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Stella-Jones Inc T.SJ

Alternate Symbol(s):  STLJF

Forest Products Lumber & Wood Production
Stella-Jones Inc. is a Canada-based manufacturer of pressure-treated wood products. The Company is focused on supporting infrastructure that is essential to the delivery of electrical distribution and transmission, and the operation and maintenance of railway transportation systems. It supplies the electrical utilities and telecommunication companies with wood utility poles and North America’s short line and commercial railroad operators with railway ties and timbers. The Company's infrastructure product categories also include industrial products, namely wood for railway bridges and crossings, marine and foundation pilings, construction timbers and coal tar-based products. Additionally, the Company manufactures and distributes premium treated residential lumber and accessories to Canadian and American retailers for outdoor applications, with a significant portion of the business devoted to servicing Canadian customers through its national manufacturing and distribution network.


TSX:SJ - Post by User

Stella-Jones Inc
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Post by retiredcfon Oct 24, 2024 10:27am
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Post# 36280155

RBC

RBCOctober 23, 2024

Stella-Jones Inc.

Connecting The Dots: SJ flash read-through - VMI Q3 results highlight strong utility demand

TSX: SJ | CAD 86.18 | Sector Perform | Price Target CAD 97.00

Sentiment: Neutral

Our take. Stella-Jones’ US peer Valmont (not covered), which makes utility support structures among other things, today reported Q3 results that came in ahead of expectations (Valmont shares are up +10% on the day). Overall, we see commentary from the conference call as in line with our favourable utility pole outlook at Stella-Jones and therefore as neutral (positive bias) to sentiment. Our positive bias stems from commentary that utility pole capex is expected to remain "elevated for many years" vs. our expectation for a return to high-single digit growth rates in 2026 (from mid-teen in 2024 and 2025). Stella-Jones reports results in two weeks and key for us on the call will be colour on the utility pole volume outlook, in addition to pole pricing trends given increasing capacity across the industry.

What happened? Stella Jones’ US peer Valmont today reported Q3 results, with adjusted EPS of $4.11 coming in ahead of consensus $4.01.


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