PRKS
United Parks & Resorts Inc.
Consumer, Event Driven/Special Sit
08/05/2019
Presented
| Date | 08/01/2019 |
| Price | $30.35 |
| Market Cap | $2.56B |
| Ent Value | $4.29B |
| P/E Ratio | 38.76x |
| Book Value | $1.68 |
| Div Yield | 0% |
| Shares O/S | 84.20M |
| Ave Daily Vol | 1,870,218 |
| Short Int | 16.96% |
Current
| Price | $50.88 |
| Market Cap | $2.95B |
| SeaWorld Entertainment, Inc. is a theme park and entertainment company, which operates through its wholly owned subsidiary, SeaWorld Parks & Entertainment, Inc. The company engages in delivering personal, interactive and educational experiences that blend imagination with nature and enable its customers to celebrate, connect with and care for the natural world. Its portfolio of branded theme parks includes SeaWorld, Busch Gardens, Aquatica, Discovery Cove and Sesame Place. The SeaWorld is widely recognized as the marine-life theme park brand in the world. Its SeaWorld theme parks are located in Orlando, San Antonio, and San Diego. The Busch Gardens theme parks are family-oriented destinations designed to immerse guests in foreign geographic settings. The Aquatica branded water parks are premium, family-oriented destinations that are based in a South Seas-themed tropical setting. Aquatica water parks are build on the aquatic theme of its SeaWorld brand and feature high-energy rides, water attractions, white-sand beaches and an innovative and entertaining presentation of marine and terrestrial animals. The Discovery Cove offers guests personal, signature experiences, including the opportunity to swim and interact with dolphins, take an underwater walking reef tour and enjoy pristine white-sand beaches and landscaped private cabanas. The Sesame Place is a destination where parents and children can share in the spirit of imagination and experience Sesame Street together through whirling rides, water slides, colorful shows and furry friends. SeaWorld Entertainment was founded on October 2, 2009 and is headquartered in Orlando, FL. |
Please note, on 2/13/24 SeaWorld Entertainment Inc. changed its company name and ticker to United Parks & Resorts Inc.(PRKS). The content of this idea will make reference to the original company name and ticker symbol.
Publicly traded companies mentioned herein: Apollo Global Management LLC (APO), Cedar Fair LP (FUN), SeaWorld Entertainment Inc (SEAS), Walt Disney Co/The (DIS)
Highlights
The presenter is long shares of SeaWorld Entertainment Inc (SEAS) despite the stock’s strong YTD performance. The largest SEAS shareholder, Zhonghong Zhuoye Group, declared bankruptcy last year and was later forced to sell its 20% stake in the company. Since the Chinese conglomerate was working with SEAS to open a SeaWorld location in China, the bankruptcy had acted as an overhang on the stock. SEAS repurchased a portion of these shares (Hill Path Capital bought the majority) and has cleaned up this issue, resulting in share price appreciation with significant additional opportunity. At the current ~$30 share price, he sees upside to ~$50 on the back of improving brand equity which will lead to attendance and pricing growth.
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