CANEXUS CORP 6.5 PCT DEBS T.CUS.DB.D

RE:RE:Canexus Guidance for 2015

[HAWK37]

With EBITDA of $92 million, at 8 times (very generous), the company is worth $736 million. With debt of $633 million ($616 mm + the January dividend), the equity is worth $103 million, or 55 cents a share. At that price, it yields 7.3 % (with a 4 cent dividend) which is about right. Lots of downside.