RE:RE:John Duncanson,very interestingAgree.
That siad, it's not that hard to back into. His take seems to be the regualr analsyts are alseep at the swtich. I agree. If you have a $100 target for WFT becuase you're forcasting $450 lumber, what happens when you're off by $200/mfbm? Well, quite a lot. That extra $1.4billion in cash needs to go somewhere right.
It's likely both mutliple expansion AND superior margins for longer. Even on numbers that are attenuated versions of what we're seeing now for pricing I can't for the life of me calculate any credible WFT price target below $140.
BTW, his fund has this by weight: The top 10 are about 90% of the total holdings.
Interfor Corporation 12.1 Canfor Corporation 11.5 West Fraser Timber Company Ltd. 11.4 Louisiana-Pacific Corporation 10.0 Weyerhaeuser Company 9.5 Boise Cascade Company 9.3 Stella-Jones Inc. 8.8 UFP Industries Inc. 7.3 Rayonier Inc. 7.3 PotlatchDeltic Corporation 7.2