Responsible Growth However It Comes; Acquires Yes& and Spinnaker Assets

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Responsible Growth However It Comes; Acquires Yes& and Spinnaker Assets

USA | Leisure

TNL EquityJulyResearch15, 2026

FLASH NOTEResponsible Growth However It Comes;

RATING BUYAcquires Yes& and Spinnaker Assets

PRICE $73.23^

The accretive growth opportunity through the acquisition implies that current

trading levels of 6.6X 2027E EBITDA are actually higher than the pro forma PRICE TARGET | % TO PT $98.00 | +34%

company is trading, which we consider a clear positive for the shares. We 52W HIGH-LOW $81.00 - $55.92

view the timeshare industry as a productive growth business internally when FLOAT (%) | ADV MM (USD) 96.5% | 58.08

executed effectively as TNL has done, while external growth is scarce. In this MARKET CAP $4.5B

regard, we believe the deal is positive pending further disclosure. TICKER TNL ^Prior trading day's closing price unless otherwise

noted.

On 7/15, BMO TNL announced the acquisition of Yes& Vacations and Spinnaker Resorts for a

combined purchase price of $343M. The upfront cash consideration is expected to be reduced

through the securitization of approximately $80M of acquired financing receivables, implying

net capital deployed of $263M. The transactions add over 100K owners and 23 resorts to

TNL’s vacation ownership network, while expanding the company’s presence in critical, hard-entry

markets of Maui (seven properties) and Hilton Head, SC (six properties). On a full-year basis, the

acquisitions are expected to contribute approximately $50M of Adj. EBITDA, inclusive of identified

synergies. The Spinnaker Resorts acquisition is expected to close in 3Q26 while there was no

expected close date provided for the Yes& Vacations transaction.

We view the transactions as positive for TNL, given expected immediate accretion to Adj. EBITDA,

Adj. Dil. EPS, and Adj.