Leading visitor attractions operator in Europe. Diverse attractions portfolio in terms of geography and operations. Strong earnings record and industry leading margins. Growing proportion of revenues from all-year sites. Operates in a cyclical and seasonal industry, with exposure to challenging consumer spending trends. Capital-intensive business, with high operating leverage. Exposure to event risks (including weather risks) that could discourage travel to visitor attractions, as well as reputational and security risks. Improved financial metrics, risk profile and policy after recent IPO. Reduced private equity ownership, broader oversight, and fiduciary responsibility as a public firm make further releveraging unlikely, in our view. Significant operating lease commitments. Exposure to seasonal working capital swings. "Adequate" liquidity, with no short-term debt maturities or amortization requirements.
