Canfor Notches Solid Third Quarter; Raising Fair Value Estimate to CAD 24 on Announced Capital Plans
Canfor's reported a solid third quarter, turning in adjusted EBITA of CAD 195.4 million, up nearly 25% from the year prior. Elevated lumber prices have kept margins high, amid strong homebuilding activity in Canada and marginally stronger construction activity in the United States. While we expect the fourth quarter to be seasonally weaker, we think margins will widen further in the coming years amid strengthening U.S. housing starts. Management also announced a capital improvement project (CAD ...Canfor is an integrated forest products company with facilities in Canada and the U.S. Co. has two reportable segments: Lumber and Pulp and Paper. The Lumber segment includes logging operations, and manufacturing and sale of various grades, widths and lengths of lumber, engineered wood products, wood chips and wood pellets. The Pulp and Paper segment includes purchase of residual fibre, and production and sale of pulp and paper products, including Northern Bleached Softwood Kraft and Bleached Chemi-Thermo Mechanical Pulp as well as energy revenues.
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Morningstar provides data on approximately 530,000 investment offerings, including stocks, mutual funds, and similar vehicles, along with real-time global market data on more than 18 million equities, indexes, futures, options, commodities, and precious metals, in addition to foreign exchange and Treasury markets. Morningstar also offers investment management services through its investment advisory subsidiaries and had approximately $185 billion in assets under advisement and management as of June 30, 2016.
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