Shares of Marriott Vacations Worldwide Corp. (NYSE:VAC), a global developer and seller of timeshare units, increased in the quarter as the company continued to integrate its Interval Leisure acquisition and detailed significant revenue and cost opportunities ahead. Marriott continues to generate strong timeshare sales growth while producing robust free cash flow as the company naturally deleverages. We estimate the company should be able to use its cash flow to repurchase 7% of its shares per year while increasing its dividend.
From Ron Baron (Trades, Portfolio)'s Baron Partners Fund first-quarter 2019 shareholder letter.
