Intrinsic value of Resolute Forest Products - RFP

Previous Close

$12.07

  Intrinsic Value

$4.02

stock screener

  Rating & Target

str. sell

-67%

Previous close

$12.07

 
Intrinsic value

$4.02

 
Up/down potential

-67%

 
Rating

str. sell

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 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 1.1

 

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, %
  13.80
  12.92
  12.13
  11.42
  10.77
  10.20
  9.68
  9.21
  8.79
  8.41
  8.07
  7.76
  7.49
  7.24
  7.01
  6.81
  6.63
  6.47
  6.32
  6.19
  6.07
  5.96
  5.87
  5.78
  5.70
  5.63
  5.57
  5.51
  5.46
  5.41
Revenue, $m
  3,998
  4,514
  5,062
  5,640
  6,247
  6,884
  7,550
  8,246
  8,970
  9,725
  10,509
  11,325
  12,173
  13,054
  13,969
  14,921
  15,910
  16,939
  18,010
  19,124
  20,285
  21,495
  22,756
  24,071
  25,443
  26,876
  28,373
  29,937
  31,571
  33,281
Variable operating expenses, $m
  4,024
  4,542
  5,091
  5,670
  6,280
  6,918
  7,586
  8,284
  9,010
  9,767
  10,539
  11,357
  12,207
  13,091
  14,009
  14,963
  15,955
  16,987
  18,061
  19,179
  20,343
  21,556
  22,820
  24,139
  25,516
  26,953
  28,454
  30,022
  31,661
  33,375
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
  4,024
  4,542
  5,091
  5,670
  6,280
  6,918
  7,586
  8,284
  9,010
  9,767
  10,539
  11,357
  12,207
  13,091
  14,009
  14,963
  15,955
  16,987
  18,061
  19,179
  20,343
  21,556
  22,820
  24,139
  25,516
  26,953
  28,454
  30,022
  31,661
  33,375
Operating income, $m
  -26
  -27
  -29
  -31
  -32
  -34
  -36
  -38
  -40
  -42
  -30
  -32
  -35
  -37
  -40
  -42
  -45
  -48
  -51
  -54
  -58
  -61
  -65
  -68
  -72
  -76
  -81
  -85
  -90
  -95
EBITDA, $m
  213
  241
  270
  301
  333
  367
  403
  440
  478
  519
  560
  604
  649
  696
  745
  796
  848
  903
  960
  1,020
  1,082
  1,146
  1,213
  1,284
  1,357
  1,433
  1,513
  1,596
  1,684
  1,775
Interest expense (income), $m
  40
  50
  72
  95
  120
  147
  174
  204
  234
  266
  299
  333
  369
  406
  445
  485
  527
  571
  616
  663
  712
  763
  816
  871
  928
  988
  1,051
  1,117
  1,185
  1,256
  1,331
Earnings before tax, $m
  -76
  -99
  -124
  -151
  -179
  -209
  -240
  -272
  -306
  -341
  -363
  -401
  -441
  -482
  -525
  -570
  -616
  -664
  -714
  -766
  -820
  -877
  -936
  -997
  -1,061
  -1,128
  -1,197
  -1,270
  -1,346
  -1,426
Tax expense, $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
Net income, $m
  -76
  -99
  -124
  -151
  -179
  -209
  -240
  -272
  -306
  -341
  -363
  -401
  -441
  -482
  -525
  -570
  -616
  -664
  -714
  -766
  -820
  -877
  -936
  -997
  -1,061
  -1,128
  -1,197
  -1,270
  -1,346
  -1,426

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
  4,720
  5,330
  5,976
  6,658
  7,376
  8,128
  8,914
  9,735
  10,591
  11,481
  12,408
  13,371
  14,372
  15,412
  16,492
  17,616
  18,784
  19,999
  21,263
  22,579
  23,949
  25,377
  26,866
  28,419
  30,039
  31,731
  33,498
  35,344
  37,274
  39,293
Adjusted assets (=assets-cash), $m
  4,720
  5,330
  5,976
  6,658
  7,376
  8,128
  8,914
  9,735
  10,591
  11,481
  12,408
  13,371
  14,372
  15,412
  16,492
  17,616
  18,784
  19,999
  21,263
  22,579
  23,949
  25,377
  26,866
  28,419
  30,039
  31,731
  33,498
  35,344
  37,274
  39,293
Revenue / Adjusted assets
  0.847
  0.847
  0.847
  0.847
  0.847
  0.847
  0.847
  0.847
  0.847
  0.847
  0.847
  0.847
  0.847
  0.847
  0.847
  0.847
  0.847
  0.847
  0.847
  0.847
  0.847
  0.847
  0.847
  0.847
  0.847
  0.847
  0.847
  0.847
  0.847
  0.847
Average production assets, $m
  2,111
  2,384
  2,673
  2,978
  3,299
  3,635
  3,987
  4,354
  4,736
  5,135
  5,549
  5,980
  6,427
  6,892
  7,376
  7,878
  8,400
  8,944
  9,509
  10,098
  10,710
  11,349
  12,015
  12,709
  13,434
  14,191
  14,981
  15,807
  16,670
  17,572
Working capital, $m
  704
  795
  891
  993
  1,100
  1,212
  1,329
  1,451
  1,579
  1,712
  1,850
  1,993
  2,142
  2,297
  2,459
  2,626
  2,800
  2,981
  3,170
  3,366
  3,570
  3,783
  4,005
  4,236
  4,478
  4,730
  4,994
  5,269
  5,557
  5,857
Total debt, $m
  1,139
  1,513
  1,910
  2,329
  2,770
  3,231
  3,714
  4,218
  4,744
  5,291
  5,859
  6,451
  7,065
  7,704
  8,367
  9,057
  9,774
  10,520
  11,296
  12,104
  12,946
  13,823
  14,737
  15,690
  16,685
  17,724
  18,809
  19,942
  21,127
  22,367
Total liabilities, $m
  2,898
  3,272
  3,669
  4,088
  4,529
  4,990
  5,473
  5,977
  6,503
  7,050
  7,618
  8,210
  8,824
  9,463
  10,126
  10,816
  11,533
  12,279
  13,055
  13,863
  14,705
  15,582
  16,496
  17,449
  18,444
  19,483
  20,568
  21,701
  22,886
  24,126
Total equity, $m
  1,822
  2,057
  2,307
  2,570
  2,847
  3,137
  3,441
  3,758
  4,088
  4,432
  4,789
  5,161
  5,547
  5,949
  6,366
  6,800
  7,251
  7,720
  8,207
  8,715
  9,244
  9,796
  10,370
  10,970
  11,595
  12,248
  12,930
  13,643
  14,388
  15,167
Total liabilities and equity, $m
  4,720
  5,329
  5,976
  6,658
  7,376
  8,127
  8,914
  9,735
  10,591
  11,482
  12,407
  13,371
  14,371
  15,412
  16,492
  17,616
  18,784
  19,999
  21,262
  22,578
  23,949
  25,378
  26,866
  28,419
  30,039
  31,731
  33,498
  35,344
  37,274
  39,293
Debt-to-equity ratio
  0.630
  0.740
  0.830
  0.910
  0.970
  1.030
  1.080
  1.120
  1.160
  1.190
  1.220
  1.250
  1.270
  1.290
  1.310
  1.330
  1.350
  1.360
  1.380
  1.390
  1.400
  1.410
  1.420
  1.430
  1.440
  1.450
  1.450
  1.460
  1.470
  1.470
Adjusted equity ratio
  0.386
  0.386
  0.386
  0.386
  0.386
  0.386
  0.386
  0.386
  0.386
  0.386
  0.386
  0.386
  0.386
  0.386
  0.386
  0.386
  0.386
  0.386
  0.386
  0.386
  0.386
  0.386
  0.386
  0.386
  0.386
  0.386
  0.386
  0.386
  0.386
  0.386

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  -76
  -99
  -124
  -151
  -179
  -209
  -240
  -272
  -306
  -341
  -363
  -401
  -441
  -482
  -525
  -570
  -616
  -664
  -714
  -766
  -820
  -877
  -936
  -997
  -1,061
  -1,128
  -1,197
  -1,270
  -1,346
  -1,426
Depreciation, amort., depletion, $m
  239
  268
  299
  331
  366
  401
  439
  478
  518
  561
  590
  636
  684
  733
  785
  838
  894
  951
  1,012
  1,074
  1,139
  1,207
  1,278
  1,352
  1,429
  1,510
  1,594
  1,682
  1,773
  1,869
Funds from operations, $m
  163
  169
  175
  180
  186
  193
  199
  206
  213
  220
  227
  235
  243
  251
  260
  269
  278
  288
  298
  308
  319
  331
  343
  355
  368
  382
  396
  411
  427
  444
Change in working capital, $m
  85
  91
  96
  102
  107
  112
  117
  122
  128
  133
  138
  144
  149
  155
  161
  167
  174
  181
  188
  196
  204
  213
  222
  231
  242
  252
  263
  275
  288
  301
Cash from operations, $m
  78
  78
  78
  79
  79
  81
  82
  83
  85
  87
  89
  91
  94
  96
  98
  101
  104
  106
  109
  112
  115
  118
  121
  124
  127
  130
  133
  136
  140
  143
Maintenance CAPEX, $m
  -197
  -225
  -254
  -284
  -317
  -351
  -387
  -424
  -463
  -504
  -546
  -590
  -636
  -684
  -733
  -785
  -838
  -894
  -951
  -1,012
  -1,074
  -1,139
  -1,207
  -1,278
  -1,352
  -1,429
  -1,510
  -1,594
  -1,682
  -1,773
New CAPEX, $m
  -258
  -273
  -289
  -305
  -321
  -336
  -352
  -367
  -383
  -398
  -414
  -431
  -448
  -465
  -483
  -502
  -522
  -543
  -565
  -588
  -613
  -639
  -666
  -694
  -725
  -757
  -790
  -826
  -863
  -903
Cash from investing activities, $m
  -455
  -498
  -543
  -589
  -638
  -687
  -739
  -791
  -846
  -902
  -960
  -1,021
  -1,084
  -1,149
  -1,216
  -1,287
  -1,360
  -1,437
  -1,516
  -1,600
  -1,687
  -1,778
  -1,873
  -1,972
  -2,077
  -2,186
  -2,300
  -2,420
  -2,545
  -2,676
Free cash flow, $m
  -377
  -419
  -464
  -511
  -558
  -607
  -657
  -708
  -761
  -815
  -871
  -930
  -990
  -1,053
  -1,118
  -1,186
  -1,257
  -1,331
  -1,408
  -1,488
  -1,572
  -1,660
  -1,752
  -1,849
  -1,950
  -2,056
  -2,167
  -2,283
  -2,405
  -2,533
Issuance/(repayment) of debt, $m
  350
  374
  397
  419
  440
  462
  483
  504
  525
  547
  569
  591
  615
  639
  664
  690
  717
  746
  776
  808
  841
  877
  914
  953
  995
  1,039
  1,085
  1,134
  1,185
  1,239
Issuance/(repurchase) of shares, $m
  299
  335
  374
  414
  456
  499
  543
  589
  636
  685
  721
  773
  827
  884
  942
  1,003
  1,067
  1,133
  1,202
  1,274
  1,349
  1,428
  1,510
  1,596
  1,686
  1,781
  1,879
  1,983
  2,091
  2,205
Cash from financing (excl. dividends), $m  
  649
  709
  771
  833
  896
  961
  1,026
  1,093
  1,161
  1,232
  1,290
  1,364
  1,442
  1,523
  1,606
  1,693
  1,784
  1,879
  1,978
  2,082
  2,190
  2,305
  2,424
  2,549
  2,681
  2,820
  2,964
  3,117
  3,276
  3,444
Total cash flow (excl. dividends), $m
  272
  290
  306
  322
  338
  354
  370
  385
  401
  417
  418
  435
  452
  469
  488
  507
  527
  548
  570
  594
  618
  644
  672
  701
  731
  763
  797
  833
  871
  911
Retained Cash Flow (-), $m
  -299
  -335
  -374
  -414
  -456
  -499
  -543
  -589
  -636
  -685
  -721
  -773
  -827
  -884
  -942
  -1,003
  -1,067
  -1,133
  -1,202
  -1,274
  -1,349
  -1,428
  -1,510
  -1,596
  -1,686
  -1,781
  -1,879
  -1,983
  -2,091
  -2,205
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
  -27
  -45
  -68
  -92
  -118
  -145
  -174
  -204
  -235
  -268
  -303
  -338
  -376
  -414
  -454
  -496
  -540
  -585
  -631
  -680
  -731
  -783
  -838
  -895
  -955
  -1,017
  -1,082
  -1,150
  -1,220
  -1,294
Discount rate, %
  6.40
  6.72
  7.06
  7.41
  7.78
  8.17
  8.58
  9.01
  9.46
  9.93
  10.42
  10.95
  11.49
  12.07
  12.67
  13.31
  13.97
  14.67
  15.40
  16.17
  16.98
  17.83
  18.72
  19.66
  20.64
  21.67
  22.76
  23.89
  25.09
  26.34
PV of cash for distribution, $m
  -25
  -39
  -55
  -69
  -81
  -91
  -98
  -102
  -104
  -104
  -102
  -97
  -91
  -84
  -76
  -67
  -58
  -50
  -42
  -34
  -27
  -21
  -16
  -12
  -9
  -6
  -4
  -3
  -2
  -1
Current shareholders' claim on cash, %
  78.9
  62.5
  49.6
  39.5
  31.5
  25.2
  20.2
  16.2
  13.1
  10.6
  8.6
  7.0
  5.7
  4.6
  3.8
  3.1
  2.5
  2.1
  1.7
  1.4
  1.1
  0.9
  0.8
  0.6
  0.5
  0.4
  0.3
  0.3
  0.2
  0.2

Resolute Forest Products Inc. operates in the forest products industry. It offers a range of forest products, including market pulp, tissue, wood products, newsprint and specialty papers. As of December 31, 2016, it owned or operated over 40 pulp, paper, tissue and wood products facilities in the United States and Canada. Its segments include market pulp, tissue, wood products, newsprint and specialty papers. As of December 31, 2016, it produced market pulp at seven facilities in North America, with total capacity of approximately 1.7 million metric tons. As of December 31, 2016, it produced tissue products at two facilities in North America, both located in Florida. As of December 31, 2016, it operated 16 sawmills in Canada that produces construction-grade lumber sold in North America, on the east coast. As of December 31, 2016, it produced newsprint at 10 facilities in North America. As of December 31, 2016, it produced specialty papers at five facilities in North America.

FINANCIAL RATIOS  of  Resolute Forest Products (RFP)

Valuation Ratios
P/E Ratio -13.4
Price to Sales 0.3
Price to Book 0.6
Price to Tangible Book
Price to Cash Flow 13.4
Price to Free Cash Flow -6.5
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 $3513 million for the last fiscal year's total revenue generated by Resolute Forest Products. The default revenue input number comes from 0001 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 13.8% 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 6.4%, 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 100.7%.

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 6.3% 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 52.8%.

Life of production assets of 9.4 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 17.6%. 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 - $1599 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 90.342 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 $1.1 billion.

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COMPANY NEWS

▶ Resolute Forest Products: 3Q Earnings Snapshot   [Nov-01-18 08:43AM  Associated Press]
▶ Company News For Oct 4, 2018   [Oct-04-18 10:16AM  Zacks]
▶ Resolute to Sell Catawba, SC, Paper and Pulp Mill   [Oct-02-18 05:02PM  CNW Group]
▶ 5 Low-P/E Ratio Stocks in Prem Watsa's Portfolio   [Sep-19-18 06:53PM  GuruFocus.com]
▶ 5 Problematic Stocks Francis Chou Dared To Buy   [Sep-14-18 10:59AM  Insider Monkey]
▶ Is Resolute Forest Products a Buy?   [Sep-12-18 04:59PM  GuruFocus.com]
▶ Resolute Forest Products: 2Q Earnings Snapshot   [Aug-02-18 10:54AM  Associated Press]
▶ At $10.2, Is Resolute Forest Products Inc (NYSE:RFP) A Buy?   [May-16-18 04:27PM  Simply Wall St.]
▶ Resolute Forest Products: 1Q Earnings Snapshot   [09:29AM  Associated Press]
▶ Resolute Announces Tentative Agreement with Unifor   [Apr-16-18 04:06PM  CNW Group]
▶ Resolute Forest Products posts 4Q profit   [09:15AM  Associated Press]
▶ Resolute Acquires Full Ownership of Donohue Malbaie   [Dec-21-17 05:01PM  PR Newswire]
▶ Prem Watsas $500 Million Bet On BlackBerry (BB) Stock   [Dec-19-17 02:50PM  InvestorPlace]
▶ Resolute Forest Products posts 3Q profit   [09:03AM  Associated Press]
▶ How Wall Street Analysts Are Rating Weyerhaeuser   [Sep-14-17 07:36AM  Market Realist]
▶ How Weyerhaeuser Treats Its Shareholders   [Sep-13-17 09:06AM  Market Realist]
▶ How Weyerhaeuser and REITs Can Fight the Interest Headwind   [Sep-12-17 10:36AM  Market Realist]
▶ Inside the Weyerhaeuser-Plum Creek Merger   [10:37AM  Market Realist]
▶ What Lies ahead for Weyerhaeuser in 2017?   [09:07AM  Market Realist]
▶ Behind Weyerhaeusers Growth Trajectory   [Sep-08-17 03:35PM  Market Realist]
▶ How Weyerhaeuser Fared in 2Q17: The Details   [02:06PM  Market Realist]

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