Intrinsic value of Resolute Forest Products - RFP

Previous Close

$4.65

  Intrinsic Value

$4.64

stock screener

  Rating & Target

hold

-0%

  Value-price divergence*

-1%

Previous close

$4.65

 
Intrinsic value

$4.64

 
Up/down potential

-0%

 
Rating

hold

 
Value-price divergence*

-1%

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

We calculate the intrinsic value of RFP 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 0.4

 

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, %
  -2.74
  2.00
  2.30
  2.57
  2.81
  3.03
  3.23
  3.41
  3.57
  3.71
  3.84
  3.95
  4.06
  4.15
  4.24
  4.31
  4.38
  4.44
  4.50
  4.55
  4.59
  4.64
  4.67
  4.70
  4.73
  4.76
  4.78
  4.81
  4.83
  4.84
  4.86
Revenue, $m
  3,545
  3,616
  3,699
  3,794
  3,901
  4,019
  4,149
  4,290
  4,443
  4,608
  4,785
  4,974
  5,176
  5,391
  5,619
  5,862
  6,118
  6,390
  6,678
  6,982
  7,303
  7,641
  7,998
  8,374
  8,771
  9,188
  9,628
  10,091
  10,578
  11,090
  11,629
Variable operating expenses, $m
 
  3,833
  3,921
  4,021
  4,134
  4,259
  4,396
  4,546
  4,708
  4,882
  5,069
  5,261
  5,475
  5,702
  5,943
  6,200
  6,472
  6,759
  7,063
  7,385
  7,724
  8,082
  8,460
  8,858
  9,277
  9,719
  10,184
  10,673
  11,188
  11,730
  12,300
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
  3,571
  3,833
  3,921
  4,021
  4,134
  4,259
  4,396
  4,546
  4,708
  4,882
  5,069
  5,261
  5,475
  5,702
  5,943
  6,200
  6,472
  6,759
  7,063
  7,385
  7,724
  8,082
  8,460
  8,858
  9,277
  9,719
  10,184
  10,673
  11,188
  11,730
  12,300
Operating income, $m
  -26
  -217
  -222
  -227
  -233
  -240
  -248
  -256
  -265
  -274
  -284
  -287
  -299
  -311
  -324
  -338
  -353
  -369
  -385
  -403
  -421
  -441
  -462
  -483
  -506
  -530
  -556
  -582
  -610
  -640
  -671
EBITDA, $m
  180
  -13
  -14
  -14
  -14
  -15
  -15
  -16
  -17
  -17
  -18
  -18
  -19
  -20
  -21
  -22
  -23
  -24
  -25
  -26
  -27
  -28
  -30
  -31
  -33
  -34
  -36
  -37
  -39
  -41
  -43
Interest expense (income), $m
  40
  45
  48
  51
  56
  60
  65
  71
  77
  83
  90
  98
  106
  115
  124
  134
  144
  155
  167
  179
  192
  206
  220
  235
  251
  268
  286
  305
  325
  346
  368
Earnings before tax, $m
  -57
  -262
  -270
  -279
  -289
  -300
  -313
  -326
  -341
  -357
  -375
  -385
  -405
  -426
  -448
  -472
  -497
  -524
  -552
  -582
  -613
  -647
  -682
  -719
  -758
  -799
  -842
  -887
  -935
  -986
  -1,039
Tax expense, $m
  19
  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
Net income, $m
  -81
  -262
  -270
  -279
  -289
  -300
  -313
  -326
  -341
  -357
  -375
  -385
  -405
  -426
  -448
  -472
  -497
  -524
  -552
  -582
  -613
  -647
  -682
  -719
  -758
  -799
  -842
  -887
  -935
  -986
  -1,039

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $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
  0
Total assets, $m
  4,277
  4,325
  4,425
  4,538
  4,666
  4,808
  4,963
  5,132
  5,315
  5,512
  5,723
  5,950
  6,191
  6,448
  6,721
  7,011
  7,319
  7,644
  7,988
  8,351
  8,735
  9,140
  9,567
  10,017
  10,491
  10,991
  11,517
  12,070
  12,653
  13,265
  13,910
Adjusted assets (=assets-cash), $m
  4,242
  4,325
  4,425
  4,538
  4,666
  4,808
  4,963
  5,132
  5,315
  5,512
  5,723
  5,950
  6,191
  6,448
  6,721
  7,011
  7,319
  7,644
  7,988
  8,351
  8,735
  9,140
  9,567
  10,017
  10,491
  10,991
  11,517
  12,070
  12,653
  13,265
  13,910
Revenue / Adjusted assets
  0.836
  0.836
  0.836
  0.836
  0.836
  0.836
  0.836
  0.836
  0.836
  0.836
  0.836
  0.836
  0.836
  0.836
  0.836
  0.836
  0.836
  0.836
  0.836
  0.836
  0.836
  0.836
  0.836
  0.836
  0.836
  0.836
  0.836
  0.836
  0.836
  0.836
  0.836
Average production assets, $m
  1,914
  1,953
  1,997
  2,049
  2,106
  2,170
  2,240
  2,317
  2,399
  2,488
  2,584
  2,686
  2,795
  2,911
  3,034
  3,165
  3,304
  3,451
  3,606
  3,770
  3,943
  4,126
  4,319
  4,522
  4,736
  4,962
  5,199
  5,449
  5,712
  5,988
  6,279
Working capital, $m
  614
  604
  618
  634
  651
  671
  693
  716
  742
  770
  799
  831
  864
  900
  938
  979
  1,022
  1,067
  1,115
  1,166
  1,220
  1,276
  1,336
  1,398
  1,465
  1,534
  1,608
  1,685
  1,766
  1,852
  1,942
Total debt, $m
  775
  812
  872
  941
  1,019
  1,104
  1,198
  1,301
  1,412
  1,531
  1,659
  1,797
  1,943
  2,099
  2,264
  2,440
  2,626
  2,823
  3,032
  3,252
  3,484
  3,730
  3,989
  4,261
  4,549
  4,851
  5,170
  5,505
  5,858
  6,230
  6,620
Total liabilities, $m
  2,584
  2,621
  2,681
  2,750
  2,828
  2,913
  3,007
  3,110
  3,221
  3,340
  3,468
  3,606
  3,752
  3,908
  4,073
  4,249
  4,435
  4,632
  4,841
  5,061
  5,293
  5,539
  5,798
  6,070
  6,358
  6,660
  6,979
  7,314
  7,667
  8,039
  8,429
Total equity, $m
  1,693
  1,704
  1,743
  1,788
  1,838
  1,894
  1,955
  2,022
  2,094
  2,172
  2,255
  2,344
  2,439
  2,541
  2,648
  2,763
  2,884
  3,012
  3,147
  3,290
  3,442
  3,601
  3,769
  3,947
  4,134
  4,330
  4,538
  4,756
  4,985
  5,227
  5,480
Total liabilities and equity, $m
  4,277
  4,325
  4,424
  4,538
  4,666
  4,807
  4,962
  5,132
  5,315
  5,512
  5,723
  5,950
  6,191
  6,449
  6,721
  7,012
  7,319
  7,644
  7,988
  8,351
  8,735
  9,140
  9,567
  10,017
  10,492
  10,990
  11,517
  12,070
  12,652
  13,266
  13,909
Debt-to-equity ratio
  0.458
  0.480
  0.500
  0.530
  0.550
  0.580
  0.610
  0.640
  0.670
  0.710
  0.740
  0.770
  0.800
  0.830
  0.850
  0.880
  0.910
  0.940
  0.960
  0.990
  1.010
  1.040
  1.060
  1.080
  1.100
  1.120
  1.140
  1.160
  1.180
  1.190
  1.210
Adjusted equity ratio
  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
  0.394

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  -81
  -262
  -270
  -279
  -289
  -300
  -313
  -326
  -341
  -357
  -375
  -385
  -405
  -426
  -448
  -472
  -497
  -524
  -552
  -582
  -613
  -647
  -682
  -719
  -758
  -799
  -842
  -887
  -935
  -986
  -1,039
Depreciation, amort., depletion, $m
  206
  203
  208
  213
  219
  225
  232
  240
  248
  257
  266
  269
  279
  291
  303
  317
  330
  345
  361
  377
  394
  413
  432
  452
  474
  496
  520
  545
  571
  599
  628
Funds from operations, $m
  74
  -58
  -62
  -66
  -70
  -75
  -81
  -87
  -93
  -100
  -108
  -116
  -125
  -135
  -145
  -155
  -167
  -179
  -191
  -205
  -219
  -234
  -250
  -266
  -284
  -303
  -322
  -343
  -364
  -387
  -411
Change in working capital, $m
  -7
  12
  14
  16
  18
  20
  22
  24
  26
  28
  30
  32
  34
  36
  38
  40
  43
  45
  48
  51
  54
  57
  60
  63
  66
  70
  73
  77
  81
  86
  90
Cash from operations, $m
  81
  -70
  -76
  -81
  -88
  -95
  -102
  -110
  -119
  -128
  -138
  -148
  -159
  -171
  -183
  -196
  -210
  -224
  -239
  -256
  -273
  -290
  -309
  -329
  -350
  -372
  -395
  -420
  -445
  -472
  -501
Maintenance CAPEX, $m
  0
  -191
  -195
  -200
  -205
  -211
  -217
  -224
  -232
  -240
  -249
  -258
  -269
  -279
  -291
  -303
  -317
  -330
  -345
  -361
  -377
  -394
  -413
  -432
  -452
  -474
  -496
  -520
  -545
  -571
  -599
New CAPEX, $m
  -249
  -39
  -45
  -51
  -58
  -64
  -70
  -76
  -83
  -89
  -95
  -102
  -109
  -116
  -123
  -131
  -139
  -147
  -155
  -164
  -173
  -183
  -193
  -203
  -214
  -225
  -237
  -250
  -263
  -277
  -291
Cash from investing activities, $m
  -273
  -230
  -240
  -251
  -263
  -275
  -287
  -300
  -315
  -329
  -344
  -360
  -378
  -395
  -414
  -434
  -456
  -477
  -500
  -525
  -550
  -577
  -606
  -635
  -666
  -699
  -733
  -770
  -808
  -848
  -890
Free cash flow, $m
  -192
  -301
  -316
  -333
  -350
  -369
  -389
  -411
  -433
  -457
  -482
  -509
  -537
  -566
  -597
  -630
  -665
  -701
  -740
  -780
  -823
  -868
  -915
  -964
  -1,016
  -1,071
  -1,129
  -1,190
  -1,253
  -1,320
  -1,391
Issuance/(repayment) of debt, $m
  170
  51
  60
  69
  77
  86
  94
  102
  111
  119
  128
  137
  146
  156
  166
  176
  186
  197
  208
  220
  233
  245
  259
  273
  287
  303
  319
  335
  353
  371
  391
Issuance/(repurchase) of shares, $m
  0
  294
  309
  323
  339
  356
  374
  393
  413
  435
  458
  474
  500
  527
  556
  586
  618
  652
  688
  725
  765
  806
  850
  896
  944
  995
  1,049
  1,105
  1,165
  1,227
  1,293
Cash from financing (excl. dividends), $m  
  169
  345
  369
  392
  416
  442
  468
  495
  524
  554
  586
  611
  646
  683
  722
  762
  804
  849
  896
  945
  998
  1,051
  1,109
  1,169
  1,231
  1,298
  1,368
  1,440
  1,518
  1,598
  1,684
Total cash flow (excl. dividends), $m
  -23
  44
  53
  60
  66
  72
  79
  85
  91
  98
  104
  103
  110
  117
  124
  132
  140
  148
  156
  165
  174
  184
  194
  204
  215
  227
  239
  251
  264
  278
  293
Retained Cash Flow (-), $m
  239
  -294
  -309
  -323
  -339
  -356
  -374
  -393
  -413
  -435
  -458
  -474
  -500
  -527
  -556
  -586
  -618
  -652
  -688
  -725
  -765
  -806
  -850
  -896
  -944
  -995
  -1,049
  -1,105
  -1,165
  -1,227
  -1,293
Prev. year cash balance distribution, $m
 
  21
  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
 
  -229
  -255
  -264
  -273
  -284
  -295
  -308
  -322
  -337
  -354
  -371
  -390
  -410
  -432
  -454
  -479
  -504
  -531
  -560
  -590
  -622
  -656
  -692
  -729
  -769
  -810
  -854
  -900
  -949
  -1,000
Discount rate, %
 
  7.10
  7.46
  7.83
  8.22
  8.63
  9.06
  9.51
  9.99
  10.49
  11.01
  11.57
  12.14
  12.75
  13.39
  14.06
  14.76
  15.50
  16.27
  17.09
  17.94
  18.84
  19.78
  20.77
  21.81
  22.90
  24.04
  25.25
  26.51
  27.83
  29.22
PV of cash for distribution, $m
 
  -213
  -221
  -210
  -199
  -187
  -175
  -163
  -150
  -137
  -124
  -111
  -99
  -86
  -74
  -63
  -53
  -44
  -35
  -28
  -22
  -17
  -12
  -9
  -6
  -4
  -3
  -2
  -1
  -1
  0
Current shareholders' claim on cash, %
  100
  79.9
  63.5
  50.2
  39.5
  30.9
  24.1
  18.8
  14.5
  11.2
  8.6
  6.6
  5.1
  3.9
  3.0
  2.2
  1.7
  1.3
  1.0
  0.7
  0.5
  0.4
  0.3
  0.2
  0.2
  0.1
  0.1
  0.1
  0.1
  0.0
  0.0

Resolute Forest Products Inc. operates in the forest products industry in the United States, Canada, and South Korea. It operates through five segments: Market Pulp, Tissue, Wood Products, Newsprint, and Specialty Papers. The Market Pulp segment provides market pulp, recycled bleached kraft pulp, and bleached hardwood kraft pulp used to make a range of consumer products comprising tissue, packaging, specialty paper products, diapers, and other absorbent products. The Tissue segment offers a range of tissue products, such as recycled and virgin paper products for the away-from-home and private-label at-home markets. The Wood Products segment produces construction-grade lumber, spruce-pine-fir lumber, bed frame components, finger joints, and furring strips, as well as I-joists. The Newsprint segment provides newsprint and sells to newspaper publishers worldwide, as well as to commercial printers in North America for a range of uses, such as inserts and flyers. The Specialty Papers segment produces various specialty papers consisting of uncoated mechanical papers, including supercalendered, superbright, high bright, bulky book, and directory papers, as well as coated mechanical papers and uncoated freesheet papers. Its specialty papers are used in books, retail inserts, direct mail, coupons, magazines, catalogs, and other commercial printing applications. This segment sells specialty papers to commercial printers, direct mailers, publishers, catalogers, and retailers. The company also produces electricity at seven cogeneration facilities and seven hydroelectric dams. Resolute Forest Products Inc. is based in Montreal, Canada.

FINANCIAL RATIOS  of  Resolute Forest Products (RFP)

Valuation Ratios
P/E Ratio -5.2
Price to Sales 0.1
Price to Book 0.2
Price to Tangible Book
Price to Cash Flow 5.2
Price to Free Cash Flow -2.5
Growth Rates
Sales Growth Rate -2.7%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate 34.6%
Cap. Spend. - 3 Yr. Gr. Rate 9.1%
Financial Strength
Quick Ratio 3
Current Ratio 0.1
LT Debt to Equity 44.9%
Total Debt to Equity 45.8%
Interest Coverage 0
Management Effectiveness
Return On Assets -0.7%
Ret/ On Assets - 3 Yr. Avg. -3.4%
Return On Total Capital -3.2%
Ret/ On T. Cap. - 3 Yr. Avg. -7.4%
Return On Equity -4.5%
Return On Equity - 3 Yr. Avg. -9.5%
Asset Turnover 0.8
Profitability Ratios
Gross Margin 23.4%
Gross Margin - 3 Yr. Avg. 23.3%
EBITDA Margin 5.3%
EBITDA Margin - 3 Yr. Avg. 1.8%
Operating Margin -0.7%
Oper. Margin - 3 Yr. Avg. -4.1%
Pre-Tax Margin -1.6%
Pre-Tax Margin - 3 Yr. Avg. -5.3%
Net Profit Margin -2.3%
Net Profit Margin - 3 Yr. Avg. -5.3%
Effective Tax Rate -33.3%
Eff/ Tax Rate - 3 Yr. Avg. -7.7%
Payout Ratio 0%

RFP stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the RFP stock intrinsic value calculation we used $3545 million for the last fiscal year's total revenue generated by Resolute Forest Products. The default revenue input number comes from 2016 income statement of Resolute Forest Products. 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 RFP stock valuation model: a) initial revenue growth rate of 2% 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 7.1%, whose default value for RFP is calculated based on our internal credit rating of Resolute Forest Products, 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 Resolute Forest Products.
    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 RFP stock the variable cost ratio is equal to 106%.

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 RFP 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 5.9% for Resolute Forest Products.

Corporate tax rate of 27% is the nominal tax rate for Resolute Forest Products. 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 RFP 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 RFP are equal to 54%.

Life of production assets of 10 years is the average useful life of capital assets used in Resolute Forest Products 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 RFP is equal to 16.7%. 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 - $1693 million for Resolute Forest Products - 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 86.949 million for Resolute Forest Products 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 Resolute Forest Products at the current share price and the inputted number of shares is $0.4 billion.

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COMPANY NEWS

▶ Resolute Forest Products posts 2Q loss   [Aug-03-17 02:34PM  Associated Press]
▶ Resolute Forest Products posts 2Q loss   [08:47AM  Associated Press]
▶ Charlotte-area plant to shut down paper machine, laying off 180 workers   [Jun-01-17 07:00PM  American City Business Journals]
▶ Resolute Forest Products posts 1Q loss   [May-04-17 08:41AM  Associated Press]
▶ Atlas Tissue Launches New Green Heritage Tissue Line   [Mar-27-17 05:15PM  PR Newswire]
▶ Francis Chou Comments on Resolute Forest Products   [Mar-24-17 01:52PM  GuruFocus.com]
▶ Is Landauer, Inc. (LDR) A Good Stock to Buy?   [Dec-12-16 08:49PM  at Insider Monkey]
▶ Is Resolute Forest Products Inc (RFP) Worthy of Your Portfolio?   [Dec-09-16 01:41PM  at Insider Monkey]
▶ [$$] Peak Rock Sells Maker of Wall Coverings to Japanese Company   [Nov-15-16 07:00AM  at The Wall Street Journal]
▶ Canadian Billionaire Prem Watsa Still Likes Blackberry, IBM   [Sep-17-16 03:47PM  at Insider Monkey]
▶ Resolute Enters Into New Credit Facilities   [Sep-07-16 05:00PM  PR Newswire]
Stock chart of RFP Financial statements of RFP
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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