Q: Pat: I’d like to get your analysis of Norbord (OSB). I’ve held this stock through some ups and downs, and I’m wondering why it has been on such a tear of late. I like the recent dividend increase, but it has been rather cyclical and I’m thinking now may be a good time to exit. Thank you for your response, I’ve lost track of how long I’ve been an IC member and continue to enjoy your sage advice.
A: Norbord Inc., $48.66, symbol OSB on Toronto (Shares outstanding: 86.1 million; Market cap: $4.1 billion; www.norbord.com), is one of the world’s largest producers of oriented strand board (OSB). That’s an engineered wood-panel product used as a plywood replacement in home construction and manufacturing. The company can produce more than 8.0 billion square feet of OSB at 17 plants in the U.S. Canada and Europe. Brookfield Asset Management owns 49% of Norbord.
In addition to OSB, the company also produces particleboard, medium density fibreboard and other engineered wood products.
In the three months ended July 1, 2017, Norbord’s revenue rose 19.9%, to $536 million from $447 million a year earlier. (All figures except share price and market cap in U.S. dollars.) Earnings jumped 126.2%, to $95 million, or $1.10 a share, from $42 million, or $0.49.
The gains are thanks to rising OSB demand across North America—the result of sustained growth in new home construction, repair and remodeling. Increased demand from developers of…
Privacy Policy and Terms of Use
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