Intrinsic value of West Fraser Timber Co. Ltd. - WFT

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$61.30

  Intrinsic Value

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  Rating & Target

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  Value-price divergence*

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Previous close

$61.30

 
Intrinsic value

$214.52

 
Up/down potential

+250%

 
Rating

str. buy

 
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*Intrinsic value change (in %) minus stock price change (in %) in the past 12 months.

We calculate the intrinsic value of WFT stock by summing up the current values of future distributable cash flows generated by the company and dividing the sum by the number of outstanding shares. As such, the intrinsic value calculation depends entirely on projections. The more accurate your projections of the company's performance are - the more reliable is the intrinsic value calculation result. Please make sure to check the stock valuation input data below and adjust it if necessary. The quality of the output (intrinsic valuation result) is only as good as the quality of the input. See also DISCLAIMERS.

STOCK VALUATION INPUT DATA

Revenue (in 2016), $M
Initial revenue growth rate, %
Terminal revenue growth rate, %
Revenue decline factor
Initial discount rate, %
Discount rate multiplier
Variable cost ratio, %
Fixed operating expenses, $M
Interest rate on debt, %
Effective corporate tax rate, %
Production assets / Revenue, %
Life of production assets, yrs
Working capital / Revenue, %
Revenue / Adjusted assets
Adjusted equity ratio
Cash flow adjustment, % of Revenue
Book value of equity, $M
Shares outstanding, mln
Market capitalization, $bln 4.7

 

FINANCIAL STATEMENTS FORECAST and PRESENT VALUE CALCULATION

Fiscal year
2016(a)
   2017
   2018
   2019
   2020
   2021
   2022
   2023
   2024
   2025
   2026
   2027
   2028
   2029
   2030
   2031
   2032
   2033
   2034
   2035
   2036
   2037
   2038
   2039
   2040
   2041
   2042
   2043
   2044
   2045
   2046

INCOME STATEMENT

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Revenue growth rate, %
  8.54
  9.30
  8.87
  8.48
  8.13
  7.82
  7.54
  7.29
  7.06
  6.85
  6.67
  6.50
  6.35
  6.21
  6.09
  5.98
  5.89
  5.80
  5.72
  5.65
  5.58
  5.52
  5.47
  5.42
  5.38
  5.34
  5.31
  5.28
  5.25
  5.23
  5.20
Revenue, $m
  4,450
  4,864
  5,295
  5,744
  6,212
  6,698
  7,203
  7,727
  8,273
  8,839
  9,429
  10,041
  10,679
  11,343
  12,034
  12,754
  13,504
  14,287
  15,104
  15,957
  16,847
  17,777
  18,750
  19,767
  20,831
  21,944
  23,108
  24,328
  25,605
  26,943
  28,345
Variable operating expenses, $m
 
  1,625
  1,769
  1,919
  2,075
  2,237
  2,406
  2,581
  2,763
  2,952
  3,149
  3,354
  3,567
  3,788
  4,019
  4,260
  4,510
  4,772
  5,045
  5,329
  5,627
  5,938
  6,263
  6,602
  6,957
  7,329
  7,718
  8,126
  8,552
  8,999
  9,467
Fixed operating expenses, $m
 
  2,606
  2,671
  2,737
  2,806
  2,876
  2,948
  3,022
  3,097
  3,175
  3,254
  3,335
  3,419
  3,504
  3,592
  3,682
  3,774
  3,868
  3,965
  4,064
  4,165
  4,269
  4,376
  4,486
  4,598
  4,713
  4,831
  4,951
  5,075
  5,202
  5,332
Total operating expenses, $m
  3,968
  4,231
  4,440
  4,656
  4,881
  5,113
  5,354
  5,603
  5,860
  6,127
  6,403
  6,689
  6,986
  7,292
  7,611
  7,942
  8,284
  8,640
  9,010
  9,393
  9,792
  10,207
  10,639
  11,088
  11,555
  12,042
  12,549
  13,077
  13,627
  14,201
  14,799
Operating income, $m
  482
  634
  856
  1,088
  1,331
  1,585
  1,849
  2,125
  2,412
  2,712
  3,025
  3,352
  3,693
  4,050
  4,423
  4,812
  5,220
  5,647
  6,095
  6,563
  7,055
  7,570
  8,111
  8,679
  9,275
  9,902
  10,560
  11,251
  11,978
  12,742
  13,546
EBITDA, $m
  679
  834
  1,074
  1,325
  1,587
  1,860
  2,145
  2,443
  2,753
  3,076
  3,413
  3,765
  4,133
  4,517
  4,918
  5,337
  5,776
  6,235
  6,716
  7,220
  7,748
  8,302
  8,883
  9,492
  10,132
  10,805
  11,511
  12,252
  13,032
  13,851
  14,712
Interest expense (income), $m
  23
  18
  23
  29
  35
  41
  47
  54
  60
  67
  75
  83
  90
  99
  107
  116
  126
  135
  146
  156
  167
  179
  191
  204
  217
  231
  245
  260
  276
  293
  310
Earnings before tax, $m
  444
  616
  833
  1,060
  1,297
  1,544
  1,802
  2,071
  2,352
  2,645
  2,951
  3,270
  3,603
  3,951
  4,315
  4,696
  5,095
  5,512
  5,949
  6,407
  6,887
  7,391
  7,920
  8,475
  9,059
  9,671
  10,315
  10,991
  11,702
  12,449
  13,236
Tax expense, $m
  118
  166
  225
  286
  350
  417
  487
  559
  635
  714
  797
  883
  973
  1,067
  1,165
  1,268
  1,376
  1,488
  1,606
  1,730
  1,860
  1,996
  2,138
  2,288
  2,446
  2,611
  2,785
  2,968
  3,160
  3,361
  3,574
Net income, $m
  326
  450
  608
  773
  946
  1,127
  1,315
  1,512
  1,717
  1,931
  2,154
  2,387
  2,630
  2,884
  3,150
  3,428
  3,719
  4,024
  4,343
  4,677
  5,028
  5,396
  5,782
  6,187
  6,613
  7,060
  7,530
  8,023
  8,542
  9,088
  9,662

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  50
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Total assets, $m
  3,600
  3,879
  4,223
  4,581
  4,954
  5,341
  5,744
  6,162
  6,597
  7,049
  7,519
  8,007
  8,516
  9,045
  9,596
  10,170
  10,769
  11,393
  12,045
  12,725
  13,435
  14,177
  14,952
  15,763
  16,611
  17,499
  18,428
  19,400
  20,419
  21,486
  22,604
Adjusted assets (=assets-cash), $m
  3,550
  3,879
  4,223
  4,581
  4,954
  5,341
  5,744
  6,162
  6,597
  7,049
  7,519
  8,007
  8,516
  9,045
  9,596
  10,170
  10,769
  11,393
  12,045
  12,725
  13,435
  14,177
  14,952
  15,763
  16,611
  17,499
  18,428
  19,400
  20,419
  21,486
  22,604
Revenue / Adjusted assets
  1.254
  1.254
  1.254
  1.254
  1.254
  1.254
  1.254
  1.254
  1.254
  1.254
  1.254
  1.254
  1.254
  1.254
  1.254
  1.254
  1.254
  1.254
  1.254
  1.254
  1.254
  1.254
  1.254
  1.254
  1.254
  1.254
  1.254
  1.254
  1.254
  1.254
  1.254
Average production assets, $m
  2,398
  2,622
  2,854
  3,096
  3,348
  3,610
  3,882
  4,165
  4,459
  4,764
  5,082
  5,412
  5,756
  6,114
  6,486
  6,874
  7,279
  7,701
  8,141
  8,601
  9,081
  9,582
  10,106
  10,654
  11,228
  11,828
  12,455
  13,113
  13,801
  14,522
  15,278
Working capital, $m
  479
  486
  530
  574
  621
  670
  720
  773
  827
  884
  943
  1,004
  1,068
  1,134
  1,203
  1,275
  1,350
  1,429
  1,510
  1,596
  1,685
  1,778
  1,875
  1,977
  2,083
  2,194
  2,311
  2,433
  2,561
  2,694
  2,834
Total debt, $m
  428
  539
  669
  805
  946
  1,093
  1,246
  1,404
  1,569
  1,741
  1,919
  2,104
  2,297
  2,497
  2,706
  2,924
  3,150
  3,387
  3,634
  3,892
  4,161
  4,442
  4,736
  5,043
  5,365
  5,701
  6,053
  6,422
  6,808
  7,212
  7,636
Total liabilities, $m
  1,359
  1,470
  1,600
  1,736
  1,877
  2,024
  2,177
  2,335
  2,500
  2,672
  2,850
  3,035
  3,228
  3,428
  3,637
  3,855
  4,081
  4,318
  4,565
  4,823
  5,092
  5,373
  5,667
  5,974
  6,296
  6,632
  6,984
  7,353
  7,739
  8,143
  8,567
Total equity, $m
  2,241
  2,409
  2,622
  2,845
  3,076
  3,317
  3,567
  3,827
  4,097
  4,377
  4,669
  4,973
  5,288
  5,617
  5,959
  6,316
  6,688
  7,075
  7,480
  7,902
  8,343
  8,804
  9,285
  9,789
  10,316
  10,867
  11,444
  12,048
  12,680
  13,343
  14,037
Total liabilities and equity, $m
  3,600
  3,879
  4,222
  4,581
  4,953
  5,341
  5,744
  6,162
  6,597
  7,049
  7,519
  8,008
  8,516
  9,045
  9,596
  10,171
  10,769
  11,393
  12,045
  12,725
  13,435
  14,177
  14,952
  15,763
  16,612
  17,499
  18,428
  19,401
  20,419
  21,486
  22,604
Debt-to-equity ratio
  0.191
  0.220
  0.260
  0.280
  0.310
  0.330
  0.350
  0.370
  0.380
  0.400
  0.410
  0.420
  0.430
  0.440
  0.450
  0.460
  0.470
  0.480
  0.490
  0.490
  0.500
  0.500
  0.510
  0.520
  0.520
  0.520
  0.530
  0.530
  0.540
  0.540
  0.540
Adjusted equity ratio
  0.621
  0.621
  0.621
  0.621
  0.621
  0.621
  0.621
  0.621
  0.621
  0.621
  0.621
  0.621
  0.621
  0.621
  0.621
  0.621
  0.621
  0.621
  0.621
  0.621
  0.621
  0.621
  0.621
  0.621
  0.621
  0.621
  0.621
  0.621
  0.621
  0.621
  0.621

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  326
  450
  608
  773
  946
  1,127
  1,315
  1,512
  1,717
  1,931
  2,154
  2,387
  2,630
  2,884
  3,150
  3,428
  3,719
  4,024
  4,343
  4,677
  5,028
  5,396
  5,782
  6,187
  6,613
  7,060
  7,530
  8,023
  8,542
  9,088
  9,662
Depreciation, amort., depletion, $m
  197
  200
  218
  236
  256
  276
  296
  318
  340
  364
  388
  413
  439
  467
  495
  525
  556
  588
  621
  657
  693
  731
  771
  813
  857
  903
  951
  1,001
  1,054
  1,109
  1,166
Funds from operations, $m
  761
  650
  826
  1,010
  1,202
  1,403
  1,612
  1,830
  2,057
  2,294
  2,542
  2,800
  3,070
  3,351
  3,645
  3,953
  4,275
  4,611
  4,964
  5,334
  5,721
  6,127
  6,553
  7,000
  7,470
  7,963
  8,480
  9,024
  9,596
  10,197
  10,828
Change in working capital, $m
  72
  41
  43
  45
  47
  49
  50
  52
  55
  57
  59
  61
  64
  66
  69
  72
  75
  78
  82
  85
  89
  93
  97
  102
  106
  111
  116
  122
  128
  134
  140
Cash from operations, $m
  689
  817
  783
  965
  1,155
  1,354
  1,561
  1,777
  2,003
  2,238
  2,483
  2,739
  3,006
  3,285
  3,576
  3,881
  4,200
  4,533
  4,882
  5,248
  5,632
  6,034
  6,456
  6,899
  7,363
  7,851
  8,364
  8,902
  9,468
  10,063
  10,688
Maintenance CAPEX, $m
  0
  -183
  -200
  -218
  -236
  -256
  -276
  -296
  -318
  -340
  -364
  -388
  -413
  -439
  -467
  -495
  -525
  -556
  -588
  -621
  -657
  -693
  -731
  -771
  -813
  -857
  -903
  -951
  -1,001
  -1,054
  -1,109
New CAPEX, $m
  -273
  -224
  -233
  -242
  -252
  -262
  -272
  -283
  -294
  -305
  -318
  -330
  -344
  -358
  -373
  -388
  -405
  -422
  -440
  -460
  -480
  -501
  -524
  -548
  -573
  -600
  -628
  -657
  -688
  -721
  -756
Cash from investing activities, $m
  -263
  -407
  -433
  -460
  -488
  -518
  -548
  -579
  -612
  -645
  -682
  -718
  -757
  -797
  -840
  -883
  -930
  -978
  -1,028
  -1,081
  -1,137
  -1,194
  -1,255
  -1,319
  -1,386
  -1,457
  -1,531
  -1,608
  -1,689
  -1,775
  -1,865
Free cash flow, $m
  426
  411
  350
  505
  667
  837
  1,014
  1,198
  1,391
  1,592
  1,802
  2,021
  2,249
  2,488
  2,737
  2,998
  3,270
  3,556
  3,854
  4,167
  4,495
  4,839
  5,200
  5,579
  5,977
  6,394
  6,833
  7,294
  7,779
  8,288
  8,824
Issuance/(repayment) of debt, $m
  -181
  126
  130
  136
  141
  147
  153
  159
  165
  171
  178
  185
  193
  201
  209
  218
  227
  237
  247
  258
  269
  281
  294
  307
  321
  336
  352
  369
  386
  404
  424
Issuance/(repurchase) of shares, $m
  -190
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Cash from financing (excl. dividends), $m  
  -392
  126
  130
  136
  141
  147
  153
  159
  165
  171
  178
  185
  193
  201
  209
  218
  227
  237
  247
  258
  269
  281
  294
  307
  321
  336
  352
  369
  386
  404
  424
Total cash flow (excl. dividends), $m
  73
  537
  480
  641
  808
  983
  1,166
  1,357
  1,556
  1,763
  1,980
  2,206
  2,442
  2,688
  2,946
  3,215
  3,497
  3,792
  4,101
  4,425
  4,765
  5,121
  5,494
  5,886
  6,298
  6,731
  7,185
  7,663
  8,165
  8,693
  9,248
Retained Cash Flow (-), $m
  -94
  -203
  -214
  -222
  -231
  -241
  -250
  -260
  -270
  -281
  -292
  -303
  -316
  -329
  -342
  -357
  -372
  -388
  -404
  -422
  -441
  -461
  -482
  -504
  -527
  -551
  -577
  -604
  -633
  -663
  -694
Prev. year cash balance distribution, $m
 
  35
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Cash flow adjustment, $m
 
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Cash available for distribution, $m
 
  369
  267
  418
  577
  743
  916
  1,097
  1,286
  1,483
  1,688
  1,902
  2,126
  2,360
  2,604
  2,859
  3,125
  3,405
  3,697
  4,003
  4,324
  4,660
  5,013
  5,383
  5,772
  6,180
  6,608
  7,059
  7,532
  8,030
  8,553
Discount rate, %
 
  4.30
  4.52
  4.74
  4.98
  5.23
  5.49
  5.76
  6.05
  6.35
  6.67
  7.00
  7.35
  7.72
  8.11
  8.51
  8.94
  9.39
  9.86
  10.35
  10.87
  11.41
  11.98
  12.58
  13.21
  13.87
  14.56
  15.29
  16.05
  16.86
  17.70
PV of cash for distribution, $m
 
  354
  244
  364
  475
  576
  665
  741
  804
  852
  885
  903
  907
  897
  874
  839
  794
  741
  681
  616
  549
  482
  416
  353
  294
  240
  193
  152
  117
  88
  64
Current shareholders' claim on cash, %
  100
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0

West Fraser Timber Co. Ltd. produces and sells lumber, panels, and pulp and paper products in Western Canada and the Southern United States. It offers spruce/pine/fir and southern yellow pine lumber, as well as newsprint and wood chip products. The company also provides medium density fiberboard panels, plywood, treated wood, and laminated veneer lumber products; northern bleached softwood kraft pulp used to produce various paper products, including tissues, and printing and writing papers; and bleached chemical thermos-mechanical pulp, which is used to produce coated board products, printing and writing papers, and paper towel/napkin grades, as well as specialty papers and tissue grades. Its wood products are used in residential, commercial, and industrial applications. The company was founded in 1955 and is based in Vancouver, Canada.

FINANCIAL RATIOS  of  West Fraser Timber Co. Ltd. (WFT)

Valuation Ratios
P/E Ratio 14.7
Price to Sales 1.1
Price to Book 2.1
Price to Tangible Book
Price to Cash Flow 7
Price to Free Cash Flow 11.5
Growth Rates
Sales Growth Rate 8.5%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate 24.1%
Cap. Spend. - 3 Yr. Gr. Rate -4.2%
Financial Strength
Quick Ratio 3
Current Ratio 0
LT Debt to Equity 18.4%
Total Debt to Equity 19.1%
Interest Coverage 20
Management Effectiveness
Return On Assets 9.5%
Ret/ On Assets - 3 Yr. Avg. 7.1%
Return On Total Capital 12%
Ret/ On T. Cap. - 3 Yr. Avg. 8.9%
Return On Equity 14.9%
Return On Equity - 3 Yr. Avg. 11%
Asset Turnover 1.2
Profitability Ratios
Gross Margin 33.2%
Gross Margin - 3 Yr. Avg. 32.4%
EBITDA Margin 14.9%
EBITDA Margin - 3 Yr. Avg. 12.9%
Operating Margin 10.8%
Oper. Margin - 3 Yr. Avg. 9.1%
Pre-Tax Margin 10%
Pre-Tax Margin - 3 Yr. Avg. 7.8%
Net Profit Margin 7.3%
Net Profit Margin - 3 Yr. Avg. 5.5%
Effective Tax Rate 26.6%
Eff/ Tax Rate - 3 Yr. Avg. 30.3%
Payout Ratio 6.7%

WFT stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the WFT stock intrinsic value calculation we used $4450 million for the last fiscal year's total revenue generated by West Fraser Timber Co. Ltd.. The default revenue input number comes from 2016 income statement of West Fraser Timber Co. Ltd.. You may change it if you feel that it should be adjusted for some unusual circumstances that are not expected to be repeated in the future or if you already know (from interim financial statements, for example) that this year's revenue is going to be quite different.

Revenue growth rate. Forecasted future revenue growth rate is the most important input parameter for the intrinsic value calculation. Unlike other input parameters that are reasonably expected to be in line with their historic averages or their historic trends, the revenue growth rate by and large is a wild card: nobody really knows what the company's revenue will be in the future. Of course, the level of unpredictability is different for different industries (utility companies being the most predictable and, thus, less risky).
    We use three input parameters to forecast the revenue growth rate in our WFT stock valuation model: a) initial revenue growth rate of 9.3% whose default value is the revenue growth rate in the most recent quarter compared to the quarterly revenue a year ago; b) terminal revenue growth rate of 5% whose default value is chosen to be close to the average nominal (i.e. not adjusted for inflation) GDP growth rate; and c) revenue decline factor of 0.9, which stipulates that revenue growth rate in each forecasted year will be equal to the difference of the revenue growth rate in the preceding year and the terminal revenue growth rate multiplied by this revenue decline factor (with the passage of time the revenue growth rate will be approaching the terminal revenue growth rate, but not quite reaching it - though the difference could be infinitesimally small).
    At the revenue decline factor of 1, the future revenue growth rate is forecasted to be constant and equal to the initial revenue growth rate. The smaller the revenue decline factor, the faster the revenue growth rate will approach the terminal revenue growth.

Discount rate. The discount rate is used for determining the present value of future cash flows: future cash flows are "discounted" as at normal conditions (that translate into positive expected return on investment) one dollar today is worth more than the same dollar in the future. Unlike all other valuation models, we use variable discount rate, i.e. it increases for each consecutive year. This is done to account for higher risk of cash flows coming in further in the future.
    The initial discount rate of 4.3%, whose default value for WFT is calculated based on our internal credit rating of West Fraser Timber Co. Ltd., is applied to the cash flow expected to be received a year from now (well, actually, to be precise, in the financial year following the base year - the last year for which we have financial statements). For each consecutive year the discount rate is multiplied by the discount rate multiplier of 1.05, e.i. each year it increases by 5%. Feel free to change this number to correspond to your level of risk assessment of West Fraser Timber Co. Ltd..
    By the way, it is easy to set the discount rate to be constant (this would make comparison with other valuation models easier): just set the discount rate multiplier equal to 1 and chose the magnitude of the initial discount rate to your liking.

Variable cost ratio is the ratio of variable costs (i.e. costs that fluctuate with fluctuation of the volume of production) to the revenue expressed as a percentage. In the calculation of intrinsic value of WFT stock the variable cost ratio is equal to 33.4%.

Fixed operating expenses is just that - expenses that are not dependant on the volume of production. They are set to $2542 million in the base year in the intrinsic value calculation for WFT stock. These expenses increase with the level of inflation in subsequent years.

Interest rate on debt is the average all-in rate of interest paid by the company on its debt. It is set at 4.3% for West Fraser Timber Co. Ltd..

Corporate tax rate of 27% is the nominal tax rate for West Fraser Timber Co. Ltd.. In reality, companies find ways to pay much less taxes than that or not to pay them at all.

Cash flow adjustment could be used for any adjustment the investor deems necessary. Most commonly we use this field to account for stock options-related effects in excess of what is reported on the company's income statement. The cash flow adjustment is expressed as a percentage of the revenue, and in the current valuation of the WFT stock is equal to 0%.

Production assets are the company's assets used for manufacturing products or provision of services. In the valuation model input table they are expressed as a percentage of revenue and for WFT are equal to 53.9%.

Life of production assets of 13.1 years is the average useful life of capital assets used in West Fraser Timber Co. Ltd. operations. It is used to calculate yearly capital expenditures needed to keep these assets in good order - we call it the maintenance CAPEX.

Working capital is the difference between the company's current assets and liabilities. In the model we use the ratio of working capital to revenue, which for WFT is equal to 10%. A negative number means that the company is apt at using financial resources of its suppliers and customers; a large positive number, on the other hand, means that it either provides in-kind financing to others or is not good at managing its inventories.

Book value of equity - $2241 million for West Fraser Timber Co. Ltd. - is used in calculation of the "floor" for intrinsic valuation based on the discounted cash flow (DCF) method. Even if the prospects are very bad for a company, its assets could always be sold now for their current fair market value.

Shares outstanding of 75.97 million for West Fraser Timber Co. Ltd. is needed to calculate the intrinsic value of one share.

Market capitalization is used here only for reference purposes and as a quick check that the share price and the number of shares outstanding numbers are correct - something especially to be cognizant about at stock splits. So, the market capitalization of West Fraser Timber Co. Ltd. at the current share price and the inputted number of shares is $4.7 billion.


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