Vincor International Ltd. (VN.TO)

DON'T BUY
Analysts reports are quite bullish, but the market isn't following through on this.
TOP PICK
A defensive pick. Good valuation at mid-teens X earnings. Good growth. Growth by acquisition.
BUY
In 3/5 years it's going to be a great company in terms of being in the top 10 of the world's vintners and distributors. There's a negative sentiment on the street because of disappointing earnings. Patience is getting tried, but still adding for new accounts.
BUY
Has been a good long term growth stock. Trading around 11 X cash flow. Numbers were a little disappointing in the last quarter, so the stock sold off. Likes the company and their growth by acquisition.
PAST TOP PICK
(A Top Pick Oct 28/04. Up 5%.) Was surprised at the drop in the stock today as the earnings looked very respectable. The knock against the stock is that growth is by acquisition, not organic. Remains one of his top picks and is buying for new accounts.
TRADE
Has been a terrific marketing story. Good management. Not a high volume trader. Doesn't follow the stock.
STRONG BUY
Very topical as there is tremendous buying around the world of wines and wine companies. Vincor has made some very good moves, good expansion, expected to be a take out one day. Not too expensive.
PAST TOP PICK
(A Top Pick Aug 26/04. Up 14%.) Still likes. Made a nice acquisition. Expects consolidation in the industry which should be positive for them.
PAST TOP PICK
(A Top Pick Oct 28/04. Up 11%.) Will become a world class wine producer and distributor of new world wines.
DON'T BUY
Have done a pretty good job. Not a fabulous year, but not bad. Very competitive. A continuing fight for market share.
BUY
Has had a slow and steady move upwards over the last year. Makes acquisitions out of its own cash flow. This also allows it to distribute its other brands internationally.
TOP PICK
Good management. Good global distribution network.
TOP PICK
(A Top Pick Aug 4/04. Down 4%.) Still buying.
WEAK BUY
Demographically people will switch to wine as they age. A little bit of upside to this stock. Very small free cash flow.
TOP PICK
Has been a Top Pick in the past. Feels wine consumption is going to continue to accelerate. Has a goal of being in the top 10% providers. Looking for earnings of $2.40 next year and $3/3.25 the following year.
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