Mike Arnold
Long only, small-cap, tech, growth at reasonable price

No Sale At Vail Resorts

Executive summary:

  • Shares of Vail Resorts (NYSE:MTN) remain fully valued.
  • Legal dispute regarding Park City mountain resorts is a distraction.
  • New publicly traded comps, including Intrawest Holdings (NYSE:SNOW) provide relative valuation metrics for Vail.

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Here we are in the middle of ski season, and much like the lift ticket prices at Vail Resorts , the shares are no bargain either. To be certain, Vail is the king of the mountain and it is being priced accordingly. To give an idea about the range of its activities, Vail owns:

Vail, Breckenridge, Keystone and Beaver Creek mountain resorts in Colorado; the Heavenly, Northstar and Kirkwood mountain resorts in the Lake Tahoe area of California and Nevada; the...
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