CIBC Revises EPS Estimates On Whistler Blackcomb
Thursday, December 15, 2021 3:04 PM

CIBC World Markets Inc. cut its earnings estimates on Whistler Blackcomb Holdings Inc. (TSX: WB.TO) to $81.50 from $85.30.

The brokerage has a "Sector Performer" rating on the stock, with a price target of $11.00.

Whistler Blackcomb Holdings Inc. owns a 75 percent interest in each of Whistler Mountain Resort Limited Partnership and Blackcomb Skiing Enterprises Limited Partnership, which, together, carry on the four season mountain resort business located in the Resort Municipality of Whistler, British Columbia. 

"We rate WB SP, balancing an attractive fully-covered 9.9% yield and best-in-class assets with the potential for continued depressed destination visits," CIBC analyst Alex Avery said in a note.

"Whistler opened Nov. 18 (six days early) and early indicators are positive: +17% higher accommodation bookings Y/Y and rising destination visitor demand. Regional demand is also strong. Improving visitor mix (34% destination, 66% local/regional in F11) will be a key factor in F12," Avery said.

The stock is up 0.71 percent to $9.97 on the Toronto Stock Exchange on Thursday. The shares have been trading in the 52-week range between $9.16 and $12.80.