Q1If CFF had sold the extra production at Q1 selling prices, you would have an extra $1,053 less $725 per MBF. So maybe an extra 10 or 15 MBF equaling $3.3m to $4.9m in EBITDA for the quarter. That will be sold in Q2 at a higher price so a nice win.
Note the reported cost of goods sold per MBF has increased dramatically to an estimated $600 MBF with freight stable at $125 MBF.
And quarterly G&A at its highest level since Q3/19.
So aside from lumber prices, everything is going in the wrong direction.
Compare that to IFP. Cost per unit up very modestly, G&A up modestly, able to ship virtually everything they produce.
Place your bets.
A single mill in a subpar jurisdiction with rapidly rising costs, net debt and unable to ship everything they produce.
Or multiple mills spread across geographic and geopolitical jurisdictions, excellent cost containment at both the production and G&A level, net cash and no shipping issues.
And be sure to check the EV/EBITDA multiples. You might be surprised.