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Canfor Corp CFP Stock Quote

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Morningstar‘s Stock Analysis CFP

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Is it the right time to buy or sell?

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Economic Moat


Capital Allocation


Canfor Navigates Lower Lumber Prices and Rising Interest Rates, but Shares Look Attractive

Spencer Liberman Equity Analyst

Analyst Note

| Spencer Liberman |

We are initiating coverage on Canfor Corporation with a fair value estimate of CAD 37 per share and a no-moat rating. While the firm’s commodity businesses, lumber and pulp, can be immensely profitable when demand is strong, margins crumble during times of weak demand as Canfor’s operations possess no structural competitive advantages. Fundamentally, lumber is a commodity. Building a moat in a commodity business typically necessitates a low-cost production position or a transportation cost advantage—something Canfor, along with its North American peers, fundamentally lacks.

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Key Statistics CFP

Company Profile CFP

Business Description

Canfor is a softwood lumber company that also owns around half of Canfor Pulp. It is active throughout North America and Europe, with lumber mills in British Columbia, Alberta, the southeastern United States, and Sweden. It has two reportable segments: lumber and pulp and paper. The lumber segment includes Canfor's sawmilling and remanufacturing operations and the pulp and paper segment includes the kraft pulp, kraft paper, and BCTMP businesses of CPPI.

100-1700 West 75th Avenue
Vancouver, BC, V6P 6G2, Canada
T +1 604 661-5241
Industry Lumber & Wood Production
Most Recent Earnings Jun 30, 2022
Fiscal Year End Dec 31, 2022
Employees 7,391

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