Bluegreen Vacations Holding (NYSE:BVH) - Share price, News & Analysis

BVH fundamental analysis
Snowflake Score
Valuation	5/6
Future Growth	1/6
Past Performance	1/6
Financial Health	3/6
Dividends	2/6

BVH Stock Overview

Bluegreen Vacations Holding Corporation operates as a vacation ownership company.

Rewards

Trading at 49.6% below our estimate of its fair value

Earnings are forecast to grow 3.3% per year

Became profitable this year

Risk Analysis

Debt is not well covered by operating cash flow

Unstable dividend track record

Large one-off items impacting financial results

Bluegreen Vacations Holding Competitors

Price History & Performance

Summary of all time highs, changes and price drops for Bluegreen Vacations Holding
Historical stock prices
Current Share Price	US$26.49
52 Week High	US$36.10
52 Week Low	US$15.85
Beta	1.78
1 Month Change	1.61%
3 Month Change	-13.49%
1 Year Change	51.03%
3 Year Change	7.90%
5 Year Change	-19.48%
Change since IPO	59.37%

Recent News & Updates

Jun 17

Does Bluegreen Vacations Holding (NYSE:BVH) Have A Healthy Balance Sheet?

The external fund manager backed by Berkshire Hathaway's Charlie Munger, Li Lu, makes no bones about it when he says...

Shareholder Returns

	BVH	US Hospitality	US Market
7D	4.5%	4.6%	6.6%
1Y	51.0%	-30.1%	-18.5%

Return vs Industry: BVH exceeded the US Hospitality industry which returned -34.1% over the past year.

Return vs Market: BVH exceeded the US Market which returned -20.5% over the past year.

Price Volatility

Is BVH's price volatile compared to industry and market?
BVH volatility
BVH Average Weekly Movement	7.3%
Hospitality Industry Average Movement	9.2%
Market Average Movement	8.0%
10% most volatile stocks in US Market	16.6%
10% least volatile stocks in US Market	3.1%

Stable Share Price: BVH is not significantly more volatile than the rest of US stocks over the past 3 months, typically moving +/- 7% a week.

Volatility Over Time: BVH's weekly volatility (7%) has been stable over the past year.

About the Company

Founded	Employees	CEO	Website
1966	5,586	Alan Levan	https://www.bvhcorp.com

Bluegreen Vacations Holding Corporation operates as a vacation ownership company. It markets and sells vacation ownership interests (VOI); and manages resorts in leisure and urban destinations, including Orlando, Las Vegas, Myrtle Beach, Charleston and New Orleans, and others. The company also provides resort management, mortgage, title, reservation, and construction design and development services; and financing to qualified VOI purchasers, as well as management services to the vacation club and homeowners’ associations.

Bluegreen Vacations Holding Fundamentals Summary

How do Bluegreen Vacations Holding's earnings and revenue compare to its market cap?
BVH fundamental statistics
Market Cap	US$490.94m
Earnings (TTM)	US$70.84m
Revenue (TTM)	US$812.35m

7.5x

P/E Ratio

0.7x

P/S Ratio

Is BVH overvalued?

See Fair Value and valuation analysis

Earnings & Revenue

Key profitability statistics from the latest earnings report
BVH income statement (TTM)
Revenue	US$812.35m
Cost of Revenue	US$90.67m
Gross Profit	US$721.69m
Other Expenses	US$650.84m
Earnings	US$70.84m

Last Reported Earnings

Mar 31, 2022

Next Earnings Date

n/a

Earnings per share (EPS)	3.51
Gross Margin	88.84%
Net Profit Margin	8.72%
Debt/Equity Ratio	209.5%

How did BVH perform over the long term?

See historical performance and comparison

Dividends

2.3%

Current Dividend Yield

n/a

Payout Ratio

We’ve recently updated our valuation analysis.

Valuation

Is BVH undervalued compared to its fair value, analyst forecasts and its price relative to the market?

Valuation Score

5/6

Valuation Score 5/6

Price-To-Earnings vs Peers
Price-To-Earnings vs Industry
Price-To-Earnings vs Fair Ratio
Below Fair Value
Significantly Below Fair Value
PEG Ratio

Key Valuation Metric

Which metric is best to use when looking at relative valuation for BVH?

Other financial metrics that can be useful for relative valuation.

The above table shows the n/a ratio for BVH. This is calculated by dividing BVH's market cap by their current preferred multiple.
What is BVH's n/a Ratio?
n/a Ratio	0x
n/a	n/a
Market Cap	US$490.94m

BVH key valuation metrics and ratios. From Price to Earnings, Price to Sales and Price to Book to Price to Earnings Growth Ratio, Enterprise Value and EBITDA.
Key Statistics
Enterprise Value/Revenue	1.3x
Enterprise Value/EBITDA	4.3x
PEG Ratio	2.3x

Price to Earnings Ratio vs Peers

How does BVH's PE Ratio compare to its peers?

BVH PE Ratio vs Peers

The above table shows the PE ratio for BVH vs its peers. Here we also display the market cap and forecasted growth for additional consideration.
Company	PE	Estimated Growth	Market Cap
Peer Average	36.3x

Forward PE

Price-To-Earnings vs Peers: BVH is good value based on its Price-To-Earnings Ratio (7.5x) compared to the peer average (36.3x).

Price to Earnings Ratio vs Industry

How does BVH's PE Ratio compare vs other companies in the U.S. Hospitality Industry?

Price-To-Earnings vs Industry: BVH is good value based on its Price-To-Earnings Ratio (7.5x) compared to the US Hospitality industry average (17.3x)

Price to Earnings Ratio vs Fair Ratio

What is BVH's PE Ratio compared to its Fair PE Ratio? This is the expected PE Ratio taking into account the company's forecast earnings growth, profit margins and other risk factors.

BVH PE Ratio vs Fair Ratio.
Fair Ratio
Current PE Ratio	7.5x
Fair PE Ratio	14.3x

Price-To-Earnings vs Fair Ratio: BVH is good value based on its Price-To-Earnings Ratio (7.5x) compared to the estimated Fair Price-To-Earnings Ratio (14.3x).

Share Price vs Fair Value

What is the Fair Price of BVH when looking at its future cash flows? For this estimate we use a Discounted Cash Flow model.

Below Fair Value: BVH ($26.49) is trading below our estimate of fair value ($52.55)

Significantly Below Fair Value: BVH is trading below fair value by more than 20%.

Price to Earnings Growth Ratio

PEG Ratio: BVH is poor value based on its PEG Ratio (2.3x)

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Future Growth

How is Bluegreen Vacations Holding forecast to perform in the next 1 to 3 years based on estimates from 3 analysts?

Future Growth Score

1/6

Future Growth Score 1/6

Earnings vs Savings Rate
Earnings vs Market
High Growth Earnings
Revenue vs Market
High Growth Revenue
Future ROE

3.3%

Forecasted annual earnings growth

Earnings and Revenue Growth Forecasts

Analyst Future Growth Forecasts

Earnings vs Savings Rate: BVH's forecast earnings growth (3.3% per year) is above the savings rate (1.9%).

Earnings vs Market: BVH's earnings (3.3% per year) are forecast to grow slower than the US market (13.9% per year).

High Growth Earnings: BVH's earnings are forecast to grow, but not significantly.

Revenue vs Market: BVH's revenue (3.7% per year) is forecast to grow slower than the US market (8.3% per year).

High Growth Revenue: BVH's revenue (3.7% per year) is forecast to grow slower than 20% per year.

Earnings per Share Growth Forecasts

Future Return on Equity

Future ROE: Insufficient data to determine if BVH's Return on Equity is forecast to be high in 3 years time

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Past Performance

How has Bluegreen Vacations Holding performed over the past 5 years?

Past Performance Score

1/6

Past Performance Score 1/6

Quality Earnings
Growing Profit Margin
Earnings Trend
Accelerating Growth
Earnings vs Industry
High ROE

-27.0%

Historical annual earnings growth

Earnings and Revenue History

Quality Earnings: BVH has a large one-off loss of $79.5M impacting its March 31 2022 financial results.

Growing Profit Margin: BVH became profitable in the past.

Past Earnings Growth Analysis

Earnings Trend: BVH's earnings have declined by 27% per year over the past 5 years.

Accelerating Growth: BVH has become profitable in the last year, making the earnings growth rate difficult to compare to its 5-year average.

Earnings vs Industry: BVH has become profitable in the last year, making it difficult to compare its past year earnings growth to the Hospitality industry (119.6%).

Return on Equity

High ROE: Whilst BVH's Return on Equity (26.84%) is high, this metric is skewed due to their high level of debt.

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Financial Health

How is Bluegreen Vacations Holding's financial position?

Financial Health Score

3/6

Financial Health Score 3/6

Short Term Liabilities
Long Term Liabilities
Debt Level
Reducing Debt
Debt Coverage
Interest Coverage

Financial Position Analysis

Short Term Liabilities: BVH's short term assets ($1.0B) exceed its short term liabilities ($128.8M).

Long Term Liabilities: BVH's short term assets ($1.0B) exceed its long term liabilities ($811.2M).

Debt to Equity History and Analysis

Debt Level: BVH's net debt to equity ratio (153.3%) is considered high.

Reducing Debt: BVH's debt to equity ratio has increased from 128.4% to 209.5% over the past 5 years.

Debt Coverage: BVH's debt is not well covered by operating cash flow (14.1%).

Interest Coverage: BVH's interest payments on its debt are well covered by EBIT (6.9x coverage).

Balance Sheet

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Dividend

What is Bluegreen Vacations Holding current dividend yield, its reliability and sustainability?

Dividend Score

1/6

Dividend Score 1/6

Notable Dividend
High Dividend
Stable Dividend
Growing Dividend
Earnings Coverage
Future Dividend Coverage

2.27%

Current Dividend Yield

Dividend Yield vs Market

Notable Dividend: BVH's dividend (2.27%) is higher than the bottom 25% of dividend payers in the US market (1.62%).

High Dividend: BVH's dividend (2.27%) is low compared to the top 25% of dividend payers in the US market (4.34%).

Stability and Growth of Payments

Stable Dividend: BVH has been paying a dividend for less than 10 years and during this time payments have been volatile.

Growing Dividend: BVH's dividend payments have increased, but the company has only paid a dividend for 6 years.

Earnings Payout to Shareholders

Earnings Coverage: Insufficient data to calculate payout ratio to determine if its dividend payments are covered by earnings.

Cash Payout to Shareholders

Cash Flow Coverage: With its low cash payout ratio (15.1%), BVH's dividend payments are well covered by cash flows.

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Management

How experienced are the management team and are they aligned to shareholders interests?

1.1yrs

Average management tenure

CEO

Alan Levan (76 yo)

5.33yrs

Tenure

US$6,902,389

Compensation

Mr. Alan B. Levan serves as Chief Executive Officer and Chairman at Bluegreen Vacations Holding Corporation since February 2017 and serves as its President since September 30, 2020. Mr. Levan serves as Cha...

CEO Compensation Analysis

Compensation vs Market: Alan's total compensation ($USD6.90M) is above average for companies of similar size in the US market ($USD2.71M).

Compensation vs Earnings: Alan's compensation has been consistent with company performance over the past year.

Leadership Team

Experienced Management: BVH's management team is not considered experienced ( 1.1 years average tenure), which suggests a new team.

Board Members

Experienced Board: BVH's board of directors are considered experienced (3.5 years average tenure).

Ownership

Who are the major shareholders and have insiders been buying or selling?

Insider Trading Volume

Insider Buying: Insufficient data to determine if insiders have bought more shares than they have sold in the past 3 months.

Recent Insider Transactions

Ownership Breakdown

Dilution of Shares: Shareholders have not been meaningfully diluted in the past year.

Data	Last Updated (UTC time)
Company Analysis	2022/06/24 00:00
End of Day Share Price	2022/06/24 00:00
Earnings	2022/03/31
Annual Earnings	2021/12/31