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Westaim Corp V.WED

Alternate Symbol(s):  WEDXD

Financial Services Asset Management
The Westaim Corporation is a Canadian investment company specializing in providing long-term capital to businesses operating primarily within the global financial services industry. The Company invests, directly and indirectly, through acquisitions, joint ventures and other arrangements, with the objective of providing its shareholders with capital appreciation and real wealth preservation. Its strategy is to pursue investment opportunities with a focus towards the financial services industry and grow shareholder value over the long term. Its investments include significant interests in Arena and the Arena FINCOs. The Arena FINCOs are private companies which include specialty finance companies that primarily purchase fundamental-based, asset-oriented credit and other investments for their own account. Arena consists of two main business lines: Arena Investors and Arena Institutional Services (AIS). Arena Investors operates as an investment manager.


TSXV:WED - Post by User

Westaim Corp
Bullboard Posts
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Post by greatemailslobon May 21, 2010 4:17pm
763 Views
Post# 17123214

GMP says 80 cents

GMP says 80 cents

Initiating coverage on Westaim following acquisition of Jevco

Jevco is a leading insurer of motorcycles, non-standard autos, surety and other

commercial and personal lines of business. Jevco was acquired from Kingsway

Financial Services Inc. and represented its profitable Canadian business.

Well positioned for growth

Jevco has delivered profitable underwriting in its core businesses for many years

with reserve redundancy. We believe with prices hardening and an improved capital

structure, premium growth can be improved.

Strong management team hitting all milestones so far

Since the acquisition was announced, Westaim has delivered on key milestones

including, closing on time, restructuring the management agreement with Goodwood

and obtaining a credit rating increase. We believe this should increase confidence

in management.

Initiating with a
.80 target price and a BUY recommendation

We value Westaim using a 1.4 times price to book multiple applied to our forward

book value. We are initiating coverage on Westaim with a target price of
.80 and

a BUY recommendation.

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