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To: kidl who wrote (7513)	3/21/2006 5:39:00 PM
From: Condor	Respond to of 25575

OT Tim Hortons IPO--Cannacords Pescod tonight TIM HORTONS INC. It’s probably going to be one of the hottest stock issues ever done in Canadian history. There’s not too many in the retail crowd going to get a sniff of any paper. Heck, even the institutions have to fight like dogs to get tiny allotments, but independent research firm Veritas has taken a good look at “Timmy’s” and has come up with a report called - “Roll Up The Rim...Buy this before your double double and enjoy them both”. In the 23-page report, they suggest that as far as intrinsic value quotes, “Based on current operations and modest growth assumptions, Tim Hortons appears to be undervalued at the suggested offering price of $21—$23. (Today, it’s raised to a higher level). We see current operations worth $29 and modest future growth in restaurants worth another $9 per share, for a total of just under $38”. They also give a good history of Tim Hortons which was founded by the legendary Toronto Maple Leaf (back in the days when they actually had a hockey team there) defenseman Tim Horton as a way of supplementing his hockey income and giving him something to do in his post hockey career. Starting in Hamilton, the company has grown to over 2900 restaurants in Canada and the US….and I swear we visited many of them and stood in lines in virtually all of them. Veritas gives a lot of credit to the management skills of Ron Joyce who took over the original store in 1965 and quickly became a partner. Either way, Wendy’s, which is selling off their chunk of stock, looks like they are going to do quite well with this. A great report and history on Tim Hortons by the folks at Veritas.