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

Whistler Blackcomb: World Class Mountain Resort And Stable Dividend

Whistler Blackcomb Holdings (OTC:WSBHF) ("Whistler" or "the company") operates North America's leading four season/ski resort in Whistler, British Columbia. Whistler was listed by its private equity owners Fortress Investment Group (via its ownership of Intrawest Holdings) in November 2010, after hosting the Winter Olympics earlier that year and raising investor awareness to the value proposition underlying Whistler. The IPO raised $298 million, valuing Whistler's equity at that time at around $450 million. Today, shares trade at roughly a $480 million valuation.

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The Business

Whistler's growth profile is limited, in my opinion. The lion's share of revenue (85%) is derived from lift ticket sales, which is driven by two factors: (1) number of tickets sold and...

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