Intrinsic value of Mercer International - MERC

Previous Close

$12.94

  Intrinsic Value

$29.92

stock screener

  Rating & Target

str. buy

+131%

Previous close

$12.94

 
Intrinsic value

$29.92

 
Up/down potential

+131%

 
Rating

str. buy

We calculate the intrinsic value of MERC 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 0001), $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 0.8

 

FINANCIAL STATEMENTS FORECAST and PRESENT VALUE CALCULATION

Fiscal year
   2
   3
   4
   5
   6
   7
   8
   9
   10
   11
   12
   13
   14
   15
   16
   17
   18
   19
   20
   21
   22
   23
   24
   25
   26
   27
   28
   29
   30
   31

INCOME STATEMENT

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Revenue growth rate, %
  22.40
  20.66
  19.09
  17.68
  16.42
  15.27
  14.25
  13.32
  12.49
  11.74
  11.07
  10.46
  9.91
  9.42
  8.98
  8.58
  8.22
  7.90
  7.61
  7.35
  7.12
  6.90
  6.71
  6.54
  6.39
  6.25
  6.12
  6.01
  5.91
  5.82
Revenue, $m
  1,431
  1,727
  2,056
  2,420
  2,817
  3,248
  3,710
  4,205
  4,730
  5,285
  5,870
  6,484
  7,127
  7,798
  8,499
  9,228
  9,987
  10,776
  11,597
  12,449
  13,335
  14,255
  15,213
  16,208
  17,243
  18,321
  19,443
  20,611
  21,830
  23,100
Variable operating expenses, $m
  1,110
  1,339
  1,594
  1,875
  2,183
  2,516
  2,874
  3,256
  3,662
  4,092
  4,542
  5,017
  5,515
  6,034
  6,576
  7,140
  7,728
  8,338
  8,973
  9,633
  10,318
  11,030
  11,771
  12,541
  13,342
  14,176
  15,044
  15,948
  16,891
  17,874
Fixed operating expenses, $m
  99
  101
  104
  106
  108
  111
  113
  115
  118
  121
  123
  126
  129
  132
  134
  137
  140
  144
  147
  150
  153
  157
  160
  164
  167
  171
  175
  178
  182
  186
Total operating expenses, $m
  1,209
  1,440
  1,698
  1,981
  2,291
  2,627
  2,987
  3,371
  3,780
  4,213
  4,665
  5,143
  5,644
  6,166
  6,710
  7,277
  7,868
  8,482
  9,120
  9,783
  10,471
  11,187
  11,931
  12,705
  13,509
  14,347
  15,219
  16,126
  17,073
  18,060
Operating income, $m
  222
  287
  359
  439
  527
  622
  724
  833
  949
  1,072
  1,205
  1,341
  1,484
  1,633
  1,788
  1,950
  2,119
  2,294
  2,477
  2,667
  2,864
  3,069
  3,282
  3,503
  3,734
  3,974
  4,224
  4,485
  4,756
  5,040
EBITDA, $m
  328
  414
  510
  616
  732
  858
  994
  1,139
  1,293
  1,456
  1,627
  1,808
  1,997
  2,194
  2,400
  2,615
  2,838
  3,070
  3,312
  3,563
  3,824
  4,095
  4,377
  4,670
  4,975
  5,293
  5,624
  5,969
  6,328
  6,703
Interest expense (income), $m
  50
  66
  79
  94
  111
  129
  149
  171
  194
  219
  245
  273
  303
  334
  366
  400
  435
  472
  510
  550
  591
  634
  678
  725
  773
  823
  875
  929
  986
  1,045
  1,106
Earnings before tax, $m
  156
  207
  265
  328
  398
  473
  553
  639
  731
  827
  932
  1,038
  1,150
  1,267
  1,389
  1,515
  1,647
  1,785
  1,927
  2,076
  2,230
  2,390
  2,557
  2,730
  2,911
  3,099
  3,295
  3,499
  3,712
  3,934
Tax expense, $m
  42
  56
  72
  89
  107
  128
  149
  173
  197
  223
  252
  280
  311
  342
  375
  409
  445
  482
  520
  560
  602
  645
  690
  737
  786
  837
  890
  945
  1,002
  1,062
Net income, $m
  114
  151
  193
  240
  290
  345
  404
  467
  533
  604
  680
  758
  840
  925
  1,014
  1,106
  1,203
  1,303
  1,407
  1,515
  1,628
  1,745
  1,867
  1,993
  2,125
  2,262
  2,405
  2,554
  2,710
  2,872

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $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 assets, $m
  1,712
  2,065
  2,460
  2,895
  3,370
  3,885
  4,438
  5,029
  5,658
  6,322
  7,022
  7,756
  8,525
  9,328
  10,166
  11,039
  11,946
  12,890
  13,872
  14,891
  15,951
  17,052
  18,197
  19,387
  20,626
  21,915
  23,257
  24,655
  26,112
  27,632
Adjusted assets (=assets-cash), $m
  1,712
  2,065
  2,460
  2,895
  3,370
  3,885
  4,438
  5,029
  5,658
  6,322
  7,022
  7,756
  8,525
  9,328
  10,166
  11,039
  11,946
  12,890
  13,872
  14,891
  15,951
  17,052
  18,197
  19,387
  20,626
  21,915
  23,257
  24,655
  26,112
  27,632
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
Average production assets, $m
  979
  1,181
  1,407
  1,655
  1,927
  2,221
  2,538
  2,876
  3,235
  3,615
  4,015
  4,435
  4,875
  5,334
  5,813
  6,312
  6,831
  7,371
  7,932
  8,515
  9,121
  9,751
  10,405
  11,086
  11,794
  12,531
  13,299
  14,098
  14,932
  15,801
Working capital, $m
  315
  380
  452
  532
  620
  714
  816
  925
  1,041
  1,163
  1,291
  1,426
  1,568
  1,716
  1,870
  2,030
  2,197
  2,371
  2,551
  2,739
  2,934
  3,136
  3,347
  3,566
  3,793
  4,031
  4,277
  4,535
  4,803
  5,082
Total debt, $m
  1,183
  1,405
  1,653
  1,926
  2,225
  2,548
  2,895
  3,267
  3,661
  4,078
  4,518
  4,979
  5,462
  5,966
  6,493
  7,040
  7,611
  8,203
  8,820
  9,460
  10,125
  10,817
  11,536
  12,283
  13,061
  13,871
  14,713
  15,592
  16,507
  17,461
Total liabilities, $m
  1,075
  1,297
  1,545
  1,818
  2,116
  2,440
  2,787
  3,159
  3,553
  3,970
  4,410
  4,871
  5,354
  5,858
  6,384
  6,932
  7,502
  8,095
  8,711
  9,352
  10,017
  10,709
  11,428
  12,175
  12,953
  13,762
  14,605
  15,483
  16,398
  17,353
Total equity, $m
  637
  768
  915
  1,077
  1,254
  1,445
  1,651
  1,871
  2,105
  2,352
  2,612
  2,885
  3,171
  3,470
  3,782
  4,106
  4,444
  4,795
  5,160
  5,540
  5,934
  6,343
  6,769
  7,212
  7,673
  8,152
  8,652
  9,172
  9,714
  10,279
Total liabilities and equity, $m
  1,712
  2,065
  2,460
  2,895
  3,370
  3,885
  4,438
  5,030
  5,658
  6,322
  7,022
  7,756
  8,525
  9,328
  10,166
  11,038
  11,946
  12,890
  13,871
  14,892
  15,951
  17,052
  18,197
  19,387
  20,626
  21,914
  23,257
  24,655
  26,112
  27,632
Debt-to-equity ratio
  1.860
  1.830
  1.810
  1.790
  1.770
  1.760
  1.750
  1.750
  1.740
  1.730
  1.730
  1.730
  1.720
  1.720
  1.720
  1.710
  1.710
  1.710
  1.710
  1.710
  1.710
  1.710
  1.700
  1.700
  1.700
  1.700
  1.700
  1.700
  1.700
  1.700
Adjusted equity ratio
  0.372
  0.372
  0.372
  0.372
  0.372
  0.372
  0.372
  0.372
  0.372
  0.372
  0.372
  0.372
  0.372
  0.372
  0.372
  0.372
  0.372
  0.372
  0.372
  0.372
  0.372
  0.372
  0.372
  0.372
  0.372
  0.372
  0.372
  0.372
  0.372
  0.372

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  114
  151
  193
  240
  290
  345
  404
  467
  533
  604
  680
  758
  840
  925
  1,014
  1,106
  1,203
  1,303
  1,407
  1,515
  1,628
  1,745
  1,867
  1,993
  2,125
  2,262
  2,405
  2,554
  2,710
  2,872
Depreciation, amort., depletion, $m
  106
  127
  151
  177
  205
  236
  270
  305
  343
  383
  423
  467
  513
  561
  612
  664
  719
  776
  835
  896
  960
  1,026
  1,095
  1,167
  1,242
  1,319
  1,400
  1,484
  1,572
  1,663
Funds from operations, $m
  219
  278
  344
  417
  496
  581
  674
  772
  876
  987
  1,103
  1,225
  1,353
  1,486
  1,626
  1,771
  1,922
  2,079
  2,242
  2,412
  2,588
  2,771
  2,962
  3,160
  3,366
  3,581
  3,805
  4,038
  4,281
  4,535
Change in working capital, $m
  58
  65
  73
  80
  87
  95
  102
  109
  116
  122
  129
  135
  141
  148
  154
  160
  167
  174
  180
  188
  195
  203
  211
  219
  228
  237
  247
  257
  268
  279
Cash from operations, $m
  162
  213
  272
  337
  408
  487
  572
  663
  761
  865
  974
  1,090
  1,211
  1,339
  1,471
  1,610
  1,755
  1,905
  2,061
  2,224
  2,393
  2,569
  2,751
  2,941
  3,139
  3,344
  3,558
  3,781
  4,013
  4,255
Maintenance CAPEX, $m
  -84
  -103
  -124
  -148
  -174
  -203
  -234
  -267
  -303
  -341
  -381
  -423
  -467
  -513
  -561
  -612
  -664
  -719
  -776
  -835
  -896
  -960
  -1,026
  -1,095
  -1,167
  -1,242
  -1,319
  -1,400
  -1,484
  -1,572
New CAPEX, $m
  -179
  -202
  -226
  -249
  -272
  -294
  -316
  -338
  -359
  -380
  -400
  -420
  -440
  -459
  -479
  -499
  -519
  -540
  -561
  -583
  -606
  -630
  -655
  -681
  -708
  -737
  -767
  -799
  -833
  -869
Cash from investing activities, $m
  -263
  -305
  -350
  -397
  -446
  -497
  -550
  -605
  -662
  -721
  -781
  -843
  -907
  -972
  -1,040
  -1,111
  -1,183
  -1,259
  -1,337
  -1,418
  -1,502
  -1,590
  -1,681
  -1,776
  -1,875
  -1,979
  -2,086
  -2,199
  -2,317
  -2,441
Free cash flow, $m
  -101
  -92
  -78
  -60
  -38
  -10
  21
  58
  99
  144
  193
  247
  305
  366
  431
  499
  571
  646
  724
  806
  891
  979
  1,070
  1,165
  1,264
  1,366
  1,472
  1,582
  1,696
  1,815
Issuance/(repayment) of debt, $m
  197
  222
  248
  273
  298
  323
  348
  371
  395
  417
  439
  461
  483
  504
  526
  548
  570
  593
  616
  640
  665
  692
  719
  748
  778
  809
  843
  878
  915
  954
Issuance/(repurchase) of shares, $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
Cash from financing (excl. dividends), $m  
  200
  222
  248
  273
  298
  323
  348
  371
  395
  417
  439
  461
  483
  504
  526
  548
  570
  593
  616
  640
  665
  692
  719
  748
  778
  809
  843
  878
  915
  954
Total cash flow (excl. dividends), $m
  99
  130
  169
  213
  261
  313
  369
  429
  494
  562
  633
  708
  788
  871
  957
  1,047
  1,141
  1,239
  1,341
  1,446
  1,556
  1,670
  1,789
  1,913
  2,041
  2,175
  2,314
  2,460
  2,611
  2,769
Retained Cash Flow (-), $m
  -116
  -132
  -147
  -162
  -177
  -191
  -206
  -220
  -234
  -247
  -260
  -273
  -286
  -299
  -312
  -325
  -338
  -351
  -365
  -379
  -394
  -410
  -426
  -443
  -461
  -479
  -499
  -520
  -542
  -565
Prev. year cash balance distribution, $m
  30
  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
  12
  -1
  23
  51
  84
  121
  163
  209
  260
  314
  372
  435
  502
  572
  645
  723
  804
  888
  976
  1,067
  1,162
  1,261
  1,363
  1,470
  1,581
  1,696
  1,815
  1,940
  2,069
  2,204
Discount rate, %
  6.00
  6.30
  6.62
  6.95
  7.29
  7.66
  8.04
  8.44
  8.86
  9.31
  9.77
  10.26
  10.78
  11.31
  11.88
  12.47
  13.10
  13.75
  14.44
  15.16
  15.92
  16.72
  17.55
  18.43
  19.35
  20.32
  21.33
  22.40
  23.52
  24.70
PV of cash for distribution, $m
  11
  -1
  19
  39
  59
  78
  95
  109
  121
  129
  134
  135
  133
  127
  120
  110
  99
  87
  75
  63
  52
  42
  33
  25
  19
  14
  10
  7
  5
  3
Current shareholders' claim on cash, %
  99.7
  99.7
  99.7
  99.7
  99.7
  99.7
  99.7
  99.7
  99.7
  99.7
  99.7
  99.7
  99.7
  99.7
  99.7
  99.7
  99.7
  99.7
  99.7
  99.7
  99.7
  99.7
  99.7
  99.7
  99.7
  99.7
  99.7
  99.7
  99.7
  99.7

Mercer International Inc. is a producer of northern bleached softwood kraft (NBSK) pulp, which is pulp that is sold on the open market. The Company also produces and sells tall oil, a by-product of its production process, which is used as both a chemical additive and as a green energy source. It produces and sells NBSK pulp, which is a bleached kraft pulp manufactured using northern softwood. As of December 31, 2016, the Company operated two mills in Eastern Germany and one mill in Western Canada. As of December 31, 2016, its three NBSK pulp mills had consolidated annual production capacity of approximately 1.5 million air-dried metric tons (ADMTs) of NBSK pulp and were capable of generating 305 megawatts (MW) of electricity. Additionally, its German mills generate tall oil from black liquor, which is sold to third parties for use in various applications, including bio-fuels. The Company's mills generate and sell energy to regional utilities.

FINANCIAL RATIOS  of  Mercer International (MERC)

Valuation Ratios
P/E Ratio 23.9
Price to Sales 0.9
Price to Book 2.2
Price to Tangible Book
Price to Cash Flow 5.9
Price to Free Cash Flow 8.6
Growth Rates
Sales Growth Rate -9.8%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate -12%
Cap. Spend. - 3 Yr. Gr. Rate -0.9%
Financial Strength
Quick Ratio NaN
Current Ratio 0
LT Debt to Equity 169.9%
Total Debt to Equity 169.9%
Interest Coverage 2
Management Effectiveness
Return On Assets 5.5%
Ret/ On Assets - 3 Yr. Avg. 9.3%
Return On Total Capital 3.4%
Ret/ On T. Cap. - 3 Yr. Avg. 6.5%
Return On Equity 9.2%
Return On Equity - 3 Yr. Avg. 18.7%
Asset Turnover 0.8
Profitability Ratios
Gross Margin 17%
Gross Margin - 3 Yr. Avg. 18.4%
EBITDA Margin 19.4%
EBITDA Margin - 3 Yr. Avg. 20.7%
Operating Margin 12.2%
Oper. Margin - 3 Yr. Avg. 14.1%
Pre-Tax Margin 6.3%
Pre-Tax Margin - 3 Yr. Avg. 8.4%
Net Profit Margin 3.8%
Net Profit Margin - 3 Yr. Avg. 6.9%
Effective Tax Rate 40.7%
Eff/ Tax Rate - 3 Yr. Avg. 17.3%
Payout Ratio 85.7%

MERC stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the MERC stock intrinsic value calculation we used $1169.145 million for the last fiscal year's total revenue generated by Mercer International. The default revenue input number comes from 0001 income statement of Mercer International. 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 MERC stock valuation model: a) initial revenue growth rate of 22.4% 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 6%, whose default value for MERC is calculated based on our internal credit rating of Mercer International, 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 Mercer International.
    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 MERC stock the variable cost ratio is equal to 77.6%.

Fixed operating expenses is just that - expenses that are not dependant on the volume of production. They are set to $97 million in the base year in the intrinsic value calculation for MERC 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 6.7% for Mercer International.

Corporate tax rate of 27% is the nominal tax rate for Mercer International. 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 MERC 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 MERC are equal to 68.4%.

Life of production assets of 9.5 years is the average useful life of capital assets used in Mercer International 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 MERC is equal to 22%. 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 - $550.666 million for Mercer International - 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 65.202 million for Mercer International 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 Mercer International at the current share price and the inputted number of shares is $0.8 billion.

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COMPANY NEWS

▶ Mercer International: 3Q Earnings Snapshot   [Oct-25-18 06:34PM  Associated Press]
▶ Mercer International Inc. to Host Earnings Call   [Jul-27-18 08:00AM  ACCESSWIRE]
▶ Mercer International: 1Q Earnings Snapshot   [May-04-18 05:07AM  Associated Press]
▶ Value-Adding Materials Dividend Stocks To Buy Now   [Apr-01-18 02:02PM  Simply Wall St.]
▶ Mercer International Inc. Announces Decision in NAFTA Claim   [Mar-06-18 07:29PM  GlobeNewswire]
▶ Mercer International Inc. Provides Update on NAFTA Claim   [Mar-05-18 07:00PM  GlobeNewswire]
▶ February Materials Dividend Stocks To Look Out For   [Feb-25-18 01:02PM  Simply Wall St.]
▶ Mercer International posts 4Q profit   [Feb-15-18 05:12PM  Associated Press]
▶ January Materials Dividend Stocks To Look Out For   [Jan-21-18 01:02PM  Simply Wall St.]
▶ Mercer International posts 3Q profit   [05:01AM  Associated Press]
▶ Mercer International reports 2Q loss   [Jul-28-17 08:04PM  Associated Press]
▶ Mercer International posts 1Q profit   [Apr-27-17 06:04PM  Associated Press]
▶ Peter Kellogg Invests in Mercer International   [Apr-18-17 01:54PM  GuruFocus.com]

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