Lumber Tariffs Look Likely Under Trump, but Canfor and West Fraser Remain Undervalued
Following President-elect Donald Trump's nomination of Robert Lighthizer as U.S. trade representative, stiff U.S. tariffs on Canadian lumber exports appear highly likely. Our wood product company models now assume a 20% tax on southbound Canadian lumber will be rolled out shortly. Concurrently, we've lowered our near-term forecast for U.S. housing starts, essentially deferring the cyclical peak for wood product company earnings (see our Jan. 18 note "Household Formation Lags Expectations in 2016...Louisiana-Pacific is a provider of building solutions serving the new home construction, repair and remodeling and outdoor structures markets. The company has four segments: siding, which includes LP SmartSide? Strand and Fiber trim and siding, as well as LP Outdoor Building Solutions? products for outdoor buildings; oriented strand board (OSB), which manufactures and distributes OSB structural panel products; engineered wood products, which include LP SolidStart? I-Joist, Laminated Veneer Lumber, and other related products; and South America, which manufactures and distributes OSB structural panel and siding products in South America and certain export markets.
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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