Opinions
Peter Hodson
Chartwell Technology Inc.
CWH-T
TOP PICK
May 10, 2005
Internet gaming space. Have some good clients, good traction. Now in a market cap range where more people are paying attention to it.
$11.650
Stock price when the opinion was issued
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DON'T BUY
Sold Chartwell (CWH-T), Cryptologic (CRY-T) and Great Canadian Gaming (GCD-T) and when they moved down in his models at the end of June. When a stock takes a loss of 8/9%, you should take a good hard look as their first loss is usually their smallest. In the bottom 1/3 of his database. Have another look at it in 3/6 months.
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BUY
Thinks it has bottomed. The whole space fell apart in the late summer. This one continues to chug along in adding new customers. From a valuation viewpoint, it is far more realistically valued than it was at $12. Still a little concerned that the space hasn't rolled over, so you may get a bit of a pause here.
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PARTIAL SELL
Software manufacturer for the online gaming industry. Took a tremendous hit in 2005/2006 when US government disallowed funds to be held in the US. Its clients were primarily in Europe. Stock has done very well since the beginning of the year. Has about $0.80 per share in cash. Consider taking some profits. Valuation still looks relatively solid.
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