Core Points - Vail Resorts, Inc. will release its financial results for the fiscal year ended July 31, 2025, after market close on September 29, 2025 [1] - A conference call will be held at 5:00 p.m. eastern time on the same day to discuss the financial results [1] - The call will be accessible via the company's website and through a dedicated telephone line [2] Financial Information - The company has announced a pricing of $500 million in senior notes offering [6] Company Overview - Vail Resorts operates a network of ski resorts including Vail Mountain, Breckenridge, and Whistler Blackcomb, among others [4] - The company aims to achieve a zero net operating footprint by 2030 and supports its employees and communities [4] - Vail Resorts also manages a collection of hotels and retail locations across North America [4]

Core Viewpoint - Vail Resorts offers an attractive dividend yield exceeding 5%, but the stock has underperformed in recent years due to various challenges affecting visitation and overall performance [1][2]. Financial Performance - The latest quarterly results indicate mixed performance, with a reduction in full-year guidance due to weaker-than-expected spring lift-ticket visitation. However, profitability remains solid, with expected EBITDA between $831 million and $851 million and net income between $264 million and $298 million [4]. - The company declared a quarterly dividend of $2.22 per share, reinforcing its commitment to shareholder returns despite a significant debt load, with net interest expenses projected between $167 million and $171 million [5]. Market Trends - Season pass trends show a 1% decline in units sold for the 2025 to 2026 season, while revenue from season passes increased by approximately 2%, indicating a shift towards higher pricing [6]. - Leadership changes, including the return of Rob Katz as CEO, aim to address operational challenges and improve capital allocation following shareholder pressure [7]. Valuation and Dividend Sustainability - The current stock price of around $159 implies a dividend yield of about 5.5%, which is appealing for a premium leisure brand [8]. - The high payout ratio raises concerns, as the projected earnings per share could be in the low $8 range, making the annual dividend of $8.88 exceed expected GAAP earnings. However, free cash flow is significantly higher than net income, suggesting the dividend can be maintained if cash flow remains strong [9][10]. Risks and Considerations - Operational risks include weather variability and visitation trends, which could impact financial results. The recent CEO change may signal a need for faster improvements [11]. - The stock is valued at 20 times earnings, reflecting weak performance and inherent risks. Long-term investors may find the current price justifiable if visitation stabilizes and cash flow remains healthy, but more conservative investors might prefer to wait for clearer signs of growth [12].

Core Points - Vail Resorts announced target opening dates for the 2025/26 ski season across North America and Europe, with the Epic Pass available at the lowest price until September 1, 2025 [1][3][17] - The Epic Pass offers access to over 90 resorts worldwide, including 42 owned and operated by Vail Resorts, with no advance reservations required for the 2025/26 season [17][18] - New features in the My Epic app will enhance the Ski and Ride School experience, allowing for real-time updates and tracking [8][9] Group 1: Resort Openings and Enhancements - Keystone will open as early as October, with other resorts following in November, and the season lasting until May at select locations [3][5] - Whistler Blackcomb will celebrate its 60th anniversary with new experiences and events, while Park City Mountain will debut the new Sunrise Gondola [6][7][11] - Andermatt-Sedrun-Disentis in Switzerland will add two new six-seater chairlifts to improve connectivity and reduce wait times [12] Group 2: Ticketing and Pass Options - Vail Resorts introduced "Epic Friend Tickets," offering 50% off lift tickets for friends of Epic Pass holders, with 6-10 tickets available based on the purchase date [14][15] - The 2025/26 Epic Pass is priced at $1,075 for adults and $548 for children, while the Epic Local Pass is $799 for adults and $416 for children [17][18] - Epic Passes include benefits such as discounts on food, lodging, and rentals, as well as access to the My Epic app for convenient mountain experiences [20][21] Group 3: Events and Celebrations - The upcoming season will feature world-class competitions, including the Birds of Prey event at Beaver Creek, serving as an Olympic qualifier [13] - Special celebrations for milestone anniversaries are planned across various resorts, enhancing the guest experience [11] Group 4: Company Overview - Vail Resorts operates a network of premier ski resorts and is committed to sustainability with a goal of achieving a zero net operating footprint by 2030 [24]

Business Strategy - Vail Resorts' CEO is introducing 50% off lift tickets [1] - A slew of other changes are being implemented [1] Market Trends - Epic Pass sales are slowing [1] - Visitation numbers are slowing [1]

Core Points - Vail Resorts has introduced "Epic Friend Tickets" for the 2025/26 season, allowing Epic Pass Holders to share significant savings with friends [1][3][4] - Epic Friend Tickets offer 50% off lift tickets at 37 North American resorts and can be redeemed for credit towards a 2026/27 Epic Pass [3][6][12] - The initiative aims to enhance the social aspect of skiing and snowboarding, encouraging Pass Holders to share their passion for the sport [1][7] Summary by Sections Epic Friend Tickets - Eligible Pass Holders will receive 6-10 Epic Friend Tickets based on their purchase date, with those buying before April 14, 2025, receiving 10 tickets [4] - Epic Friend Tickets replace the previous Buddy Tickets, which offered lower savings [4] Pricing and Access - Epic Pass prices for the 2025/26 season are $1,075 for adults and $548 for children, with the lowest price available until September 1, 2025 [9][10] - The Epic Local Pass is priced at $799 for adults and $416 for children, providing access to 29 resorts [10] Benefits and Promotions - Epic Friend Tickets can be used at all 37 North American resorts, including major destinations like Vail Mountain and Whistler Blackcomb [5] - Friends using Epic Friend Tickets can apply the cost of one ticket towards an eligible 2026/27 Epic Pass, effectively providing double savings [6][12] Company Vision - Vail Resorts aims to make skiing more accessible and foster traditions among friends, enhancing the overall experience of skiing and snowboarding [1][7]

Group 1: Brookfield Infrastructure - Brookfield Infrastructure owns a globally diversified portfolio of critical infrastructure businesses, generating stable cash flow with 85% of its funds from operations (FFO) coming from contracted or regulated rate structures with a weighted average remaining term of nine years [4] - The company pays out 60% to 70% of its stable cash flow in dividends, currently yielding over 4%, supported by a strong investment-grade balance sheet [5] - Brookfield has a record of raising its dividend for 16 consecutive years at a 9% compound annual rate, aiming for a future increase of 5% to 9% annually, driven by inflation indexation and expansion projects [6] Group 2: W.P. Carey - W.P. Carey is a diversified REIT owning operationally critical real estate in North America and Europe, primarily secured by long-term net leases with built-in rent escalations [7] - The REIT pays out 70% to 75% of its stable income via a dividend yielding more than 5.5%, retaining the rest for new income-generating investments [8] - W.P. Carey has raised its dividend every quarter since late 2023, following a strategic exit from the office sector, and has a history of increasing its dividend for at least 25 years [9] Group 3: Vail Resorts - Vail Resorts operates ski resorts and generates recurring revenue through its season pass program, achieving compound annual growth rates of 8% in revenue and 10% in free cash flow over the past decade [10] - The company has invested over $1.8 billion into existing resorts and $1.9 billion on acquisitions, including notable purchases in Switzerland and Pittsburgh [11] - Vail has paid over $1.9 billion in dividends and repurchased $900 million of its stock over the past decade, with a recent trend of increasing its dividend above pre-pandemic levels, resulting in a yield above 5% [12]

Core Insights - Zacks Premium provides tools for investors to enhance their stock market engagement and confidence, including daily updates, research reports, and stock screens [1] - The Zacks Style Scores are designed to complement the Zacks Rank, helping investors identify stocks likely to outperform the market in the short term [2] Zacks Style Scores Overview - Stocks are rated A, B, C, D, or F based on value, growth, and momentum characteristics, with higher scores indicating a better chance of outperforming the market [3] - The Style Scores are categorized into four types: Value Score, Growth Score, Momentum Score, and VGM Score, each focusing on different investment strategies [3][4][5][6] Value Score - The Value Score targets stocks trading below their true value, utilizing ratios such as P/E, PEG, and Price/Sales to identify attractive investment opportunities [3] Growth Score - The Growth Score emphasizes a company's future prospects and financial health, analyzing projected and historical earnings, sales, and cash flow for sustainable growth [4] Momentum Score - The Momentum Score identifies optimal times to invest based on price trends and earnings outlook, focusing on short-term price changes and earnings estimate revisions [5] VGM Score - The VGM Score combines all three Style Scores, providing a comprehensive indicator for investors who utilize multiple investment strategies [6] Zacks Rank Integration - The Zacks Rank employs earnings estimate revisions to simplify portfolio building, with 1 (Strong Buy) stocks historically yielding an average annual return of +23.62% since 1988, significantly outperforming the S&P 500 [7][8] - Investors are encouraged to select stocks with a Zacks Rank of 1 or 2 and Style Scores of A or B for optimal investment potential [9] Stock Highlight: Vail Resorts (MTN) - Vail Resorts, Inc. is rated 3 (Hold) on the Zacks Rank, with a VGM Score of A and a Value Style Score of B, indicating attractive valuation metrics such as a forward P/E ratio of 21.23 [11] - Recent upward revisions in earnings estimates by six analysts have increased the Zacks Consensus Estimate to $7.77 per share for fiscal 2025, with an average earnings surprise of +2.7% [12]

Core Insights - Zacks Premium offers various tools to help investors make informed decisions and enhance their confidence in the stock market [1] - The Zacks Style Scores are designed to assist investors in selecting stocks with the highest potential to outperform the market within a 30-day timeframe [2] Zacks Style Scores Overview - The Style Scores categorize stocks into four types: Value Score, Growth Score, Momentum Score, and VGM Score, each focusing on different investment strategies [3][4][5][6] - Value Score emphasizes identifying undervalued stocks using financial ratios [3] - Growth Score focuses on a company's financial health and future growth potential [4] - Momentum Score helps investors capitalize on price trends and earnings outlook changes [5] - VGM Score combines the three styles to identify stocks with attractive value, growth, and momentum characteristics [6] Zacks Rank and Performance - The Zacks Rank is a proprietary model that utilizes earnings estimate revisions to guide investors in building successful portfolios [7] - Stocks rated 1 (Strong Buy) have historically produced an average annual return of +23.62% since 1988, significantly outperforming the S&P 500 [8] - There are over 800 top-rated stocks available, making it essential for investors to utilize Style Scores to narrow down choices [9] Stock Selection Strategy - Investors are encouraged to select stocks with a Zacks Rank of 1 or 2 and Style Scores of A or B for optimal success [10] - Stocks with lower ranks, even if they have high Style Scores, may still face downward price trends due to negative earnings forecasts [11] Company Spotlight: Vail Resorts - Vail Resorts, Inc. operates in three segments: Mountain, Lodging, and Real Estate, and currently holds a Zacks Rank of 3 (Hold) with a VGM Score of A [12] - The company has a Momentum Style Score of B, with shares increasing by 10.4% over the past four weeks [12] - Analysts have revised Vail Resorts' earnings estimate upwards, with the Zacks Consensus Estimate rising by $0.24 to $7.77 per share for fiscal 2025 [13]

Financial Performance & Growth - Vail Resorts' Epic Pass revenue is approaching $1 billion, accounting for 64% of total lift revenue[47] - The company anticipates approximately $4781 million in Free Cash Flow for FY25[50] - From FY15 to FY25E, Vail Resorts has demonstrated strong compound annual growth rates (CAGR) with Resort Revenue increasing by 8%, Resort Reported EBITDA by 9%, and Free Cash Flow by 10%[49] Advance Commitment Strategy - Advance commitment strategy has led to 74% of visits being committed in advance, enhancing stability and loyalty[18, 47] - The company's vision is to achieve >75% of lift revenue committed in advance[142] - Epic Pass launched in 2008, achieving steady growth and now almost $1B of lift revenue[77] Resource Efficiency & Capital Allocation - Vail Resorts aims to achieve $100 million in annualized efficiencies through its Resource Efficiency Transformation Plan by FY2027[232, 234] - The company has invested nearly $2 billion in capital over the last 10 years[18, 58] Guest Experience & Ancillary Revenue - Destination guests' Net Promoter Scores (NPS) have increased by 14% from FY23 to FY25[41] - Vail Resorts' Ski & Ride School lesson capture is higher than the industry average[156] - Vail Resorts North American Ski & Ride School Lesson Revenue is $287 million in FY24[147, 152]

Core Insights - Zacks Premium provides various tools for investors to enhance their stock market strategies and confidence [1] - The Zacks Style Scores are designed to help investors select stocks with the highest potential to outperform the market in the short term [2] Zacks Style Scores Overview - Stocks are rated from A to F based on value, growth, and momentum characteristics, with A being the highest score [3] - The Style Scores are categorized into four types: Value Score, Growth Score, Momentum Score, and VGM Score [3][4][5][6] Value Score - The Value Score identifies attractive stocks using ratios such as P/E, PEG, Price/Sales, and Price/Cash Flow, appealing to value investors [3] Growth Score - The Growth Score focuses on a company's financial health and future outlook, analyzing projected and historical earnings, sales, and cash flow [4] Momentum Score - The Momentum Score helps investors capitalize on price trends by evaluating recent price changes and earnings estimate revisions [5] VGM Score - The VGM Score combines the three Style Scores to identify stocks with the best value, growth potential, and momentum [6] Zacks Rank Integration - The Zacks Rank uses earnings estimate revisions to simplify portfolio building, with 1 (Strong Buy) stocks historically yielding an average annual return of +25.41% since 1988 [7][8] - Investors are encouraged to select stocks with a Zacks Rank of 1 or 2 and Style Scores of A or B for optimal success [9] Company Spotlight: Vail Resorts - Vail Resorts, Inc. operates in three segments: Mountain, Lodging, and Real Estate, and currently holds a Zacks Rank of 3 (Hold) with a VGM Score of A [11] - The company has a forward P/E ratio of 19.95, making it attractive for value investors [11] - Recent upward revisions in earnings estimates have increased the Zacks Consensus Estimate for fiscal 2025 to $7.77 per share, with an average earnings surprise of 2.7% [12]