Imperial Capital Reiterates Outperform on Interval Leisure Group (IILG)
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Imperial Capital reiterated an Outperform rating and $22.00 price target on Interval Leisure Group (NASDAQ: IILG) as the company continues to report steady growth.
Analyst Gregg Klein commented, "We are maintaining our Outperform rating on the IILG shares and our one-year price target of $22, about 21% above the recent share price. Currently, the company is being valued at a total enterprise value of 7.5x based on our pro forma 2017 earnings estimate. The company has reported steady growth in adjusted EBITDA for the past ten quarters and we have a very positive view of the recent Vistana acquisition. Valuation multiples for the entire vacation ownership industry have rebounded from, a difficult first half, as some of the investor concerns over possible CFPB actions and other potential regulations have failed to occur. Our one-year price target of $22 is based on a pro forma sum-of-the-parts analysis of our 2017 estimates, including valuing its VOI segment at 7.2x (consistent with the recent VAC valuation) and valuing its Exchange and Rental division at a premium at 8.0x, based on its steady and consistent earnings."
Shares of Interval Leisure Group closed at $16.72 yesterday.
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