HGV VAC TNL: Research Notes

Research Note #3 (7/9/2025):

• $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.

Research Note #2 (7/8/2025):

• $HGV vs $AN $DDS $AZO: Buybacks Driving Returns

• Analysis on the drivers of past returns for AutoNation, Dillard's, and AutoZone, and how it relates to HGV today.

Research Note #1 (6/12/2025):

• $HGV $VAC $TNL: Buybacks & Dividends

• Analysis on past, current, and future capital returns to shareholders.