Weakening Prices Weigh on Weyerhaeuser's Margins; Mildly Reducing Our Fair Value Estimate
Weyerhaeuser's third-quarter results were decent, given falling wood product prices and hurricane related downtime in the Southeast. Consolidated adjusted EBITDA fell roughly 21% versus the second quarter, to $505 million. This was despite fairly high timberland sales of almost 62,000 acres, mostly located in Montana. We've modestly trimmed some of our production estimates for the Timberlands and Wood Products segments, decreasing our fair value estimate to $22.50 per share from $23. Our no-moat...Weyerhaeuser is a real estate investment trust. The company's business segments are: Timberlands, which provides delivered logs (grade logs and fiber logs), timber, recreational leases and other products; Real Estate, Energy and Natural Resources (ENR), in which Real Estate sells timberland tracts for recreational, conservation, commercial or residential purposes, whereas ENR sells rights to explore, extract and sell construction aggregates (rock, sand and gravel), industrial materials and oil and natural gas; and Wood Products, which provides structural lumber, oriented strand board, wood products, other products, and complementary building products.
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