Institutional ticker directory tracking stock mentions, long/short ideas, and high-conviction pitches extracted from quarterly hedge fund letters.
| Ticker | Company | Sector | Industry | Pitches | Stance |
|---|---|---|---|---|---|
| Fund / Manager | Thesis Excerpt | Stance | Period / Date | Action |
|---|---|---|---|---|
Voss Value Fund Travis Cocke | “United Parks & Resorts (PRKS) is a deep value stock rightfully doing time in the "penalty box." Holding the stock has cost us dearly recently with a quick ~45% drop post Q3 earnings. While attendance growth was resilient and positive in Q2 in the face of Universal Studio's Epic Universe opening, the market yawned and looked past that. Fast forward to Q3 and -3.4% attendance growth and -6.3% Admissions Per Cap (ticket prices) satiated the bear case. The competitive environment has intensified significantly. With Disney aggressively discounting in Orlando to counter Universal's newly opened Epic Universe, and Six Flags pressuring some of the regional markets, PRKS has been pressured to lower prices to protect volume. Negative operating leverage is biting—revenue is down 3.9% YTD while Adjusted EBITDA has fallen 11.8%. However, at $30/share, the downside appears well priced in. The stock trades at 6x EV/EBITDA and 9x FCF on our freshly lowered estimates, not to mention the owned real estate value potentially in the billions that has yet to be monetized. This valuation creates an asymmetric setup driven by capital allocation: PRKS has $525 million remaining on its repurchase authorization. At current prices, this could theoretically retire ~17.5 million shares (~74% of the float). While net leverage has crept up to 3.2x, limiting the immediate pace of buybacks compared to 2024, the floor this provides is meaningful. Despite the current gloom, all hope is not lost as 2026 group bookings are up +20% and Discovery Cove reservations are up double digits, although it is certainly possible that EBITDA continues to trickle lower, extending PRKS' time in the penalty box. It is also possible that the depressed share price increases the probability of accelerated buybacks or a potential take-private by Hill Path Capital, whose majority ownership stake remains a key backstop in our view. As we look to the future for PRKS, the picture has become slightly fuzzier, and we expect the company will have to “prove it” to the markets before any re-rating occurs. We even trimmed our position marginally to realize tax losses. That being said, we believe the stock price overreacted to admittedly bad fundamental news. With the EV/EBITDA multiple compressed to historical lows and a massive buyback authorization in place, we believe the risk/reward is skewed to the upside relative to current prices. In value investing there is an imperceptible line between intellectual sloth and its corresponding virtue—monk-like patience. Only Father Time can reveal the distinction in full in the case of PRKS. BSD Analysis: United Parks & Resorts is a brutally mispriced experience-economy asset, trading near its 52-week low due to temporary noise, not structural impairment. The stock's depressed 10.7x forward P/E multiple does not reflect the company's true earnings power, which is supported by resilient pricing and operational discipline. Despite a near-term Q3 revenue miss, the company's in-park per capita spending continues its record-breaking streak, demonstrating unassailable pricing power over its consumer base. Management is aggressively deploying capital against this weakness with a dual catalyst: a major $500 million share repurchase authorization and a massive slate of new CapEx. New, high-ROI attractions like the thrilling Barracuda Strike and the immersive SEAQuest: Legends of the Deep for 2026 should drive attendance and amplify per-share growth. Forward bookings for high-value properties like Discovery Cove are already up double-digits, signaling a strong and inevitable recovery into the next season.” | BULL | Q3 2025 Nov 25, 2025 | View Pitch |
Voss Value Offshore Fund Travis Cocke | “United Parks & Resorts (PRKS) is a deep value stock rightfully doing time in the "penalty box." Holding the stock has cost us dearly recently with a quick ~45% drop post Q3 earnings. While attendance growth was resilient and positive in Q2 in the face of Universal Studio's Epic Universe opening, the market yawned and looked past that. Fast forward to Q3 and -3.4% attendance growth and -6.3% Admissions Per Cap (ticket prices) satiated the bear case. The competitive environment has intensified significantly. With Disney aggressively discounting in Orlando to counter Universal's newly opened Epic Universe, and Six Flags pressuring some of the regional markets, PRKS has been pressured to lower prices to protect volume. Negative operating leverage is biting—revenue is down 3.9% YTD while Adjusted EBITDA has fallen 11.8%. However, at $30/share, the downside appears well priced in. The stock trades at 6x EV/EBITDA and 9x FCF on our freshly lowered estimates, not to mention the owned real estate value potentially in the billions that has yet to be monetized. This valuation creates an asymmetric setup driven by capital allocation: PRKS has $525 million remaining on its repurchase authorization. At current prices, this could theoretically retire ~17.5 million shares (~74% of the float). While net leverage has crept up to 3.2x, limiting the immediate pace of buybacks compared to 2024, the floor this provides is meaningful. Despite the current gloom, all hope is not lost as 2026 group bookings are up +20% and Discovery Cove reservations are up double digits, although it is certainly possible that EBITDA continues to trickle lower, extending PRKS' time in the penalty box. It is also possible that the depressed share price increases the probability of accelerated buybacks or a potential take-private by Hill Path Capital, whose majority ownership stake remains a key backstop in our view. As we look to the future for PRKS, the picture has become slightly fuzzier, and we expect the company will have to “prove it” to the markets before any re-rating occurs. We even trimmed our position marginally to realize tax losses. That being said, we believe the stock price overreacted to admittedly bad fundamental news. With the EV/EBITDA multiple compressed to historical lows and a massive buyback authorization in place, we believe the risk/reward is skewed to the upside relative to current prices. In value investing there is an imperceptible line between intellectual sloth and its corresponding virtue—monk-like patience. Only Father Time can reveal the distinction in full in the case of PRKS. BSD Analysis: United Parks & Resorts is a brutally mispriced experience-economy asset, trading near its 52-week low due to temporary noise, not structural impairment. The stock's depressed 10.7x forward P/E multiple does not reflect the company's true earnings power, which is supported by resilient pricing and operational discipline. Despite a near-term Q3 revenue miss, the company's in-park per capita spending continues its record-breaking streak, demonstrating unassailable pricing power over its consumer base. Management is aggressively deploying capital against this weakness with a dual catalyst: a major $500 million share repurchase authorization and a massive slate of new CapEx. New, high-ROI attractions like the thrilling Barracuda Strike and the immersive SEAQuest: Legends of the Deep for 2026 should drive attendance and amplify per-share growth. Forward bookings for high-value properties like Discovery Cove are already up double-digits, signaling a strong and inevitable recovery into the next season.” | BULL | Q3 2025 Nov 25, 2025 | View Pitch |
Voss Value Fund Travis Cocke | “PRKS disproved a major bear concern with positive attendance growth at Orlando parks despite new competition. Discovery Cove likely achieves ~50% EBITDA margins and is undervalued within the group. The board approved an additional $500m share repurchase, representing ~43% of the float. Voss's base case price target is $76 using 8.7x 2026 EBITDA, implying ~50% upside and ignoring valuable owned real estate. BSD Analysis: United Parks & Resorts (formerly SeaWorld) is a high-beta, asset-rich entertainment pure-play whose stock is a conviction bet on the successful execution of its multi−park expansion and operational clean-up. The core thesis is driven by the company's focus on increasing per-capita spending through premium offerings and annual passes, creating a stable, high-margin revenue annuity. The stock is a leveraged bet on the non-cyclical demand for experiential leisure, amplified by new attraction rollouts and a high degree of institutional ownership (86.3%), signaling professional money's belief in the turnaround.” | BULL | Q2 2025 Aug 22, 2025 | View Pitch |
Each excerpt above is the manager's commentary on this ticker specifically. The full letter has the rest of their portfolio thinking, risk discussion, and broader institutional context.
