Forum Archive Index - February 2003

["Pat Fields" <pat_fields@hotmail.com>]

The key issue for THL is to, once for all, get the Britz campervan 
Australian operation sorted (which has been a cause for grief since its 
acquisition in 1999) - that's where the big bucks driving THL's bottom line 
are.  The rest of the operations (e.g., Red Boats, Kelly Tarlton's, Kiwi/Oz 
Experiences, etc.) are marginal contributors in the scope of things.  
However, THL looks undervalued after reaching $3.80 or so a couple of years 
ago and them plunging to 0.90 recently on the aftermath of Sept 11 and a 
major offload from overseas fund managers.

On the CDL side, personnally, I don't like the hotel industry. Bottom line 
is very sensitive to room utilisation levels, which in turn are quite 
fluctuating and difficult to manage unless you get into discounting.  High 
utilisation rates are very hard to sustain long term and, arguably, CDL 
Hotels do not have such a brand power to create any sustainable competitive 
advantage over other players - they're in a quasi commodity market.

Disc: Hold THL (long) - no CDL (long or short!)



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