West Fraser's EBITDA Surges on Higher Pricing and Lower Costs; Raising Fair Value to CAD 61
West Fraser's third quarter handily exceeded even our bullish expectations, growing adjusted EBITDA by a massive 160% year over year. Falling net log costs were a welcome surprise, with U.S. prices down more than enough to offset higher prices in British Columbia. Seasonally higher lumber demand in the third quarter continued to drive dimensional lumber prices higher, up 44% in Canadian dollar terms. We think this quarter is just the tip of the iceberg. We continue to see substantial upside for ...West Fraser Timber is an integrated wood products company producing lumber, newprint, wood chips, plywood, panels and pulp and paper products.
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