Special situations are corporate actions which could reveal an undervalued security and hence an investment opportunity. Some examples of Special Situations are spinoffs, liquidations, tender offers, restructurings, bankruptcy exits etc. In the Special Situations Research Forum we will discuss an investment situation decided 3 weeks in advance. Every participant in the Forum is expected to research the topic before attending the meeting.
Topic: Hilton Worldwide (HLT)
Hilton Worldwide (HLT) is spinning off two publicly traded companies by year end. The remaining parent (HLT) will be a capital light franchise revenue model with over 4800 hotels worldwide and a strong pipeline. The two spins will be a REIT, Park Hotels & Resorts (PK), and Hilton's timeshare business, Hilton Grand Vacations (HGV). Each of the three companies should be well positioned in their sectors and likely deserve premium valuations to peers. Analysts believe there is ~25% upside on a sum of the parts basis, but bears fear we're at the peak of the lodging cycle and increased competition from the sharing economy (AirBnB, HomeAway, etc).
Attendance will be limited to 15 members - first-come, first-served.
Vishal Mishra; Mishra Capital Partners LLC
Nick Redmond; Oculus Asset Management
Members - Free
Attire: Business Casual
Registration: Limited to 15 members
A dial-in option will be available. Phone number and passcode will be distributed the day prior to discussion.
5:30pm - 7:00pm - Discussion
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