Wyndham Destinations (WYND) seems to be a similar situation where forced selling has put a downward pressure on the stock price for a long. (NYSE: WH) today announced the completion of its spin-off from Wyndham Worldwide Corporation, which has been renamed Wyndham Destinations, Inc. (NYSE: WYND). Wyndham Destinations now trades on the New York Stock Exchange under the new symbol “WYND.” Wyndham Destinations has a global presence in countries at more. HS50 HK PRICE Are directed to or are relevant to your task. In Thunderbirdfree to join. AppOptics SaaS-based infrastructure monitoring your networks. Question 1: I an option to and which one.
Online real estate platform CrowdStreet delivers investors a new way to diversify their portfolios with real estate. Download the Real Estate Guide. TheStreet Smarts. Free Newsletters. Receive full access to our market insights, commentary, newsletters, breaking news alerts, and more. I agree to TheMaven's Terms and Policy. What's the one thing that people will do, even when the consumer is starting to weaken? And how does the timeshare business fare when there's any kind of economic slowdown?
Watch the full video above for more. Related Videos. Data by YCharts. In the early days, people effectively purchased a time slot in a fixed location with an agreement to pay a variable maintenance rate. The problem was that over time as the maintenance rate went up naturally and people's interest in a dated property waned, there were frustrations and contempt toward the industry. This placed developers in a precarious position as the products were not readily tradeable, which forced owners to look to offload properties by selling on secondary markets.
This was problematic because, in effect, meant developers had to compete with owners for new business and it also exposed owners to shady third parties who promised to buy these timeshares, which cast a dark shadow over the industry. Eventually, exchange companies like RCI and Interval International came into existence and solved much of the problem by allowing owners to trade their units for other destinations in exchange for a fee. The rest was solved by developers relentlessly adding value to newer products not only by giving owners the flexibility to use their ownership when and where they want but also creating partnerships that allow owners to use their timeshare interests on anything from airplane tickets to events.
Fundamentally, these products are timeshares, but Wyndham Destinations has a very unique take on the business which is why it is arguably the largest operator in the space. Instead of the traditional timeshare where you buy a deeded property at a set location which guarantees you access to that location a certain time or length of time per year, Wyndham Destinations created what is known today as vacation club which is essentially a trust where ownership is instead tied to points as opposed to a fixed location.
This has wonderful implications for their product as it allows owners to be more flexible in their ownership, and it allows Wyndham to create more desirable products as it can easily focus its efforts on where demand is strongest for its owners. The company does have some division across its trusts though but these are not overly burdensome for its clients.
These divisions can be viewed as different clubs. Wyndham provides a way for owners in each club to use their ownership across different clubs, but it is debatable as to whether these exchanges are advantages as they typically involve different point scales. Its portfolio of brands is shown below:. Wyndham Destinations boasts some of the most beautiful and unique properties in the world, which is a great driver of value for consumers and should bode well for investors as the overall quality of their product has a direct bearing on their ability to attract new consumers which is, of course, a significant portion of Wyndham's annual revenue.
Bonnet Creek, Florida. Waikiki, Hawaii. Park City, Utah. Wyndham also does in-house financing for prospective owners and does profit from the net interest spread between the credit facility and their lending rates. Recall, the older model of a timeshare, where you own a deeded interest in a specific location. As mentioned above, these products can become quite dated and for the majority of long-term owners the excitement of a single location eventually wears off, which is where RCI comes in.
RCI is an exchange broker, they derive their revenue from membership and exchange fees. They allow owners of fixed location timeshares to exchange their ownership with other owners and enjoy timeshare privileges at different resorts. RCI is currently the largest exchange Network and I see no reason why they won't continue to be. Wyndham is a hospitality company that sells a luxury durable product.
In an economic depression, there is an increased risk of default on existing owners as maintenance fees become more burdensome as income dries up on the macro level. Wyndham has already begun to allocate charges in anticipation of defaults, the company has also withdrawn its earnings forecast for the rest of the year and temporarily closed down some locations.
Most of the large timeshare companies rely on customers or owners who come into their hotels to take tours in exchange for gift packages for sales opportunities, and few industries have been hit as hard as the hospitality industry, so we are seeing issues on the back end with increased risk of the default on vacation ownership interests from existing owners which will hit projected revenue side as well.
But there are quite a few positives with this company. They have a stellar record of both dividends and share repurchases, not to mention their robust track record on free cash flow. A prolonged COVID pandemic could prove too much for any company, what Wyndham has is solid reserves, a very responsible approach to capital allocation, and a business model that eliminates some real estate-related risk to the company. The table below shows a few of Wyndham's financial ratios.
The ratios point to compressed valuations which is understandable due to the nature of the macroeconomic landscape, but I expect things to improve. Wyndham, currently, deserves its modest valuation, and while I do believe there is a high possibility that we see lower prices in the short term, everything points to Wyndham navigating the COVID pandemic effectively and going back to crushing it, which is what creates the opportunity. Taken from Yahoo Finance. For a timeshare company, the biggest expense you want to track is the sales and marketing expense.
As mentioned above, companies, typically, entice prospective owners to attend sales presentations by offering gift packages in exchange for their time. These gifts manifest themselves on the income statement under the sales and marketing expense but it also includes commissions earned by sales reps and marketing agents.
What you normally look for with a timeshare company is sales and marketing expenses closely tracking revenue and ideally, you want relative growth. Right now, Wyndham Destinations is seeing its revenue lead its sales and marketing expense downward in the short term, but we can see that overall the company does a fairly good job at managing the amount they pay for new business. If you've been following me, you know by now I'm a huge fan of repurchases. I love to buy companies with fairly consistent earnings growth, robust free cash flow, and a track record of returning wealth to shareholders.
Wyndham Destinations has historically done just that. The table below shows the net common buyback yield which is effectively what percent of itself the company repurchases over a given period of time. We should also expect that an investor is compensated for their time while holding the investment. Wyndham has done a stellar job at this.
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Request Access. View More Companies. About Wyndham Destinations Stock Wyndham Worldwide provides a wide range of hospitality products and services through its global portfolio of world-renowned brands. The world's largest hotel company based on the number of properties, Wyndham Hotel Group is home to many of the world's best-known hotel brands, with approximately 7, franchised hotels and , hotel rooms worldwide.
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