Kiss of death-ticket prices up 5.6% skiers visits down 1% in the best snow year in decades. In outlook they used the word lower like 12 times--across the board--skiing, lodging, Real estate. At 11 times EBITDA for no growth?? try 7 times or $30/share. I am outa here.
The best snow year in 15 years and they missed everything. If the 2008-09 season is "normal" we will be crushed. RE will also crater. This is not looking good. Since they are a land bank of sorts and all RE depreciation is in the land, we are going down faster than RE in general. Is there some reason to own this until next spring? real estate --poor: normal snow--poor: bad economy--poor. Where is the good news and it is not a cheap stock.