Intrinsic value of Pope Resources - POPE

Previous Close

$70.50

  Intrinsic Value

$3.37

stock screener

  Rating & Target

str. sell

-95%

  Value-price divergence*

0%

Previous close

$70.50

 
Intrinsic value

$3.37

 
Up/down potential

-95%

 
Rating

str. sell

 
Value-price divergence*

0%

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

We calculate the intrinsic value of POPE 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 0.3

 

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, %
  2.56
  54.50
  49.55
  45.10
  41.09
  37.48
  34.23
  31.31
  28.68
  26.31
  24.18
  22.26
  20.53
  18.98
  17.58
  16.32
  15.19
  14.17
  13.26
  12.43
  11.69
  11.02
  10.42
  9.87
  9.39
  8.95
  8.55
  8.20
  7.88
  7.59
  7.33
Revenue, $m
  80
  124
  185
  268
  378
  520
  698
  917
  1,180
  1,490
  1,850
  2,262
  2,727
  3,244
  3,815
  4,438
  5,112
  5,836
  6,610
  7,431
  8,300
  9,214
  10,174
  11,179
  12,228
  13,322
  14,462
  15,648
  16,880
  18,162
  19,493
Variable operating expenses, $m
 
  107
  160
  231
  327
  449
  603
  791
  1,018
  1,286
  1,597
  1,952
  2,353
  2,800
  3,292
  3,830
  4,411
  5,037
  5,704
  6,413
  7,163
  7,952
  8,780
  9,647
  10,553
  11,497
  12,481
  13,504
  14,568
  15,674
  16,823
Fixed operating expenses, $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
Total operating expenses, $m
  75
  107
  160
  231
  327
  449
  603
  791
  1,018
  1,286
  1,597
  1,952
  2,353
  2,800
  3,292
  3,830
  4,411
  5,037
  5,704
  6,413
  7,163
  7,952
  8,780
  9,647
  10,553
  11,497
  12,481
  13,504
  14,568
  15,674
  16,823
Operating income, $m
  6
  17
  25
  37
  52
  71
  96
  126
  162
  204
  254
  310
  374
  444
  523
  608
  700
  800
  906
  1,018
  1,137
  1,262
  1,394
  1,531
  1,675
  1,825
  1,981
  2,144
  2,313
  2,488
  2,671
EBITDA, $m
  19
  37
  55
  80
  113
  156
  209
  275
  353
  446
  554
  678
  817
  972
  1,143
  1,329
  1,531
  1,748
  1,980
  2,226
  2,486
  2,760
  3,047
  3,348
  3,662
  3,990
  4,331
  4,687
  5,056
  5,440
  5,838
Interest expense (income), $m
  0
  4
  11
  20
  32
  48
  69
  96
  128
  167
  212
  265
  326
  395
  471
  555
  647
  746
  853
  967
  1,088
  1,216
  1,351
  1,493
  1,641
  1,796
  1,957
  2,125
  2,300
  2,482
  2,671
Earnings before tax, $m
  2
  12
  14
  17
  20
  23
  26
  30
  34
  38
  41
  44
  47
  50
  52
  53
  53
  53
  52
  51
  49
  46
  43
  39
  34
  29
  24
  19
  13
  6
  0
Tax expense, $m
  0
  3
  4
  5
  5
  6
  7
  8
  9
  10
  11
  12
  13
  13
  14
  14
  14
  14
  14
  14
  13
  12
  11
  10
  9
  8
  7
  5
  3
  2
  0
Net income, $m
  6
  9
  11
  12
  14
  17
  19
  22
  25
  27
  30
  32
  35
  36
  38
  39
  39
  39
  38
  37
  36
  34
  31
  28
  25
  22
  18
  14
  9
  5
  0

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  3
  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
  399
  612
  915
  1,328
  1,873
  2,575
  3,457
  4,539
  5,840
  7,377
  9,161
  11,200
  13,499
  16,062
  18,886
  21,968
  25,306
  28,892
  32,722
  36,789
  41,089
  45,616
  50,367
  55,341
  60,536
  65,953
  71,594
  77,463
  83,566
  89,909
  96,501
Adjusted assets (=assets-cash), $m
  396
  612
  915
  1,328
  1,873
  2,575
  3,457
  4,539
  5,840
  7,377
  9,161
  11,200
  13,499
  16,062
  18,886
  21,968
  25,306
  28,892
  32,722
  36,789
  41,089
  45,616
  50,367
  55,341
  60,536
  65,953
  71,594
  77,463
  83,566
  89,909
  96,501
Revenue / Adjusted assets
  0.202
  0.203
  0.202
  0.202
  0.202
  0.202
  0.202
  0.202
  0.202
  0.202
  0.202
  0.202
  0.202
  0.202
  0.202
  0.202
  0.202
  0.202
  0.202
  0.202
  0.202
  0.202
  0.202
  0.202
  0.202
  0.202
  0.202
  0.202
  0.202
  0.202
  0.202
Average production assets, $m
  358
  552
  826
  1,199
  1,691
  2,325
  3,121
  4,097
  5,272
  6,659
  8,270
  10,110
  12,186
  14,499
  17,049
  19,832
  22,844
  26,082
  29,539
  33,211
  37,092
  41,179
  45,468
  49,958
  54,648
  59,538
  64,631
  69,929
  75,438
  81,165
  87,115
Working capital, $m
  11
  20
  30
  44
  62
  85
  114
  149
  192
  243
  302
  369
  444
  529
  622
  723
  833
  951
  1,077
  1,211
  1,353
  1,502
  1,658
  1,822
  1,993
  2,172
  2,357
  2,551
  2,752
  2,960
  3,177
Total debt, $m
  130
  311
  569
  920
  1,384
  1,982
  2,732
  3,653
  4,760
  6,068
  7,586
  9,321
  11,278
  13,458
  15,862
  18,485
  21,325
  24,377
  27,636
  31,098
  34,756
  38,609
  42,652
  46,885
  51,306
  55,916
  60,716
  65,711
  70,905
  76,303
  81,913
Total liabilities, $m
  340
  521
  779
  1,130
  1,594
  2,192
  2,942
  3,863
  4,970
  6,278
  7,796
  9,531
  11,488
  13,668
  16,072
  18,695
  21,535
  24,587
  27,846
  31,308
  34,966
  38,819
  42,862
  47,095
  51,516
  56,126
  60,926
  65,921
  71,115
  76,513
  82,123
Total equity, $m
  59
  91
  136
  198
  279
  384
  515
  676
  870
  1,099
  1,365
  1,669
  2,011
  2,393
  2,814
  3,273
  3,771
  4,305
  4,876
  5,482
  6,122
  6,797
  7,505
  8,246
  9,020
  9,827
  10,668
  11,542
  12,451
  13,397
  14,379
Total liabilities and equity, $m
  399
  612
  915
  1,328
  1,873
  2,576
  3,457
  4,539
  5,840
  7,377
  9,161
  11,200
  13,499
  16,061
  18,886
  21,968
  25,306
  28,892
  32,722
  36,790
  41,088
  45,616
  50,367
  55,341
  60,536
  65,953
  71,594
  77,463
  83,566
  89,910
  96,502
Debt-to-equity ratio
  2.203
  3.410
  4.170
  4.650
  4.960
  5.160
  5.300
  5.400
  5.470
  5.520
  5.560
  5.590
  5.610
  5.620
  5.640
  5.650
  5.660
  5.660
  5.670
  5.670
  5.680
  5.680
  5.680
  5.690
  5.690
  5.690
  5.690
  5.690
  5.690
  5.700
  5.700
Adjusted equity ratio
  0.141
  0.149
  0.149
  0.149
  0.149
  0.149
  0.149
  0.149
  0.149
  0.149
  0.149
  0.149
  0.149
  0.149
  0.149
  0.149
  0.149
  0.149
  0.149
  0.149
  0.149
  0.149
  0.149
  0.149
  0.149
  0.149
  0.149
  0.149
  0.149
  0.149
  0.149

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  6
  9
  11
  12
  14
  17
  19
  22
  25
  27
  30
  32
  35
  36
  38
  39
  39
  39
  38
  37
  36
  34
  31
  28
  25
  22
  18
  14
  9
  5
  0
Depreciation, amort., depletion, $m
  13
  20
  30
  44
  61
  85
  113
  149
  192
  242
  301
  368
  443
  527
  620
  721
  831
  948
  1,074
  1,208
  1,349
  1,497
  1,653
  1,817
  1,987
  2,165
  2,350
  2,543
  2,743
  2,951
  3,168
Funds from operations, $m
  0
  29
  41
  56
  76
  101
  133
  171
  216
  270
  331
  400
  478
  564
  658
  760
  870
  987
  1,112
  1,245
  1,384
  1,531
  1,684
  1,845
  2,012
  2,187
  2,368
  2,556
  2,753
  2,956
  3,168
Change in working capital, $m
  -5
  7
  10
  14
  18
  23
  29
  36
  43
  51
  59
  67
  76
  84
  93
  102
  110
  118
  126
  134
  142
  149
  156
  164
  171
  178
  186
  193
  201
  209
  217
Cash from operations, $m
  5
  22
  31
  42
  58
  78
  104
  135
  174
  219
  272
  333
  402
  479
  565
  658
  760
  869
  986
  1,111
  1,243
  1,382
  1,528
  1,681
  1,841
  2,008
  2,182
  2,363
  2,552
  2,747
  2,951
Maintenance CAPEX, $m
  0
  -13
  -20
  -30
  -44
  -61
  -85
  -113
  -149
  -192
  -242
  -301
  -368
  -443
  -527
  -620
  -721
  -831
  -948
  -1,074
  -1,208
  -1,349
  -1,497
  -1,653
  -1,817
  -1,987
  -2,165
  -2,350
  -2,543
  -2,743
  -2,951
New CAPEX, $m
  -2
  -195
  -274
  -373
  -492
  -634
  -796
  -977
  -1,175
  -1,387
  -1,610
  -1,841
  -2,076
  -2,313
  -2,549
  -2,783
  -3,013
  -3,238
  -3,457
  -3,672
  -3,881
  -4,087
  -4,289
  -4,490
  -4,690
  -4,890
  -5,093
  -5,299
  -5,509
  -5,726
  -5,951
Cash from investing activities, $m
  -40
  -208
  -294
  -403
  -536
  -695
  -881
  -1,090
  -1,324
  -1,579
  -1,852
  -2,142
  -2,444
  -2,756
  -3,076
  -3,403
  -3,734
  -4,069
  -4,405
  -4,746
  -5,089
  -5,436
  -5,786
  -6,143
  -6,507
  -6,877
  -7,258
  -7,649
  -8,052
  -8,469
  -8,902
Free cash flow, $m
  -35
  -186
  -263
  -360
  -478
  -617
  -777
  -955
  -1,150
  -1,360
  -1,580
  -1,809
  -2,042
  -2,277
  -2,512
  -2,745
  -2,974
  -3,199
  -3,419
  -3,635
  -3,846
  -4,054
  -4,259
  -4,462
  -4,665
  -4,869
  -5,076
  -5,286
  -5,501
  -5,722
  -5,951
Issuance/(repayment) of debt, $m
  46
  184
  258
  351
  464
  597
  750
  921
  1,108
  1,308
  1,518
  1,735
  1,957
  2,180
  2,403
  2,624
  2,840
  3,052
  3,259
  3,461
  3,659
  3,853
  4,043
  4,233
  4,421
  4,610
  4,801
  4,995
  5,194
  5,398
  5,610
Issuance/(repurchase) of shares, $m
  0
  23
  35
  49
  67
  88
  112
  139
  169
  202
  236
  271
  308
  345
  383
  421
  458
  496
  532
  569
  605
  641
  677
  713
  749
  786
  823
  861
  900
  940
  982
Cash from financing (excl. dividends), $m  
  40
  207
  293
  400
  531
  685
  862
  1,060
  1,277
  1,510
  1,754
  2,006
  2,265
  2,525
  2,786
  3,045
  3,298
  3,548
  3,791
  4,030
  4,264
  4,494
  4,720
  4,946
  5,170
  5,396
  5,624
  5,856
  6,094
  6,338
  6,592
Total cash flow (excl. dividends), $m
  5
  21
  29
  40
  53
  68
  86
  105
  126
  149
  173
  198
  223
  249
  274
  300
  324
  348
  372
  395
  418
  440
  462
  483
  505
  526
  548
  570
  593
  616
  640
Retained Cash Flow (-), $m
  6
  -32
  -45
  -61
  -81
  -105
  -131
  -161
  -194
  -229
  -266
  -304
  -343
  -382
  -421
  -459
  -497
  -534
  -571
  -606
  -641
  -675
  -708
  -741
  -774
  -807
  -841
  -875
  -909
  -945
  -982
Prev. year cash balance distribution, $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 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
 
  -11
  -16
  -21
  -28
  -36
  -46
  -56
  -67
  -80
  -92
  -106
  -119
  -133
  -146
  -160
  -173
  -186
  -199
  -211
  -223
  -235
  -246
  -258
  -269
  -281
  -292
  -304
  -316
  -329
  -342
Discount rate, %
 
  10.80
  11.34
  11.91
  12.50
  13.13
  13.78
  14.47
  15.20
  15.96
  16.75
  17.59
  18.47
  19.40
  20.37
  21.38
  22.45
  23.58
  24.75
  25.99
  27.29
  28.66
  30.09
  31.59
  33.17
  34.83
  36.57
  38.40
  40.32
  42.34
  44.45
PV of cash for distribution, $m
 
  -10
  -13
  -15
  -18
  -20
  -21
  -22
  -22
  -21
  -20
  -18
  -16
  -13
  -11
  -9
  -7
  -5
  -4
  -3
  -2
  -1
  -1
  0
  0
  0
  0
  0
  0
  0
  0
Current shareholders' claim on cash, %
  100
  93.1
  86.8
  81.2
  76.2
  71.9
  68.1
  64.8
  61.8
  59.2
  56.9
  54.8
  52.9
  51.2
  49.7
  48.3
  47.1
  45.9
  44.9
  43.9
  43.0
  42.1
  41.3
  40.6
  39.9
  39.3
  38.6
  38.1
  37.5
  37.0
  36.5

Pope Resources, A Delaware Limited Partnership manages timber resources in the United States. It operates through three segments: Fee Timber, Timberland Management, and Real Estate. The Fee Timber segment is involved in growing, managing, harvesting, and marketing timber from 205,000 timberland acres that it own or manage as tree farms to domestic manufacturers and export brokers. The Timberland Management segment provides management, acquisition, disposition, and consulting services to third-party owners of timberland. This segment also engages in raising investment capital for the funds, as well as acquiring and managing properties on behalf of the funds. The Real Estate segment is involved in securing entitlements and/or infrastructure for the development; selling the entitled property to a party who would construct improvements; negotiating conservation easements; and leasing residential and commercial properties, as well as a commercial office building. This segment operates a portfolio of approximately 2,500 acres in the west Puget Sound region of Washington. The company sells its logs to lumber mills and other wood fiber processors located in western Washington, western Oregon, and northern California, as well as to export intermediaries located at the ports of Longview, Tacoma, Port Angeles, Grays Harbor, and Olympia, Washington; and St. Helens and Astoria, Oregon. It also engages in commercial thinning operations; and leases ground for cellular communication towers, as well as is involved in gravel mine and quarry operations. Pope MGP, Inc. and Pope EGP, Inc. operate as the general partners of Pope Resources, A Delaware Limited Partnership. The company was founded in 1985 and is headquartered in Poulsbo, Washington.

FINANCIAL RATIOS  of  Pope Resources (POPE)

Valuation Ratios
P/E Ratio 50.8
Price to Sales 3.8
Price to Book 5.2
Price to Tangible Book
Price to Cash Flow 60.9
Price to Free Cash Flow 101.5
Growth Rates
Sales Growth Rate 2.6%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate -33.3%
Cap. Spend. - 3 Yr. Gr. Rate 0%
Financial Strength
Quick Ratio 1
Current Ratio 1
LT Debt to Equity 211.9%
Total Debt to Equity 220.3%
Interest Coverage 0
Management Effectiveness
Return On Assets 1.6%
Ret/ On Assets - 3 Yr. Avg. 3.1%
Return On Total Capital 3.5%
Ret/ On T. Cap. - 3 Yr. Avg. 6.3%
Return On Equity 9.7%
Return On Equity - 3 Yr. Avg. 14.9%
Asset Turnover 0.2
Profitability Ratios
Gross Margin 41.3%
Gross Margin - 3 Yr. Avg. 41.9%
EBITDA Margin 18.8%
EBITDA Margin - 3 Yr. Avg. 28.2%
Operating Margin 6.3%
Oper. Margin - 3 Yr. Avg. 20.2%
Pre-Tax Margin 2.5%
Pre-Tax Margin - 3 Yr. Avg. 16.9%
Net Profit Margin 7.5%
Net Profit Margin - 3 Yr. Avg. 11.8%
Effective Tax Rate 0%
Eff/ Tax Rate - 3 Yr. Avg. 1%
Payout Ratio 200%

POPE stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the POPE stock intrinsic value calculation we used $80 million for the last fiscal year's total revenue generated by Pope Resources. The default revenue input number comes from 2016 income statement of Pope Resources. 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 POPE stock valuation model: a) initial revenue growth rate of 54.5% 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 10.8%, whose default value for POPE is calculated based on our internal credit rating of Pope Resources, 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 Pope Resources.
    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 POPE stock the variable cost ratio is equal to 86.3%.

Fixed operating expenses is just that - expenses that are not dependant on the volume of production. They are set to $0 million in the base year in the intrinsic value calculation for POPE 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 Pope Resources.

Corporate tax rate of 27% is the nominal tax rate for Pope Resources. 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 POPE 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 POPE are equal to 446.9%.

Life of production assets of 27.5 years is the average useful life of capital assets used in Pope Resources 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 POPE is equal to 16.3%. 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 - $59 million for Pope Resources - 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 4.381 million for Pope Resources 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 Pope Resources at the current share price and the inputted number of shares is $0.3 billion.

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COMPANY NEWS

▶ Pope Resources Reports Second Quarter Income Of $158,000   [Aug-04-17 09:00AM  PR Newswire]
▶ 3 Top Dividend Stocks in Lumber   [Jun-08-17 10:00AM  Motley Fool]
▶ Pope Resources Announces Quarterly Distribution   [May-22-17 06:16PM  PR Newswire]
▶ 5 Top Dividend Stocks in the Forestry Industry   [May-16-17 04:30PM  Motley Fool]
▶ Pope Resources to Conduct an Investor Conference Call   [Apr-24-17 04:15PM  PR Newswire]
▶ [$$] The Roundup   [Feb-01-17 09:28AM  at The Wall Street Journal]
▶ [$$] Olympic Resources Raises $381 Million Timber Fund   [Jan-04-17 02:42PM  at The Wall Street Journal]
▶ Pope Resources Closes $381 Million Timber Fund   [Jan-03-17 06:45PM  PR Newswire]
▶ Papal Bull? A Catholic ETF Is Born   [Apr-22-16 01:01PM  at Barrons.com]
▶ 3 Stocks to Watch in Forestry Services   [Jul-31  03:15PM  at Motley Fool]
Stock chart of POPE Financial statements of POPE
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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