Full Article at IIR has reaffirmed its Recommended rating for PIA after undertaking a review post the appointment of a new Portfolio Manager, Harding Loevner. The full report can be found on the IIR website. On 26 July 2021, Pengana International Equities Limited (PIA) announced a fully franked dividend of 1.35 cents per share for the June quarter. This represents an 8% increase on the March quarter dividend and takes the total dividends declared for FY21 of 5.1 cents per share, fully franked....
The independent financial analyst theScreener just upgraded the general evaluation of NORBORD (CA), a company active in the Building Materials & Fixtures industry. As regards its fundamental valuation, the title confirms its rating of 3 out of 4 stars while its market behaviour remains as risky. theScreener believes, however, that a more enabling environment allows the title to increase its general evaluation to Neutral. As of the analysis date December 22, 2020, the closing price was CAD 55.06 ...
A director at Norbord Inc bought 4,000 shares at 30.840CAD and the significance rating of the trade was 58/100. Is that information sufficient for you to make an investment decision? This report gives details of those trades and adds context and analysis to them such that you can judge whether these trading decisions are ones worth following. Included in the report is a detailed share price chart which plots discretionary trades by all the company's directors over the last two years clearly sh...
Healthy Sector Rotations Continue Note: We have resumed production of the Russell 1000 & 2000 grids, which you can find at the end of the attached Compass PDF. The rotation out of stay-at-home/COVID-19 beneficiary stocks and into reopening/economically sensitive stocks that we highlighted last week has continued, leading us to make several upgrades and one downgrade (see first bullet below). This broadening-out of participation and several other bullish developments highlighted below tells us th...
Increasing headship and homeownership rates among millennials remain a key tenet of our housing outlook. More millennials are indeed forming households and buying homes, but we've been repeatedly disappointed by the rate of headship and homeownership gains for this large age cohort. While we previously expected a sharper increase in home purchasing as millennials seized upon favorable ownership conditions, factors such as student debt and underemployment have proved more stubborn than we origina...
Norbord is the largest manufacturer of oriented strand board in North America, with more than 7.1 billion square feet of capacity throughout Canada and the Southeastern United States. This is the result of the all-stock acquisition of Ainsworth in 2015, which added 2.5 billion square feet of capacity. Norbord also has a smaller European panel segment, which can produce more than 2 billion square feet, including some that is allocated to particle board and medium density fiberboard. After seven l...
Increasing headship and homeownership rates among millennials remain a key tenet of our housing outlook. More millennials are indeed forming households and buying homes, but we've been repeatedly disappointed by the rate of headship and homeownership gains for this large age cohort. While we previously expected a sharper increase in home purchasing as millennials seized upon favorable ownership conditions, factors such as student debt and underemployment have proved more stubborn than we origina...
On the heels of a challenging fourth quarter, North American benchmark prices for oriented strand board fell another 8% to start 2019. Last year's capacity growth by industry participants suppressed prevailing prices, compounded by slower homebuilding as we entered the new year. One offset was robust demand growth in Europe, which drove volumes higher by 15% versus the fourth quarter. We've modestly lowered our production outlook for 2019 in North America to reflect the likelihood of curtailment...
Short Shots is a collection of technically vulnerable charts culled from the Negative Inflecting and Toppy columns within our Weekly Compass report or from various technical screening processes. The charts contained in this report have developed concerning technical patterns that suggest further price deterioration is likely. For these reasons Short Shots can also be a great source of ideas for investors interested in short-selling candidates.
On the heels of a challenging fourth quarter, North American benchmark prices for oriented strand board fell another 8% to start 2019. Last year's capacity growth by industry participants suppressed prevailing prices, compounded by slower homebuilding as we entered the new year. One offset was robust demand growth in Europe, which drove volumes higher by 15% versus the fourth quarter. We've modestly lowered our production outlook for 2019 in North America to reflect the likelihood of curtailment...
Norbord is the largest manufacturer of oriented strand board in North America, with more than 7.1 billion square feet of capacity throughout Canada and the Southeastern United States. This is the result of the all-stock acquisition of Ainsworth in 2015, which added 2.5 billion square feet of capacity. Norbord also has a smaller European panel segment, which can produce more than 2 billion square feet, including some that is allocated to particle board and medium density fiberboard. After seven l...
On the heels of a challenging fourth quarter, North American benchmark prices for oriented strand board fell another 8% to start 2019. Last year's capacity growth by industry participants suppressed prevailing prices, compounded by slower homebuilding as we entered the new year. One offset was robust demand growth in Europe, which drove volumes higher by 15% versus the fourth quarter. We've modestly lowered our production outlook for 2019 in North America to reflect the likelihood of curtailment...
While Norbord managed a remarkably strong 2018, supported by frothy panel prices early in the year, 2019 will grow more difficult for the wood products company. From the third to fourth quarter, adjusted EBITDA declined by roughly two thirds to $70 million. This is partially due to lower seasonal demand for OSB but was primarily driven by the sharp decline in benchmark panel prices amid weaker U.S. homebuilding. We had already been expecting relatively low prices, based on a fairly gradual climb...
Short Shots is a collection of technically vulnerable charts culled from the Negative Inflecting and Toppy columns within our Weekly Compass report or from various technical screening processes. The charts contained in this report have developed concerning technical patterns that suggest further price deterioration is likely. For these reasons Short Shots can also be a great source of ideas for investors interested in short-selling candidates.
Short Shots is a collection of technically vulnerable charts culled from the Negative Inflecting and Toppy columns within our Weekly Compass report or from various technical screening processes. The charts contained in this report have developed concerning technical patterns that suggest further price deterioration is likely. For these reasons Short Shots can also be a great source of ideas for investors interested in short-selling candidates.
While Norbord managed a remarkably strong 2018, supported by frothy panel prices early in the year, 2019 will grow more difficult for the wood products company. From the third to fourth quarter, adjusted EBITDA declined by roughly two thirds to $70 million. This is partially due to lower seasonal demand for OSB but was primarily driven by the sharp decline in benchmark panel prices amid weaker U.S. homebuilding. We had already been expecting relatively low prices, based on a fairly gradual climb...
While Norbord managed a remarkably strong 2018, supported by frothy panel prices early in the year, 2019 will grow more difficult for the wood products company. From the third to fourth quarter, adjusted EBITDA declined by roughly two thirds to $70 million. This is partially due to lower seasonal demand for OSB but was primarily driven by the sharp decline in benchmark panel prices amid weaker U.S. homebuilding. We had already been expecting relatively low prices, based on a fairly gradual climb...
While Norbord managed a remarkably strong 2018, supported by frothy panel prices early in the year, 2019 will grow more difficult for the wood products company. From the third to fourth quarter, adjusted EBITDA declined by roughly two thirds to $70 million. This is partially due to lower seasonal demand for OSB but was primarily driven by the sharp decline in benchmark panel prices amid weaker U.S. homebuilding. We had already been expecting relatively low prices, based on a fairly gradual climb...
Wood panel prices have fallen precipitously in recent months as supply bottlenecks eased and demand began to soften. Versus the prior quarter, the Random Lengths OSB Composite index fell 20% to average $379 per thousand square feet. A similar story played out in lumber prices over the same period. This led Norbord's sales to decline from an all-time-high of $707 million last quarter, to just $640 million in the third quarter. Consolidated adjusted EBITDA margins also contracted to 33%. On balanc...
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