What happened According to a Securities and Exchange Commission (SEC) filing dated February 17, 2026, BAMCO Inc sold 892,764 shares of Vail Resorts (NYSE:MTN) during the fourth quarter. The fund’s position in Vail Resorts decreased to 4,809,928 shares, with the stake’s quarter-end valuation down $214.19 million, a change reflecting both trading and price movement. What else to know Recent sales reduced Vail Resorts to 1.73% of BAMCO’s 13F reportable AUM. Top Five holdings after filing: NASDAQ: TSLA: ...

Core Insights - Oasis Management disclosed an acquisition of 833,500 shares of Vail Resorts, valued at approximately $122.66 million, indicating a significant increase in their investment during the fourth quarter of 2026 [2][4] - The total stake in Vail Resorts for Oasis Management reached $245.84 million, reflecting an increase of $93.62 million from the previous quarter, driven by both share purchases and price changes [2][4] Company Overview - Vail Resorts operates numerous mountain destinations and luxury lodgings, generating revenue from lift ticket sales, hospitality, and real estate [1][6] - The company has a market capitalization of $4.92 billion and reported a total revenue of $2.98 billion with a net income of $266.09 million for the trailing twelve months [4] Financial Performance - As of February 12, 2026, Vail Resorts shares were priced at $136.93, which represents a decline of approximately 12.24% over the past year, underperforming the S&P 500 by 25.14 percentage points [8] - Season-to-date skier visits were reported to be down 20%, with lift revenue decreasing by 1.8% and ski school and dining revenue falling by double digits [10] Market Position and Strategy - Vail Resorts targets leisure travelers and outdoor recreation enthusiasts, leveraging its extensive network of resorts and premium service offerings to capture high-value destination guests [6][9] - The company’s integrated business model and scale provide competitive advantages in customer reach and operational efficiency [6] Investor Sentiment - The increase in exposure to Vail Resorts amid a weak season suggests investor confidence in a normalization of conditions rather than panic over current weather-related challenges [7][11] - Vail Resorts represents 37% of Oasis Management's reportable assets, indicating a high-conviction cyclical recovery thesis tied to geography, passholder loyalty, and long-term pricing power [11]

Core Insights - Vail Resorts, Inc. is a leading global mountain resort operator, primarily competing in the ski destination market in the United States, Canada, and Australia [1] Financial Performance - Vail Resorts has a Return on Invested Capital (ROIC) of 5.19%, which is below its Weighted Average Cost of Capital (WACC) of 6.15%, resulting in a ROIC to WACC ratio of 0.84, indicating inefficiency in generating returns over its cost of capital [2][6] - Comparatively, Fair Isaac Corporation (FICO) shows the highest efficiency with a ROIC of 52.96% against a WACC of 9.45%, leading to a ROIC to WACC ratio of 5.61 [4][6] - Hyatt Hotels Corporation has a negative ROIC of -20.09% and a WACC of 8.51%, indicating significant inefficiency in capital utilization [5][6]

Core Viewpoint - SkiStar AB will release its Interim Report for the period from September 1, 2025, to November 30, 2025, on December 18, 2025, at 07:00 a.m. CET, followed by a conference call and web presentation led by CEO Stefan Sjöstrand and CFO Sara J Uggelberg [1][3]. Group 1: Conference Call and Presentation Details - The conference call and web presentation will take place on December 18, 2025, at 10:00 a.m. CET [2]. - Participants can access the web cast and register for the conference call through provided links, with a recommendation to connect a few minutes early [2]. Group 2: Company Overview - SkiStar AB is listed on the Mid Cap list of the Nasdaq Stockholm exchange and operates mountain resorts in Sweden and Norway, including Sälen, Vemdalen, Åre, Hammarbybacken, Hemsedal, and Trysil [5]. - The company is divided into three operational segments: Operation of Mountain Resorts, Property Development & Exploitation, and Operation of Hotels, focusing on creating memorable mountain experiences and sustainable destinations [5].

Core Insights - Uber Technologies has launched Uber Ski, a seasonal travel service aimed at facilitating travel to mountain destinations during winter, available until the end of March [1][10] Service Features - Uber Ski allows reservations for vehicles accommodating up to four passengers and their gear, with bookings available up to 90 days in advance [2] - The service is operational in major winter destinations across the U.S., France, Switzerland, and Canada, providing a hassle-free way to access ski slopes [2] - A partnership with Vail Resorts enables users to purchase Epic Passes directly through the Uber app, enhancing travel planning [3][10] Epic Pass Details - The Epic Pass offers unlimited access to premier resorts worldwide, including locations like Vail, Breckenridge, and Whistler Blackcomb [4] - For short-term skiers, Epic 1-7 Day Passes provide savings of up to 65% on lift tickets, along with additional discounts on dining and rentals [5] Strategic Implications - The introduction of Uber Ski is seen as a strategic move to enhance customer loyalty and engagement during the winter travel season [6] Financial Performance - Uber's shares have increased by 50.6% year-to-date, outperforming the Zacks Internet-Services industry's growth of 47.5% [7] - The company trades at a 12-month forward price-to-sales ratio of 3.22X, which is considered inexpensive relative to its industry, though pricier compared to Lyft [10] Earnings Estimates - The Zacks Consensus Estimate for Uber's earnings has seen upward revisions over the past 60 days for the third quarter, fourth quarter, and full years 2025 and 2026 [13][14]

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]

Company Overview - SkiStar AB is listed on the Mid Cap list of the Nasdaq Stockholm exchange and operates mountain resorts in Sweden and Norway, including Sälen, Vemdalen, Åre, Hammarbybacken, Hemsedal, and Trysil [6] - The company is divided into three segments: Operation of Mountain Resorts, Property Development & Exploitation, and Operation of Hotels [6] - SkiStar aims to create memorable mountain experiences and develop sustainable destinations while offering high-quality accommodation, activities, products, and services [6] Upcoming Financial Report - SkiStar AB will publish its Interim Report for the period from 1 September 2024 to 31 May 2025 on Thursday, 19 June 2025, at 07:00 a.m. CEST [1] - A conference call with a web presentation will be held on the same day at 10:00 a.m. CEST, featuring CEO Stefan Sjöstrand and CFO Sara J Uggelberg [2][1] - The presentation will be conducted in English, and there will be a Q&A session available via phone and chat [1] Additional Information - A recorded version of the web presentation will be accessible on the same webpage after the live presentation [3] - For further inquiries, contact details for CEO Stefan Sjöstrand and CFO Sara J Uggelberg are provided [5]