Interfor Corp T.IFP

Price to Book Ratio

[Apaulson]

Canfor's Price to Book ratio has never been this low.  Interfor was only lower back 2008 during the Great Financial Crisis.  The next year, the stock price went up 184%.  If you can hold through the next couple quarters, I think you will be rewarded.

Price to Book Value	CFP	IFP	IFP vs. CFP Difference
December 31, 2003	0.84	0.70	0.14
December 31, 2004	1.12	0.87	0.25
December 31, 2005	0.93	0.91	0.02
December 31, 2006	0.69	0.74	(0.05)
December 31, 2007	0.69	0.71	(0.01)
December 31, 2008	0.70	0.19	0.51
December 31, 2009	0.84	0.60	0.24
December 31, 2010	1.10	0.73	0.37
December 31, 2011	1.34	0.59	0.75
December 31, 2012	2.13	1.20	0.93
December 31, 2013	2.30	1.35	0.96
December 31, 2014	2.47	2.02	0.45
December 31, 2015	1.65	1.27	0.38
December 31, 2016	1.17	1.26	(0.09)
December 31, 2017	1.88	1.74	0.14
December 31, 2018	1.02	1.03	(0.01)
December 31, 2019	0.92	1.18	(0.26)
December 31, 2020	1.30	1.47	(0.17)
December 31, 2021	1.14	1.55	(0.41)
December 31, 2022	0.59	0.51	0.08
* Excluding CFP's net cash on hand at 2022-09-30, CFP's price to book on Dec. 31, 2022 would be 0.41.

[cfliesser]

Also note that IFP was a small junior back then. Now it's similar size to CFP... So the wild swings made more sense back then

[Apaulson]

Yea, good point. Interfor has transformed since 2008 and is a way bigger and stronger company. They also have approximately $7 per share (@ 55% of face value) in us lumber tariffs on duty. That's not even factored into the share price. It's a matter of when, not if they get that back.

[Possibleidiot01]

The softwood lumber dispute has gone on so long that I feel it might outlive me ; for that reason I feel it shouldn't be factored into any valuation.   12h ago BNN   'Disappointing' that U.S. pressing ahead with duties on Canadian softwood lumber: Minister Ng The Canadian Press AddThis Sharing Buttons Share to