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West Fraser Timber Co. Ltd.NYSE:WFG 株式レポート

時価総額 US$5.4b
株価
US$68.71
US$75.33
8.8% 割安 内在価値ディスカウント
1Y-9.2%
7D-2.9%
1D
ポートフォリオ価値
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West Fraser Timber Co. Ltd.

NYSE:WFG 株式レポート

時価総額：US$5.4b

West Fraser Timber（WFG）株式概要

ウェスト・フレーザー・ティンバー社多角的な木材製品会社であるウェスト・フレーザー・ティンバー社は、製材、加工木材製品、北部晒針葉樹クラフトパルプ、新聞用紙、紙、木材チップ、その他残材の製造、販売、マーケティング、流通に従事している。 詳細

WFG ファンダメンタル分析
スノーフレーク・スコア
評価4/6
将来の成長3/6
過去の実績0/6
財務の健全性4/6
配当金2/6

報酬

当社が推定した公正価値より60.8%で取引されている

収益は年間68.62%増加すると予測されています

リスク分析

1.87%の配当は、利益やフリーキャッシュフローによって十分にカバーされていない


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West Fraser Timber Co. Ltd. 競合他社

価格と性能

株価の高値、安値、推移の概要West Fraser Timber
過去の株価
現在の株価CA$68.71
52週高値CA$78.55
52週安値CA$57.34
ベータ1.12
1ヶ月の変化10.64%
3ヶ月変化8.80%
1年変化-9.21%
3年間の変化-15.74%
5年間の変化-1.15%
IPOからの変化208.57%

最新ニュース

Seeking Alpha • May 11

West Fraser Timber: Buying A Best-In-Class Producer At The Cyclical Trough

Summary West Fraser Timber is rated a 'buy' as a compelling risk/reward play at the trough of the lumber cycle, trading near book value. WFG’s Q1'26 headline loss is distorted by a $114M non-cash duty adjustment; underlying EBITDA improved sequentially across all segments. The fortress balance sheet, $900M liquidity, and disciplined cost reductions position WFG to weather prolonged housing weakness and capitalize on eventual recovery. Potential duty relief and ongoing buybacks below book value offer hidden upside, while investors are paid a 2.75% yield to wait for the cycle turn. Read the full article on Seeking Alpha

Recent updates

Seeking Alpha • May 11

West Fraser Timber: Buying A Best-In-Class Producer At The Cyclical Trough

Summary West Fraser Timber is rated a 'buy' as a compelling risk/reward play at the trough of the lumber cycle, trading near book value. WFG’s Q1'26 headline loss is distorted by a $114M non-cash duty adjustment; underlying EBITDA improved sequentially across all segments. The fortress balance sheet, $900M liquidity, and disciplined cost reductions position WFG to weather prolonged housing weakness and capitalize on eventual recovery. Potential duty relief and ongoing buybacks below book value offer hidden upside, while investors are paid a 2.75% yield to wait for the cycle turn. Read the full article on Seeking Alpha
Seeking Alpha • Aug 09

West Fraser Timber: OSB Grows Despite Tough End Markets

Summary Despite challenges in the lumber market, West Fraser Timber Co. Ltd.'s OSB business is showing sequential improvement and driving adjusted EBITDA improvements. The company's resilience in the current down cycle, integration of Norbord gives it the tools to push supply despite a low profit environment that is seeing competitor capitulation. While a strong competitor in the space, with OSB subsidizing its lumber businesses, West Fraser Timber's still in the way of macroeconomic pressures. Furthermore, its OSB resilience is already reflected in the difference of its performance relative to, for example, lumber pure plays. Read the full article on Seeking Alpha
Seeking Alpha • Jan 02

West Fraser Timber: Low Valuation And Strong Balance Sheet Point To Rising Share-Price

Summary Technical analysis suggests long-term pending buying signals, with potential for a sustained bullish trend over the next few years. West Fraser Timber's undervalued assets, strong balance sheet, and growth potential make it a recommended buy. The company's Q3 earnings beat has brought shares back up to $85+ level, indicating a bullish move. Read the full article on Seeking Alpha
Seeking Alpha • Oct 13

Weyerhaeuser And West Fraser Lead The Pack In Timber/Lumber

Summary Timber REITs are trading at discounts to their asset value, presenting buying opportunities. Investment in timber REITs involves different segments with their own drivers and valuation methods. Housing construction is the largest driver of wood product demand, and the industry is currently undersupplied. Read the full article on Seeking Alpha
Seeking Alpha • Sep 27

West Fraser Timber: Great Company But The Timing Is Not Right

Summary West Fraser Timber is a diversified wood products company with a simple and effective business model. The company's exposure to construction is both a boon and a bane, as demand for its products correlates with economic cycles. Short-term macro signals do not look ideal, and recent quarters have also brought additional pain for the company. The stock is on my radar, and I would add it to my portfolio when the timing is right. Read the full article on Seeking Alpha
Seeking Alpha • Jul 19

West Fraser: Expecting Momentum To Continue Post Upcoming Q2 Earnings Report

Summary We have maintained a 'Buy' rating in West Fraser due to its strong return on capital trends, low valuation, and bullish technicals, despite shares remaining rangebound for 18 months. The company generated $1.446 billion of operating cash flow over the past four quarters, with a trailing 12-month free cash-flow number of $963 million, indicating a strong profitability trend. West Fraser is currently trading with a trailing free-cash-flow yield of almost 13% and an adjusted return on capital of over 20%, with shares in bull mode over the past seven weeks. Read the full article on Seeking Alpha
Seeking Alpha • Feb 14

West Fraser Timber GAAP EPS of -$1.13 misses by $1.24, revenue of $1.62B beats by $90M

West Fraser Timber press release (NYSE:WFG): Q4 GAAP EPS of -$1.13 misses by $1.24. Revenue of $1.62B (-20.2% Y/Y) beats by $90M. Adjusted EBITDA1 of $70 million, representing 4% of sales Lumber segment Adjusted EBITDA1 of $(77) million, including $39 million of inventory write-downs North America Engineered Wood Products segment Adjusted EBITDA1 of $109 million Pulp & Paper segment Adjusted EBITDA1 of $15 million Europe Engineered Wood Products segment Adjusted EBITDA1 of $30 million Repurchased 1.557 million shares for aggregate consideration of $117 million.
Seeking Alpha • Dec 06

West Fraser Timber declares $0.30 dividend

West Fraser Timber (NYSE:WFG) declares $0.30/share quarterly dividend, in line with previous. Forward yield 1.58% Payable Jan. 13; for shareholders of record Dec. 30; ex-div Dec. 29. See WFG Dividend Scorecard, Yield Chart, & Dividend Growth.
Seeking Alpha • Oct 24

West Fraser: A Buy At Current Valuation

Summary West Fraser Timber’s share price has fallen 25.1% year to date, resulting in a trailing P/E of 2.98. Building materials have been expensive in the last two years, making trailing P/E not useful for assessing the company. I remain bullish on the use of timber and wood products in the future. Model valuation with conservative assumptions yields $81.05 fair value, a 14.7% premium over the current price. Thesis I believe that West Fraser Timber Co. Ltd. (WFG) (WFG:CA) is a well-managed company that is currently trading at an attractive valuation. The company faces near-term challenges with higher interest rates impacting housing affordability and investment demand. However, chronic underinvestment in the US and Canadian housing stock in the last two decades provides long-term demand for the company's products. Background on West Fraser West Fraser is a Canadian diversified wood products company that produces lumber, engineered wood products (OSB, LVL, MDF, plywood, and particleboard), pulp, newsprint, wood chips, other residuals and renewable energy. The company is based in B.C., Canada and has operations in Canada, Southeastern U.S., the UK and Europe. What attracts me to West Fraser over their peers is their capital allocation during the recent period of strong earnings. On February 1, 2021 West Fraser acquired Norbord, the world's largest manufacturer of OSB, for $3,482 million through the issuance of 54.5 million additional common shares. This acquisition significantly changed their earnings mix, reducing their dependence on lumber prices which should reduce their earnings volatility over the long term (slide 3). They have also acquired an OSB mill and a lumber mill in the U.S. South. Since the acquisition, West Fraser has repurchased 37 million shares, roughly 67% of the shares issued. They have also increased their dividend twice in 2022, from $0.20 per quarter in Q4 2021 to $0.30 per quarter in Q2 2022. They have paid a dividend for the last 32 years during both strong and weak years for the industry. West Fraser has very little debt and the little that they have is locked in at quite low interest rates, either as fixed rate debt or through an interest rate hedge. They currently have sufficient cash to pay all their debt. This is consistent with their business strategy of maintaining a prudent balance sheet. This low debt level gives them borrowing capacity for future accretive acquisitions using debt, and makes the company a more attractive to me than Weyerhaeuser (WY) with its higher debt. The company also has a team of senior leaders that have navigated previous cycles with the company. Three of the five named executive officers have over 20 years of experience with the company (page 91), and three of the eleven members of the Board have over 11 years of experience with the company (page 36). This gives me confidence that the company has a team with experience navigating economic downturns. Ultimately, as a supplier of wood products, the company is exposed to the current market price for their products. I will explore at the market supply and long-term demand for wood in the sections below. Lumber and OSB Supply The supply for lumber decreased by roughly 45% between 2005 and 2009 before recovering and since 2016 has been stable. West Fraser Q2 Earnings Presentation, Slide 28 West Fraser Q2 Earnings Presentation, Slide 30 While billions have been spent on improving production at existing mills and restarting old mills that were idled, there has been little appetite for investing in new mills. Some forest-products executives said they are considering acquisitions with their fast-accumulating cash. But there aren’t many new mills on the drawing board for North America. “We are going to be ultra cautious on what we do in those regards,” Canfor Corp. Chief Executive Don Kayne told investors last month when the company reported record quarterly profits. “We don’t mind at all having a little extra cash around for sure, considering what this industry goes through.” B.C., Canada has also had a significant reduction in lumber supply which is not likely to abate given the current political climate and a reduction in the number of trees allowed to be harvested. This is discussed further in the section outlining risks below. As a result, production capacity and supply will likely increase slowly with improvements at existing facilities, but there are no significant investments in new mills that have been publicly announced. Long-Term Demand for Wood I remain bullish on the long-term demand for wood due to chronic underinvestment in the US and Canadian housing stock in the last decade. Freddie Mac released a research note on May 7th, 2021 that highlighted the growing deficit in the housing stock. Here is an extract from their note, emphasis added by me: Our analysis estimates the housing shortage not only based on the actual number of households but also considers the latent demand and the number of vacant units. A well-functioning housing market requires some vacant properties for sale and for rent. Exhibit 1 shows the updated target housing stock numbers. As of the fourth quarter of 2020, the U.S. had a housing supply deficit of 3.8 million units. These 3.8 million units are needed to not only meet the demand from the growing number of households but also to maintain a target vacancy rate of 13%. Between 2018 and 2020, the housing stock deficit increased by approximately 52%. The main driver of the housing shortfall has been the long-term decline in the construction of single-family homes. That decline has been exacerbated by an even larger decrease in the supply of entry-level single-family homes, or starter homes. Freddie Mac Freddie Mac It doesn’t come as a huge surprise then that the median age of the US house has increased from 31 years in 2005 to 39 in 2019, suggesting that further renovations will be required to maintain the existing housing stock or to bring those houses up to current code. EyeonHousing.org There may also be an increase in the number of potential uses of wood in the future. In 2015, Ontario changed laws allowing wood frames for up to 6-stories (up from 4-stories). British Columbia made this change in 2009 and had over 50 6-story wood framed buildings in the first 5 years after passing the law. The more jurisdictions that this is applied to creates a further increase in potential demand for wood. Politically, there have also been a number of policies to promote both demand and investment in the housing sectors of both the US and Canada. This at minimum shows that the governments see a need for investment in the sector, further supporting the case for robust demand. Lastly, West Fraser is expanding into the European OSB market which has a lower penetration rate than North America. If the adoption of OSB in Europe continues its positive trend, this supports an assumption that EU OSB margins should improve with volume etc. West Fraser Q2 2022 Earnings Presentation, Page 20 Discounted Cash Flow Valuation The following is my Discounted Cash Flow model, with my assumptions outlined below: Prepared by Author The assumptions in this model are outlined below. References to the 2022 guidance comes from the Q2 Report, pages 3-4. Production / Sales Quantity is based on midpoint of the production guidance for 2022 as a projection of long-term production/sales. Y2 and Y3 increase in OSB volume reflect the Allendale plant producing at 40% in Y2 and 80% from Y3+. Sales Price is based on the average price of each product from 2014 to 2019, as disclosed in the company's previous annual reports. 2020 and 2021 are excluded as the prices reflect the surge in sales prices due to COVID-19 which make them unlikely to represent future sales prices. Margins are based on the average margins achieved from 2015 to 2018. 2019 to 2021 are excluded: 2019 because margin compression occurred that has since resolved, and 2020 and 2021 as the margins were significantly above long-term trends during COVID-19. EU OSB margin is assumed to be 47% lower than NA as this was their proportionate margin in 2021, but there isn’t much history on this. Growth rate is based on their growth in production volume from 2012 to 2021. Inflation is based on the projected annual inflation rate in the US from 2022 to 2027. SG&A expenses are based on 2022 guidance, increasing with inflation. Capital expenditures are based on 2022 guidance, adjusted for $70 million due to the Allendale of expenditures being incurred this year, increasing with inflation. Taxes are based on the 27% statutory tax rate. Risk free rate and credit spreads are based on relevant duration US Treasury rates and non-Financials BBB spreads as of October 20th. Some of these assumptions are conservative. Production/Sales Quantity assumes that they operate at midpoint vs peak capacity in the long term. Using high end volume estimates adds $6.16 to the per share value. If management's volume estimates for F2022 included a reduction due to transportation challenges then this would further increase production / sales quantity above the model value. The model assumes that Allendale only ever operates at 80% capacity beyond Y3 due to uncertainty about the maximum potential output of the mill. Using 100% production capacity adds $2.66 to the per share value.
Seeking Alpha • Sep 14

West Fraser Timber Is An Undervalued Gem

Summary West Fraser has a history of excellent financial performance, growing revenue, profitability, and shareholder value in recent years. The company’s capital allocation strategy has allowed it to make value generative acquisitions, while returning shareholder capital at high rates. The company has a strong corporate culture that acts as a competitive advantage. Growth is underpinned by strong secular winds, which places its attractive valuation in even better light. Canadian forestry company, West Fraser Timber Company, Ltd. (NYSE:WFG)(TSX:WFG:CA), is one of Canada’s finest companies. Since listing on the New York Stock Exchange (NYSE) on Feb 1, 2021, after its acquisition of Norbord Inc., the stock price has compounded by 1.47% per month, from $62 per share, to $83.07 per share, at time of writing. Despite a history of profitability, the company remains vastly undervalued, with its free cash flow trading at a yield of some 33.42%. Excellent Financial Performance West Fraser has grown revenue from $4.877 billion in 2019, to $10.518 billion in 2021, compounding at 29.2% per year across that 3-year period. According to The Base Rate Book published by Credit Suisse, just 2.3% of businesses had a 3-year sales CAGR of between 25% and 30% between 1950 and 2015. The company’s gross profitability (gross profits scaled by total assets), grew from an anemic 0.098 in 2019 to 0.467, well above the 0.33 threshold that Robert Novy-Marx found was a signal of a firm’s attractiveness. In the trailing twelve months (TTM), gross profitability is 0.44. The operating margin has risen from -3.3% in 2019, to 37.5% in 2021, and is currently 33.6% in the TTM period. This shows an improving competitive positioning. This performance is, according to Credit Suisse’s research, very persistent across one-, three- and five-year periods. Net income has risen from -$150 million in 2019, to $2.947 in 2021, and is at $2.646 billion in the TTM period. Free cash flow (FCF) has grown from -$281 million in 2019, to $2.917 billion in 2021. The company reports a return on capital employed (ROCE), calculated as GAAP EBIT divided by total assets minus current liabilities, and, according to its 2021 annual report, ROCE has shot up from -4% in 2019, to 61% in 2021. Data Source: 2021 Annual Report Shareholder-Friendly Capital Allocation West Fraser’s ability to generate a high ROCE reflects its disciplined capital allocation strategy. The company’s $3.1 billion acquisition of Norbord is indicative of the quality of acquisitions that management has pursued: the acquisition was transformational, merging West Fraser, then a large North American diversified wood products company, with the world’s largest OSB producer. The company has also purchased the Angelina Forest Products lumber mill in Lufkin, Texas for $302 million, an idled Oriented Strand Board (OSB) mill near Allendale, South Carolina for $280 million including working capital, and invested in the production ramp-up of the new lumber manufacturing complex in Dudley, Georgia and in phase II expansion of the OSB mill in Inverness, Scotland. In 2021, capital expenditure totaled $635 million, and the company returned $1.3 billion in share repurchases and $75 million through dividends. The company expects to have spent between $500 million and $600 million by year-end. Source: 2021 Annual Report Thanks to the company’s capital allocation strategy, West Fraser has earned an annualized total shareholder return (TSR) of 12% since 2006. Source: April 2022 Annual General Meeting An Attractive Corporate Culture According to McKinsey & Co.’s research, top quartile cultures give their shareholders a return that is 60% higher than that of median companies, and 200% greater than that of bottom quartile firms. In addition, culture is very difficult to copy, so it acts as a durable competitive advantage. Healthy cultures also drive greater organizational adaptability. In fact, McKinsey & Co. found that 70% of transformations fail, and 70% of the time, that is due to cultural issues. This is particularly important given the Norbord acquisition and investor estimates of West Fraser’s future. West Fraser has twice been named as one of Canada's Most Admired Corporate Cultures and eight times as Canada's Top 100 Employers. The company’s reputation as a top employer stems from its policy of promoting from within its ranks, with 95% of managers and senior managers drawn from within, and providing platforms for training and experiential skills development. The company has five times been named one of Canada’s Top Employers for Young People. The Housing Market is Still Strong Although the housing boom has softened in recent months, this does not speak to the long-term prospects of housing. As the chart below shows, estimates by the U.S. Census Bureau forecasts that housing starts will continue to grow in 2022 and 2023. Source: April 2021 Annual General Meeting Not only are housing starts expected to rise, so too is remodeling activity. Source: April 2021 Annual General Meeting In the long run, the housing question should be seen from a broader perspective: while the Great Recession of 2008 burned into the investor consciousness the notion that housing is tied to mortgage rates, the housing boom of recent years has largely been debtless. In the decade following the recession, aggregate housing wealth rose by 150%, but home mortgages owed by households declined by 3%. This at a time when the United States was experiencing a secular decline in mortgages. In other words, house prices are not related to mortgage growth. Housing prices have, instead, been driven by construction costs. As architect Apoorva Ganapathy has observed, what this suggests is that fears of a decline in housing starts due to rising mortgage rates, are unfounded. Given the balance sheet repairs that households have undertaken since the Great Recession, this also means that households are in a better position to continue with remodeling activity.
Seeking Alpha • Sep 07

West Fraser Timber declares $0.30 dividend

West Fraser Timber (NYSE:WFG) declares $0.30/share quarterly dividend, in line with previous. Forward yield 1.45% Payable Oct. 7; for shareholders of record Sept. 22; ex-div Sept. 21. See WFG Dividend Scorecard, Yield Chart, & Dividend Growth.
Seeking Alpha • Aug 31

West Fraser Timber Is Seeing Some Backstops From Commodity Slowdown

Summary We theorised that a slowdown in the goods boom will open bottlenecks and offset the slowdown headwinds, and we're seeing a bit of that. Other positives are that BC production is beginning to come permanently offline which is good for supply dynamics. Overall, we really like these lumber companies, but we'll be on the sidelines for the moment because we think the obvious elements of macro could get worse. Published on the Value Lab 25/8/22 West Fraser Timber (WFG) is one of our preferred commodity picks in the current environment. We had a theory starting in March that WFG and its close cousin Interfor (IFSPF) could see surprising resilience due to releasing bottlenecks despite their pretty volatile product selling prices. WFG has been seeing that resilience now, and supply dynamics that we spoke about, mainly beetle infestations in British Columbia, are becoming increasingly durable supply constraints for the lumber market to the benefit of our incumbents. This defends against macro risks on the demand side, including in housing. While we like this stock a lot, we think the market corrections are in an overture right now; things could get worse. Feeling that there isn't a major cost in waiting out our concerns, we'll do so for now with WFG. Key Q2 Points British Columbian forests have beetle infestations and this has naturally meant declines in output from those forests already of 25%. The lumber companies are now closing the sawmills in those areas, calling it quits. In WFG's case this is 2.5% of their North American lumber production, for Interfor it would be a little more given they have no OSB business and they're a lumber mill pureplay. This is a longstanding natural issue that supports the supply side of the price system. Besides the update on BC, there are bigger developments that confirm elements of our thesis. When we last discussed Interfor, we mentioned that lumber was stacking at mills because flatbeds were unavailable, and therefore logistics has been their bottleneck. This was important because it dispelled the idea that sawmills were the limiting factor, which at some point they were. It also meant that if logistics became available, pent-up demand would flow through. We started to see support to this idea this quarter. EBITDA Waterfall (Q2 2022 Pres) For the $460 million declines due to depreciation of lumber prices, we saw about a quarter of that come back through improved volume due to slowing down pressure on logistics and availability of flatbeds. Moreover, input cost inflation is still hurting the company, and that might not last. Higher fiber costs are likely to reverse in lag of the lumber and OSB price declines, and other things like resins, which are chemical products, should see some decline as commodities and the goods boom pull back. QoQ Volume Growth (Q2 2022 Pres) Conclusions While a release of bottlenecks is nice, the company still depends on lumber and OSB prices. Those are likely to see further downside on the housing situation. US housing is still very bubbly, and with rising rates pricing people out of the buyer's market, housing construction should slow too, and rather work through finishing and selling the bulge in incomplete inventories for now. Moreover, we think unemployment could take a sudden hit in the next numbers, further making issues for housing where mortgages are very levered to employment data.
Seeking Alpha • Jul 27

West Fraser Earnings Preview: Strong Buy On Q2 Beat

Consensus is looking for West Fraser Timber to report earnings of $6.88 per share for Q2. WFG stock's recent July highs were not able to make new 2022 highs. Another test will happen on another earnings beat. The double bottom pattern in West Fraser stock looks all but confirmed. I'm expecting Q2 numbers to cement my bullish stance. Intro We wrote about West Fraser Timber Co. Ltd. (WFG) back in March of this year when we recommended that investors buy the dip. Although our timing was not the best, shares finally bottomed in late June above $70 a share and really have not looked back since. In fact. if we take a look at the technical chart, we can see that there is a strong possibility that a double bottom formation pattern is playing itself out here. We state this because: The recent June lows managed to stay above the April lows. In recent sessions, shares were able to spike above the pattern's depicted neckline as well as WFG's overhead resistance (June highs) resulting in a significant move back above the stock's decisive 200-day moving average. It did this on very strong volume registering an upside gap in the process. Suffice it to say, if upcoming second-quarter earnings meet or exceed expectations, there is every opportunity that this neckline will now act as very strong support meaning it will not be breached to the downside. Potential Double Bottom In WFG (Stockcharts.com) WFG Stock Price Target $120 Suffice it to say, the opportunity in WFG is derived from the height of the pattern in question (Up to $25 per share). This means a possible price target for the stock would come in between $115 to $120 a share (23% above the prevailing share price) before the bottoming pattern would have played itself out in full. The longer we stay above support (neckline), the more likely that our chart pattern is correct. The projected earnings number for West Fraser's fiscal second quarter (being announced on Wednesday the 27th after market close) comes in at $6.88 per share. Given the fact that this estimate has increased by over 11% over the past 30 days alone, along with the company's earnings record where we have seen consistent earnings beats over the past 12 months, the odds are high that we will see another convincing earnings beat here in Q2. Strong ROC & Low Valuation We state this because West Fraser's technical chart is essentially a read on the company's known fundamentals at this point in time. Whereas other West Fraser investors may try to predict how housing starts, lumber prices, interest rate fluctuations, or takeover bids will change the paradigm here, we try to keep it simple by focusing on metrics under our control. Suffice it to say, we like to ask questions like, does the company generate strong returns on capital? Is the stock trading at an attractive valuation? Do shareholders get rewarded consistently? If we focus on the first two questions initially, West Fraser's return on capital (profitability) currently comes in at an excellent 32%+ over a trailing 12-month average. From a valuation standpoint, the company's cash flow multiple (2.35) and earnings multiple come in at 3.20 both over a trailing twelve-month average. Despite the fact that bottom-line earnings are expected to fall this year by roughly 18%, the above valuation multiples remain super attractive for the following reason.
Seeking Alpha • May 17

West Fraser Timber Has Pent-Up Demand On Material Shortages

Investment in housing down-ticked because materials in the later stages of the building cycle haven't been available. This has slowed down timelines for new developments too and put more of a wedge between realized housing and housing needs. Housing needs are rising on latent demographic trends, and unlike Interfor, which is pure lumber, West Fraser is less exposed to DIY and more to homebuilding. More specialty exposures and clearer link to homebuilding trends mean West Fraser deserves a premium, which it has inexplicably lost. In absolute terms, a late-cycle multiple seems pessimistic given the direction of housing markets.
Seeking Alpha • May 03

West Fraser Timber: A Valuation Refresh After An Awesome First Quarter

The market has developed a bout of recency bias and is convinced that any cooling in the housing market must portend an impending collapse. WFG Q1 2022 earnings were outstanding on the top and bottom lines and cash generation remains crazy strong and the capital allocation strategy remains well intact. My own valuation implies shares remain considerably undervalued.

株主還元

WFGUS ForestryUS 市場
7D-2.9%-3.2%-1.8%
1Y-9.2%-16.9%23.3%

業界別リターン: WFG過去 1 年間で-16.9 % の収益を上げたUS Forestry業界を上回りました。

リターン対市場: WFGは、過去 1 年間で23.3 % のリターンを上げたUS市場を下回りました。

価格変動

Is WFG's price volatile compared to industry and market?
WFG volatility
WFG Average Weekly Movement4.3%
Forestry Industry Average Movement6.4%
Market Average Movement7.3%
10% most volatile stocks in US Market16.8%
10% least volatile stocks in US Market3.1%

安定した株価: WFG 、 US市場と比較して、過去 3 か月間で大きな価格変動はありませんでした。

時間の経過による変動: WFGの 週次ボラティリティ ( 4% ) は過去 1 年間安定しています。

会社概要

設立従業員CEO（最高経営責任者ウェブサイト
19559,600Sean McLarenwww.westfraser.com

ウェスト・フレーザー・ティンバー社多角的な木材製品会社であるウェスト・フレーザー・ティンバー社は、製材、加工木材製品、北部晒針葉樹クラフトパルプ、新聞用紙、紙、木材チップ、その他残材の製造、販売、マーケティング、流通に従事している。事業セグメントは4つ：製材、北米エンジニアードウッド製品、パルプ＆ペーパー、欧州エンジニアードウッド製品。製材部門はスプルース、パイン、モミ、サザン・イエロー・パインの製材、ダグラス・モミ、ヘムロック、木材チップ、その他残材を生産している。北米エンジニアードウッド製品部門は、配向性ストランドボード、化粧単板、中密度ファイバーボード、合板、パーティクルボードを製造しており、OSB製品はデュラストランドpointSIXなどのブランドで販売されている、ピナクル・スタブレッジ、TruFlor pointSIX、TruFlor、Rimboard、SteadiTred、QuakeZone、Windstorm、TallWall、Trubord、SolarBord、Trubord、TruDeck、StableDeck、StableWall、DuraSmart、Stable RV、NorCoreなどのブランドで販売されている；とMDF 製品（Ranger、WestPine、EcoGold）である。紙・パルプ部門は、北晒針葉樹クラフトパルプ（NBSK）、新聞用紙、印刷・筆記用紙、紙製品、ティッシュなど様々な紙製品の原料となる晒ケミザーメカニカルパルプを生産している。欧州エンジニアードウッド製品部門は、OSB、パーティクルボード、MDFを生産しており、SterlingOSB Zero、CaberFloor、CaberMDFのブランドでキャビネットドア、モールディング、内壁用パネル材などを生産している。また、バイオエネルギーやグリーン原料も提供している。同社の製品は、住宅建設、補修、リフォーム、紙、ティッシュ、箱材、工業用途に使用されている。カナダ、米国、英国、欧州、および海外で、大手小売チェーン、ディーラー、工務店、卸売業者、および工業用顧客に製品を販売し、さらに加工したり、他の製品の部品として使用している。同社は1955年に設立され、カナダのバンクーバーに本社を置いている。

West Fraser Timber Co. Ltd. 基礎のまとめ

West Fraser Timber の収益と売上を時価総額と比較するとどうか。
WFG 基礎統計学
時価総額US$5.38b
収益（TTM）-US$1.17b
売上高(TTM)US$5.34b
1.0x
P/Sレシオ
-4.6x
PER（株価収益率

WFG は割高か？

公正価値と評価分析を参照

収益と収入

最新の決算報告書（TTM）に基づく主な収益性統計
WFG 損益計算書（TTM）
収益US$5.34b
売上原価US$4.19b
売上総利益US$1.15b
その他の費用US$2.31b
収益-US$1.17b

直近の収益報告

Apr 03, 2026

次回決算日

該当なし

一株当たり利益（EPS）-14.90
グロス・マージン21.45%
純利益率-21.87%
有利子負債／自己資本比率8.9%

WFG の長期的なパフォーマンスは？

過去の実績と比較を見る

配当金

1.9%
現在の配当利回り
-9%
配当性向

WFG 配当は確実ですか？

WFG 配当履歴とベンチマークを見る
WFG 、いつまでに購入すれば配当金を受け取れますか？
West Fraser Timber 配当日
配当落ち日Jun 25 2026
配当支払日Jul 13 2026
配当落ちまでの日数1 day
配当支払日までの日数19 days

WFG 配当は確実ですか？

WFG 配当履歴とベンチマークを見る

企業分析と財務データの現状

データ最終更新日（UTC時間）
企業分析2026/06/22 15:55
終値2026/06/22 00:00
収益2026/04/03
年間収益2025/12/31

データソース

企業分析に使用したデータはS&P Global Market Intelligence LLC のものです。本レポートを作成するための分析モデルでは、以下のデータを使用しています。データは正規化されているため、ソースが利用可能になるまでに時間がかかる場合があります。

パッケージデータタイムフレーム米国ソース例
会社財務10年
  • 損益計算書
  • キャッシュ・フロー計算書
  • 貸借対照表
アナリストのコンセンサス予想+プラス3年
  • 予想財務
  • アナリストの目標株価
市場価格30年
  • 株価
  • 配当、分割、措置
所有権10年
  • トップ株主
  • インサイダー取引
マネジメント10年
  • リーダーシップ・チーム
  • 取締役会
主な進展10年
  • 会社からのお知らせ

* 米国証券を対象とした例であり、非米国証券については、同等の規制書式および情報源を使用。

特に断りのない限り、すべての財務データは1年ごとの期間に基づいていますが、四半期ごとに更新されます。これは、TTM（Trailing Twelve Month）またはLTM（Last Twelve Month）データとして知られています。詳細はこちら。

分析モデルとスノーフレーク

このレポートを生成するために使用した分析モデルの詳細は、当社の Github ページ でご覧いただけます。また、レポートの使い方に関する ガイド や YouTube の チュートリアル もご用意しています。

シンプリー・ウォールストリート分析モデルを設計・構築した世界トップクラスのチームについてご紹介します。

業界およびセクターの指標

私たちの業界とセクションの指標は、Simply Wall Stによって6時間ごとに計算されます。

アナリスト筋

West Fraser Timber Co. Ltd. 6 これらのアナリストのうち、弊社レポートのインプットとして使用した売上高または利益の予想を提出したのは、 。アナリストの投稿は一日中更新されます。13

アナリスト機関
Ketan MamtoraBMO Capital Markets Equity Research
Hamir PatelCIBC Capital Markets
Pierre LacroixDesjardins Securities Inc.