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Morgan Stanley Investment Leadership Conference – HG Vora Long Ideas

Notes of HG Vora Capital Management from the Morgan Stanley Investment Leadership Conference which took place on the 28th of June, 2018. There was a killer line up and we have notes on the full conference stay tuned for more – below is the panel consisting of David Craigen, Partner at Lansdowne Partners Joshua David Samuelson, Vice Chairman at PointState Capital and Robert S. Pitts, Limited Partner at Steadfast Capital Management

The full list of speakers as follows

List of Speakers

  • David Craigen, Partner at Lansdowne Partners
  • Joshua David Samuelson, Vice Chairman at PointState Capital
  • Robert S. Pitts, Limited Partner at Steadfast Capital Management
  • Keith Meister, Corvex Management
  • Parag Vora, HG Vora Capital Management
  • Richard McGuire, Marcato Capital Management
  • Nitin Saigal, Kora Management
  • Vikram Kumar, Kuvari Partners
  • Vivian Lau, One Tusk Investment Partners
  • Jasjit Rekhi, Sandro Capital
  • Brad Gerstner, Altimeter Capital Management
  • Nathaniel August, Mangrove Partners
  • Alex Gleser, TPG Public Equity Partners
  • Simon Hillary, Lancaster Investment Management
  • Seth Rosen, Nitorum Capital
  • David Rosen, Rubric Capital Management
  • Josh Clark, Southpoint Capital Management
  • David Thomas, Atalan Capital Partners
  • Tomoko Fortune, Criterion Capital Management
  • Dennis Puri, Hunt Lane Capital
  • Gil Simon, SoMa Equity Partners
  • Christian Leone, Luxor Capital
  • Leon Shaulov, Maplelane Capital
  • Munib Islam, Third Point

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Morgan Stanley Investment Leadership Conference - HG Vora

The panelists for the second discussion include:

  • Keith Meister, Corvex Management
  • Parag Vora, HG Vora Capital Management
  • Richard McGuire, Marcato Capital Management

HG Vora Capital Management provides its recommendations on the gaming industry:

Initially, more investments were in the land-gaming companies. The land-based gaming companies have shown a 1-2% growth, with highly increased multiples.

Investments have now increased in the online gaming companies as well. The online gaming companies are generating steady cash flows, with good valuations.

HG Vora recommends taking a long position in the stock of GVC Holdings, which has an $8 billion market capitalisation. The company is one of the world’s largest sports betting and gaming groups. It is a gambling operator in both business-to-business and business-to-consumer markets, with a 10.5 times cash flow.

HG Vora also recommends long position in Playtech plc, which is a gambling software development company. The company functions in the unregulated countries like China, and has a 7.5 times cash flow.

Also, HG Vora suggests going long on the stock of Sinclair Broadcast Group, mainly because of the proposed acquisition of Tribune Media. Sinclair is already an $11 billion company with more than 200 local TV stations that it manages on behalf of channels like ABC, NBC, CBS and Fox. Once the Tribune acquisition is closed, Sinclair is expected to be approached by Discovery for a 30% stake in Food Network. Sinclair and other broadcasters also own the intellectual property for Next Gen TV, which will help in monitoring the channels that the users are viewing.

Read the full article here.