Resolute Forest Products Inc.

NYSE:RFP 주식 리포트

시가총액: US$1.7b

This company has been acquired

The company may no longer be operating, as it has been acquired. Find out why through their latest events.

Resolute Forest Products 과거 순이익 실적

과거 기준 점검 5/6

핵심 정보

41.18%

순이익 성장률

44.77%

주당순이익(EPS) 성장률

Forestry 산업 성장률31.58%
매출 성장률-0.25%
자기자본이익률20.10%
순이익률11.15%
최근 순이익 업데이트30 Sep 2022

최근 과거 실적 업데이트

Recent updates

Seeking Alpha • Feb 24

Resolute Forest Products gains after getting regulator approvals for sale to Domtar

Resolute Forest Products (NYSE:RFP) rose 3.8% after announcing that it received all regulatory approvals for its planned sale to Domtar and expects the deal will close in early March. Resolute Forest (RFP) disclosed that the HSR waiting period for its sale to Domtar expired Thursday and now all conditions to closing have been met, according to an 8-K filing on Friday. Paper Excellence Group's Domtar subsidiary agreed to acquire Resolute Forest (RFP) for $20.50/share, in a deal with an enterprise value of ~$2.7B, in July.
Seeking Alpha • Nov 03

Resolute Forest Products Non-GAAP EPS of $1.08 beats by $0.18, revenue of $974M beats by $24M

Resolute Forest Products press release (NYSE:RFP): Q3 Non-GAAP EPS of $1.08 beats by $0.18. Revenue of $974M (+19.2% Y/Y) beats by $24M. Adjusted EBITDA of $157M.
Seeking Alpha • Aug 18

Resolute Forest Products: Merger Target With CVR Tied To Lumber Dispute

Resolute Forest Products trades at or near the cash consideration offered by acquirer Domtar. Domtar is also offering a CVR tied to refunds on $500 million worth of deposits to the U.S. government. Various 3rd party assessments suggest a value between $2 and the maximum of $5 per share. Because capital remains tied up for only a short period of time this seems like an attractive addition to my portfolio. Resolute Forest Products Inc. (RFP) is being acquired for $20.50 and a CVR - contingent value right - by Paper Excellence Group's Domtar. Resolute is currently trading at $20.48, implying the CVR is probably worth something as the spread is nearly non-existent. The first thing to note is that this is often a preferable strategic deal. The value of the CVR is important here but is highly unclear. The CVR is predicated on refunds on approximately ~$500 million of deposits made by RFP on estimated softwood lumber duties through June 30, 2022. The value of this thing will ultimately be determined by the terms and timing of the resolution of the softwood lumber dispute between Canada and the United States. The CVRs won't be tradeable. The dispute between the U.S. and Canada over lumber goes a long way back. I'm citing a quotation from the Wikipedia description linked above as it seems to describe the matter reasonably: The heart of the dispute is the claim that the Canadian lumber industry is unfairly subsidized by federal and provincial governments, as most timber in Canada is owned by the provincial governments. The prices charged to harvest the timber (stumpage fee) are set administratively, rather than through the competitive marketplace, the norm in the United States. In the United States, softwood lumber lots are privately owned, and the owners form an effective political lobby. The United States claims that the Canadian arrangement constitutes an unfair subsidy, and is thus subject to U.S. trade remedy laws, where foreign trade benefiting from subsidies can be subject to a countervailing duty tariff, to offset the subsidy and bring the price of the commodity back up to market rates. The Canadian government and lumber industry dispute this assertion, based on a number of factors, including that Canadian timber is provided to such a wide range of industries, and that lack of specificity makes it ineligible to be considered a subsidy under U.S. law. Under U.S. trade remedy law, a countervailable subsidy must be specific to a particular industry. This requirement precludes imposition of countervailing duties on government programs, such as roads, that are meant to benefit a broad array of interests. Since 1982, there have been four major iterations of the dispute. The latest iteration of this conflict seems to be resolving. The Commerce Department is dropping the tariffs from 18% to 8.6%. Canada is still challenging the tariffs via USMCA. iShares Global Timber & Forestry ETF (WOOD) and Invesco MSCI Global Timber ETF (CUT) are both up quite a bit after being in a prolonged downtrend before that date. It could be a coincidence or perhaps it isn't. WOOD data by YCharts RBC Analyst Paul C. Quinn figures the CVR is worth over $3 per share: There have been no substantive discussions on a potential resolution since the CVD and AD duties were implemented in 2017, so the timing of an eventual resolution is unclear. However, we would value the CVR at over $3/share. Two transactions provide a baseline. In June 2019, Conifex sold its deposits at 42.5% of face value, and Eacom Timber sold its deposits at 55% to Interfor. Some transactions that may provide color as far as the value of softwood lumber deposits include in June 2019 Conifex monetized its deposits to date at 42.5%, while in November 2021 Interfor agreed to acquire Eacom Timber and valued Eacom's softwood lumber deposits at 55%, Quinn wrote. At the Conifex mark, this implies $2.17 per share. The Interfor mark implies $2.8 per share. What's also really interesting is how major shareholder Fairfax Financial wanted $25 per share and considered not going along with anything less, according to the merger filings: In this discussion, Mr. Martin advised the Board that it was the view of Fairfax that the Company should seek a deal price of $25.00 and that Fairfax was not then prepared to commit to support a lower price. The Board, its advisors and Company management discussed extensively the implications of proposing a $25.00 per share price, including the risk that the proposal could cause Paper Excellence to terminate discussions. Following such discussion, the directors expressed their support for Messrs. Lalonde and Davies to propose the $25.00 per share price and a timeline that would result in signing by June 20, 2022.
Seeking Alpha • Aug 04

Resolute Forest Products Non-GAAP EPS of $2.00 beats by $0.28, revenue of $1.06B

Resolute Forest Products press release (NYSE:RFP): Q2 Non-GAAP EPS of $2.00 beats by $0.28. Revenue of $1.06B (-7.0% Y/Y).
Seeking Alpha • Jul 08

Resolute Forest Products: Time To Book Profits

Resolute Forest Products stock soared after the announcement that Domtar Corporation had agreed to acquire all the outstanding common shares of RFP for $20.5/share, valuing the company at about $2.7 billion. The analysis below explores the deal's transaction details, potential synergies, and what it means for investors. RFP has surpassed my initial price target of $19.40, and booking profits makes financial sense in the light of limited further upside and a potential recession. Investment Thesis - Update Resolute Forest Products' (RFP) stock soared more than 60% on Wednesday 6th July 2022, after the announcement that the company had entered into an agreement to be bought out by Canada's Paper Excellence Group. The below analysis provides an update to my previous strong buy rating and explores the potential synergies of the deal and what it means for investors. I started my research on RFP in late 2021, as the company was in the right direction of its transformation plan, has meaningfully deleveraged its balance sheet, and expanded profitability. However, the stock provided a better entry point early in 2022, and following my most recent update, I opened a long position in the model portfolio. My initial target price of $19.40 was premised upon the company's low Price/Book multiple, while the signs of operational improvement and gains from the company's restructuring plans were relatively evident. Not surprisingly, five months later, I ended up booking profits of 81% and exiting my entire RFP position following the news. Below I provide my rationale why investors should consider at least trimming their position too. Data by YCharts Details Of The Transaction Under this agreement, Domtar Corporation, a wholly-owned subsidiary of Paper Excellence, will acquire all the outstanding common shares of RFP by paying its shareholders $20.5 per share, valuing the company at about $2.7 billion. With a premium of around 64% over RFP's closing price the day before, this seems like a lucrative deal in favor of both the company and its shareholders. Along with the cash consideration, the deal also offers the shareholders Contingent Value Rights ("CVR") for the expected refunds of approximately $500 million paid by RFP as softwood lumber duty deposits through June 30th, 2022. The board has unanimously approved the deal, and shareholder and regulatory approvals are expected to complete in the latter half of the year, closing the deal in the first half of 2023. RFP will continue to operate as a standalone business unit after the acquisition. Shareholders Should Consider The Deal Done It is reasonable to expect the deal to successfully close within the suggested time frame since the owner of around 40% of RFP's stock, Fairfax Financial Holdings, has already supported this agreement. In addition, no significant regulatory constraints are expected since there is little overlap in the geographical presence of the parties involved. What Are The Potential Synergies? Paper Excellence is a holding company based in Canada that manages businesses related to pulp and paper manufacturing. In November 2021, it completed the acquisition of Domtar Corporation as part of its growth strategy to enter the US market. Domtar is a fiber-based product provider, with 70% of its revenues coming from uncoated freesheet paper and the rest from selling market pulp. By the end of 2022, Domtar also aims to enter the packaging market. The acquisition of Resolute brings diversification advantages to Domtar; RFP's lumber business will reduce Domtar's reliance on its free sheet sales. On the other hand, RFP will continue to implement its strategy of growing its wood products business. Being part of a large private group, Resolute will have access to capital and tools to make suitable acquisitions in the lumber and pulp business as well as to expand into other avenues. For example, as part of the deal, Paper Excellence Group has also committed to conducting a feasibility study on the potential conversion of Resolute's Gatineau, Quebec, newsprint mill to a packaging factory. Suppose Domtar successfully enters the packaging business by the end of 2022. In that case, Resolute will have access to technical resources as well as an established network to expand into the new venture. Moreover, rising investments for strategic initiatives to enter new markets are generally easier for privately held firms as opposed to firms that must convince public investors. What Should The Investors Do? Now coming to the big question, what should the investors do? Definitely, the stock has captured its potential upside, and there is little to no chance of another bull cycle in the near future. A more lucrative competitive bid is highly unlikely. There are high chances that the stock price would deviate around $20.5 unless a piece of significant news arises that may hint toward disruption of this merger process, chances of which are low. RFP's stock price would follow the same trend that Domtar's stock had after the announcement of the acquisition in May 2021; when the stock experienced a spike to $55.5, the bid and then remained at the same level until the acquisition was completed in November. Domtar Stock (Bloomberg Terminal) Thus, investors may decide to either close their position and capitalize on the upside or hold their position until their stocks are purchased at $20.5. In the scenario that an investor holds the stock till deal completion, they will be entitled to a CVR, in which case they may get a share of refund on estimated softwood lumber duties of approximately $500 million that Resolute paid in the U.S.
분석 기사 • May 30

Here's Why I Think Resolute Forest Products (NYSE:RFP) Might Deserve Your Attention Today

Like a puppy chasing its tail, some new investors often chase 'the next big thing', even if that means buying 'story...
분석 기사 • May 07

Calculating The Intrinsic Value Of Resolute Forest Products Inc. (NYSE:RFP)

Today we'll do a simple run through of a valuation method used to estimate the attractiveness of Resolute Forest...
Seeking Alpha • Apr 25

Resolute Forest Products: Ride The Bullish Trend And Beat Inflation In The Process

Earnings yield comes in well over 25% at present. This constitutes a very low valuation. Return on capital (off-net profit) in fiscal 2021 came in at almost 17%. This constitutes strong profitability. The technicals continue to point towards higher prices. Total return here over the next 12 months should easily outperform inflation.
Seeking Alpha • Feb 08

Resolute Forest Products: Boasting A Stronger Position Than In Over A Decade

Resolute Forest Products had a strong 2021 in terms of share price, but the stock dropped after publishing the latest financial reports. For Q4 2021, the company reported a loss of $128 million because of non-recurring charges relating to the closure of certain operations in RFP’s Calhoun facility. The company’s financial position is currently more robust than in the previous decade, with strong liquidity, leverage, and resource utilization. The stock has substantial upside potential in the long-term but faces some volatility because of the macroeconomic headwinds expected in the current year.
Seeking Alpha • Dec 24

Resolute Forest Products: There's More Upside In 2022

RFP in the past years has made remarkable progress deleveraging its balance sheet by paying off a significant part of its long-term debt, bringing it down to sustainable and healthy levels. The company materially reduced its pension funding deficit to $457 million within 2021, supporting the upcoming higher interest rate environment. Wood-related products now account for almost 50% of revenues, and the housing boom and favorable demographics of Millennials further support the elevated demand and growth in the following years. RFP remains undervalued by almost any valuation metric. Thus considering the recent developments, the company deserves at least a 1.10x P/B multiple, suggesting a target price of $19.40 and a 43% upside from current levels.
Seeking Alpha • Sep 28

Resolute Forest Products Is Extremely Cheap

Resolute Forest has experienced a monster advance since March 2020, and powerful free cash flows may support another leg higher. Net debt could approach zero by early 2022, and tangible book value may rise above $20 a share by next summer vs. today's $12 price. Technical momentum signals have remained strong and appear to be improving the last couple of weeks.
분석 기사 • Sep 14

Resolute Forest Products (NYSE:RFP) Has A Somewhat Strained Balance Sheet

Legendary fund manager Li Lu (who Charlie Munger backed) once said, 'The biggest investment risk is not the volatility...
Seeking Alpha • Jul 18

Resolute Forest Products: Buy The Dip

The company's revenue showed an increase of 26% compared to Q1 2020 and missed analysts' expectations. Resolute Forest Products shares have a unique opportunity to reach $13 soon due to impressive results for 2Q and 3Q 2021, successful deleveraging, and possible expansion of buyback programs. The company is undervalued compared to the market by more than 56% for all multipliers.
분석 기사 • Jun 09

Is Resolute Forest Products Inc. (NYSE:RFP) Expensive For A Reason? A Look At Its Intrinsic Value

Does the June share price for Resolute Forest Products Inc. ( NYSE:RFP ) reflect what it's really worth? Today, we will...
분석 기사 • Mar 08

We Like The Quality Of Resolute Forest Products' (NYSE:RFP) Earnings

Resolute Forest Products Inc.'s ( NYSE:RFP ) recent earnings report didn't offer any surprises, with the shares...
분석 기사 • Mar 01

The Resolute Forest Products (NYSE:RFP) Share Price Is Up 250% And Shareholders Are Boasting About It

When you buy shares in a company, there is always a risk that the price drops to zero. But if you pick the right...
분석 기사 • Feb 02

Estimating The Intrinsic Value Of Resolute Forest Products Inc. (NYSE:RFP)

Does the February share price for Resolute Forest Products Inc. ( NYSE:RFP ) reflect what it's really worth? Today, we...
분석 기사 • Jan 12

Here's Why Resolute Forest Products (NYSE:RFP) Is Weighed Down By Its Debt Load

David Iben put it well when he said, 'Volatility is not a risk we care about. What we care about is avoiding the...
분석 기사 • Dec 14

What Kind Of Shareholders Hold The Majority In Resolute Forest Products Inc.'s (NYSE:RFP) Shares?

The big shareholder groups in Resolute Forest Products Inc. ( NYSE:RFP ) have power over the company. Institutions will...
분석 기사 • Nov 23

This Insider Has Just Sold Shares In Resolute Forest Products Inc. (NYSE:RFP)

We note that the Resolute Forest Products Inc. (NYSE:RFP) Senior Vice President of Pulp & Paper Operations, Richard...

매출 및 비용 세부 내역

Resolute Forest Products가 돈을 벌고 사용하는 방법. 최근 발표된 LTM 실적 기준.

순이익 및 매출 추이

NYSE:RFP 매출, 비용 및 순이익 (USD Millions)
날짜매출순이익일반관리비연구개발비
30 Sep 223,8114255790
30 Jun 223,6544185340
31 Mar 223,7364305120
31 Dec 213,6643075140
30 Sep 213,5993834990
30 Jun 213,5123604950
31 Mar 212,984984770
31 Dec 202,800104800
30 Sep 202,699-94860
30 Jun 202,674-1094950
31 Mar 202,817-905210
31 Dec 192,923-475250
30 Sep 193,187605570
30 Jun 193,4562205900
31 Mar 193,6772676180
31 Dec 183,7562356400
30 Sep 183,7222126400
30 Jun 183,6331196360
31 Mar 183,515-276160
31 Dec 173,513-846120
30 Sep 173,504-1425930
30 Jun 173,507-1525860
31 Mar 173,540-1205910
31 Dec 163,545-815950
30 Sep 163,550-2506000
30 Jun 163,567-2706050
31 Mar 163,602-2326130

양질의 수익: RFP는 고품질 수익을 보유하고 있습니다.

이익 마진 증가: RFP의 현재 순 이익률 (11.2%)은 지난해 (10.6%)보다 높습니다.

잉여현금흐름 대비 순이익 분석

과거 순이익 성장 분석

수익추이: RFP는 지난 5년 동안 흑자전환하며 연평균 41.2%의 수익 성장을 기록했습니다.

성장 가속화: 지난 1년간 RFP 의 수익 증가율(11%)은 5년 평균(연간 41.2%)보다 낮습니다.

수익 대 산업: RFP의 지난 1년 수익 증가율(11%)은 Forestry 업계의 -4.6%를 상회했습니다.

자기자본이익률

높은 ROE: RFP의 자본 수익률(20.1%)은 높음으로 평가됩니다.

총자산이익률

투하자본수익률

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기업 분석 및 재무 데이터 상태

데이터최종 업데이트 (UTC 시간)
기업 분석2023/03/02 02:22
종가2023/02/28 00:00
수익2022/09/30
연간 수익2021/12/31

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분석가 소스

Resolute Forest Products Inc.는 12명의 분석가가 다루고 있습니다. 이 중 명의 분석가가 우리 보고서에 입력 데이터로 사용되는 매출 또는 수익 추정치를 제출했습니다. 분석가의 제출 자료는 하루 종일 업데이트됩니다.

분석가기관
Peter RuschmeierBarclays
Stephen AtkinsonBMO Capital Markets Equity Research
Jason AlperBTIG