Rising Lumber, Panel, Pulp Prices More Than Offset Lower Volume; Raising West Fraser FVE to CAD 77
Lumber and pulp prices increased as a result of strong demand throughout the first quarter, which boosted West Fraser Timber's EBITDA margins despite reduced shipment volume. While we had previously expected pulp demand to soften and lumber supply constraints to ease during the first quarter, we've raised our near-term profit forecast for West Fraser to reflect tighter market conditions in 2018. Accordingly, our fair value estimate increases to CAD 77 per share from CAD 72. Our bullish housing f...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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