Recent Insider Transactions • Dec 22
President of Tissue Group recently sold US$1.0m worth of stock On the 15th of December, Patrice Minguez sold around 48k shares on-market at roughly US$21.02 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 US$2.4m more than they bought in the last 12 months. Recent Insider Transactions • Dec 09
Insider recently sold US$345k worth of stock On the 2nd of December, John Lafave sold around 16k shares on-market at roughly US$21.10 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 US$1.2m more than they bought in the last 12 months. Recent Insider Transactions • Dec 02
President of Wood Products Division recently sold US$103k worth of stock On the 28th of November, Hugues Simon sold around 5k shares on-market at roughly US$21.17 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 US$371k 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 5.7% p.a. on average during the next 3 years, while revenues in the Forestry industry in Europe are expected to remain flat. 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 the United Kingdom. Valuation Update With 7 Day Price Move • Jul 06
Investor sentiment improved over the past week After last week's 72% share price gain to US$20.37, the stock trades at a forward P/E ratio of 2x. Average forward P/E is 8x in the Forestry industry in Europe. Total returns to shareholders of 253% over the past three years. Valuation Update With 7 Day Price Move • Jun 17
Investor sentiment deteriorated over the past week After last week's 16% share price decline to US$13.81, 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 140% over the past three years. Valuation Update With 7 Day Price Move • May 31
Investor sentiment improved over the past week After last week's 18% share price gain to US$15.06, 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 161% over the past three years. Buying Opportunity • May 10
Now 21% undervalued Over the last 90 days, the stock is up 19%. The fair value is estimated to be US$17.65, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 3.6% over the last 3 years. Earnings per share has grown by 59%. Revenue is forecast to decline by 4.6% in a year. Earnings is forecast to decline by 2.0% in the next year. 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 the United Kingdom. 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 24% per year, which means it is significantly lagging earnings growth. Valuation Update With 7 Day Price Move • Apr 21
Investor sentiment improved over the past week After last week's 17% share price gain to US$14.58, the stock trades at a forward P/E ratio of 3x. Average forward P/E is 11x in the Forestry industry in Europe. Total returns to shareholders of 99% over the past three years. Recent Insider Transactions • Mar 16
Insider recently sold US$112k worth of stock On the 15th of March, John Lafave sold around 8k shares on-market at roughly US$13.78 per share. This was the largest sale by an insider in the last 3 months. Insiders have been net sellers, collectively disposing of US$113k more than they bought in the last 12 months. Valuation Update With 7 Day Price Move • Dec 08
Investor sentiment improved over the past week After last week's 18% share price gain to US$13.71, the stock trades at a forward P/E ratio of 3x. Average forward P/E is 12x in the Forestry industry in Europe. Total returns to shareholders of 62% 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. 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 US$14.28, the stock trades at a forward P/E ratio of 3x. Average forward P/E is 13x in the Forestry industry in Europe. Simply Wall St's valuation model estimates the intrinsic value at US$25.14 per share. Valuation Update With 7 Day Price Move • Sep 29
Investor sentiment improved over the past week After last week's 19% share price gain to US$11.91, the stock trades at a forward P/E ratio of 2x. Average forward P/E is 13x in the Forestry industry in Europe. Valuation Update With 7 Day Price Move • Sep 15
Investor sentiment deteriorated over the past week After last week's 16% share price decline to US$10.39, the stock trades at a forward P/E ratio of 2x. Average forward P/E is 14x in the Forestry industry in Europe. Valuation Update With 7 Day Price Move • Aug 26
Investor sentiment improved over the past week After last week's 15% share price gain to US$12.06, the stock trades at a forward P/E ratio of 2x. Average forward P/E is 14x in the Forestry industry in Europe. Simply Wall St's valuation model estimates the intrinsic value at US$21.65 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. 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%. Recent Insider Transactions • Jun 17
Insider recently sold US$68k worth of stock On the 16th of June, Daniel Ouellet sold around 5k shares on-market at roughly US$13.51 per share. In the last 3 months, there was an even bigger sale from another insider worth US$130k. Insiders have been net sellers, collectively disposing of US$1.7m more than they bought in the last 12 months. Valuation Update With 7 Day Price Move • Jun 03
Investor sentiment deteriorated over the past week After last week's 16% share price decline to US$14.71, the stock trades at a forward P/E ratio of 2x. Average forward P/E is 17x in the Forestry industry in Europe. Total returns to shareholders of 63% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at US$10.11 per share. Recent Insider Transactions • May 13
Senior VP of Corporate Affairs recently sold US$130k worth of stock On the 7th of May, Jacques Vachon sold around 8k shares on-market at roughly US$16.00 per share. In the last 3 months, there was an even bigger sale from another insider worth US$241k. Insiders have been net sellers, collectively disposing of US$1.6m 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 12% 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 5% 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 the United Kingdom. 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. Recent Insider Transactions • Feb 14
Senior VP of Corporate Affairs recently sold US$174k worth of stock On the 10th of February, Jacques Vachon sold around 20k shares on-market at roughly US$8.90 per share. This was the largest sale by an insider in the last 3 months. Insiders have been net sellers, collectively disposing of US$774k more than they bought in the last 12 months. Valuation Update With 7 Day Price Move • Feb 12
Investor sentiment improved over the past week After last week's 18% share price gain to US$9.38, the stock is trading at a trailing P/E ratio of 79.6x, up from the previous P/E ratio of 67.6x. This compares to an average P/E of 20x in the Forestry industry in Europe. Total returns to shareholders over the past three years are 36%. 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 2% 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 the United Kingdom is not expected to grow. 
