PRSU Stock Forecast & Price Target

Pursuit Attractions is well positioned because its portfolio of iconic, supply-constrained destinations supports durable pricing power, with effective ticket prices around ~$50 per visitor, average hotel ADR rising from $138 in 2017 to $239 in 2025, and revenue per guest up 13% from 2019 to 2025. Its “Refresh, Build, Buy” strategy has already driven a 15% revenue CAGR over the past decade, while the business expanded from 4 attractions and 12 lodges in 2015 to 17 attractions and 29 lodges today, underscoring a repeatable growth model with strong barriers to entry. Financial flexibility further strengthens the outlook, as 2025 EBITDA was $117M, leverage is near ~1x post-Flyover sale, and management targets >$265M of EBITDA by 2030 with margins above 30%.

Pursuit Attractions is vulnerable to a concentrated, seasonal model in which approximately three-quarters of annual revenue is generated in Q2 and Q3, so weather disruptions, wildfires, and transportation shocks can quickly damage full-year EBITDA and cash flow. Its reliance on iconic but remote destinations in Canada, Alaska, Iceland, and select U.S. national park gateways also creates regulatory, permitting, and government-access risk, while lower trading liquidity and irreplaceable assets limit flexibility in stress scenarios. A recession, higher interest rates, inflation, and weak leisure travel could further pressure visitation, guest spending, labor availability, and the economics of its “Refresh, Build, Buy” strategy.