Canfor's 4Q Benefits From Buoyant Lumber Prices; Maintaining CAD 27 FVE
Canfor's rapid earnings growth remained consistent with our expectations through the fourth quarter. Strong Canadian housing demand and rising U.S. homebuilding have led to surging wood product prices. Favorable pricing, along with fairly robust volumes, more than doubled adjusted earnings per share to CAD 2.52 in 2017. We've left our CAD 27 fair value estimate per share and no-moat rating in place.Lumber segment performance was a highlight throughout the year. Adjusted EBITDA rose to CAD 176.7...
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