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Earlier this month, unseasonably warm temperatures in many parts of the country sent natural gas prices down to a 16-year low before rallying at month-end, driven higher by the onset of winter weather. Also freefalling this month was the Canadian dollar, which hit an 11-year low.

However, for one stock, the more seasonal weather and lower loonie are both working in the company's favour and have sent the price to a record high. That stock is Whistler Blackcomb Holdings.

A brief overview is provided below that may serve as a springboard for further research.

Whistler Blackcomb Holdings has a 75-per-cent interest in the Whistler Blackcomb mountain resort. While it is considered a small-capitalization stock, the company's eponymous resort is the largest and most visited mountain resort in North America, and has a reputation as one of the premier ski resorts in the world.

Whistler Blackcomb hosted the 2010 Olympic and Paralympic Winter Games. The stock has a market cap of approximately $900-million, steadily approaching the $1-billion mark.

While open all year, for this company it all comes down to the first three months of the calendar year – ski season – with that period accounting for more than 50 per cent of total revenue and over 80 per cent of the full year's earnings before interest, taxes, depreciation and amortization (EBITDA) realized in fiscal 2015.

For Whistler Blackcomb, the year is off to a strong start. While much of the country has experienced unseasonable warm temperatures in recent weeks, weather conditions have been great on the ski slopes in British Columbia. Whistler Mountain opened a week ahead of schedule, given favourable ski conditions from combined natural snow accumulation and chilly temperatures ripe for snow making.

Another tailwind for the company is the declining Canadian dollar. The loonie's fall may lead to an increase in international visitors, particularly Americans, while keeping Canadians skiers at home.

In addition, improving U.S. economic conditions may increase the number of destination guests.

Provided this ski season remains strong, the company may show attractive year-over-year growth given last season's poor ski conditions.

Dividend policy

Whistler Blackcomb pays shareholders a quarterly dividend of 24.375 cents a share or 97.5 cents a year, equating to an annualized yield of 4 per cent.

The company has maintained its dividend at these levels for several years.

The free cash flow payout ratio was 80 per cent in fiscal 2015, suggesting that the current dividend is sustainable.

Valuation

The stock is trading at a forward enterprise value to EBITDA multiple at the top end of its historical trading range.

Analysts' recommendations

According to Bloomberg, there are six analysts with buy recommendations and one analyst with a hold recommendation. Price targets range from $23 to $27.50, with the average one-year target price at $26.07, implying a potential price return of nearly 9 per cent.

Analysts have been revising their 2016 forecasts higher. The company reported revenue of $262-million in fiscal 2015. The consensus revenue estimate is $298-million in fiscal 2016, rising to $319-million in fiscal 2017. Whistler Blackcomb reported adjusted EBITDA of $93-million in fiscal 2015. The consensus EBITDA forecast is $114-million in fiscal 2016, growing to $124-million in 2017.

Technical analysis

The stock price remains in a multiyear uptrend. Year to date, it has appreciated 20 per cent. In 2014, the shares increased 23 per cent and in 2013 they advanced 35 per cent.

On Tuesday, the stock price closed at a record high at $24.69.

There is downside support around $23, and failing that around $22. The stock price has rallied strongly month to date, and may need to digest these gains before climbing higher.

The stock can be thinly traded, creating volatility in the price. The average daily volume over the past two months is approximately 51,000 shares.

Bottom line

For long-term investors seeking dividend income, this stock may represent an investment to consider owning within a diversified portfolio. As always, I strongly encourage readers to consult a financial adviser and to do their own proper due diligence before taking any investment action.

Jennifer Dowty, CFA, Globe Investor's in-house equities analyst, writes exclusively for our subscribers at Inside the Market. The author does not personally own shares in any of the securities mentioned in this story.