$HGV $VAC $TNL: Buybacks + FCF Growth + Multiple Expansion

Analysis on HGV's high buyback yield, low multiple, and growth prospects, with comparisons to VAC and TNL.

In yesterday’s Research Note, I shared some analysis on past examples of companies where buybacks were the largest portion of their total returns, vs multiple expansion, growth in earnings or FCF, or returns to shareholders via dividends.

I then compared the situation to Hilton Grand Vacations (HGV) today, with respect to their high buyback yield, low multiple, and growth prospects.

I wanted to expand on those HGV-related items in this Research Note, which includes thoughts on the timeshare industry in general, interesting aspects with HGV, and why HGV stands out vs TNL and VAC.

I also include some additional graphs that were not included in yesterday’s post.

Enjoy.