Opinions

Ted Macklin Harry Winston Diamond Corp. HW-T BUY Feb 26, 2004

The bulk of capital spending is behind them. Future expansion will be covered from free cash flow. Stock dropped because production levels were below expectations, but this is not a problem. A tremendous opportunity. Buy on pullbacks.

Ted Macklin

Owned

Unlock Rating

$45.150

Stock price when the opinion was issued

integrated mines

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COMMENT

Up about 40% this year. 2 components. 1) A mining operation they’ve been working on with Rio Tinto (RIO-N) in the North West Territories. Had some really good results lately. 2) Also have 35 Salons operating and it looks like they will be expanding. Japan is about 20% of their retail sales so surprised this was not affected. Stock is overbought which worries him.

TOP PICK

There is a world shortage around the world in rough diamonds. Mine production is being stabilized in NWT. Big push is in jewelry and especially in watches. Certainty of expanding jewelry business in China.

HOLD

Sold most when they cut their dividend. Likes the assets. Probably cut dividend for the right reason. Likes the mining the most. If they got back to 3% he would be interested.

DON'T BUY

125 day moving average was broken. Head and shoulders pattern was broken. If he saw it go much lower he would find a better name. If you see it get back above $17, buy it. There are better names out there. There is no momentum.

HOLD

Diamonds. You can put a higher rating on the retail assets, particularly expansion in the far east and particularly the scarcity of diamonds. Good results reported about a month ago.

PAST TOP PICK

(A Top Pick. June 14/11. Down 13.22%.) Given the expansion of the jewelleries/watches business, they will eventually spin their 2 businesses apart.

PAST TOP PICK

(A Top Pick June 14/11. Down 21.15%.) Recent earnings report missed analysts’ expectations. Sales were up 34% were below estimates.

PAST TOP PICK

(A Top Pick June 14/11. Down 16.03%.) They separate the mine and the luxury retail division. Doing quite well relative to other retail sectors.

HOLD

Thinks that management has indicated that if revenues get big enough they would consider another spinoff (of the jewellery division), which would be a good move.

DON'T BUY

It just isn't a growth asset. He tries to ignore these types of businesses. There is no way for this to grow.

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Ted Macklin Harry Winston Diamond Corp. HW-T BUY Feb 26, 2004

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