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

Previous Close

$81.85

  Intrinsic Value

$179.95

stock screener

  Rating & Target

str. buy

+120%

Previous close

$81.85

 
Intrinsic value

$179.95

 
Up/down potential

+120%

 
Rating

str. buy

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 6.2

 

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
  8.00
  7.70
  7.43
  7.19
  6.97
  6.77
  6.59
  6.43
  6.29
  6.16
  6.05
  5.94
  5.85
  5.76
  5.69
  5.62
  5.56
  5.50
  5.45
  5.41
  5.36
  5.33
  5.30
  5.27
  5.24
  5.22
  5.19
  5.17
  5.16
  5.14
Revenue, $m
  4,450
  4,806
  5,176
  5,561
  5,960
  6,376
  6,807
  7,256
  7,723
  8,209
  8,715
  9,242
  9,791
  10,363
  10,961
  11,584
  12,235
  12,914
  13,625
  14,367
  15,144
  15,956
  16,807
  17,696
  18,628
  19,604
  20,627
  21,698
  22,821
  23,998
  25,232
Variable operating expenses, $m
 
  1,605
  1,729
  1,857
  1,991
  2,129
  2,274
  2,424
  2,580
  2,742
  2,911
  3,087
  3,270
  3,461
  3,661
  3,869
  4,086
  4,313
  4,551
  4,799
  5,058
  5,329
  5,613
  5,911
  6,222
  6,548
  6,889
  7,247
  7,622
  8,015
  8,427
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
  4,211
  4,400
  4,594
  4,797
  5,005
  5,222
  5,446
  5,677
  5,917
  6,165
  6,422
  6,689
  6,965
  7,253
  7,551
  7,860
  8,181
  8,516
  8,863
  9,223
  9,598
  9,989
  10,397
  10,820
  11,261
  11,720
  12,198
  12,697
  13,217
  13,759
Operating income, $m
  482
  595
  777
  966
  1,164
  1,370
  1,586
  1,811
  2,046
  2,293
  2,550
  2,820
  3,102
  3,398
  3,708
  4,033
  4,375
  4,733
  5,109
  5,505
  5,920
  6,357
  6,817
  7,300
  7,809
  8,344
  8,907
  9,500
  10,124
  10,781
  11,472
EBITDA, $m
  679
  793
  990
  1,195
  1,409
  1,632
  1,866
  2,110
  2,364
  2,630
  2,909
  3,200
  3,505
  3,824
  4,159
  4,510
  4,878
  5,264
  5,670
  6,096
  6,544
  7,014
  7,508
  8,028
  8,575
  9,150
  9,756
  10,392
  11,063
  11,768
  12,510
Interest expense (income), $m
  23
  18
  22
  27
  32
  37
  43
  48
  54
  60
  67
  73
  80
  87
  95
  102
  111
  119
  128
  137
  147
  157
  167
  178
  190
  202
  215
  228
  242
  257
  272
Earnings before tax, $m
  444
  577
  754
  939
  1,131
  1,333
  1,543
  1,763
  1,992
  2,232
  2,484
  2,747
  3,022
  3,311
  3,613
  3,931
  4,264
  4,614
  4,982
  5,368
  5,774
  6,201
  6,650
  7,122
  7,619
  8,142
  8,692
  9,272
  9,882
  10,524
  11,200
Tax expense, $m
  118
  156
  204
  253
  305
  360
  417
  476
  538
  603
  671
  742
  816
  894
  976
  1,061
  1,151
  1,246
  1,345
  1,449
  1,559
  1,674
  1,795
  1,923
  2,057
  2,198
  2,347
  2,503
  2,668
  2,841
  3,024
Net income, $m
  326
  422
  551
  685
  826
  973
  1,126
  1,287
  1,454
  1,630
  1,813
  2,005
  2,206
  2,417
  2,638
  2,870
  3,113
  3,368
  3,637
  3,919
  4,215
  4,526
  4,854
  5,199
  5,562
  5,943
  6,345
  6,768
  7,214
  7,683
  8,176

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
  3,833
  4,128
  4,434
  4,753
  5,084
  5,429
  5,786
  6,159
  6,546
  6,950
  7,370
  7,808
  8,264
  8,741
  9,238
  9,756
  10,299
  10,865
  11,457
  12,076
  12,724
  13,402
  14,112
  14,855
  15,633
  16,449
  17,303
  18,198
  19,137
  20,121
Adjusted assets (=assets-cash), $m
  3,550
  3,833
  4,128
  4,434
  4,753
  5,084
  5,429
  5,786
  6,159
  6,546
  6,950
  7,370
  7,808
  8,264
  8,741
  9,238
  9,756
  10,299
  10,865
  11,457
  12,076
  12,724
  13,402
  14,112
  14,855
  15,633
  16,449
  17,303
  18,198
  19,137
  20,121
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
  2,590
  2,790
  2,997
  3,213
  3,436
  3,669
  3,911
  4,163
  4,425
  4,697
  4,981
  5,277
  5,586
  5,908
  6,244
  6,594
  6,961
  7,344
  7,744
  8,163
  8,600
  9,059
  9,538
  10,041
  10,567
  11,118
  11,695
  12,300
  12,935
  13,600
Working capital, $m
  479
  481
  518
  556
  596
  638
  681
  726
  772
  821
  871
  924
  979
  1,036
  1,096
  1,158
  1,223
  1,291
  1,362
  1,437
  1,514
  1,596
  1,681
  1,770
  1,863
  1,960
  2,063
  2,170
  2,282
  2,400
  2,523
Total debt, $m
  428
  522
  633
  750
  870
  996
  1,126
  1,262
  1,403
  1,550
  1,703
  1,862
  2,028
  2,201
  2,382
  2,570
  2,767
  2,972
  3,187
  3,411
  3,646
  3,892
  4,148
  4,417
  4,699
  4,994
  5,303
  5,627
  5,966
  6,322
  6,695
Total liabilities, $m
  1,359
  1,453
  1,564
  1,681
  1,801
  1,927
  2,057
  2,193
  2,334
  2,481
  2,634
  2,793
  2,959
  3,132
  3,313
  3,501
  3,698
  3,903
  4,118
  4,342
  4,577
  4,823
  5,079
  5,348
  5,630
  5,925
  6,234
  6,558
  6,897
  7,253
  7,626
Total equity, $m
  2,241
  2,380
  2,563
  2,754
  2,952
  3,157
  3,371
  3,593
  3,825
  4,065
  4,316
  4,577
  4,849
  5,132
  5,428
  5,737
  6,059
  6,395
  6,747
  7,115
  7,499
  7,902
  8,323
  8,764
  9,225
  9,708
  10,215
  10,745
  11,301
  11,884
  12,495
Total liabilities and equity, $m
  3,600
  3,833
  4,127
  4,435
  4,753
  5,084
  5,428
  5,786
  6,159
  6,546
  6,950
  7,370
  7,808
  8,264
  8,741
  9,238
  9,757
  10,298
  10,865
  11,457
  12,076
  12,725
  13,402
  14,112
  14,855
  15,633
  16,449
  17,303
  18,198
  19,137
  20,121
Debt-to-equity ratio
  0.191
  0.220
  0.250
  0.270
  0.290
  0.320
  0.330
  0.350
  0.370
  0.380
  0.390
  0.410
  0.420
  0.430
  0.440
  0.450
  0.460
  0.460
  0.470
  0.480
  0.490
  0.490
  0.500
  0.500
  0.510
  0.510
  0.520
  0.520
  0.530
  0.530
  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
  422
  551
  685
  826
  973
  1,126
  1,287
  1,454
  1,630
  1,813
  2,005
  2,206
  2,417
  2,638
  2,870
  3,113
  3,368
  3,637
  3,919
  4,215
  4,526
  4,854
  5,199
  5,562
  5,943
  6,345
  6,768
  7,214
  7,683
  8,176
Depreciation, amort., depletion, $m
  197
  198
  213
  229
  245
  262
  280
  299
  318
  338
  359
  380
  403
  426
  451
  477
  503
  531
  561
  591
  623
  657
  692
  728
  766
  807
  849
  893
  939
  987
  1,038
Funds from operations, $m
  761
  619
  763
  914
  1,071
  1,235
  1,406
  1,585
  1,772
  1,967
  2,172
  2,385
  2,609
  2,843
  3,089
  3,346
  3,616
  3,900
  4,197
  4,510
  4,838
  5,183
  5,546
  5,927
  6,328
  6,750
  7,194
  7,661
  8,153
  8,670
  9,214
Change in working capital, $m
  72
  36
  37
  38
  40
  42
  43
  45
  47
  49
  51
  53
  55
  57
  60
  62
  65
  68
  71
  74
  78
  81
  85
  89
  93
  98
  102
  107
  112
  118
  123
Cash from operations, $m
  689
  584
  726
  876
  1,031
  1,194
  1,363
  1,540
  1,725
  1,919
  2,121
  2,333
  2,554
  2,786
  3,029
  3,284
  3,551
  3,832
  4,126
  4,435
  4,760
  5,102
  5,461
  5,838
  6,235
  6,652
  7,092
  7,554
  8,040
  8,552
  9,091
Maintenance CAPEX, $m
  0
  -183
  -198
  -213
  -229
  -245
  -262
  -280
  -299
  -318
  -338
  -359
  -380
  -403
  -426
  -451
  -477
  -503
  -531
  -561
  -591
  -623
  -657
  -692
  -728
  -766
  -807
  -849
  -893
  -939
  -987
New CAPEX, $m
  -273
  -192
  -199
  -207
  -215
  -224
  -233
  -242
  -252
  -262
  -273
  -284
  -296
  -309
  -322
  -336
  -351
  -366
  -383
  -400
  -419
  -438
  -458
  -480
  -502
  -526
  -551
  -577
  -605
  -634
  -665
Cash from investing activities, $m
  -263
  -375
  -397
  -420
  -444
  -469
  -495
  -522
  -551
  -580
  -611
  -643
  -676
  -712
  -748
  -787
  -828
  -869
  -914
  -961
  -1,010
  -1,061
  -1,115
  -1,172
  -1,230
  -1,292
  -1,358
  -1,426
  -1,498
  -1,573
  -1,652
Free cash flow, $m
  426
  208
  329
  455
  587
  725
  868
  1,018
  1,175
  1,339
  1,511
  1,690
  1,878
  2,075
  2,281
  2,497
  2,724
  2,962
  3,212
  3,475
  3,751
  4,041
  4,346
  4,667
  5,005
  5,360
  5,734
  6,128
  6,542
  6,979
  7,439
Issuance/(repayment) of debt, $m
  -181
  109
  112
  116
  121
  126
  130
  136
  141
  147
  153
  159
  166
  173
  180
  188
  197
  205
  215
  224
  235
  246
  257
  269
  282
  295
  309
  324
  339
  356
  373
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
  109
  112
  116
  121
  126
  130
  136
  141
  147
  153
  159
  166
  173
  180
  188
  197
  205
  215
  224
  235
  246
  257
  269
  282
  295
  309
  324
  339
  356
  373
Total cash flow (excl. dividends), $m
  73
  317
  441
  572
  708
  850
  999
  1,154
  1,316
  1,486
  1,663
  1,849
  2,044
  2,248
  2,461
  2,685
  2,920
  3,167
  3,427
  3,699
  3,985
  4,286
  4,603
  4,936
  5,286
  5,655
  6,043
  6,452
  6,882
  7,335
  7,812
Retained Cash Flow (-), $m
  -94
  -174
  -183
  -190
  -198
  -206
  -214
  -222
  -231
  -241
  -251
  -261
  -272
  -284
  -296
  -309
  -322
  -337
  -352
  -368
  -385
  -402
  -421
  -441
  -461
  -483
  -506
  -531
  -556
  -583
  -611
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
 
  178
  258
  381
  510
  644
  785
  932
  1,085
  1,245
  1,413
  1,588
  1,772
  1,964
  2,165
  2,377
  2,598
  2,831
  3,075
  3,331
  3,601
  3,884
  4,182
  4,495
  4,825
  5,172
  5,537
  5,921
  6,326
  6,752
  7,201
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
 
  170
  236
  332
  420
  499
  570
  629
  678
  715
  741
  754
  756
  747
  727
  698
  660
  616
  566
  513
  458
  402
  347
  295
  246
  201
  162
  127
  98
  74
  54
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. is a diversified wood products company, which produces lumber (spruce-pine-fir (SPF) and southern yellow pine (SYP)), panels (plywood, medium-density fiberboard (MDF) and laminated veneer lumber (LVL)), pulp (northern bleached softwood kraft (NBSK) and bleached chemi-thermomechanical pulp (BCTMP)), newsprint, wood chips and energy. The Company's segments include Lumber, Panels, Pulp & Paper, and Corporate & Other. It offers engineered wood products. The Company holds rights to timber resources that for supplying the fiber required by its Canadian operations and have agreements for the supply of fiber required by its United States operations. It carries on its operations through subsidiaries and joint operations in British Columbia, Alberta and the southern United States. Its operations located in western Canada manufacture all of the products except SYP lumber. Its sawmills located in the southern United States produce SYP lumber and wood chips.

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

Valuation Ratios
P/E Ratio 19.6
Price to Sales 1.4
Price to Book 2.9
Price to Tangible Book
Price to Cash Flow 9.3
Price to Free Cash Flow 15.4
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 8% 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 75.613 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 $6.2 billion.

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Financial statements of WFT
Valuation of Stocks

The paper VALUATION OF STOCKS: The Quest for Intrinsic Value provides a detailed description of our valuation model and discloses the calculation algorithm.

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