Market Remains Too Optimistic About Persistence of Elevated Panel Prices for Norbord
Norbord notched yet another strong quarter as structural panel prices remained elevated and shipment levels remained roughly in line with our expectations for the year. The principal tailwind for the business has been a positive price/cost relationship, with benchmark OSB prices up almost 24% from last year, and costs up just 2% in North America. With panel prices ahead of our expectations year to date, and due to a weaker Canadian dollar, we've lifted our fair value estimate to CAD 44 from CAD ...Norbord is a producer of wood-based panels with 17 plant locations in the U.S., Europe and Canada.
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