Magna Entertainment's debt-cutting horses have been waiting at the post since mid-September, prompting BMO Capital Markets to wonder,  where's the plan? As a result, analyst Peter Sklar now values the race track operator at a 25 per cent discount to his net asset valuation of $2.04 (U.S.) a share, resulting in the price target getting passed in the back stretch to $1.50 from $2. The stock is changing hands at $1.38, down 5.5 per cent, at 1:20 p.m. EST on the Nasdaq Monday. "ME continues to operate with an interim CEO and there has been little news flow regarding divestitures," he writes.