RE:CFX financialsMost certainly cyclical and evenutally the pulp price will turn.
Interestingly in 2018 CFX' operating income before amortization was $326M ($150M over CFX's current enterpise value of $176M). The January 2024 NBSK price on the Shanghai exchange is US$850 vs. US$878 2018 average price delivered to China. Granted there are discounts and shipping costs so that price comparison isn't apples to apples but the point is the pulp price doesn't need to increase a lot for CFX to be highly cash flow positive.
With that said, NBSK have started to turn positive over the past two months... if that trend persists the cash flow flood gates could open significantly for CFX and illustrate how highly undervalued the stock currently is.