RE:RBCI think I've said this before, but thank you for posting this!! It's most appreicated and a big help.
Great context on the M&A -- I had not considered that.
I think the elephant in the room is multiple expansion. A target os 6.25 is an absolute absurdidy IF the industry conditions can stay robust (e.g. lumber at $500/mfbm). I think it can given the fundamentals. Moreover in a cash-starved envrionment (supporting fundamentals in terms of building activity) this cash should be more valuable. I could see WY type multiples for IFP and WFT in the future. Imagine Paul Quinn casually tossing out 10.0x EBITDA as a target for a fully de-leveraged firm. That's a bit of $40/share by my math. We are not getting that in the next year, but 2022? 2023? Will be interesting.
Next step is to pay sharehodlers to wait. I mostly trust IFP's board to follow the Norbord model rather than that of Canfor.