MKM Partners Remains Bullish Ahead of Vail Resorts' (MTN) 4Q Report
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MKM Partners reiterated a Buy rating and $180.00 price target on Vail Resorts (NYSE: MTN) ahead of the company's 4Q earnings report. MKM is expecting MTN to report adjusted EBITDA of $(43.7)mn and adjusted EPS of $(1.65) compared to consensus of $(45.2)mn/$(1.67), respectively.
Analyst Christopher Agnew commented, "MTN will report 4Q16 earnings on September 26, before the market open. We have confidence in MTN's initiatives to drive "off-season" earnings and believe investor focus will shift to: (1) 16/17 season pass sales through September, which should remain ahead of LY pace, but likely below the 29%/34% pace in units/sales dollars reported in June, in our view; (2) FY17 guidance (we note that consensus/MKM FY17E adj. EBITDA is $503.8mn/$506.7mn excluding WB); (3) an update on the Whistler Blackcomb (WB, Not Rated) acquisition. We are positive on the WB acquisition as it strengthens its resort network helping drive season pass sales, adds scale to its data capture, analytics and marketing efforts, is accretive based on the FY18 target including synergies (good track record of successful M&A) and reduces seasonality of earnings. We remain Buy rated."
Shares of Vail Resorts closed at $160.89 yesterday.
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