Opinions

Michael Sprung Intrawest ITW-T PAST TOP PICK Jun 12, 2003

(Was a top pick on Mar 20/03. Up 14.5%.) Still likes. Trying to separate their development side from their skiing operations, so formed a subsiduary to look after development. Well positioned.

Michael Sprung

Owned

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$18.110

Stock price when the opinion was issued

lodging

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DON'T BUY

The sector has been beaten up and expects the economy will help them, but feels this is already built into the stock.

DON'T BUY

Had some concerns on the rain wiping out highways in B.C. creating problems on getting to and from Whistler. The spin out of their real estate development has created a run up of the stock may be little ahead of itself.

BUY

Numbers came in a little bit ahead of what was expected. Their game plan of separating the resort side from the development side should be good.

HOLD

Has difficulty executing. Have not been able to reduce debt. Ultimately, the stock will be broken up. Don't expect much movement on the share price.

DON'T BUY

Have had growth problems. Had missteps in warm weather resorts. Outlook is flat.

HOLD

Havent delivered on what investors really want- debt reduced. Have had a good run. Stock will break up eventually, but untill then it will be land locked. Decent long term hold.

TOP PICK

Trading in about the middle of its range. Things they said they were going to do are beginning to work for them. Trading at 1.3 X book. ROE will be around 10/13%. Small dividend.

BUY

Had a really dreadful winter in their B.C. resort of Whistler. Resorts are well diversified geographically. Have refinanced themselves very successfully. Snow will come back. A good longer term play.

HOLD

High of 38.50 today has done well to increase stock. Has tried to help shareholders Very attractive properties There is Middle East involvement.

DON'T BUY

The model prices $53.35 which gives a 6.7% positive differential. Finding a lot of value elsewhere.

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Michael Sprung Intrawest ITW-T PAST TOP PICK Jun 12, 2003

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