RE:RE:pretty poor report. Good points. The analysts salivate over big EBITDA at the end of the day. Show me lumber at $450/mfbm USD and WEF is ho-hum, but pleasent. IFP literally goes insane (crude back of the napkin is they could pocket a quarter billion a year at those prices). It's just so big and leveraged to commodity lumber that is based on exploiting du*b foks down south (great buy-in prices) plus they are aggressively centralzing logistics and logging in Geoergia that they are posied to make a killing. They're just tenuous at anything under 300/mfbm USD.
In sum, IFP is a great story for a finance guy to hear. WEF is being nice and returning capital via the divy, but can't make a buy to save their life. This matters for fixed income folks and the like, but you will be taking this divy at the exposne of capital gains. Can't have it both ways. In contrast, IFP hired the most focused and likely terrifying investment banker they could find to head up M&A. He's wrecking havoc down in the USA. It's just a difference in philosophy. I just wouldn't wanna be the guy in the negociating vs. IFP if I had a family mill in play. And that's good for sharehodlers.
Sorry for the spelling. I live and die on red underlines that magically appear (they don't here). I promise I'm not as stunned as I sound.