Susquehanna Says Takeover Offer For Bluegreen's Highlights Wyndham Worldwide's (WYN) Value
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Susquehanna comments on Wyndham Worldwide (NYSE: WYN), saying the takeover offer for Bluegreen's (NYSE: BXG) (+90%) highlights Wyndham mispricing in the market.
The firm said, "using two clear, market-derived, valuation benchmarks for its timeshare and lodging business we can make the argument that Wyndham's current stock price values its cash cow vacation exchange and rental businesses at negative 2.1x EBITDA. This analysis is based on yesterday's announced buy-out of timeshare and residential land developer Bluegreen Corporation at 8.0x LTM EBITDA, and on the current trading multiple of pure-play hotel franchisor CHH. We continue to believe WYN shares are mispriced and we strongly reiterate our Positive rating."
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