RE:Severely Undervalued!Nice, good call jumping into it. I wouldn’t read too much into relative performance for some of the special situations -- being thinly traded is an adventure that will prompt outsized movement either way, often decoupled from the rest of the pack. You'll see that in the sector with RYAM and now RFP and CFX. Massive jumps up out of the blue as the reversion to the mean kicks in.
RBC's take is wild given its superficially and historically good, but blindingly conservative still. $32M is the standard $14M in power, leaving an implied $18M from the mill. That's barely a $60 CAD per mfbm margin. If we see 2021 average US $600, even assuming a really high $400 breakeven, the mill could generate US $48M alone. Given how things are shaping up I expect to see upwards revisions soon. I think $50M CAD or just over $200/mfbm for FY21 earnings makes sense based on what I see today.