Ron Baron Comments on Vail Resorts

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Sydnee Gatewood
Jul 28, 2021

Summary

  • The stock contributed to performance.
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Vail Resorts, Inc. (

MTN, Financial), a global owner and operator of ski resorts, contributedduring the quarter on reports of season pass sales that were 33% above 2019 levels despite a 20% price cut. Season pass sales are a key component of growth as pass holders are the most frequent visitors to the resorts and the most likely to return the following season. Given the strong sales figures, we believe next year’s EBITDA should be significantly above pre-pandemic levels, generating robust cash flow for the reinstallation of Vail’s dividend and additional M&A.

From

Ron Baron (Trades, Portfolio)'s Baron Focused Growth Fund second-quarter 2021 letter.

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I/we have no positions in any stocks mentioned, and no plans to initiate any positions within the next 72 hours.
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