Viad: Compounder with Strong Management and Spinoff Catalyst

Peter Rabover of Artko Capital presented his in-depth investment thesis on Viad (NYSE: VVI) at Best Ideas 2018.

Viad is a combination of two unrelated compounder business units, with an identifiable spinoff catalyst over the next 12 to 36 months. Excellent management, a decent balance sheet, and a valuation of less than 7x forward EBITDA and an FCF yield of ~10% provide a good margin of safety and create a compelling risk-reward tradeoff.

About the instructor:

Peter Rabover is the principal and portfolio manager of Artko Capital LP. His focus and expertise lies in value investing, small caps, special situations and M&A. Prior to founding Artko Capital, he was a Senior Analyst for a large San Francisco mid cap value fund and a Santa Cruz large cap value fund, as well as stints in the Peace Corps as an Economic Development Volunteer and various private equity/M&A consulting roles. Peter holds a B.S. in Finance from Duquesne University and an MBA from University of Virginia’s Darden Graduate School of Business. He has also attained the Chartered Financial Analyst designation.

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