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1. Company Snapshot

1.a. Company Description

Viad Corp operates as an experiential leisure travel, and live events and marketing services company in the United States, Canada, the United Kingdom, Continental Europe, the United Arab Emirates, and Iceland.It operates through two segments, Pursuit and GES.The Pursuit segment offers vertically integrated attractions and hospitality in destinations with a collection of attractions, lodges, and sightseeing tours.


The GES is a full-service live events company that offers a range of services for exhibitions, conferences, brand experiences, and venues.In addition, the company offers a collection of travel experiences in recreational attractions, food and beverage, retail, and ground transportation services.It serves event organizers and corporate brand marketers directly, as well as through a distribution channel network that include tour operators, tour wholesalers, destination management companies, and retail travel agencies.


Viad Corp was founded in 1926 and is headquartered in Scottsdale, Arizona.

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1.b. Last Insights on VVI

Negative drivers behind Viad Corp's recent performance include the mandatory conversion of 5.5% Convertible Series A Preferred Stock, which may lead to increased shares outstanding and dilute existing shareholders' value. The company's transformation into Pursuit, a pure-play attractions and hospitality leader, following the sale of its GES business, may also lead to uncertainty and integration challenges. Additionally, the loss of GES's revenue stream may negatively impact Viad's top-line growth.

1.c. Company Highlights

2. Pursuit's Q3 Earnings: A Strong Performance

Pursuit delivered a robust financial performance in Q3 2025, with total revenue reaching $241 million, up 32% year-over-year. The company's adjusted EBITDA margin expanded to 49%, reflecting the scalable nature of its business and strong demand for its attractions and unique lodging properties. Adjusted net income was $75.3 million, up $24.6 million year-over-year, primarily driven by higher adjusted EBITDA. Earnings per share (EPS) came in at $2.01, beating estimates of $1.94. The strong financial performance was driven by a robust recovery in Jasper and new lodging properties, with same-store constant currency RevPAR growing 6% year-over-year.

Publication Date: Nov -26

📋 Highlights
  • Record Revenue Growth:: Q3 revenue reached $241 million, up 32% year-over-year, driven by Jasper recovery and new lodging properties.
  • EBITDA Margin Expansion:: Adjusted EBITDA margin expanded to 49%, reflecting strong demand and scalable operations, with adjusted EBITDA up 41.5% to $117.4 million.
  • Full-Year Guidance Raised:: 2025 adjusted EBITDA guidance increased by $6 million at midpoint to $116 million–$122 million, a $39 million–$45 million year-over-year increase.
  • Strategic Acquisitions & Investments:: Acquired Tabacon (Costa Rica) with >80% hotel occupancy and allocated $38 million–$43 million in 2025 for refresh/build projects, targeting $250 million over six years.
  • Strong Liquidity & Growth Plans:: Maintains $275 million liquidity and plans $250 million in capital expenditures for 2026–2030, focusing on experiential travel demand and destination enhancements.

Revenue Growth and Margin Expansion

The company's revenue growth was driven by a strong recovery in Jasper following last year's wildfires, as well as contributions from recent acquisitions. The adjusted EBITDA margin expansion was a result of the company's scalable business model and strong demand for its attractions and lodging properties. As David Barry mentioned, "We're well-positioned to benefit from global consumer demand trends for experiential travel to iconic destinations, giving us a solid foundation for continued growth in 2026."

Guidance and Outlook

Pursuit raised its full-year 2025 adjusted EBITDA guidance to $116 million to $122 million, representing a $6 million increase at the midpoint. The company is confident in its growth prospects, driven by its Refresh, Build, Buy strategy and favorable secular trends. Analysts estimate next year's revenue growth at 6.6%, and the company's strong financial performance and guidance suggest that it is well-positioned to deliver long-term value for its shareholders.

Valuation Metrics

Using the current valuation metrics, Pursuit's P/E Ratio is 2.85, indicating that the stock may be undervalued relative to its earnings. Additionally, the company's ROE is 82.21%, suggesting strong profitability. The EV/EBITDA ratio is -22.03, which may indicate that the company's enterprise value is not accurately reflecting its earnings potential.

Growth Initiatives

The company is investing $38 million to $43 million in 2025 in organic and build projects, with a 6-year view of $250 million in capital expenditures. Pursuit is exploring opportunities in the Canadian Rockies, including Jasper SkyTram, and is working on plans for the Forest Park Hotel and Grouse Mountain Lodge. The integration of Tabacon is progressing well, with the team identifying growth opportunities and learning from Sky Lagoon.

3. NewsRoom

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Truelink Capital and Viad Close Transaction to Establish GES as Independent Business

Dec -31

Source: prnewswire.com

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Viad Corp Transforms into Pursuit, a Pure-Play Attractions and Hospitality Leader, Following Completion of Sale of GES Business

Dec -31

Source: businesswire.com

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Viad Corp to Relaunch as Pursuit and Trade on NYSE as PRSU

Dec -19

Source: businesswire.com

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Viad Corp Announces Mandatory Conversion Date for 5.5% Convertible Series A Preferred Stock

Dec -09

Source: businesswire.com

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Viad Corp (VVI) Q3 2024 Earnings Call Transcript

Nov -09

Source: seekingalpha.com

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Viad (VVI) Q3 Earnings and Revenues Surpass Estimates

Nov -08

Source: zacks.com

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Strength Seen in Viad (VVI): Can Its 17.5% Jump Turn into More Strength?

Oct -22

Source: zacks.com

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Dow Dips Over 300 Points; Viad Shares Spike Higher

Oct -21

Source: benzinga.com

4. Business Breakdown

4.a. Revenues by Country

4.b. Revenues by Segment

5. Expected revenues mid-term growth (4.25%)

6. Segments

Global Experience Specialists Exhibitions

Expected Growth: 5%

Viad Corp's Global Experience Specialists Exhibitions segment growth is driven by increasing demand for face-to-face events, strategic acquisitions, and expansion into high-growth markets. Additionally, investments in digital platforms and experiential marketing capabilities enhance the customer experience, leading to a 5% growth rate.

Pursuit

Expected Growth: 4%

Pursuit from Viad Corp's 4% growth is driven by increasing demand for experiential travel, strategic acquisitions, and expansion into new markets. Additionally, investments in digital transformation and operational efficiencies have improved customer experience, leading to increased bookings and revenue growth.

Spiro

Expected Growth: 3%

Spiro's 3% growth is driven by increasing demand for experiential marketing, expansion into new markets, and strategic partnerships. Additionally, investments in digital transformation and enhanced customer experiences contribute to growth. Furthermore, the company's focus on providing unique and memorable experiences for clients and their guests also supports revenue growth.

Global Experience Specialists Intersegment Eliminations

Expected Growth: 2%

Viad Corp's Global Experience Specialists Intersegment Eliminations growth is driven by increasing demand for experiential events, strategic acquisitions, and expansion into new markets. Additionally, the company's focus on digital transformation and operational efficiencies has improved profitability, contributing to the 2% growth rate.

7. Detailed Products

GES - Global Events, Experiences and Exhibitions

GES is a full-service provider for live events, exhibitions, and exhibitions. They offer a range of services including event design, production, and logistics.

Nigel Wright - Recruitment and Talent Management

Nigel Wright is a recruitment and talent management company that provides services such as executive search, recruitment process outsourcing, and talent management consulting.

Pursuit - Travel and Leisure

Pursuit is a collection of tourism and hospitality businesses that offer travel experiences, accommodations, and attractions.

CPI - Convention and Exhibition Services

CPI is a provider of exhibition and event services, offering solutions for event design, production, and logistics.

8. Viad Corp's Porter Forces

Forces Ranking

Threat Of Substitutes

Viad Corp's threat of substitutes is moderate due to the availability of alternative experiential and event marketing services.

Bargaining Power Of Customers

Viad Corp's customers have limited bargaining power due to the company's diversified portfolio of experiential and event marketing services.

Bargaining Power Of Suppliers

Viad Corp's suppliers have moderate bargaining power due to the availability of alternative suppliers for event production and logistics services.

Threat Of New Entrants

The threat of new entrants is high in the experiential and event marketing industry, as new companies can easily enter the market with innovative services.

Intensity Of Rivalry

The intensity of rivalry is high in the experiential and event marketing industry, with many established players competing for market share.

9. SWOT Analysis

Strength

Weaknesses

Opportunities

Threats

10. Capital Structure

10.a. Balance Sheet

10.b. Weighted Average Cost of capital

Value
Debt Weight 93.25%
Debt Cost 12.01%
Equity Weight 6.75%
Equity Cost 13.73%
WACC 12.13%
Leverage 1381.11%

11. Quality Control: Viad Corp passed 3 out of 9 key points

12.a Historical Valuation

12.b Price/Earnings Ratio

12.c Margin Valuation

12.d Peers Valuation

Peers Group Analysis

Stock-Card
Viad

A-Score: 5.3/10

Value: 9.0

Growth: 4.9

Quality: 6.1

Yield: 0.0

Momentum: 6.5

Volatility: 5.3

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Kodak

A-Score: 4.5/10

Value: 7.2

Growth: 4.7

Quality: 3.8

Yield: 0.0

Momentum: 9.0

Volatility: 2.3

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QuadGraphics

A-Score: 4.5/10

Value: 8.3

Growth: 1.8

Quality: 2.4

Yield: 5.0

Momentum: 6.5

Volatility: 2.7

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DLH

A-Score: 3.8/10

Value: 8.0

Growth: 5.8

Quality: 3.9

Yield: 0.0

Momentum: 1.0

Volatility: 4.0

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Odyssey Marine Exploration

A-Score: 3.8/10

Value: 6.0

Growth: 5.2

Quality: 6.1

Yield: 0.0

Momentum: 5.0

Volatility: 0.3

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Spire Global

A-Score: 3.7/10

Value: 6.6

Growth: 4.6

Quality: 3.0

Yield: 0.0

Momentum: 7.0

Volatility: 1.3

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Peers Metrics

12.e Scoring Insights

12.f DCF BETA

Parameters

Short Term Growth

Short term Time

Long-Term Growth

WACC

Target Price

42.51$

Current Price

42.51$

Potential

-0.00%

Expected Cash-Flows