Pat: How do you feel about Canfor or West Fraser Timber? Which one would you invest in for a safe investment over the long term? Is there another company in this industry that you would recommend?
We haven’t found any specific lumber or forest products companies we want to recommend as buys. But here’s a look at Canfor and West Fraser Timber:
Canfor Corp., $27.25, symbol CFP on Toronto (Shares outstanding: 135.4 million; Market cap: $3.7 billion; www.canfor.com), is a leading North American producer of softwood lumber, with 5.2 billion board feet of annual capacity located across Western Canada and the southeastern U.S.
The company also has exposure to softwood pulp markets through its 50.4% ownership of Canfor Pulp LP.
Canfor is making money and has very low debt, which is important for a firm in a cyclical business like forestry. The company holds cash of $146.4 million, or $1.08 a share. Its $153.4 million of long-term debt is just 4.3% of its $3.6-billion market cap.
The stock trades at 19.1 times this year’s forecast earnings of $1.43 a share and at 12.3 times Canfor’s estimated 2015 earnings of $2.21 a share.
Canfor Corp. is okay to hold.
West Fraser Timber, $59.06,…
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