Western Canadian Coal Corp. (WTN.TO) Buy,…

Western Canadian Coal Corp. (WTN.TO)

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DON'T BUY

Metalurgical coal is very cyclical in nature. A cautionary note on the junior coal companies in Canada:These are mines that are not cost competitive in a commodized industry. If coal prices roll back to $60, these companies won't make any money and will get mothballed again. Extremely high risk.

BUY

All the coal stocks have been running very hard. Coal prices are setting higher floors which is the key. Great asset base. Ultimately someone might buy them.

DON'T BUY

Doesn't know much about this company, but feels there is a mini euphoria going on right now with metalurgical coal. If you've made money, it might be an opportunity to pull some of it back.

TRADE

Looking at it and doing some work on it. An interesting company. Have started to ship "pulverized coal" to a company in Korea. A cheaper coal than metalurgical coal and is becoming more popular. There's a financing under way to allow them to bring 2 other properties into production, but you won't see earnings from these until 2007.

PAST TOP PICK

(A Top Pick Nov 25/04. Up 10.6%.) Still likes the metalurgical coal sector.

BUY

Has a couple of mines coming on stream over the next few years. Just signed a big contract with a Chinese steel company. The stock can go a fair bit higher. Cash flow earnings in the next couple of years will probably be $1.30/1.40. Could become a royalty trust and will be worth considerably more than it is now.

DON'T BUY

Pricing of coal has gone through the roof and stocks have probably been over done and will probably come down fast. Would stay out of the way in the near term. Look for China to start exporting steel, especially lower grade steel. Would prefer a Teck Cominco.

BUY

Will be shipping coal in January. You have to take a 3/4 year view for the outlook on energy. Prices will flucuate, so you can't get head faked out by selling when prices weaken.

BUY

Looks like contract price for coal will be $125 for long term which is up fro $58 last year. Likes it a lot.

DON'T BUY

Doesn't think they are even in production yet. Prefers Teck Cominco.

DON'T BUY

Had a big spike and you shouldn't chase it. Wait for it to consolidate for a while.

BUY

Coal prices have increased substantially and if they stay where they are, coal stocks should do very well.

HOLD

Relies on the steel industry continuing to do well.

TOP PICK

Just about to start their production in Britsh Columbia. Signing an agreement to share the Saxon.

BUY

Pretty good company. One of the cheapest. Good asset.

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Western Canadian Coal Corp. (WTN.TO)