Stockchase Opinions

Bruce Campbell (1)IntrawestITW.TODON'T BUYJan 27, 2004

Have had growth problems. Had missteps in warm weather resorts. Outlook is flat.
$23.80

Stock price when the opinion was issued

lodging
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DON'T BUY
The model prices $53.35 which gives a 6.7% positive differential. Finding a lot of value elsewhere.
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.
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.
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.
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.
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.
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.
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.
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.
STRONG BUY
Has been disappointing, but the company has solid value. It’s at less than book value. Has the capability of good cash flow and return on equity.
BUY
Debt heavy, so some risk. Trading at a substantial discount to what it’s worth. Can be volatile.
BUY
Olympics will help. The book value is higher than the present price.
DON'T BUY
Had a 20% increase on the newsof Vancouver winning the olymoics. Only a part owner of Whistler and this was too large a jump for the part they hold.
PAST TOP PICK
(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.