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Jeff Stantial

Managing Director in Equity Research at Stifel Financial Corp.

Jeff Stantial is a Managing Director in Equity Research at Stifel Financial Corp., specializing in the Gaming & Leisure subsector within Consumer & Retail. He covers key publicly traded companies such as Gambling.com Group, Bally's, Flutter Entertainment, Inception Growth Acquisition, and Monarch Casino & Resort, with recent price targets and ratings documented for each. Stantial joined Stifel in 2020 after prior roles at Truist Securities and SunTrust Robinson Humphrey, and in 2024 was named a Business Insider Rising Star in Equity Research. He holds a Bachelor of Science in Mathematical Economics, graduating magna cum laude from Colgate University, and is recognized for a rapid career progression and strategic analytical acumen, underpinned by financial industry credentials.

Jeff Stantial's questions to VAIL RESORTS (MTN) leadership

Jeff Stantial's questions to VAIL RESORTS (MTN) leadership • Q4 2025

Question

Jeff Stantial from Stifel inquired about the initial fiscal 2026 guidance, seeking clarity on expectations for lift ticket unit sales—whether they are projected to stabilize or continue declining—and how blended price growth or decline is anticipated, considering changes to the Buddy Pass system and dynamic pricing strategies. He also asked for historical context on the materiality of Buddy Passes in terms of unit and revenue contribution, and whether the Epic Friend Tickets change is expected to yield immediate returns through higher volume or primarily serve as a longer-term investment for pass conversion.

Answer

CFO Angela Korch stated that while total visitation is expected to be down due to pass sales, lift ticket visitation is anticipated to grow, partially offsetting this decline, with lift ticket revenue expected to be slightly positive due to pricing actions and new products like Epic Friend Tickets. She detailed the EBITDA guidance bridge, highlighting positive contributions from the Resource Transformation Plan, normalized Australia conditions, pass price growth, lift ticket prices, and improved ancillary, offset by lower pass unit sales and cost inflation. CEO Rob Katz added that Buddy tickets historically represent a material portion of lift ticket sales (20% of paid lift ticket revenue). He expects Epic Friend Tickets to be a positive contributor to the current year's revenue, driving more visits due to increased promotion, a consistent 50% discount, and clearer conversion pathways, with additional benefits expected in future years.

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Jeff Stantial's questions to VAIL RESORTS (MTN) leadership • Q4 2025

Question

Jeff Stantial asked for clarification on the initial fiscal year 2026 guidance, specifically how the company anticipates lift ticket or window ticket sales to perform (stabilize, decline, or grow) and the expected blended price growth or decline given changes to the Buddy Pass system and dynamic pricing. He also inquired about the historical materiality of Buddy passes and whether the Epic Friends change is expected to yield a positive return in the current year or is a longer-term investment for pass conversion.

Answer

CFO Angela Korch stated that the company expects lift ticket visitation growth to partially offset the decline in pass visitation, with pricing actions, including Epic Friends, contributing to slightly positive lift ticket revenue. She detailed the fiscal year 2026 EBITDA guidance, highlighting contributions from the Resource Transformation Plan, normalized Australia conditions, pass price growth, lift ticket prices, and improved ancillary revenue, offset by lower pass unit sales and inflation. CEO Rob Katz confirmed that Buddy tickets are a material component of lift ticket sales (7% of total lift revenue, 20% of paid lift ticket revenue) and that Epic Friends is expected to be a positive contributor to the current year's results, growing over time, by driving increased visits.

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Jeff Stantial's questions to Bragg Gaming Group (BRAG) leadership

Jeff Stantial's questions to Bragg Gaming Group (BRAG) leadership • Q1 2025

Question

Asked for details on the strategic shift from aggregated to first-party content, including the future mix, key drivers, and potential margin impact. Also inquired about the addressable market and adoption drivers for the Fuze engagement platform.

Answer

The company stated that while aggregation remains an entry point, the focus is on proprietary content to drive margins towards a 20%+ EBITDA goal at scale. The Fuze platform is aimed at Tier 2/3 operators, serving as a key part of their ecosystem to promote content and enhance operator KPIs.

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Jeff Stantial's questions to Gambling.com Group (GAMB) leadership

Jeff Stantial's questions to Gambling.com Group (GAMB) leadership • Q3 2024

Question

On behalf of Jeff Stantial, an analyst asked for an update on Google's enforcement of its media partner restrictions and whether the raised cost of sales guidance reflected uncertainty or actual policy changes. A follow-up question asked for thoughts on the potential for iCasino legislation in France.

Answer

CEO Charles Gillespie stated that the 'dust has settled' on Google's May policy change and the impact was not as severe as initially feared, though he does not expect media partnership revenue to return to its Q4 2023 peak. Regarding France, Gillespie noted that iGaming legislation is 'on ice' due to opposition from land-based casinos. He reiterated the company's strategy of not targeting sports-betting-only markets but confirmed they would enter France on 'day 1' if iGaming were to be regulated.

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Jeff Stantial's questions to Bally's (BALY) leadership

Jeff Stantial's questions to Bally's (BALY) leadership • Q2 2024

Question

Inquired about quantifying the financial impact of headwinds in the Casinos and Resorts segment (Rhode Island, Massachusetts, Atlantic City) and asked for details on the performance of the International Interactive business, specifically the challenges in Japan and the growth drivers in the UK.

Answer

The company quantified the Rhode Island traffic impact at 12-15% and noted a ~$4M EBITDAR impact from the Tropicana wind-down. Atlantic City is impacted by VIP team turnover. In Japan, challenges are driven by lower player demand due to sentiment and a weaker yen, not payment processing. In the UK, growth is being driven by increased brand investment, improved native apps, and advanced real-time player management, leading to sustainable growth.

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Jeff Stantial's questions to Bally's (BALY) leadership • Q4 2023

Question

Inquired about the U.K. regulatory overhaul's impact on the International Interactive business, the nature of stabilization in the Asian market, and whether the $50 million EBITDAR target for the Chicago temporary casino is still intact for 2024.

Answer

The U.K. regulatory changes are viewed as rational and creating a better market, with expected stake limits not being a major concern. The Asian B2B market is seeing sentiment build back and is expected to provide consistent revenue. The $50 million EBITDAR run-rate target for the Chicago temp casino is still expected to be hit by the end of Q3 and is factored into the 2024 guidance.

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