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

Intrawest Holdings: A Melt-Up In The Snow?

Executive summary:

  • Intrawest Holdings (NYSE:SNOW) IPO brings to market another mountain resort and real estate play.
  • Fortress Investment Group (NYSE:FIG) remains a significant shareholder, creating potential negative catalyst if FIG sells remaining shares as it unwinds investments.
  • Mountain resort investments remain difficult given high capex model, high degree of seasonality and dependency on weather patterns.
  • SNOW's heli-skiing and real estate/land holdings are attractive businesses/assets.

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Shares of Intrawest Holdings went public on January 31 at prices well below the initial proposed range of $15 to $17 apiece. However, investors seem to be warming up to the shares; after the initial open of less than $12 apiece, the shares have run up over $13. This is good...

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