Western Potash (WPX.TO) Buy, Sell or Hold

Western Potash (WPX.TO)

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COMMENT

Potash Corp. (POT-T) has been cutting back production and she expects potash to underperform other commodities. This one is a quality name for a long-term buyer.

COMMENT

Great asset base. Has been on the block since it completed its feasibility study and there have been talks of Chinese interests. Resource is massive and is in Saskatchewan.

BUY

Really likes this one. Now that there is a little more liquidity in the marketplace, he thinks agriculture names have bottomed. Getting into a better seasonal position as they tend to do well in the spring. This is a junior player and not into production yet. He could easily see it as a takeout at $2-$3.

COMMENT

Likes the project and the management. Geology looks great. There is a takeout possibility. If she were to own a potash company, this would be the first on her list.

DON'T BUY

Technically, the chart does not show any support. He would say it is sitting in the $.90-$1.30 channel. They are obviously waiting to find a buyer. He doesn't like names like this because it is a “what if” story. Also, the commodity is going against them.

DON'T BUY

Delivered a positive feasibility study. Trimmed his position as he felt it would be a little while before there would be some more positive news coming out. He has now pulled back his view on the agricultural sector and would have a net short position generally.

COMMENT

If you have a strong conviction that this will be taken out, then continue to hold but he looks at the market, which is really bombed out, and questions what his reward would be. If you're going to play this sector, he thinks that Potash (POT-T) is a great deal right now.

DON'T BUY

Most people think this is a pretty good name. Huge cost in building a potash mine. Theirs would be a little cheaper than a traditional mine. Cap X will be hard to come by. It will be tough for it to get visibility to investors.

WAIT

Has a beautiful base. Ready to be breaking out - above $1.40, but should go with POT-T

COMMENT

Expect at some point in time there will be a takeover bid from somebody.

BUY

Potash. Feasibility study, which is due by the year end, is going to delineate a resource and very positive economics. On a takeover, you could easily see $2.50-$3.

BUY

A pretty good asset. Potash will continue to be an important asset through out the world. Not a bad deal.

DON'T BUY

Can’t say which ones are going to get taken out. Western Pot ash is a potentially larger asset. But they have a tractor run where they have to settle how to get rid of water. Prefers another that he thinks wants more to mine.

BUY

If this were to be taken out, it would be after they feasibility study. A fantastic resource. Could see an upside scenario in the $3 range on a takeover.

COMMENT

As they continue to achieve their milestones, at some point someone will step in to acquire them. He is bullish on potash.

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