Favorable U.S. Demographics Will Support Robust Homebuilding Activity, Underpinning Lumber Demand
Over the past week, Canfor announced a capacity curtailment, the purchase of Elliott Sawmilling in South Carolina, and the major purchase of Vida Group in Sweden. Although we believe these decisions are slightly value-destructive, the impact is modest and our fair value estimate is unchanged at CAD 23.50 per share. Our no-moat rating also remains intact.In our view, Canfor's purchases of both Elliott Sawmilling and Vida are marginally value-destructive for current shareholders. Elliott was purc...
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.
Morningstar, Inc. is a leading provider of independent investment research in North America, Europe, Australia, and Asia. The company offer an extensive line of products and services for individual investors, financial advisors, asset managers, and retirement plan providers and sponsors.
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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