Free Cash FlowDespite what seems to be management and board's best efforts to tank stock (or just poor investor relations and a severe lack of share ownership by management and board), CFX did generate positive free cash flow in Q2. Yes, this includes changes in working capital but inventory balances going into Q3 were still good. Q3 results are certainly going to be challenged with maintenance downtime and weak NBSK prices. But we've seen stronger NBSK pricing so far in Q4.
In a strong pricing environment CFX could generate $100M in Free Cash Flow in a couple quarters. In the current NBSK pricing/FX environment CFX should at minimum be free cash flow break even (without the working capital draw).
This doesn't justify a market cap of just slightly over $100M.