] **Kirsten Lynch 回答** 公司一直在探索提高季票在滑雪季以外的使用价值和吸引力的新机会,认为这对提高收入稳定性很重要 [72]