NEURACAP
Sector ReportSep 28, 2026 · 22 pages · Free to read

Leisure Facilities and Recreation Sector Outlook — September 2026

A sector outlook on Leisure Facilities and Recreation, comparing live venues, out-of-home attractions and adjacent models on forward valuation, growth, margin and precedent deal terms. Built for investors, operators and boards evaluating where this sector's valuation premium sits and why.

Download PDFDownload PowerPoint

Key figures

14.1x
Premium-Tier Valuation
EV/EBITDA (CY2027E), premium tier
6.5x
Discount-Tier Valuation
EV/EBITDA (CY2027E), discount tier
12.2x
Faster-Growth Cohort Multiple
EV/EBITDA (CY2027E), faster-growth cohort (6 names)
$835M
Precedent Deal Value
Disclosed enterprise value, Dave & Buster's–Ardent Leisure deal

Read the report

C:\Users\dawoo\OneDrive\Desktop\Deployments\neuracap_sector_reports_fable\Code\NeuraCap_Sector_Report_Pipeline_v2.1.0\ncsr\deck_kit\assets\logo_light_full.png

CONSUMER DISCRETIONARY › CONSUMER SERVICES › LEISURE FACILITIES AND RECREATION

Leisure Facilities and Recreation: Recurring Revenue and Cash Conversion Are Associated with Higher Multiples

The premium sits alongside faster growth, durable earnings and repeatable venue economics.

September 2026 · Prepared by NeuraCap AI · Confidential

Market data as of 2026-09-28 · primary valuation basis EV / EBITDA (CY2027E)

Leisure Facilities and Recreation Coverage | September 2026 | Confidential | Not investment advice

1

1 / 22

Executive summary

Leisure Facilities and Recreation prices as three groups, not one market: live venues, out-of-home attractions and adjacent models carry different valuation benchmarks. The premium tier trades at 14.1x versus 6.5x at the discount end, and faster-growing names hold 12.2x against 8.4x even after forecast growth is credited. Precedent deals, including the disclosed $835M Dave & Buster's–Ardent Leisure transaction, show buyers pricing whole companies on estate quality and recurring demand, not sector membership alone.

Key findings

  • Forward valuations range from 6.5x to 14.1x across leisure operating groups.
  • Faster-growing companies trade at 12.2x versus 8.4x for slower growers.
  • Live venues sit at 10.8x, attractions at 9.6x, adjacent models at 6.3x.
  • Precedent deals price whole companies on operating model, not sector alone.

What each page shows

The analyst’s walkthrough of the deck, page by page.

  1. 01

    CONSUMER DISCRETIONARY › CONSUMER SERVICES › LEISURE FACILITIES AND RECREATION

    Cover page introduces the Leisure Facilities and Recreation sector outlook as of September 28, 2026.

    We open with the sector's framing: how live venues, attractions and adjacent leisure models are priced against forward EBITDA. This sets up the valuation story we walk through across the rest of the deck.

    Everything on this page

    CONSUMER DISCRETIONARY › CONSUMER SERVICES › LEISURE FACILITIES AND RECREATION Leisure Facilities and Recreation: Recurring Revenue and Cash Conversion Are Associated with Higher Multiples The premium sits alongside faster growth, durable earnings and repeatable venue economics. September 2026 · Prepared by NeuraCap AI · Confidential Market data as of 2026-09-28 · primary valuation basis EV / EBITDA (CY2027E) Leisure Facilities and Recreation Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 1

  2. 02
    CONTENTS

    What This Report Covers

    Contents page lists the five report sections plus the appendix.

    We lay out the five sections ahead — the bottom line, the landscape, valuation and situations, precedent transactions and strategic implications — plus the appendix. We built the bottom line first by design, so a reader who stops there still gets the whole story. That structure lets you set the pace: skim the top line now, or dig into the detail behind it whenever you're ready.

    Everything on this page

    CONTENTS What This Report Covers 01 The Bottom Line Leisure Facilities and Recreation Rewards Durable Earnings Across Distinct Operating Formats 02 The Landscape Three Operating Groups Carry Different Economics 03 Valuation & Situations The Premium End Pairs Forward Growth with Durable Earnings 04 Precedent Transactions Whole-Company Pricing Changes with the Operating Model 05 Strategic Implications Revenue Quality and Reinvestment Discipline Strengthen Market Standing 06 Appendix Comparables Detail, Methodology, Sources and Assumptions Leisure Facilities and Recreation Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 2

  3. 03
    01 · THE BOTTOM LINE

    Leisure Facilities and Recreation Splits Across Live Venues, Out-of-Home Attractions and Adjacent Models

    The bottom line shows the sector splitting into live venues, out-of-home attractions and adjacent models with different valuation levels.

    We find the premium end of the sector trading at 14.1x EV/EBITDA versus 6.5x at the discount end, a gap that holds even after crediting forecast earnings. Faster-growing names sit at 12.2x against 8.4x for slower growers, and operating format itself shifts the benchmark — live venues at 10.8x, attractions at 9.6x, adjacent models at 6.3x. Whole-company transactions, like the disclosed $835M enterprise value for the Dave & Buster's–Ardent Leisure deal, show buyers underwriting estate quality and recurring demand rather than sector membership alone. So the right multiple for any name here depends on which group it competes in, not just the sector label.

    Everything on this page

    01 · THE BOTTOM LINE Leisure Facilities and Recreation Splits Across Live Venues, Out-of-Home Attractions and Adjacent Models The full story on one page · figures on EV / EBITDA (CY2027E), market data as of 2026-09-28 Source: NeuraCap analytics platform; market data and consensus estimates as of 2026-09-28; company disclosures via SEC EDGAR where linked. Primary valuation basis: EV / EBITDA on CY2027E consensus (11 of 14 companies eligible; multiples failing the platform's plausibility gates are excluded, never plotted). Qualitative characterisations are NeuraCap views. Leisure Facilities and Recreation Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 3 1 The Premium End Carries a Meaningful Forward Valuation Gap The premium end is valued at 14.1x, compared with 6.5x at the discount end. Because the measure uses forward EBITDA, that gap remains after forecast earnings are credited. 2 Faster-Growing Names Sit at the Higher Valuation Level On the 6 names above the growth split, the valuation level is 12.2x. On the 5 names below it, the level is 8.4x. 3 Operating Format Changes the Relevant Benchmark Live venues and spectator entertainment sit at 10.8x, while out-of-home leisure attractions sit at 9.6x. Adjacent models sit at 6.3x, underscoring the need to benchmark like against like. 4 Whole-Company Terms Reflect More than Sector Membership Dave & Buster’s Entertainment, Inc. agreed to acquire Ardent Leisure US Holding Inc. at a disclosed enterprise value of $835M. Across the transaction record, estate quality, recurring demand and maintenance needs remain central underwriting questions. 9.6x Sector median EV/EBITDA CY2027E consensus · 11 rated of 14 companies 14.1x Premium end EV/EBITDA vs 6.5x at the discount end top quartile (n=3) against bottom quartile (n=3) on EV/EBITDA — the spread the report explains 21 Transactions with disclosed terms 55 recorded in this tier · 2 told as case studies, the full list in the appendix

  4. 04
    SECTION 02

    02

    Divider introduces the section on the three operating groups' distinct economics.

    We use this page to reset before comparing live venues, out-of-home attractions and adjacent models side by side. Each group faces its own demand, reinvestment and revenue-mix questions, so the next few pages build the map before we return to valuation.

    Everything on this page

    SECTION 02 02 THE LANDSCAPE Three Operating Groups Carry Different Economics Live venues, out-of-home attractions and adjacent models face different demand, reinvestment and revenue-mix questions. 02 of 06 Leisure Facilities and Recreation Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 4

  5. 05
    02 · MARKET MAP

    Three Groups Compete for Capital on Different Operating Proof Points

    The market map groups the covered companies into three operating segments by median forward valuation.

    We group all 14 approved companies into their operating segment and read each group's median EV/EBITDA (CY2027E) as of September 28, 2026. Live venues, out-of-home attractions and adjacent models each face different demand and reinvestment questions, and the medians show that clearly. This map is where every later valuation comparison in the deck is anchored. So it's the right starting point before drilling into individual company multiples.

    Everything on this page

    02 · MARKET MAP Three Groups Compete for Capital on Different Operating Proof Points 14 approved companies grouped by business segment · median EV / EBITDA (CY2027E) per group · as of 2026-09-28 Source: NeuraCap analytics platform; market data and consensus estimates as of 2026-09-28; company disclosures via SEC EDGAR where linked. Segment grouping follows the platform's classification; group medians on rated names only. "Why it matters" lines are NeuraCap views. Leisure Facilities and Recreation Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 5 LIVE VENUE AND SPECTATOR ENTERTAINMENT 5 cos median 10.8x The Walt Disney (DIS) AMC Cinemark Holdings (CNK) Atlanta Braves (BATRA) The Marcus (MCS) Attendance, content calendars and in-venue spending shape the quality and predictability of earnings. OUT-OF-HOME LEISURE ATTRACTIONS 5 cos median 9.6x Life Time Group (LTH) Six Flags (FUN) United Parks & (PRKS) Lucky Strike (LUCK) Dave & Buster's (PLAY) Passes, memberships, per caps and four-wall margin show whether venues can turn footfall into repeatable cash earnings. ADJACENT MODELS 4 cos median 6.3x Vail Resorts (MTN) Falcon's Beyond (FBYD) RCI Hospitality (RICK) MasterCraft Boat (MCFT) Different asset intensity and demand patterns make direct comparison with venue operators less reliable.

  6. 06
    02 · LANDSCAPE

    Venue Economics Separate the Three Operating Groups

    The landscape page describes what each operating group does and why its economics differ.

    We walk through what each segment does operationally and why that shapes its valuation, using the same rated-name medians from the market map. Live venues, attractions and adjacent models carry different revenue mixes and reinvestment cycles, and those differences show up directly in the multiples. This is the qualitative bridge between the segment groupings and the numbers we quote later. So the multiples land with context rather than in isolation.

    Everything on this page

    02 · LANDSCAPE Venue Economics Separate the Three Operating Groups Segment view of the approved universe · EV / EBITDA (CY2027E) medians on rated names · as of 2026-09-28 Source: NeuraCap analytics platform; market data and consensus estimates as of 2026-09-28; company disclosures via SEC EDGAR where linked. "What they do / why it matters" is a NeuraCap view. Full company-level detail in the appendix and companion tables. Leisure Facilities and Recreation Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 6 Segment n Share of universe Median EV/EBITDA Names to know What they do — and why it matters Live venue and spectator entertainment 5 36% 10.8x The Walt Disney Company (DIS) · AMC Entertainment Holdings, Inc. (AMC) · +3 more Content and attendance matter. The group sits at 10.8x. Content calendars, admissions and concession spend shape results, while fixed venue costs can magnify softer attendance. Out-of-home leisure attractions 5 36% 9.6x Life Time Group Holdings, Inc. (LTH) · Six Flags Entertainment Corporation (FUN) · +3 more Recurring visits support visibility. The group sits at 9.6x. Season passes, memberships and in-venue spending can improve demand visibility, subject to attrition, weather and continued estate reinvestment. Adjacent models 4 29% 6.3x Vail Resorts, Inc. (MTN) · Falcon's Beyond Global, Inc. Class A Common Stock (FBYD) · +2 more Different economics need context. The group sits at 6.3x. Manufacturing exposure and other adjacent formats carry different working-capital, asset-intensity and demand considerations from venue operators.

  7. 07
    SECTION 03

    03

    Divider introduces the section on how forward valuation separates companies by growth and earnings durability.

    We turn next to public market valuation itself. Because forward EV/EBITDA already prices in expected growth, a multiple that holds up says something about how durable the market thinks that growth is, so this section digs into what's driving the spread.

    Everything on this page

    SECTION 03 03 VALUATION & SITUATIONS The Premium End Pairs Forward Growth with Durable Earnings Forward EV / EBITDA already credits forecast growth, so a lasting premium points to confidence in its durability. 03 of 06 Leisure Facilities and Recreation Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 7

  8. 08
    03 · PUBLIC MARKET VALUATION

    Forward Valuation Separates Companies with Different Earnings Profiles

    This page ranks all 11 rated companies by EV/EBITDA (CY2027E) against a sector median of 9.6x.

    We sort all 11 rated companies by their EV/EBITDA (CY2027E) multiple against the sector median of 9.6x and group them into valuation tiers cut at the rated set's quartiles. Every multiple shown here sits on the same CY2027E consensus basis, so tier placement is directly comparable across the group. This single page shows exactly where each name sits relative to its peers. So it's the natural reference point for every valuation question that follows in this deck.

    Everything on this page

    03 · PUBLIC MARKET VALUATION Forward Valuation Separates Companies with Different Earnings Profiles EV / EBITDA (CY2027E) · all 11 rated companies, sorted descending · sector median 9.6x · as of 2026-09-28 Source: NeuraCap analytics platform; market data and consensus estimates as of 2026-09-28; company disclosures via SEC EDGAR where linked. Primary valuation basis: EV / EBITDA on CY2027E consensus (11 of 14 companies eligible; multiples failing the platform's plausibility gates are excluded, never plotted). Tier zones are NeuraCap groupings cut at the rated set's quartiles; every multiple quoted on this page is a median on the same EV / EBITDA (CY2027E) basis. Panel commentary is a NeuraCap view. Leisure Facilities and Recreation Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 8 PREMIUM · median 14.1x CORE · median 9.6x DISCOUNT · median 6.5x Sector median 9.6x WHAT SEPARATES THE TWO ENDS The gap remains forward. The premium end sits at 14.1x, while the discount end sits at 6.5x. Forecast earnings are already reflected in both measures. Revenue quality earns attention. Pass and membership mix, retention and in-venue attach help distinguish recurring demand from episodic footfall. Cash conversion stays decisive. Maintenance capex, lease commitments and refurbishment needs determine how much EBITDA remains available for debt service and growth.

  9. 09
    03 · VALUATION DRIVERS

    Faster Growth Sits Alongside a Higher Forward Valuation

    This page compares median EV/EBITDA between faster- and slower-growth cohorts and between higher- and lower-margin cohorts.

    We split the rated names at their own covered medians for revenue growth and EBITDA margin, then compare the median multiple in each cohort. Growth and margin both move with valuation in this set, association we read as directional rather than causal. So the next page turns this into a situation map for where operating proof still needs to be shown.

    Everything on this page

    03 · VALUATION DRIVERS Faster Growth Sits Alongside a Higher Forward Valuation Median EV / EBITDA (CY2027E) by revenue-growth cohort and by EBITDA-margin cohort (each split at its covered median) · rated names with estimates · as of 2026-09-28 Source: NeuraCap analytics platform; market data and consensus estimates as of 2026-09-28; company disclosures via SEC EDGAR where linked. Cohort medians on rated names with the required estimates (faster n=6; slower n=5; higher-margin n=6; lower-margin n=5). Driver readings are NeuraCap views on the supplied data — association, not causation. Leisure Facilities and Recreation Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 9 EV/EBITDA, median per cohort · growth split at 4% · EBITDA-margin split at 22% The Faster-Growing Group Holds the Higher Valuation Level On the 6 names above the growth split, the valuation level is 12.2x. On the 5 names below it, the level is 8.4x. Recurring Demand Can Improve Earnings Visibility A larger season pass or membership base can pre-sell demand, while retention and attrition indicate how durable that base may be. Per Caps Test the Quality of Attendance Admission pricing, food and beverage, retail and games mix show whether footfall converts into higher-value visits. Reinvestment Discipline Supports Cash Conversion A current estate, controlled maintenance needs and disciplined expansion are associated with more dependable cash generation after maintenance capex.

  10. 10
    03 · SITUATION MAP

    Faster Growers Already Carry the Higher Multiples; The Slower Names Are Where Operating Proof Counts

    This page maps companies by valuation versus the sector median and growth versus the covered median to characterize situations.

    We cut the rated set on EV/EBITDA against the 9.6x sector median and on revenue growth against the covered median to see who already carries a premium and who doesn't. Faster growers already hold the higher multiples, which means the discount-end names are where operating proof, not growth alone, has to do the convincing. We frame this as observation, not recommendation, so it's a lens for diligence rather than a buy or sell call.

    Everything on this page

    03 · SITUATION MAP Faster Growers Already Carry the Higher Multiples; The Slower Names Are Where Operating Proof Counts Cut on EV / EBITDA vs the sector median (9.6x) (rows) and revenue growth vs the covered median (4%) (columns) · observations, not recommendations Source: NeuraCap analytics platform; market data and consensus estimates as of 2026-09-28; company disclosures via SEC EDGAR where linked. Situation boundaries are the cohort's own medians (Directional, NeuraCap view). This page characterises situations; it does not recommend buying or selling any security. Leisure Facilities and Recreation Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 10 Growth Recognized in Valuation Above-median multiple · above-median revenue growth 5 names Life Time Group Holdings, Inc. (LTH) · Six Flags Entertainment Corporation (FUN) · AMC Entertainment Holdings, Inc. (AMC) · +2 more Five of the 11 companies with a forward EV / EBITDA estimate sit above both lines. The operating task is to sustain growth without weakening margin or cash conversion. Premium Needs Durability Above-median multiple · below-median revenue growth 1 names Lucky Strike Entertainment Corporation (LUCK) One of the 11 companies with a forward EV / EBITDA estimate sits above the valuation line but below the growth line. Retention, pricing and earnings durability become the central tests. Growth Awaits Recognition Below-median multiple · above-median revenue growth 1 names MasterCraft Boat Holdings, Inc. (MCFT) One of the 11 companies with a forward EV / EBITDA estimate sits below the valuation line but above the growth line. The key question is whether growth converts into durable EBITDA and cash after maintenance needs. Operating Reset Required Below-median multiple · below-median revenue growth 4 names Cinemark Holdings, Inc. (CNK) · United Parks & Resorts Inc. (PRKS) · Dave & Buster's Entertainment, Inc. (PLAY) · +1 more Four of the 11 companies with a forward EV / EBITDA estimate sit below both lines. Pricing, revenue mix, cost structure and capital allocation define the operating agenda.

  11. 11
    03 · GROWTH VS PROFITABILITY

    Growth Carries More Valuation Separation than Margin in This Set

    This page plots revenue growth against EBITDA margin for 11 companies, with median EV/EBITDA by quadrant.

    We plot each of the 11 companies with both estimates on revenue growth and EBITDA margin, cut at the covered medians of 4% growth and 22% margin, and read the median multiple in each quadrant. In this set, growth tracks with valuation separation more clearly than margin does. So when we prioritize what to underwrite next, growth durability deserves the first look.

    Everything on this page

    03 · GROWTH VS PROFITABILITY Growth Carries More Valuation Separation than Margin in This Set Revenue growth (CY2027E, x-axis) vs EBITDA margin (CY2026E, y-axis) · 11 companies with both estimates · cuts at the covered medians (4% growth, 22% margin) · median EV/EBITDA per quadrant · as of 2026-09-28 Source: NeuraCap analytics platform; market data and consensus estimates as of 2026-09-28; company disclosures via SEC EDGAR where linked. Quadrant cuts are the covered set's medians. Quadrant medians on names with a meaningful EV/EBITDA (balanced n=3; margin-only n=3; growth-only n=3; neither n=2). MCFT plotted at the chart edge. Leisure Facilities and Recreation Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 11 5% 10% 15% 20% 10% 20% 30% MARGIN ONLY median 7.5x BALANCED median 12.0x NEITHER median 8.8x GROWTH ONLY median 12.4x PLAY MCS CNK PRKS LUCK FUN AMC MTN BATRA LTH MCFT x: revenue growth (CY2027E) · y: EBITDA margin (CY2026E) HOW TO READ THIS Among the 11 companies with a forward EV / EBITDA estimate, the 3 names above both lines sit at 12.0x. The 3 names above the margin line alone sit at 7.5x. The 3 names above the growth line alone sit at 12.4x, while the 2 names below both lines sit at 8.8x. The pattern is an observed association within this set, not proof of causation. The growth-only median rests on 3 names and is lifted by BATRA at 60.2x. Rule of 40 (revenue growth + EBITDA margin ≥ 40%): 1 of 11 names clear it (LTH).

  12. 12
    03 · THE AGENDA

    What Separates the Higher Multiples Here: Recurring Revenue Mix, Pricing and Cash Conversion

    This page frames the questions that separate higher multiples: recurring revenue mix, pricing and cash conversion.

    We translate the valuation drivers into the specific questions an owner or acquirer should be resolving: how much revenue recurs, how pricing is holding, and how much cash converts after reinvestment. These are NeuraCap's directional views grounded in the cohort data already shown, not investment advice. So they're a working checklist for anyone underwriting a name in this sector.

    Everything on this page

    03 · THE AGENDA What Separates the Higher Multiples Here: Recurring Revenue Mix, Pricing and Cash Conversion NeuraCap view · framed as the questions an owner or acquirer should resolve · observations, not recommendations Source: NeuraCap analytics platform; market data and consensus estimates as of 2026-09-28; company disclosures via SEC EDGAR where linked. All content on this page is Directional — NeuraCap advisory judgment grounded in the cohort data shown earlier. It does not constitute investment advice. Leisure Facilities and Recreation Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 12 Deepen Recurring Customer Relationships Refine pass and membership design around retention, visit frequency and profitable in-venue spending rather than headline enrollment alone. What changes the answer: Retention improves while per caps and four-wall margin hold. Concentrate Growth on Proven Formats Direct expansion capital toward venues and products with repeatable ramp profiles, disciplined cash-on-cash returns and manageable entitlement paths. What changes the answer: New locations reproduce mature-unit economics without heavier maintenance needs. Strengthen Pricing and Revenue Mix Test admissions, dues and bundles against attendance, attrition and in-venue attach to improve the value of a visit without weakening demand quality. What changes the answer: Effective pricing rises while attendance or membership retention remains resilient. Protect Cash After Estate Upkeep Separate maintenance from expansion capital and prioritize projects tied to attendance, per caps, retention or operating efficiency. What changes the answer: Cash generation improves after maintenance capex and fixed occupancy costs.

  13. 13
    SECTION 04

    04

    Divider introduces the section on precedent transactions across leisure operating models.

    We shift from public multiples to what buyers have actually paid for whole companies. The transaction record spans fitness, attractions, entertainment venues and adjacent leisure assets, so pricing here reflects the operating model bought, not the sector label alone.

    Everything on this page

    SECTION 04 04 PRECEDENT TRANSACTIONS Whole-Company Pricing Changes with the Operating Model The transaction record spans fitness, attractions, entertainment venues and adjacent leisure assets. 04 of 06 Leisure Facilities and Recreation Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 13

  14. 14
    04 · DEAL CASE STUDIES

    Precedent Transactions Set Different Benchmarks Across Leisure Formats

    This page walks through two precedent transactions as case studies, including the Dave & Buster's–Ardent Leisure deal at a disclosed $835M enterprise value.

    We walk through two of the transactions with disclosed terms as case studies, including the disclosed $835M enterprise value Dave & Buster's Entertainment agreed to pay for Ardent Leisure US Holding. Deal multiples here are LTM at announcement, a different basis from the forward public multiples elsewhere in this deck, so we don't claim a spread between them. The full list of transactions sits in the appendix. So these cases are a way to see how estate quality and recurring demand show up in actual deal terms.

    Everything on this page

    04 · DEAL CASE STUDIES Precedent Transactions Set Different Benchmarks Across Leisure Formats 2 of 21 transactions with disclosed terms, told as case studies · multiples on LTM financials at announcement where disclosed · the complete list is in the appendix · as of 2026-09-28 Source: NeuraCap analytics platform; market data and consensus estimates as of 2026-09-28; company disclosures via SEC EDGAR where linked. 72 precedent record(s) carry data-quality flags (deal value unit unresolved; divestiture roles reassigned; no evidence record); figures are shown as recorded in the filing. 34 recorded transactions with neither a disclosed value nor a multiple are omitted from the precedent list and the case studies (kept in the companion workbook). Deal multiples are LTM at announcement (Definitive, from filings); they are not directly comparable to the CY2027E public basis and no spread is claimed. "Why the deal happened" is a NeuraCap read of the recorded evidence. Leisure Facilities and Recreation Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 14 May-2016 $11.0B AMC Entertainment Holdings, Inc. acquires Carmike Cinemas, Inc. EV / LTM revenue 13.3x EV / LTM EBITDA n/a WHY THE DEAL HAPPENED Strategic fit in this sector rests on the match between operating format, estate ownership and buyer capabilities. The transaction suggests that venue economics and asset structure need to be considered together. HOW THE TARGET WAS VALUED EV / EBITDA against normalized full-season earnings is the relevant benchmark. Lease structure, maintenance capex and deferred revenue remain important cross-checks. Apr-2022 $835M Dave & Buster’s Entertainment, Inc. acquires Ardent Leisure US Holding Inc. EV / LTM revenue n/a EV / LTM EBITDA n/a WHY THE DEAL HAPPENED The combination with Ardent Leisure US Holding Inc. suggests a route to expand within an operating format Dave & Buster’s Entertainment, Inc. already understands. Shared venue operations and customer-spend categories provide the strategic fit. HOW THE TARGET WAS VALUED The disclosed enterprise value was $835M. EV / EBITDA against normalized full-season earnings provides the operating benchmark for the asset.

  15. 15
    SECTION 05

    05

    Divider introduces the section on revenue quality and reinvestment discipline.

    We close the analysis with what strengthens market standing from here: recurring demand, per caps, retention and the cash left after maintenance capex. This is the operating agenda the data points to for the next twelve months.

    Everything on this page

    SECTION 05 05 STRATEGIC IMPLICATIONS Revenue Quality and Reinvestment Discipline Strengthen Market Standing The operating agenda centers on recurring demand, per caps, retention and cash left after maintenance capex. 05 of 06 Leisure Facilities and Recreation Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 15

  16. 16
    05 · STRATEGIC IMPLICATIONS

    Durable Demand and Disciplined Reinvestment Strengthen the Equity Story

    This page sets out NeuraCap's view on the questions durable demand and reinvestment discipline raise for the next year.

    We lay out directional views for owners, management teams and boards: build earnings quality from the venue up, match growth capital to proven economics, and judge growth only after maintenance needs are funded. These are observations drawn from the analysis in this report, not recommendations. So they give each audience a starting checklist rather than a single answer.

    Everything on this page

    05 · STRATEGIC IMPLICATIONS Durable Demand and Disciplined Reinvestment Strengthen the Equity Story NeuraCap view · the questions this data puts on the table for the next twelve months Source: NeuraCap analytics platform; market data and consensus estimates as of 2026-09-28; company disclosures via SEC EDGAR where linked. This page is Directional — NeuraCap views drawn from the analysis in this report. Observations, not recommendations. Leisure Facilities and Recreation Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 16 FOR OWNERS Build Earnings Quality from the Venue Up Focus the operating plan on retention, pricing, per caps and four-wall margin, while keeping maintenance needs visible in capital allocation. FOR MANAGEMENT TEAMS Match Growth Capital to Proven Economics Favor formats and locations where demand, ramp timing and cash-on-cash returns can be tested against established units. FOR BOARDS Judge Growth After Maintenance Needs Evaluate expansion alongside lease commitments, deferred revenue obligations and the capital required to keep the estate current.

  17. 17
    SECTION 06

    06

    Divider introduces the appendix covering the full comparables universe, methodology and sources.

    We close with the full universe behind every figure in the body, the valuation basis, and where each underlying disclosure lives. This is the reference section for anyone who wants to check the work.

    Everything on this page

    SECTION 06 06 APPENDIX The Full Universe, Methodology and Sources Comparables detail behind every figure in the body, the valuation basis, and where each underlying disclosure lives. 06 of 06 Leisure Facilities and Recreation Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 17

  18. 18
    06 · PUBLIC COMPARABLES (1 OF 1)

    Public Comparables on EV / EBITDA (CY2027E), Grouped by Valuation Tier

    This appendix page lists all 11 rated companies' EV/EBITDA (CY2027E), shaded above or below the 9.6x sector median.

    We list all 11 rated companies with their EV/EBITDA (CY2027E), shading each above or below the 9.6x sector median, alongside the 3 names that carry no eligible multiple. Every ticker links to its underlying source. So this page is the full-detail backup for every multiple quoted earlier in the deck.

    Everything on this page

    06 · PUBLIC COMPARABLES (1 OF 1) Public Comparables on EV / EBITDA (CY2027E), Grouped by Valuation Tier Teal shading marks a EV/EBITDA above the sector median (9.6x); amber marks below · 11 rated companies; 3 not rated (no eligible EV/EBITDA) · tickers link to the underlying source · as of 2026-09-28 Source: NeuraCap analytics platform; market data and consensus estimates as of 2026-09-28; company disclosures via SEC EDGAR where linked. All 11 rated rows are in this appendix and in the companion workbook, which carries the complete field set. Names without an eligible multiple are listed in the companion workbook. Leisure Facilities and Recreation Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 18 Company Ticker Segment EV EV/EBITDA (CY2027E) Rev growth EBITDA margin Rule of 40 PREMIUM — ≥12.2x · median 14.1x · 3 companies Atlanta Braves Holdings, Inc. BATRA Live venue and spectator entertainment $4.5B 60.2x 6% 7% 15 Six Flags Entertainment Corporation FUN Out-of-home leisure attractions $12.2B 14.1x 4% 27% 32 AMC Entertainment Holdings, Inc. AMC Live venue and spectator entertainment $9.6B 12.4x 4% 14% 18 CORE — 7.9x–12.2x · median 9.6x · 5 companies Life Time Group Holdings, Inc. LTH Out-of-home leisure attractions $12.8B 12.0x 12% 28% 40 Lucky Strike Entertainment Corporation LUCK Out-of-home leisure attractions $3.5B 9.6x 4% 27% 31 Vail Resorts, Inc. MTN Casino resort and gaming venues $8.0B 9.6x 5% 27% 33 The Marcus Corporation MCS Live venue and spectator entertainment $1.2B 9.2x 3% 16% 19 Dave & Buster's Entertainment, Inc. PLAY Out-of-home leisure attractions $3.3B 8.4x 3% 18% 21 DISCOUNT — <7.9x · median 6.5x · 3 companies Cinemark Holdings, Inc. CNK Live venue and spectator entertainment $5.9B 7.5x 3% 22% 25 United Parks & Resorts Inc. PRKS Out-of-home leisure attractions $3.9B 6.5x 3% 35% 38 MasterCraft Boat Holdings, Inc. MCFT Adjacent: recreational vehicle and powersports… $239M 3.0x 23% 12% 36

  19. 19
    06 · PRECEDENT TRANSACTIONS (1 OF 2)

    All Precedent Transactions with Disclosed Terms, Newest First

    This appendix page lists precedent transactions with disclosed terms, newest first, part one of two.

    We list the transactions with disclosed terms, newest first, with deal multiples on LTM financials at announcement where disclosed. These deal values link to the underlying filing. So this is the transaction-level record behind the deal commentary earlier in the deck.

    Everything on this page

    06 · PRECEDENT TRANSACTIONS (1 OF 2) All Precedent Transactions with Disclosed Terms, Newest First 21 transactions with disclosed terms in this tier (55 recorded) · multiples on LTM financials at announcement where disclosed · deal values link to the underlying filing · as of 2026-09-28 Source: NeuraCap analytics platform; market data and consensus estimates as of 2026-09-28; company disclosures via SEC EDGAR where linked. 72 precedent record(s) carry data-quality flags (deal value unit unresolved; divestiture roles reassigned; no evidence record); figures are shown as recorded in the filing. 34 recorded transactions with neither a disclosed value nor a multiple are omitted from the precedent list and the case studies (kept in the companion workbook). Deal multiples are LTM at announcement (Definitive, from filings); they are not directly comparable to the CY2027E public basis and no spread is claimed. 18 of 21 transactions shown; the rest are in the companion workbook. Leisure Facilities and Recreation Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 19 Date Transaction EV EV/LTM Rev EV/LTM EBITDA Why it matters Oct-2025 Basic-Fit NV → Clever Fit n/a n/a 13.6x The announced Basic-Fit NV transaction for Clever Fit was recorded at 13.6x EV / EBITDA, setting a reference point for scaled fitness operations. Sep-2024 Pure Gym → Blink Fitness n/a n/a 10.7x The announced Pure Gym transaction for Blink Fitness was recorded at 10.7x EV / EBITDA, providing a benchmark for membership-led club estates. Sep-2024 L Catterton → solidcore n/a n/a 13.0x The announced L Catterton transaction for solidcore was recorded at 13.0x EV / EBITDA, highlighting the valuation reference available for a differentiated fitness format. Apr-2022 Dave & Buster’s Entertainment, Inc. → Ardent Leisure US Holding Inc. $835M n/a n/a Dave & Buster’s Entertainment, Inc. agreed to acquire Ardent Leisure US Holding Inc., extending an established location-based entertainment format. Mar-2021 n/a → Topgolf International, Inc. $0M 2.4x n/a The announced transaction involving Topgolf International, Inc. was recorded at 2.4x EV / Revenue, offering a revenue benchmark for a venue-led growth format. Jan-2020 n/a → Village Roadshow Limited $0M 1.9x 49.2x The announced transaction involving Village Roadshow Limited was recorded at 1.9x EV / Revenue and 49.2x EV / EBITDA, showing how revenue and earnings measures can diverge. Dec-2019 Pure Gym Ltd. → Fitness World n/a n/a 7.2x The announced Pure Gym Ltd. transaction for Fitness World was recorded at 7.2x EV / EBITDA, adding a benchmark for club-network consolidation. Jun-2019 The Blackstone Group L.P., Canada Pension Plan Investment Board and KIRKBI Invest A/S → Merlin Entertainments Limited n/a n/a 12.0x The announced transaction for Merlin Entertainments Limited brought together The Blackstone Group L.P., Canada Pension Plan Investment Board and KIRKBI Invest A/S around a diversified attractions estate. Sep-2018 The Company → Snow Time, Inc. n/a n/a 6.8x The announced transaction involving Snow Time, Inc. was recorded at 6.8x EV / EBITDA, providing a reference point for a regional leisure asset.

  20. 20
    06 · PRECEDENT TRANSACTIONS (2 OF 2)

    All Precedent Transactions with Disclosed Terms, Newest First

    This appendix page continues the list of precedent transactions with disclosed terms, newest first, part two of two.

    We continue the same transaction list here, still ordered newest first and still on the LTM-at-announcement basis. Together with the prior page, this completes the disclosed-terms record referenced in the transaction section. So a reader can trace every deal cited earlier back to its filing.

    Everything on this page

    06 · PRECEDENT TRANSACTIONS (2 OF 2) All Precedent Transactions with Disclosed Terms, Newest First 21 transactions with disclosed terms in this tier (55 recorded) · multiples on LTM financials at announcement where disclosed · deal values link to the underlying filing · as of 2026-09-28 Source: NeuraCap analytics platform; market data and consensus estimates as of 2026-09-28; company disclosures via SEC EDGAR where linked. 72 precedent record(s) carry data-quality flags (deal value unit unresolved; divestiture roles reassigned; no evidence record); figures are shown as recorded in the filing. 34 recorded transactions with neither a disclosed value nor a multiple are omitted from the precedent list and the case studies (kept in the companion workbook). Deal multiples are LTM at announcement (Definitive, from filings); they are not directly comparable to the CY2027E public basis and no spread is claimed. 18 of 21 transactions shown; the rest are in the companion workbook. Leisure Facilities and Recreation Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 20 Date Transaction EV EV/LTM Rev EV/LTM EBITDA Why it matters Dec-2017 Fortress → Drive Shack n/a 1.0x n/a Value shown as recorded in the filing; deal value unit unresolved. Nov-2017 Leonard Green & Partners, L.P. → Pure Gym Ltd. n/a n/a 8.4x Value shown as recorded in the filing; deal value unit unresolved. Mar-2017 Union Pacific Corporation → Nordic Cinema Group Holding AB n/a n/a 15.3x May-2016 AMC Entertainment Holdings, Inc. → Carmike Cinemas, Inc. $11.0B 13.3x n/a Value shown as recorded in the filing; deal value unit unresolved. Mar-2015 Centerbridge Partners, L.P. → Great Wolf Resorts Inc. n/a n/a 10.0x Jan-2014 Apollo Global Management → CEC Entertainment, Inc. n/a n/a 7.8x Jun-2010 CVC Capital Partners Ltd. → Merlin Entertainments Limited n/a n/a 9.9x Oct-2009 The Blackstone Group L.P. → Busch Entertainment Corporation n/a n/a 8.0x May-2006 Cedar Fair, L.P. → Paramount Parks, Inc. n/a n/a 11.2x

  21. 21
    06 · METHODOLOGY

    Sources, Assumptions and Data Quality

    This page documents the report's sources, assumptions and data-quality treatment.

    We set out how this report was built: the valuation basis used, what was excluded and why, and where every underlying disclosure lives. Every figure in this report links back to the record it came from. So this page is the audit trail for the analysis, not just a disclaimer.

    Everything on this page

    06 · METHODOLOGY Sources, Assumptions and Data Quality How this report was built, what was excluded, and where every underlying disclosure lives · as of 2026-09-28 Every figure in this report links to the record it was taken from. Where a figure has no link, the appendix names its source and the basis on which it was read. Leisure Facilities and Recreation Coverage | September 2026 | Confidential | Not investment advice 21 VALUATION BASIS Primary valuation basis: EV / EBITDA on CY2027E consensus (11 of 14 companies eligible; multiples failing the platform's plausibility gates are excluded, never plotted). EV / EBITDA on CY2027E is the lead convention: it is the sector-appropriate prior for Leisure Facilities and Recreation and it clears the coverage gate with 11 of 14 companies (79%). EV / Revenue, P / E are carried as a cross-check. The set earns: 11 of the 11 companies with a reported forward EBITDA carry a meaningful one, so the profit multiple leads and a revenue multiple would understate what the market is pricing. DATA QUALITY & EXCLUSIONS 20 records were excluded or quarantined by the platform's validation gates (unit errors, implausible ratios, ineligible securities and classification failures); the full ledger ships in the companion tables and never feeds a statistic in this report. DEFINITIVE VS DIRECTIONAL Definitive content is disclosed or consensus data passed through stated arithmetic. Directional content — tier boundaries, situation cuts, "why it matters" commentary, the agenda pages — is NeuraCap analyst judgment and is labeled as such where it appears. WHAT THIS REPORT IS NOT This report characterises a sector. It does not recommend buying, selling or holding any security, and no statement in it should be read as investment advice or a price target. WHERE THE DATA LIVES 696 registered source documents stand behind the figures in this report. Metric hyperlinks throughout the deck open the specific filing or data record; by publisher: sec.gov (695) · home.treasury.gov (1). The companion workbook beside this deck carries the complete source index.

  22. 22

    The Premium Sits with Durable Earnings, Recurring Demand and Disciplined Reinvestment.

    The closing page restates that the premium sits with durable earnings, recurring demand and disciplined reinvestment.

    We close on the same thread that opened this deck: the premium in this sector sits with durable earnings, recurring demand and disciplined reinvestment. The companion tables carry the full universe, the exclusion ledger and the complete source index for any figure worth tracing further. So this is the takeaway to carry into the next conversation.

    Everything on this page

    The Premium Sits with Durable Earnings, Recurring Demand and Disciplined Reinvestment. NeuraCap AI — Leisure Facilities and Recreation Coverage September 2026 · Prepared by NeuraCap AI · Confidential Leisure Facilities and Recreation Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 22

Sources and methodology

This report covers Leisure Facilities and Recreation (Consumer Discretionary › Consumer Services › Leisure Facilities and Recreation) with market data and consensus estimates as of September 28, 2026. The company universe is the 14 listed companies whose core business is Leisure Facilities and Recreation according to NeuraCap's industry classification of each company's reported business segments (a company is included only when this industry is central to what it does, not merely adjacent to it). Companies in the set: AMC Entertainment Holdings, Inc. (AMC), Atlanta Braves Holdings, Inc. (BATRA), Cinemark Holdings, Inc. (CNK), The Walt Disney Company (DIS), Falcon's Beyond Global, Inc. Class A Common Stock (FBYD), Six Flags Entertainment Corporation (FUN), Life Time Group Holdings, Inc. (LTH), Lucky Strike Entertainment Corporation (LUCK), MasterCraft Boat Holdings, Inc. (MCFT), The Marcus Corporation (MCS), Vail Resorts, Inc. (MTN), Dave & Buster's Entertainment, Inc. (PLAY), United Parks & Resorts Inc. (PRKS), RCI Hospitality Holdings, Inc. (RICK). The market map groups them by business vertical — Live venue and spectator entertainment: 5 companies (DIS, AMC, CNK, BATRA, MCS); Out-of-home leisure attractions: 5 companies (LTH, FUN, PRKS, LUCK, PLAY); Adjacent models: 4 companies (MTN, FBYD, RICK, MCFT). 11 of the 14 companies carry a valid multiple on the primary valuation basis and form the rated set behind every cohort statistic; the others are shown but do not enter the statistics.

Scope and company universe

This report covers Leisure Facilities and Recreation (Consumer Discretionary › Consumer Services › Leisure Facilities and Recreation) with market data and consensus estimates as of September 28, 2026. The company universe is the 14 listed companies whose core business is Leisure Facilities and Recreation according to NeuraCap's industry classification of each company's reported business segments (a company is included only when this industry is central to what it does, not merely adjacent to it). Companies in the set: AMC Entertainment Holdings, Inc. (AMC), Atlanta Braves Holdings, Inc. (BATRA), Cinemark Holdings, Inc. (CNK), The Walt Disney Company (DIS), Falcon's Beyond Global, Inc. Class A Common Stock (FBYD), Six Flags Entertainment Corporation (FUN), Life Time Group Holdings, Inc. (LTH), Lucky Strike Entertainment Corporation (LUCK), MasterCraft Boat Holdings, Inc. (MCFT), The Marcus Corporation (MCS), Vail Resorts, Inc. (MTN), Dave & Buster's Entertainment, Inc. (PLAY), United Parks & Resorts Inc. (PRKS), RCI Hospitality Holdings, Inc. (RICK). The market map groups them by business vertical — Live venue and spectator entertainment: 5 companies (DIS, AMC, CNK, BATRA, MCS); Out-of-home leisure attractions: 5 companies (LTH, FUN, PRKS, LUCK, PLAY); Adjacent models: 4 companies (MTN, FBYD, RICK, MCFT). 11 of the 14 companies carry a valid multiple on the primary valuation basis and form the rated set behind every cohort statistic; the others are shown but do not enter the statistics.

What was excluded and why

20 records failed a validation gate and never feed a statistic in this report (19 excluded from aggregate; 1 quarantined). Each exclusion, with its reason: AMC — Non-positive EPS; P/E is n/m (effect: excluded from aggregate) · AMC — Non-positive EPS; P/E is n/m (effect: excluded from aggregate) · AMC — Non-positive EPS; P/E is n/m (effect: excluded from aggregate) · AMC — Non-positive EPS; P/E is n/m (effect: excluded from aggregate) · BATRA — Non-positive EPS; P/E is n/m (effect: excluded from aggregate) · BATRA — Non-positive EPS; P/E is n/m (effect: excluded from aggregate) · BATRA — Non-positive EPS; P/E is n/m (effect: excluded from aggregate) · BATRA — Non-positive EPS; P/E is n/m (effect: excluded from aggregate) · FBYD — EBITDA is non-positive; EV/EBITDA is n/m (effect: excluded from aggregate) · FBYD — Implied EBITDA margin -116.3% outside the plausible band [-100%, 80%] (effect: quarantined) · FUN — Non-positive EPS; P/E is n/m (effect: excluded from aggregate) · FUN — Non-positive EPS; P/E is n/m (effect: excluded from aggregate) · FUN — Non-positive EPS; P/E is n/m (effect: excluded from aggregate) · FUN — Non-positive EPS; P/E is n/m (effect: excluded from aggregate) · LUCK — Non-positive EPS; P/E is n/m (effect: excluded from aggregate) · LUCK — Non-positive EPS; P/E is n/m (effect: excluded from aggregate) · PLAY — Non-positive EPS; P/E is n/m (effect: excluded from aggregate) · PLAY — Non-positive EPS; P/E is n/m (effect: excluded from aggregate) · PLAY — Non-positive EPS; P/E is n/m (effect: excluded from aggregate) · RICK — Non-positive EPS; P/E is n/m (effect: excluded from aggregate)

Primary valuation basis and how it was chosen

Primary valuation basis: EV / EBITDA on CY2027E consensus (11 of 14 companies eligible; multiples failing the platform's plausibility gates are excluded, never plotted). EV / EBITDA on CY2027E is the lead convention: it is the sector-appropriate prior for Leisure Facilities and Recreation and it clears the coverage gate with 11 of 14 companies (79%). EV / Revenue, P / E are carried as a cross-check. The set earns: 11 of the 11 companies with a reported forward EBITDA carry a meaningful one, so the profit multiple leads and a revenue multiple would understate what the market is pricing. The basis is selected in two steps: the industry's customary valuation conventions set the order of preference, and each convention is then tested for coverage — the share of companies with a valid, plausibility-checked multiple on the chosen period. A convention is used only when enough companies carry it; the best-covered convention is used, and disclosed, when none clears the threshold. Coverage measured for this report — EV / EBITDA: 11 of 14 companies; EV / rEVenue: 12 of 14 companies; P/E: 8 of 14 companies. 4 companies show a non-meaningful P / E denominator and are excluded from that statistic.

How the multiples and statistics are computed

Enterprise value (EV) is market capitalisation at the as-of date plus total debt minus cash and equivalents from the latest reported balance sheet, reconciled against the platform's stored value and disclosed where the two differ. Forward multiples divide EV (or the share price for P/E) by the consensus estimate for the stated calendar period; trailing multiples use the last twelve months of reported figures from SEC filings. A multiple with a negative or immaterial denominator is treated as not meaningful and excluded from every statistic. Cohort statistics are medians and quartiles over the rated set only; a group median with fewer than three observations is shown as the single company's figure and labelled as such. Valuation tiers cut the rated set at its quartiles (tiers cut at the rated set's quartiles: Premium ≥12.2x, Core 7.9x–12.2x, Discount <7.9x — NeuraCap groupings). Revenue growth compares consecutive calendar-year consensus revenue; EBITDA margin divides consensus EBITDA by consensus revenue for the same period. Figures shown in this report and the calculation behind each: 9.6x = median(ev_ebitda CY2027E) (11 rated companies) · 14.1x = median(ev_ebitda CY2027E) within Premium tier (n=3) · 9.6x = median(ev_ebitda CY2027E) within Core tier (n=5) · 6.5x = median(ev_ebitda CY2027E) within Discount tier (n=3) · 12.2x = median(ev_ebitda CY2027E) | growth ≥ 4% (n=6) · 8.4x = median(ev_ebitda CY2027E) | growth < 4% (n=5) · 9.6x = median(ev_ebitda CY2027E) | EBITDA margin ≥ 22% (n=6) · 9.2x = median(ev_ebitda CY2027E) | EBITDA margin < 22% (n=5) · 31% = median Rule of 40 score (revenue growth + EBITDA margin) (n=11) · 12.0x = median(ev_ebitda CY2027E) within balanced quadrant (n=3) · 7.5x = median(ev_ebitda CY2027E) within marginOnly quadrant (n=3) · 12.4x = median(ev_ebitda CY2027E) within growthOnly quadrant (n=3) · 8.8x = median(ev_ebitda CY2027E) within neither quadrant (n=2) · 60.2x = ev_ebitda CY2027E for BATRA (quadrant outlier)

Precedent transactions: what is in the record and why

The precedent record holds the M&A transactions in Leisure Facilities and Recreation recorded from SEC filings (8-K announcements and the documents they reference), newest first, with each value and multiple linked to the exact passage in the filing that states it. 55 transactions were recorded for this industry; 21 are shown. 34 recorded transactions with neither a disclosed value nor a multiple are omitted because they say nothing about price; they remain in the companion workbook. Deal multiples are enterprise value over the target's last-twelve-month revenue or EBITDA at announcement, as disclosed; they are not restated to the public basis and no spread to the public multiples is claimed. Before a transaction reaches the record it passes a screen for mirrored or duplicate filings of the same deal, for divestitures where the filer is the seller rather than the buyer, for carve-outs recorded under the parent's name, and for values whose citation describes something other than the price paid (a debt raise, a termination fee); such records are corrected or excluded and the correction is noted. Data-quality notes on this record: 43 × no evidence record; 25 × deal value unit unresolved; 4 × divestiture roles reassigned. Case studies lead with the 2 richest stories — disclosed value, a readable multiple, newest first.

Sources

Company financials and transaction terms come from the companies' own SEC filings on EDGAR (10-K, 10-Q and 8-K documents), linked from each figure in the report. Forward figures are analyst consensus estimates for the calendar periods shown. Share prices and market capitalisations are market data as of September 28, 2026. Treasury yields are published by the U.S. Department of the Treasury. 700 source documents stand behind this report; by publisher domain: sec.gov, home.treasury.gov (1). Every figure on every page is traceable to one of these records; nothing in the report is derived from outside data.

Interpretation and important notice

Tier labels, situation maps, the agenda and the implications pages are NeuraCap analytical views drawn from the recorded evidence and are labelled as such. The report is informational: it is not investment advice, not a recommendation to buy or sell any security, not an opinion of value and not an offer of any kind. Readers should perform their own diligence before acting on anything described here.

This report is published for information only. It is not a recommendation to buy or sell any security, an offer or solicitation, an appraisal or a fairness opinion, and no fiduciary relationship is created by reading it. Multiples that fail NeuraCap’s plausibility gates are excluded and never plotted. See the full methodology and the disclaimer.

More coverage in Consumer Discretionary

Want this analysis for a company in Leisure Facilities and Recreation?

Company valuation reports run the same method against a single business — public or private.

Get your reportTalk to advisory