Cramer also said tonight on CNBC’s MAD MONEY that the old Cendant value is a up a combined 32% higher than its break-up last year. There is a laggard there, and that is Wyndam Worldwide Corporation (WYN-NYSE) which owns Ramada and timeshares. Cramer said this is a much better value than it used to be and WYN makes more money than other timeshare companies. Cramer said even with the housing bust that timeshares aren’t imploding like they would have before. Cramer thinks this one is the value out of the Cendant break-up. It trades at 17-times forward earnings and every part of the old Cendant is attractive to a buyer. Cramer said you can’t call it the same as a Four Seasons value to buy, but it doesn’t deserve a multiple less than half of that buyout. He thinks it’s too cheap and could be bought.
Jon C. Ogg
April 10, 2007
Jon Ogg can be reached at [email protected]; he does not own securities in the companies he covers.
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