Citi Initiates Coverage on Interval International Leisure Group (IILG) with a Hold
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Citi initiates coverage on Interval International Leisure Group (Nasdaq: IILG) with a Hold. Price target $14.
Citi analyst says, "One Of The Most Attractive IACI Investment Spins – 1) ILG has high and sustainable 35%+ EBITDA margins; 2) ILG is the strong #2 vacation exchange company behind RCI; 3) Interval’s membership subscription model provides significant revenue visibility and stability; and 4) ILG’s management team has an unusually long track record -- average ILG tenure of the top 5 executives is 15 years...Near-Term Risk Is Macro - although the vacation ownership industry appears less cyclical than the leisure travel market. RQH revenue declined 24% Q/Q in Q2 due to double-digit declines in Hawaii flights, while Marriott recently noted some weakness in timeshare sales.
Interval Leisure Group, Inc. (ILG) is a provider of membership services to the vacation ownership industry, which is a segment of the hospitality industry. The Company operates in two segments: Interval and ResortQuest Hawaii, LLC and ResortQuest Real Estate of Hawaii, LLC (RQH). Interval makes available vacation ownership membership services to individual members of its exchange networks.
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