Inmet Mining (IMN.TO)

HOLD
Base metals have done so well that he is taking money off the table as they report. Traditionally is their seasonally strong time but he is looking for a slow down and not sure if India/China will be strong enough to overpower any North American decline.
BUY
Reserves of zinc are almost nonexistent.
PAST TOP PICK
(A Top Pick Sept 20/05. Up 185%.) Still undervalued. Has one of the lowest P/E’s because of the spectacular profit growth.
HOLD
Focused primarily on copper. Getting a little concerned on how far this has gone. What is going to drive base metal stocks further, has to be a re-rating of the multiples. If you own, you might consider taking some profits.
PAST TOP PICK
(A top Pick June 26/06. Up 38.8%.) Still likes.
BUY
World shortage in zinc and cannot be easily made up. Hud Bay (HBM-T), Eurozinc (EZM-T) and Inmet (IMN-T) have tremendous leverage to base metals. The demand for raw materials coming out of emerging-markets is astonishing.
BUY
This one depends on your outlook of commodity prices, but with the disappearance of some of the big names, people in Canada are desperate for midsize producers with growth and exposure to metals. Potentially a takeover target.
TOP PICK
All 3 Top Picks are tremendous cash flow generators that are not getting any respect from the market. They have copper, zinc and gold. Believes that base metals near or at the top of the cycle, which is why this is trading at only 6 X earnings. Tremendous amount of cash on the balance sheet. A possible takeover target.
PAST TOP PICK
(A Top Pick Aug 5/05. Up 142%.) Believes we are only 60% of the way through a commodity and economic cycle and these stocks tend to perform better later in the cycle. Valuation looks great. Has spectacular margin and volume/asset turnover improvements.
BUY
This one gives you exposure to base metals.
TOP PICK
A long-term hold. In copper and zinc, which he likes very much. Will be doubling its copper production over the next 2 years. Very good management. Very credible deposits. Good growth profile. Could be a takeout.
BUY
His current fair market value is very high at around $170, but commodities are way up on spikes and prices won't hold long-term. Interesting company, and lots and lots of value.
TOP PICK
A well diversified company with copper, zinc and gold. Won't be around for too long. Someone is going to buy this company. Has solid cash earnings.
BUY
Leverage on copper is four to one, and this is why the stock has done so well. Also, 20% of their output is zinc with a little bit of gold as a by-product. Not trading at a high multiple of what its earnings are likely to be this year and 2007.
BUY
Copper and zinc are at record prices and gold is doing well. This is the reason for the growth in the stock. Not overpriced.
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