Opinions

Bruce Campbell (2) Canfor Corp CFP-T WEAK BUY Sep 19, 2024

Homebuilding stocks in the US have been going straight up, but Canadian forestry stocks have been going the other way. WFG has done the best in holding its share price.

IFP and CFP have really started to bottom on the charts. He hasn't done enough digging to know who has a better earnings profile. But looking at the charts, one of these might be a good bet to catch up to WFG and to the US homebuilders. Lower interest rates will have an impact as well.

Bruce Campbell (2)

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$16.490

Stock price when the opinion was issued

west coast forestry

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PAST TOP PICK

(A Top Pick Jul 02/21, Down 3%) A play over the next year. If you look at housing demand in US and Canada over the next 5 years, there will be increasing demand for lumber. Trading at only 2x this year's earnings. Earnings for 2022 will be solid.

PAST TOP PICK

(A Top Pick Jul 02/21, Down 8%) Will continue to hold as still thinks a strong company. Currently trading at 2x earnings. Stock very attractive at current price. Volatility in lumber pricing creating opportunity for long term investors.

BUY ON WEAKNESS

Demand for wood products rising. Lumber will continue to be in demand for housing and energy. Buy on weakness.

WATCH

He sold all lumber stocks after the huge runup. But if he had to look at one, this would be it. Over $10 cash per share, with stock at $24, which means over 40% of company value is net cash. Lots of optionality. Intriguing.

DON'T BUY

The market doesn't believe their balance sheet; shares keep falling. He forecasts 60% downside. Massive losses for the company.

TRADE

Very cyclical. Higher rates have meant lower housing starts. She doesn't play in the pure-play commodity space too much, more trading vehicles than long-term holds.

WATCH

Shows the struggles in forestry and wood products. Now in the part of the cycle of reducing capacity. US market is what will drive the upside, but rebound could be 3 months or 2 years away. You could start looking at it.

Unspecified

It looks like it is at a bottom which it has hit three times and it is close to its $14 support level. He doesn't see a reversal from its long downward drop. Be careful - sell if it goes below $13.75.

BUY

TOL is one of the biggest homebuilders in the US, and a leading indicator. When it starts to go, as it has in the last few days, it's usually good for the lumber stocks.

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Bruce Campbell (2) Canfor Corp CFP-T WEAK BUY Sep 19, 2024

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