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To: Wallace Rivers who wrote (27049)	6/11/2007 1:54:45 PM
From: Paul Lee	Respond to of 78467

Time-share Titan Wyndham: Underfollowed and Underappreciated - Barron's Sunday June 10, 8:11 am ET Eli Hoffmann submits: Annotated article summary from this weekend's Barron's. Receive all our Barron's summaries by signing up here: Hospitality Sweet by Leslie P. Norton Summary: Wyndham Worldwide Corp. (NYSE: WYN - News) makes the lion's share of its cash flow (74%) from the time-share industry, in the form of hotel bookings (41%) and a vacation exchange which facilitates time-share trading for its 3.4M members. Once considered a shady business, time-share is now used by industry giants like Marriott International Inc. (NYSE: MAR - News) and Walt Disney Company (NYSE: DIS - News). The industry has posted double-digit growth for most of the last twenty years. Since becoming its own entity last August (it was spun out from Cendant) at $32, share are up only $3, and its trailing-earnings ratio is just 20x, vs. 24x for Starwood Hotels & Resorts Worldwide (NYSE: HOT - News) and 28x for Marriott. Possible reasons: an under-appreciation of the time-share model; its hotel properties are low-priced and geared towards leisure travellers, while industry strength is perceived in the luxury and business segments; the average time-share client (income $85,000, age 58) is seen as 'uncomfortably stretched' in today's economy. CEO Stephen Holmes counters that defaults on time-share finance payments have remained stable due to their relatively small size, and says a recent $600M note offering backed by time-share receivables was "way oversubscribed." Earnings tripled in Q1 2007 on an increase in room revenue, strong vacation-ownership demand, and an acquisition. The company upped its 2007 guidance from $1.98 to $2.17 (vs. $1.70 in 2006), announced a $0.04 cash dividend to begin in Q3, and is repurchasing shares. Gabelli & Co.'s Amit Kapoor says the overrated concerns make Wyndham an "exceptionally cheap" stock. Using 12x 2007 cash flow minus net debt, he puts shares at $58, 66% above current prices. biz.yahoo.com

To: Wallace Rivers who wrote (27049)	6/11/2007 2:26:09 PM
From: Paul Senior	Respond to of 78467

Wallace Rivers,I've gone instead with COSI. I'm speculating the stock outperform PNRA ... in '08, maybe '09.

To: Wallace Rivers who wrote (27049)	6/11/2007 3:48:56 PM
From: Suma	Read Replies (1) \| Respond to of 78467

They just opened one here in Boone, NC...a rather small town but it is crowded with the college students as ASU. I have one in Sarasota which we like very much and their servings are worthy of the price.However here on the opening week I got such scanty portions I wrote to the company who said they would have the manager call me. He hasn't. They are offering souffle's in the mornings now.. AS long as they can have them and from all reports from those who have had them.... 3 varieties they are GREAT. I could have had CROX last summer and thought better of it. Big regret. They have come out with other lines... CMG is my favorite. It is great.. All organic meats...and not much over head as you stand in line and choose what you want on your plate or wrap. Just great food... They are multiplying and hope Sarasota gets one soon as right now we drive 30 miles one way to get a dinner..THAT GOOD. Thought MCD was a great buy at 33 and regret not getting that stock. What I cannot see is Buffalo Wings flying. Such unhealthy food.