Trump Administration Lumber Tariffs Are Largely In Line With Expectations; Canfor Undervalued
On April 24, following an extended period of negotiation between the U.S. and Canadian governments and lumber companies, Secretary of Commerce Wilbur Ross announced the preliminary imposition of tariffs on U.S.-bound shipments of softwood lumber. The tariff will average 20% of the transacted value, which is in line with what we have currently assumed in our West Fraser and Canfor valuations. Given the substantial size of both Canfor and West Fraser, each company will face distinct tariff rates, ...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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