Recent Insider Transactions • Dec 21
President of Tissue Group recently sold €941k worth of stock On the 15th of December, Patrice Minguez sold around 48k shares on-market at roughly €19.76 per share. This transaction amounted to 49% of their direct individual holding at the time of the trade. This was the largest sale by an insider in the last 3 months. Insiders have been net sellers, collectively disposing of €2.3m more than they bought in the last 12 months. Recent Insider Transactions • Dec 09
Insider recently sold €329k worth of stock On the 2nd of December, John Lafave sold around 16k shares on-market at roughly €20.12 per share. This transaction amounted to 11% of their direct individual holding at the time of the trade. This was the largest sale by an insider in the last 3 months. Insiders have been net sellers, collectively disposing of €1.1m more than they bought in the last 12 months. Recent Insider Transactions • Dec 02
President of Wood Products Division recently sold €99k worth of stock On the 28th of November, Hugues Simon sold around 5k shares on-market at roughly €20.39 per share. This transaction amounted to 89% of their direct individual holding at the time of the trade. This was the largest sale by an insider in the last 3 months. Insiders have been net sellers, collectively disposing of €348k more than they bought in the last 12 months. Reported Earnings • Nov 05
Third quarter 2022 earnings released: EPS: US$1.12 (vs US$1.01 in 3Q 2021) Third quarter 2022 results: EPS: US$1.12 (up from US$1.01 in 3Q 2021). Revenue: US$974.0m (up 19% from 3Q 2021). Net income: US$87.0m (up 8.7% from 3Q 2021). Profit margin: 8.9% (in line with 3Q 2021). Revenue is forecast to decline by 5.4% p.a. on average during the next 3 years, while revenues in the Forestry industry in Europe are expected to remain flat. Over the last 3 years on average, earnings per share has increased by 95% per year but the company’s share price has only increased by 83% per year, which means it is significantly lagging earnings growth. Reported Earnings • Aug 05
Second quarter 2022 earnings released: EPS: US$3.30 (vs US$3.37 in 2Q 2021) Second quarter 2022 results: EPS: US$3.30 (down from US$3.37 in 2Q 2021). Revenue: US$1.06b (down 7.2% from 2Q 2021). Net income: US$256.0m (down 4.5% from 2Q 2021). Profit margin: 24% (in line with 2Q 2021). Over the next year, revenue is expected to shrink by 4.2% compared to a 5.2% growth forecast for the industry in Germany. Over the last 3 years on average, earnings per share has increased by 82% per year but the company’s share price has only increased by 65% per year, which means it is significantly lagging earnings growth. Valuation Update With 7 Day Price Move • Jul 05
Investor sentiment improved over the past week After last week's 19% share price gain to €14.04, the stock trades at a forward P/E ratio of 3x. Average forward P/E is 8x in the Forestry industry in Europe. Total returns to shareholders of 147% over the past three years. Valuation Update With 7 Day Price Move • Jun 09
Investor sentiment improved over the past week After last week's 16% share price gain to €15.51, the stock trades at a forward P/E ratio of 3x. Average forward P/E is 9x in the Forestry industry in Europe. Total returns to shareholders of 215% over the past three years. Reported Earnings • May 06
First quarter 2022 earnings released: EPS: US$2.71 (vs US$1.07 in 1Q 2021) First quarter 2022 results: EPS: US$2.71 (up from US$1.07 in 1Q 2021). Revenue: US$945.0m (up 8.2% from 1Q 2021). Net income: US$210.0m (up 141% from 1Q 2021). Profit margin: 22% (up from 10.0% in 1Q 2021). Over the next year, revenue is expected to shrink by 5.6% compared to a 6.3% growth forecast for the industry in Germany. Over the last 3 years on average, earnings per share has increased by 59% per year but the company’s share price has only increased by 31% per year, which means it is significantly lagging earnings growth. Valuation Update With 7 Day Price Move • Apr 22
Investor sentiment improved over the past week After last week's 15% share price gain to €13.27, the stock trades at a forward P/E ratio of 2x. Average forward P/E is 11x in the Forestry industry in Europe. Total returns to shareholders of 112% over the past three years. Recent Insider Transactions • Mar 16
Insider recently sold €102k worth of stock On the 15th of March, John Lafave sold around 8k shares on-market at roughly €12.59 per share. This was the largest sale by an insider in the last 3 months. Insiders have been net sellers, collectively disposing of €92k more than they bought in the last 12 months. Valuation Update With 7 Day Price Move • Dec 11
Investor sentiment improved over the past week After last week's 17% share price gain to €12.30, the stock trades at a forward P/E ratio of 4x. Average forward P/E is 11x in the Forestry industry in Europe. Total returns to shareholders of 76% over the past three years. Reported Earnings • Nov 06
Third quarter 2021 earnings released: EPS US$1.01 (vs US$0.66 in 3Q 2020) The company reported a strong third quarter result with improved earnings, revenues and profit margins. Third quarter 2021 results: Revenue: US$817.0m (up 12% from 3Q 2020). Net income: US$80.0m (up 40% from 3Q 2020). Profit margin: 9.8% (up from 7.8% in 3Q 2020). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 9% per year but the company’s share price has fallen by 5% per year, which means it is significantly lagging earnings. Valuation Update With 7 Day Price Move • Oct 14
Investor sentiment improved over the past week After last week's 19% share price gain to €12.40, the stock trades at a forward P/E ratio of 3x. Average forward P/E is 13x in the Forestry industry in Europe. Total returns to shareholders of 52% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at €22.31 per share. Valuation Update With 7 Day Price Move • Sep 28
Investor sentiment improved over the past week After last week's 18% share price gain to €10.30, the stock trades at a forward P/E ratio of 2x. Average forward P/E is 14x in the Forestry industry in Europe. Total returns to shareholders of 17% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at €19.78 per share. Valuation Update With 7 Day Price Move • Sep 28
Investor sentiment improved over the past week After last week's 18% share price gain to €10.30, the stock trades at a forward P/E ratio of 2x. Average forward P/E is 14x in the Forestry industry in Europe. Total returns to shareholders of 17% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at €19.78 per share. Reported Earnings • Jul 30
Second quarter 2021 earnings released: EPS US$3.37 (vs US$0.068 in 2Q 2020) The company reported a strong second quarter result with improved earnings, revenues and profit margins. Second quarter 2021 results: Revenue: US$1.14b (up 86% from 2Q 2020). Net income: US$268.0m (up US$262.0m from 2Q 2020). Profit margin: 24% (up from 1.0% in 2Q 2020). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has fallen by 21% per year but the company’s share price has only fallen by 1% per year, which means it has not declined as severely as earnings. Recent Insider Transactions • Jun 18
Insider recently sold €56k worth of stock On the 16th of June, Daniel Ouellet sold around 5k shares on-market at roughly €11.15 per share. In the last 3 months, there was an even bigger sale from another insider worth €107k. Insiders have been net sellers, collectively disposing of €1.4m more than they bought in the last 12 months. Upcoming Dividend • Jun 18
Inaugural dividend of US$1.00 per share Eligible shareholders must have bought the stock before 25 June 2021. Payment date: 07 July 2021. This is the first dividend for Resolute Forest Products since going public. The average dividend yield among industry peers is 2.8%. Valuation Update With 7 Day Price Move • Jun 04
Investor sentiment deteriorated over the past week After last week's 15% share price decline to US$12.00, the stock trades at a forward P/E ratio of 2x. Average forward P/E is 16x in the Forestry industry in Europe. Total returns to shareholders of 56% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at €8.54 per share. Recent Insider Transactions • May 12
Senior VP of Corporate Affairs recently sold €107k worth of stock On the 7th of May, Jacques Vachon sold around 8k shares on-market at roughly €13.16 per share. In the last 3 months, there was an even bigger sale from another insider worth €199k. Insiders have been net sellers, collectively disposing of €1.3m more than they bought in the last 12 months. Reported Earnings • May 01
First quarter 2021 earnings released: EPS US$1.07 (vs US$0.011 loss in 1Q 2020) The company reported a strong first quarter result with improved earnings, revenues and profit margins. First quarter 2021 results: Revenue: US$873.0m (up 27% from 1Q 2020). Net income: US$87.0m (up US$88.0m from 1Q 2020). Profit margin: 10.0% (up from net loss in 1Q 2020). Over the last 3 years on average, earnings per share has fallen by 50% per year but the company’s share price has increased by 13% per year, which means it is well ahead of earnings. Reported Earnings • Mar 04
Full year 2020 earnings released: EPS US$0.12 (vs US$0.51 loss in FY 2019) The company reported a decent full year result with improved earnings and profit margins, although revenues were weaker. Full year 2020 results: Revenue: US$2.80b (down 4.2% from FY 2019). Net income: US$10.0m (up US$57.0m from FY 2019). Profit margin: 0.4% (up from net loss in FY 2019). Over the last 3 years on average, earnings per share has fallen by 37% per year but the company’s share price has increased by 6% per year, which means it is well ahead of earnings. Analyst Estimate Surprise Post Earnings • Mar 04
Revenue beats expectations Revenue exceeded analyst estimates by 0.9%. Over the next year, revenue is forecast to grow 13%, compared to a 1.5% growth forecast for the Forestry industry in Germany. Executive Departure • Mar 03
Chief Accounting Officer & VP has left the company On the 2nd of March, Hugues Dorban's tenure as Chief Accounting Officer & VP ended after 3.5 years in the role. We don't have any record of a personal shareholding under Hugues' name. A total of 3 executives have left over the last 12 months. Executive Departure • Mar 03
President, CEO & Director Yves Laflamme has left the company On the 1st of March, Yves Laflamme's tenure as President, CEO & Director of the company ended after 3.1 years in the role. As of December 2020, Yves personally held 567.01k shares (€3.0m worth at the time). A total of 3 executives have left over the last 12 months. Under Yves' leadership, the company delivered a total shareholder return of 38%. Recent Insider Transactions • Feb 14
Senior VP of Corporate Affairs recently sold €143k worth of stock On the 10th of February, Jacques Vachon sold around 20k shares on-market at roughly €7.34 per share. This was the largest sale by an insider in the last 3 months. Insiders have been net sellers, collectively disposing of €647k more than they bought in the last 12 months. Reported Earnings • Feb 06
Full year 2020 earnings released: EPS US$0.12 (vs US$0.51 loss in FY 2019) The company reported a decent full year result with improved earnings and profit margins, although revenues were weaker. Full year 2020 results: Revenue: US$2.80b (down 4.2% from FY 2019). Net income: US$10.0m (up US$57.0m from FY 2019). Profit margin: 0.4% (up from net loss in FY 2019). Over the last 3 years on average, earnings per share has fallen by 37% per year but the company’s share price has increased by 3% per year, which means it is well ahead of earnings. Analyst Estimate Surprise Post Earnings • Feb 06
Revenue beats expectations Revenue exceeded analyst estimates by 0.9%. Over the next year, revenue is forecast to grow 10% while theForestry industry in Germany is not expected to grow. Is New 90 Day High Low • Feb 03
New 90-day high: €7.15 The company is up 69% from its price of €4.22 on 04 November 2020. The German market is up 16% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Forestry industry, which is up 19% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is €7.02 per share. Is New 90 Day High Low • Jan 05
New 90-day high: €5.50 The company is up 31% from its price of €4.20 on 07 October 2020. The German market is up 8.0% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Forestry industry, which is up 14% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is €4.22 per share. Is New 90 Day High Low • Dec 12
New 90-day high: €5.30 The company is up 27% from its price of €4.18 on 11 September 2020. The German market is up 1.0% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Forestry industry, which is up 14% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is €5.20 per share. Recent Insider Transactions • Dec 05
Insider recently sold €69k worth of stock On the 2nd of December, Richard Tremblay sold around 15k shares on-market at roughly €4.60 per share. In the last 3 months, there was an even bigger sale from another insider worth €94k. Insiders have been net sellers, collectively disposing of €442k more than they bought in the last 12 months. Recent Insider Transactions • Nov 20
Insider recently sold €65k worth of stock On the 16th of November, Richard Tremblay sold around 15k shares on-market at roughly €4.28 per share. In the last 3 months, there was an even bigger sale from another insider worth €82k. Insiders have been net sellers, collectively disposing of €279k more than they bought in the last 12 months. Reported Earnings • Nov 07
Third quarter 2020 earnings released: EPS US$0.66 The company reported a strong third quarter result with improved earnings, revenues and profit margins. Third quarter 2020 results: Revenue: US$730.0m (up 3.5% from 3Q 2019). Net income: US$57.0m (up US$100.0m from 3Q 2019). Profit margin: 7.8% (up from net loss in 3Q 2019). The move to profitability was primarily driven by lower expenses. Over the last 3 years on average, earnings per share has fallen by 7% per year but the company’s share price has fallen by 18% per year, which means it is performing significantly worse than earnings. Analyst Estimate Surprise Post Earnings • Nov 07
Revenue misses expectations Revenue missed analyst estimates by 8.1%. Over the next year, revenue is forecast to grow 7.8% compared to a 1.6% decline forecast for the Forestry industry in Germany. Is New 90 Day High Low • Nov 06
New 90-day high: €4.64 The company is up 76% from its price of €2.64 on 07 August 2020. The German market is down 1.0% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Forestry industry, which is up 10.0% over the same period. Is New 90 Day High Low • Oct 08
New 90-day high: €4.36 The company is up 112% from its price of €2.06 on 10 July 2020. The German market is up 3.0% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Forestry industry, which is up 16% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is €0.33 per share. 
