Intrinsic value of Louisiana-Pacific - LPX

Previous Close

$29.25

  Intrinsic Value

$211.05

stock screener

  Rating & Target

str. buy

+622%

Previous close

$29.25

 
Intrinsic value

$211.05

 
Up/down potential

+622%

 
Rating

str. buy

We calculate the intrinsic value of LPX 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

Initial revenue growth rate, %
Terminal revenue growth rate, %
Revenue decline factor
Initial discount rate, %
Discount rate multiplier
Shares outstanding, mln

 

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, %
  17.96
  20.50
  18.95
  17.56
  16.30
  15.17
  14.15
  13.24
  12.41
  11.67
  11.01
  10.40
  9.86
  9.38
  8.94
  8.55
  8.19
  7.87
  7.58
  7.33
  7.09
  6.88
  6.70
  6.53
  6.37
  6.24
  6.11
  6.00
  5.90
  5.81
  5.73
Revenue, $m
  2,233
  2,691
  3,201
  3,763
  4,376
  5,040
  5,753
  6,514
  7,323
  8,178
  9,078
  10,022
  11,011
  12,043
  13,120
  14,241
  15,408
  16,621
  17,881
  19,192
  20,553
  21,968
  23,439
  24,969
  26,560
  28,216
  29,941
  31,738
  33,611
  35,564
  37,602
Variable operating expenses, $m
 
  721
  857
  1,008
  1,172
  1,349
  1,540
  1,744
  1,960
  2,189
  2,430
  2,681
  2,946
  3,222
  3,510
  3,810
  4,122
  4,447
  4,784
  5,135
  5,499
  5,878
  6,271
  6,680
  7,106
  7,549
  8,011
  8,492
  8,993
  9,515
  10,061
Fixed operating expenses, $m
 
  1,522
  1,560
  1,599
  1,639
  1,680
  1,722
  1,765
  1,809
  1,855
  1,901
  1,948
  1,997
  2,047
  2,098
  2,151
  2,204
  2,260
  2,316
  2,374
  2,433
  2,494
  2,557
  2,620
  2,686
  2,753
  2,822
  2,892
  2,965
  3,039
  3,115
Total operating expenses, $m
  2,047
  2,243
  2,417
  2,607
  2,811
  3,029
  3,262
  3,509
  3,769
  4,044
  4,331
  4,629
  4,943
  5,269
  5,608
  5,961
  6,326
  6,707
  7,100
  7,509
  7,932
  8,372
  8,828
  9,300
  9,792
  10,302
  10,833
  11,384
  11,958
  12,554
  13,176
Operating income, $m
  187
  448
  783
  1,156
  1,565
  2,010
  2,491
  3,005
  3,553
  4,134
  4,747
  5,392
  6,068
  6,774
  7,512
  8,280
  9,081
  9,914
  10,781
  11,683
  12,621
  13,596
  14,611
  15,668
  16,768
  17,914
  19,108
  20,354
  21,654
  23,010
  24,427
EBITDA, $m
  300
  583
  944
  1,345
  1,785
  2,263
  2,779
  3,332
  3,921
  4,544
  5,202
  5,893
  6,618
  7,376
  8,168
  8,992
  9,851
  10,745
  11,675
  12,642
  13,648
  14,695
  15,783
  16,916
  18,096
  19,325
  20,606
  21,941
  23,334
  24,788
  26,307
Interest expense (income), $m
  0
  13
  19
  26
  33
  41
  50
  59
  69
  79
  91
  102
  115
  127
  141
  155
  170
  185
  201
  217
  234
  252
  270
  289
  309
  330
  352
  374
  397
  422
  447
Earnings before tax, $m
  165
  435
  764
  1,130
  1,532
  1,969
  2,441
  2,946
  3,485
  4,055
  4,657
  5,290
  5,953
  6,647
  7,371
  8,125
  8,911
  9,730
  10,581
  11,466
  12,387
  13,344
  14,341
  15,378
  16,459
  17,584
  18,757
  19,980
  21,256
  22,588
  23,979
Tax expense, $m
  20
  117
  206
  305
  414
  532
  659
  796
  941
  1,095
  1,257
  1,428
  1,607
  1,795
  1,990
  2,194
  2,406
  2,627
  2,857
  3,096
  3,344
  3,603
  3,872
  4,152
  4,444
  4,748
  5,064
  5,395
  5,739
  6,099
  6,474
Net income, $m
  150
  317
  558
  825
  1,118
  1,437
  1,782
  2,151
  2,544
  2,960
  3,399
  3,862
  4,346
  4,852
  5,381
  5,932
  6,505
  7,103
  7,724
  8,370
  9,042
  9,741
  10,469
  11,226
  12,015
  12,836
  13,693
  14,585
  15,517
  16,489
  17,505

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  659
  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
  2,031
  1,653
  1,966
  2,311
  2,688
  3,096
  3,534
  4,001
  4,498
  5,023
  5,576
  6,156
  6,763
  7,398
  8,059
  8,748
  9,464
  10,209
  10,984
  11,788
  12,625
  13,494
  14,397
  15,337
  16,315
  17,332
  18,391
  19,495
  20,646
  21,845
  23,097
Adjusted assets (=assets-cash), $m
  1,372
  1,653
  1,966
  2,311
  2,688
  3,096
  3,534
  4,001
  4,498
  5,023
  5,576
  6,156
  6,763
  7,398
  8,059
  8,748
  9,464
  10,209
  10,984
  11,788
  12,625
  13,494
  14,397
  15,337
  16,315
  17,332
  18,391
  19,495
  20,646
  21,845
  23,097
Revenue / Adjusted assets
  1.628
  1.628
  1.628
  1.628
  1.628
  1.628
  1.628
  1.628
  1.628
  1.628
  1.628
  1.628
  1.628
  1.628
  1.628
  1.628
  1.628
  1.628
  1.628
  1.628
  1.628
  1.628
  1.628
  1.628
  1.628
  1.628
  1.628
  1.628
  1.628
  1.628
  1.628
Average production assets, $m
  927
  1,117
  1,328
  1,561
  1,816
  2,091
  2,387
  2,703
  3,039
  3,394
  3,767
  4,159
  4,570
  4,998
  5,445
  5,910
  6,394
  6,898
  7,421
  7,965
  8,529
  9,117
  9,727
  10,362
  11,022
  11,710
  12,426
  13,171
  13,949
  14,759
  15,605
Working capital, $m
  788
  159
  189
  222
  258
  297
  339
  384
  432
  482
  536
  591
  650
  711
  774
  840
  909
  981
  1,055
  1,132
  1,213
  1,296
  1,383
  1,473
  1,567
  1,665
  1,767
  1,873
  1,983
  2,098
  2,219
Total debt, $m
  377
  544
  733
  943
  1,171
  1,418
  1,683
  1,967
  2,268
  2,586
  2,921
  3,273
  3,641
  4,025
  4,426
  4,843
  5,277
  5,729
  6,198
  6,686
  7,193
  7,719
  8,267
  8,836
  9,429
  10,045
  10,687
  11,356
  12,053
  12,780
  13,539
Total liabilities, $m
  836
  1,002
  1,191
  1,401
  1,629
  1,876
  2,141
  2,425
  2,726
  3,044
  3,379
  3,731
  4,099
  4,483
  4,884
  5,301
  5,735
  6,187
  6,656
  7,144
  7,651
  8,177
  8,725
  9,294
  9,887
  10,503
  11,145
  11,814
  12,511
  13,238
  13,997
Total equity, $m
  1,196
  651
  775
  911
  1,059
  1,220
  1,392
  1,577
  1,772
  1,979
  2,197
  2,426
  2,665
  2,915
  3,175
  3,447
  3,729
  4,022
  4,328
  4,645
  4,974
  5,317
  5,673
  6,043
  6,428
  6,829
  7,246
  7,681
  8,134
  8,607
  9,100
Total liabilities and equity, $m
  2,032
  1,653
  1,966
  2,312
  2,688
  3,096
  3,533
  4,002
  4,498
  5,023
  5,576
  6,157
  6,764
  7,398
  8,059
  8,748
  9,464
  10,209
  10,984
  11,789
  12,625
  13,494
  14,398
  15,337
  16,315
  17,332
  18,391
  19,495
  20,645
  21,845
  23,097
Debt-to-equity ratio
  0.315
  0.830
  0.950
  1.040
  1.110
  1.160
  1.210
  1.250
  1.280
  1.310
  1.330
  1.350
  1.370
  1.380
  1.390
  1.410
  1.420
  1.420
  1.430
  1.440
  1.450
  1.450
  1.460
  1.460
  1.470
  1.470
  1.470
  1.480
  1.480
  1.480
  1.490
Adjusted equity ratio
  0.391
  0.394
  0.394
  0.394
  0.394
  0.394
  0.394
  0.394
  0.394
  0.394
  0.394
  0.394
  0.394
  0.394
  0.394
  0.394
  0.394
  0.394
  0.394
  0.394
  0.394
  0.394
  0.394
  0.394
  0.394
  0.394
  0.394
  0.394
  0.394
  0.394
  0.394

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  150
  317
  558
  825
  1,118
  1,437
  1,782
  2,151
  2,544
  2,960
  3,399
  3,862
  4,346
  4,852
  5,381
  5,932
  6,505
  7,103
  7,724
  8,370
  9,042
  9,741
  10,469
  11,226
  12,015
  12,836
  13,693
  14,585
  15,517
  16,489
  17,505
Depreciation, amort., depletion, $m
  113
  136
  161
  189
  220
  253
  289
  327
  367
  410
  455
  501
  551
  602
  656
  712
  770
  831
  894
  960
  1,028
  1,098
  1,172
  1,248
  1,328
  1,411
  1,497
  1,587
  1,681
  1,778
  1,880
Funds from operations, $m
  390
  453
  719
  1,014
  1,338
  1,690
  2,070
  2,478
  2,911
  3,370
  3,854
  4,363
  4,896
  5,454
  6,037
  6,644
  7,276
  7,934
  8,618
  9,330
  10,070
  10,840
  11,641
  12,475
  13,343
  14,247
  15,190
  16,172
  17,198
  18,268
  19,385
Change in working capital, $m
  48
  27
  30
  33
  36
  39
  42
  45
  48
  50
  53
  56
  58
  61
  64
  66
  69
  72
  74
  77
  80
  83
  87
  90
  94
  98
  102
  106
  111
  115
  120
Cash from operations, $m
  342
  426
  689
  981
  1,302
  1,651
  2,028
  2,433
  2,863
  3,320
  3,801
  4,307
  4,838
  5,393
  5,973
  6,577
  7,207
  7,862
  8,544
  9,252
  9,990
  10,756
  11,554
  12,384
  13,249
  14,149
  15,088
  16,066
  17,087
  18,152
  19,265
Maintenance CAPEX, $m
  0
  -112
  -135
  -160
  -188
  -219
  -252
  -288
  -326
  -366
  -409
  -454
  -501
  -551
  -602
  -656
  -712
  -770
  -831
  -894
  -960
  -1,028
  -1,098
  -1,172
  -1,248
  -1,328
  -1,411
  -1,497
  -1,587
  -1,681
  -1,778
New CAPEX, $m
  -125
  -190
  -212
  -233
  -255
  -275
  -296
  -316
  -336
  -355
  -373
  -392
  -410
  -429
  -447
  -465
  -484
  -503
  -523
  -544
  -565
  -587
  -610
  -635
  -660
  -687
  -716
  -746
  -777
  -811
  -846
Cash from investing activities, $m
  286
  -302
  -347
  -393
  -443
  -494
  -548
  -604
  -662
  -721
  -782
  -846
  -911
  -980
  -1,049
  -1,121
  -1,196
  -1,273
  -1,354
  -1,438
  -1,525
  -1,615
  -1,708
  -1,807
  -1,908
  -2,015
  -2,127
  -2,243
  -2,364
  -2,492
  -2,624
Free cash flow, $m
  628
  124
  343
  588
  859
  1,157
  1,480
  1,829
  2,202
  2,599
  3,019
  3,461
  3,927
  4,414
  4,924
  5,456
  6,011
  6,588
  7,189
  7,815
  8,465
  9,142
  9,845
  10,578
  11,340
  12,134
  12,961
  13,824
  14,723
  15,661
  16,641
Issuance/(repayment) of debt, $m
  -393
  170
  190
  209
  228
  247
  265
  283
  301
  318
  335
  352
  368
  384
  401
  417
  434
  451
  469
  488
  507
  527
  548
  569
  592
  617
  642
  669
  697
  727
  759
Issuance/(repurchase) of shares, $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
  0
Cash from financing (excl. dividends), $m  
  -407
  170
  190
  209
  228
  247
  265
  283
  301
  318
  335
  352
  368
  384
  401
  417
  434
  451
  469
  488
  507
  527
  548
  569
  592
  617
  642
  669
  697
  727
  759
Total cash flow (excl. dividends), $m
  225
  294
  532
  797
  1,088
  1,404
  1,746
  2,112
  2,503
  2,917
  3,354
  3,813
  4,295
  4,799
  5,325
  5,874
  6,445
  7,040
  7,659
  8,302
  8,972
  9,668
  10,393
  11,147
  11,932
  12,751
  13,603
  14,492
  15,420
  16,388
  17,400
Retained Cash Flow (-), $m
  -179
  -111
  -123
  -136
  -148
  -161
  -173
  -184
  -196
  -207
  -218
  -229
  -239
  -250
  -261
  -271
  -282
  -294
  -305
  -317
  -329
  -342
  -356
  -370
  -385
  -401
  -417
  -435
  -453
  -473
  -493
Prev. year cash balance distribution, $m
 
  656
  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
 
  838
  409
  661
  939
  1,243
  1,573
  1,928
  2,307
  2,710
  3,136
  3,584
  4,055
  4,549
  5,064
  5,602
  6,163
  6,746
  7,354
  7,985
  8,642
  9,326
  10,037
  10,777
  11,547
  12,350
  13,186
  14,058
  14,967
  15,916
  16,906
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
 
  804
  374
  575
  773
  964
  1,142
  1,303
  1,442
  1,557
  1,644
  1,702
  1,731
  1,730
  1,700
  1,645
  1,566
  1,468
  1,354
  1,229
  1,098
  965
  833
  706
  588
  480
  385
  302
  232
  174
  127
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

Louisiana-Pacific Corporation is a manufacturer of building products. The Company's products are used in home construction, repair and remodeling, and outdoor structures. The Company operates in four segments, which include North America Oriented Strand Board (OSB), Siding, Engineered Wood Products (EWP) and South America. The OSB segment manufactures and distributes OSB structural panel products. The Siding segment offers two categories of products, which include SmartSide siding products and related accessories, and CanExel siding and accessories and other related products. The Engineered Wood Products (EWP) segment manufactures and distributes laminated veneer lumber, I-Joists, laminated strand lumber and other related products. The South American segment manufactures and distributes OSB and siding products in South America and certain export markets. Its engineered I-joists are used in residential and commercial flooring, and roofing systems and other structural applications.

FINANCIAL RATIOS  of  Louisiana-Pacific (LPX)

Valuation Ratios
P/E Ratio 28.1
Price to Sales 1.9
Price to Book 3.5
Price to Tangible Book
Price to Cash Flow 12.3
Price to Free Cash Flow 19.5
Growth Rates
Sales Growth Rate 18%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate 9.6%
Cap. Spend. - 3 Yr. Gr. Rate 10.5%
Financial Strength
Quick Ratio 220
Current Ratio 0
LT Debt to Equity 31.3%
Total Debt to Equity 31.5%
Interest Coverage 0
Management Effectiveness
Return On Assets 7.1%
Ret/ On Assets - 3 Yr. Avg. 0.1%
Return On Total Capital 9%
Ret/ On T. Cap. - 3 Yr. Avg. 0.1%
Return On Equity 13.6%
Return On Equity - 3 Yr. Avg. -0.4%
Asset Turnover 1.1
Profitability Ratios
Gross Margin 22.8%
Gross Margin - 3 Yr. Avg. 14.3%
EBITDA Margin 12.4%
EBITDA Margin - 3 Yr. Avg. 4.2%
Operating Margin 8.3%
Oper. Margin - 3 Yr. Avg. 0.3%
Pre-Tax Margin 7.4%
Pre-Tax Margin - 3 Yr. Avg. -1%
Net Profit Margin 6.7%
Net Profit Margin - 3 Yr. Avg. -0.6%
Effective Tax Rate 12.1%
Eff/ Tax Rate - 3 Yr. Avg. 13.3%
Payout Ratio 0%

LPX stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the LPX stock intrinsic value calculation we used $2233 million for the last fiscal year's total revenue generated by Louisiana-Pacific. The default revenue input number comes from 2016 income statement of Louisiana-Pacific. 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 LPX stock valuation model: a) initial revenue growth rate of 20.5% 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 LPX is calculated based on our internal credit rating of Louisiana-Pacific, 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 Louisiana-Pacific.
    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 LPX stock the variable cost ratio is equal to 26.8%.

Fixed operating expenses is just that - expenses that are not dependant on the volume of production. They are set to $1485 million in the base year in the intrinsic value calculation for LPX 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 3.5% for Louisiana-Pacific.

Corporate tax rate of 27% is the nominal tax rate for Louisiana-Pacific. 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 LPX 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 LPX are equal to 41.5%.

Life of production assets of 8.3 years is the average useful life of capital assets used in Louisiana-Pacific 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 LPX is equal to 5.9%. 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 - $1196 million for Louisiana-Pacific - 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 146.23 million for Louisiana-Pacific 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 Louisiana-Pacific at the current share price and the inputted number of shares is $4.3 billion.

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COMPANY NEWS

▶ Louisiana-Pacific beats 4Q profit forecasts   [Feb-13-18 07:37AM  Associated Press]
▶ LP Reinstates Dividend   [06:55AM  Business Wire]
▶ Lumber Companies Are Standing Tall   [Jan-25-18 08:44AM  TheStreet.com]
▶ Who Really Owns Louisiana-Pacific Corporation (NYSE:LPX)?   [Jan-24-18 06:03PM  Simply Wall St.]
▶ 5 Construction Stocks Set to Carve a Beat in Q4 Earnings   [Jan-18-18 01:20PM  InvestorPlace]
▶ 4 Top Value Stocks for 2018   [Jan-02-18 06:00AM  Investopedia]
▶ Louisiana-Pacific misses 3Q profit forecasts   [Nov-06-17 07:26AM  Associated Press]
▶ LP Reports Third Quarter 2017 Results   [06:55AM  Business Wire]
▶ LP Acquires International Barrier Technology Inc.   [Oct-13-17 04:00PM  Business Wire]
▶ Update Regarding International Barrier Plan of Arrangement   [Oct-11-17 03:55PM  GlobeNewswire]
▶ LP Commits $1 Million for Hurricane Harvey Relief   [Sep-05-17 05:00PM  Business Wire]
▶ Louisiana-Pacific misses 2Q profit forecasts   [Aug-01-17 09:32PM  Associated Press]
▶ LP Reports Second Quarter 2017 Results   [06:55AM  Business Wire]
▶ LP to Acquire International Barrier Technology Inc.   [Jul-31-17 06:59PM  Business Wire]
▶ Yahoo Finance Live: Midday Movers   [09:40AM  Yahoo Finance Video]
Financial statements of LPX
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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