Norbord's Sales and Earnings Surge on Higher Production and Lower Costs; Raising Fair Value Estimate
Norbord's production volumes exceeded our expectations, as mill utilization rates rose to roughly 94% during 2016. Global OSB volumes rose 13% year over year, while North American benchmark prices on OSB rose 30%. We expect sustained top- and bottom-line improvement in 2017 as pricing rises further amid a housing market recovery. In light of a faster production ramp and lower cash costs, we've modified our cost and volume forecasts. These changes led to higher margin assumptions in the near term...Norbord is a producer of wood-based panels with 17 plant locations in the U.S., Europe and Canada.
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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