Intrinsic value of Domtar - UFS

Previous Close

$48.19

  Intrinsic Value

$25.85

stock screener

  Rating & Target

sell

-46%

Previous close

$48.19

 
Intrinsic value

$25.85

 
Up/down potential

-46%

 
Rating

sell

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

We calculate the intrinsic value of UFS 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 3.0

 

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, %
  -3.15
  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
  5,098
  5,200
  5,320
  5,456
  5,610
  5,780
  5,966
  6,170
  6,390
  6,627
  6,881
  7,153
  7,443
  7,752
  8,081
  8,429
  8,799
  9,190
  9,603
  10,040
  10,502
  10,988
  11,502
  12,043
  12,613
  13,213
  13,846
  14,511
  15,211
  15,948
  16,723
Variable operating expenses, $m
 
  3,160
  3,232
  3,314
  3,405
  3,507
  3,618
  3,740
  3,871
  4,012
  4,164
  4,272
  4,445
  4,630
  4,826
  5,034
  5,255
  5,488
  5,735
  5,996
  6,272
  6,562
  6,869
  7,192
  7,533
  7,891
  8,269
  8,666
  9,084
  9,524
  9,987
Fixed operating expenses, $m
 
  1,862
  1,909
  1,957
  2,006
  2,056
  2,107
  2,160
  2,214
  2,269
  2,326
  2,384
  2,444
  2,505
  2,567
  2,632
  2,697
  2,765
  2,834
  2,905
  2,977
  3,052
  3,128
  3,206
  3,286
  3,369
  3,453
  3,539
  3,628
  3,718
  3,811
Total operating expenses, $m
  4,875
  5,022
  5,141
  5,271
  5,411
  5,563
  5,725
  5,900
  6,085
  6,281
  6,490
  6,656
  6,889
  7,135
  7,393
  7,666
  7,952
  8,253
  8,569
  8,901
  9,249
  9,614
  9,997
  10,398
  10,819
  11,260
  11,722
  12,205
  12,712
  13,242
  13,798
Operating income, $m
  223
  177
  179
  186
  199
  217
  241
  270
  305
  345
  391
  497
  554
  618
  687
  764
  847
  937
  1,034
  1,139
  1,253
  1,374
  1,505
  1,644
  1,794
  1,954
  2,124
  2,306
  2,499
  2,705
  2,924
EBITDA, $m
  571
  510
  518
  533
  554
  582
  615
  655
  702
  755
  814
  880
  953
  1,033
  1,120
  1,215
  1,318
  1,429
  1,548
  1,677
  1,815
  1,962
  2,120
  2,289
  2,469
  2,661
  2,865
  3,082
  3,313
  3,559
  3,819
Interest expense (income), $m
  64
  61
  64
  67
  71
  75
  80
  86
  92
  98
  105
  112
  120
  128
  137
  146
  156
  167
  178
  190
  203
  216
  230
  245
  260
  276
  294
  312
  331
  351
  372
Earnings before tax, $m
  157
  116
  115
  119
  128
  142
  161
  185
  213
  247
  286
  385
  435
  490
  551
  617
  690
  770
  856
  949
  1,050
  1,158
  1,275
  1,400
  1,534
  1,677
  1,830
  1,994
  2,168
  2,354
  2,552
Tax expense, $m
  29
  31
  31
  32
  35
  38
  43
  50
  58
  67
  77
  104
  117
  132
  149
  167
  186
  208
  231
  256
  283
  313
  344
  378
  414
  453
  494
  538
  585
  636
  689
Net income, $m
  128
  85
  84
  87
  93
  104
  117
  135
  156
  180
  209
  281
  317
  357
  402
  451
  504
  562
  625
  693
  766
  846
  931
  1,022
  1,120
  1,224
  1,336
  1,456
  1,583
  1,719
  1,863

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  125
  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
  5,680
  5,664
  5,795
  5,944
  6,111
  6,296
  6,499
  6,721
  6,960
  7,218
  7,495
  7,792
  8,108
  8,445
  8,803
  9,182
  9,585
  10,011
  10,461
  10,937
  11,440
  11,970
  12,529
  13,119
  13,740
  14,394
  15,082
  15,807
  16,570
  17,373
  18,217
Adjusted assets (=assets-cash), $m
  5,555
  5,664
  5,795
  5,944
  6,111
  6,296
  6,499
  6,721
  6,960
  7,218
  7,495
  7,792
  8,108
  8,445
  8,803
  9,182
  9,585
  10,011
  10,461
  10,937
  11,440
  11,970
  12,529
  13,119
  13,740
  14,394
  15,082
  15,807
  16,570
  17,373
  18,217
Revenue / Adjusted assets
  0.918
  0.918
  0.918
  0.918
  0.918
  0.918
  0.918
  0.918
  0.918
  0.918
  0.918
  0.918
  0.918
  0.918
  0.918
  0.918
  0.918
  0.918
  0.918
  0.918
  0.918
  0.918
  0.918
  0.918
  0.918
  0.918
  0.918
  0.918
  0.918
  0.918
  0.918
Average production assets, $m
  2,017
  2,059
  2,107
  2,161
  2,221
  2,289
  2,363
  2,443
  2,530
  2,624
  2,725
  2,833
  2,948
  3,070
  3,200
  3,338
  3,484
  3,639
  3,803
  3,976
  4,159
  4,351
  4,555
  4,769
  4,995
  5,233
  5,483
  5,746
  6,024
  6,315
  6,622
Working capital, $m
  815
  780
  798
  818
  841
  867
  895
  925
  958
  994
  1,032
  1,073
  1,116
  1,163
  1,212
  1,264
  1,320
  1,378
  1,441
  1,506
  1,575
  1,648
  1,725
  1,806
  1,892
  1,982
  2,077
  2,177
  2,282
  2,392
  2,508
Total debt, $m
  1,293
  1,274
  1,343
  1,421
  1,509
  1,607
  1,714
  1,831
  1,957
  2,093
  2,239
  2,395
  2,562
  2,739
  2,928
  3,128
  3,340
  3,565
  3,802
  4,053
  4,318
  4,597
  4,892
  5,202
  5,530
  5,874
  6,237
  6,619
  7,021
  7,444
  7,889
Total liabilities, $m
  3,004
  2,985
  3,054
  3,132
  3,220
  3,318
  3,425
  3,542
  3,668
  3,804
  3,950
  4,106
  4,273
  4,450
  4,639
  4,839
  5,051
  5,276
  5,513
  5,764
  6,029
  6,308
  6,603
  6,913
  7,241
  7,585
  7,948
  8,330
  8,732
  9,155
  9,600
Total equity, $m
  2,676
  2,679
  2,741
  2,811
  2,890
  2,978
  3,074
  3,179
  3,292
  3,414
  3,545
  3,686
  3,835
  3,994
  4,164
  4,343
  4,534
  4,735
  4,948
  5,173
  5,411
  5,662
  5,926
  6,205
  6,499
  6,808
  7,134
  7,477
  7,838
  8,217
  8,616
Total liabilities and equity, $m
  5,680
  5,664
  5,795
  5,943
  6,110
  6,296
  6,499
  6,721
  6,960
  7,218
  7,495
  7,792
  8,108
  8,444
  8,803
  9,182
  9,585
  10,011
  10,461
  10,937
  11,440
  11,970
  12,529
  13,118
  13,740
  14,393
  15,082
  15,807
  16,570
  17,372
  18,216
Debt-to-equity ratio
  0.483
  0.480
  0.490
  0.510
  0.520
  0.540
  0.560
  0.580
  0.590
  0.610
  0.630
  0.650
  0.670
  0.690
  0.700
  0.720
  0.740
  0.750
  0.770
  0.780
  0.800
  0.810
  0.830
  0.840
  0.850
  0.860
  0.870
  0.890
  0.900
  0.910
  0.920
Adjusted equity ratio
  0.461
  0.473
  0.473
  0.473
  0.473
  0.473
  0.473
  0.473
  0.473
  0.473
  0.473
  0.473
  0.473
  0.473
  0.473
  0.473
  0.473
  0.473
  0.473
  0.473
  0.473
  0.473
  0.473
  0.473
  0.473
  0.473
  0.473
  0.473
  0.473
  0.473
  0.473

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  128
  85
  84
  87
  93
  104
  117
  135
  156
  180
  209
  281
  317
  357
  402
  451
  504
  562
  625
  693
  766
  846
  931
  1,022
  1,120
  1,224
  1,336
  1,456
  1,583
  1,719
  1,863
Depreciation, amort., depletion, $m
  348
  333
  340
  347
  355
  364
  374
  385
  397
  410
  423
  383
  398
  415
  432
  451
  471
  492
  514
  537
  562
  588
  615
  644
  675
  707
  741
  777
  814
  853
  895
Funds from operations, $m
  411
  418
  424
  434
  449
  468
  492
  520
  553
  590
  632
  664
  716
  772
  834
  902
  975
  1,054
  1,139
  1,230
  1,328
  1,434
  1,546
  1,666
  1,795
  1,931
  2,077
  2,232
  2,397
  2,572
  2,758
Change in working capital, $m
  -54
  15
  18
  21
  23
  26
  28
  30
  33
  36
  38
  41
  44
  46
  49
  52
  55
  59
  62
  66
  69
  73
  77
  81
  86
  90
  95
  100
  105
  111
  116
Cash from operations, $m
  465
  403
  406
  413
  426
  442
  464
  489
  520
  554
  594
  623
  672
  726
  785
  849
  919
  995
  1,077
  1,165
  1,259
  1,361
  1,469
  1,585
  1,709
  1,841
  1,982
  2,132
  2,292
  2,462
  2,642
Maintenance CAPEX, $m
  0
  -273
  -278
  -285
  -292
  -300
  -309
  -319
  -330
  -342
  -355
  -368
  -383
  -398
  -415
  -432
  -451
  -471
  -492
  -514
  -537
  -562
  -588
  -615
  -644
  -675
  -707
  -741
  -777
  -814
  -853
New CAPEX, $m
  -347
  -42
  -47
  -54
  -61
  -67
  -74
  -80
  -87
  -94
  -101
  -108
  -115
  -122
  -130
  -138
  -146
  -155
  -164
  -173
  -183
  -193
  -203
  -214
  -226
  -238
  -250
  -264
  -277
  -292
  -307
Cash from investing activities, $m
  -391
  -315
  -325
  -339
  -353
  -367
  -383
  -399
  -417
  -436
  -456
  -476
  -498
  -520
  -545
  -570
  -597
  -626
  -656
  -687
  -720
  -755
  -791
  -829
  -870
  -913
  -957
  -1,005
  -1,054
  -1,106
  -1,160
Free cash flow, $m
  74
  88
  80
  74
  73
  75
  80
  90
  102
  119
  139
  147
  174
  205
  240
  279
  322
  369
  421
  478
  539
  606
  678
  755
  839
  929
  1,025
  1,128
  1,238
  1,356
  1,482
Issuance/(repayment) of debt, $m
  42
  56
  69
  78
  88
  98
  107
  117
  126
  136
  146
  156
  167
  177
  189
  200
  212
  224
  237
  251
  265
  279
  295
  311
  327
  345
  363
  382
  402
  423
  445
Issuance/(repurchase) of shares, $m
  -10
  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  
  29
  56
  69
  78
  88
  98
  107
  117
  126
  136
  146
  156
  167
  177
  189
  200
  212
  224
  237
  251
  265
  279
  295
  311
  327
  345
  363
  382
  402
  423
  445
Total cash flow (excl. dividends), $m
  101
  144
  149
  153
  161
  172
  188
  206
  229
  255
  284
  303
  341
  383
  429
  479
  534
  594
  659
  729
  804
  885
  972
  1,066
  1,166
  1,273
  1,388
  1,510
  1,640
  1,779
  1,926
Retained Cash Flow (-), $m
  -24
  -53
  -62
  -70
  -79
  -88
  -96
  -105
  -113
  -122
  -131
  -140
  -150
  -159
  -169
  -180
  -190
  -201
  -213
  -225
  -238
  -251
  -265
  -279
  -294
  -309
  -326
  -343
  -361
  -380
  -399
Prev. year cash balance distribution, $m
 
  50
  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
 
  141
  87
  82
  82
  85
  91
  102
  115
  133
  153
  163
  191
  223
  259
  299
  344
  392
  446
  503
  566
  634
  708
  787
  872
  964
  1,062
  1,167
  1,279
  1,399
  1,527
Discount rate, %
 
  5.10
  5.36
  5.62
  5.90
  6.20
  6.51
  6.83
  7.18
  7.54
  7.91
  8.31
  8.72
  9.16
  9.62
  10.10
  10.60
  11.13
  11.69
  12.27
  12.89
  13.53
  14.21
  14.92
  15.66
  16.45
  17.27
  18.13
  19.04
  19.99
  20.99
PV of cash for distribution, $m
 
  134
  78
  70
  65
  63
  63
  64
  66
  69
  72
  68
  70
  72
  72
  71
  69
  65
  61
  56
  50
  44
  38
  32
  27
  21
  17
  13
  10
  7
  5
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

Domtar Corporation designs, manufactures, markets and distributes a range of fiber-based products, including communication papers, specialty and packaging papers and absorbent hygiene products. The Company segments include Pulp and Paper and Personal Care. The Pulp and Paper segment consists of the design, manufacturing, marketing and distribution of communication, specialty and packaging papers, as well as softwood, fluff and hardwood market pulp. The Personal Care segment consists of the design, manufacturing, marketing and distribution of absorbent hygiene products. The Company is a marketer of uncoated freesheet paper in North America serving a range of customers, including merchants, retail outlets, stationers, printers, publishers, converters and end users. It is also a marketer and producer of a line of incontinence care products, as well as infant diapers. It has a network of wood fiber converting assets that produce paper grade, fluff and specialty pulp.

FINANCIAL RATIOS  of  Domtar (UFS)

Valuation Ratios
P/E Ratio 23.6
Price to Sales 0.6
Price to Book 1.1
Price to Tangible Book
Price to Cash Flow 6.5
Price to Free Cash Flow 25.6
Growth Rates
Sales Growth Rate -3.2%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate 20.1%
Cap. Spend. - 3 Yr. Gr. Rate 7.5%
Financial Strength
Quick Ratio 2
Current Ratio 0
LT Debt to Equity 45.5%
Total Debt to Equity 48.3%
Interest Coverage 3
Management Effectiveness
Return On Assets 3.2%
Ret/ On Assets - 3 Yr. Avg. 5.7%
Return On Total Capital 3.3%
Ret/ On T. Cap. - 3 Yr. Avg. 5.6%
Return On Equity 4.8%
Return On Equity - 3 Yr. Avg. 8.4%
Asset Turnover 0.9
Profitability Ratios
Gross Margin 20.9%
Gross Margin - 3 Yr. Avg. 21%
EBITDA Margin 11.2%
EBITDA Margin - 3 Yr. Avg. 12.2%
Operating Margin 4.4%
Oper. Margin - 3 Yr. Avg. 5.5%
Pre-Tax Margin 3.1%
Pre-Tax Margin - 3 Yr. Avg. 3.6%
Net Profit Margin 2.5%
Net Profit Margin - 3 Yr. Avg. 4.3%
Effective Tax Rate 18.5%
Eff/ Tax Rate - 3 Yr. Avg. -12.6%
Payout Ratio 79.7%

UFS stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the UFS stock intrinsic value calculation we used $5098 million for the last fiscal year's total revenue generated by Domtar. The default revenue input number comes from 2016 income statement of Domtar. 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 UFS 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 5.1%, whose default value for UFS is calculated based on our internal credit rating of Domtar, 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 Domtar.
    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 UFS stock the variable cost ratio is equal to 60.8%.

Fixed operating expenses is just that - expenses that are not dependant on the volume of production. They are set to $1817 million in the base year in the intrinsic value calculation for UFS 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% for Domtar.

Corporate tax rate of 27% is the nominal tax rate for Domtar. 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 UFS 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 UFS are equal to 39.6%.

Life of production assets of 7.4 years is the average useful life of capital assets used in Domtar 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 UFS is equal to 15%. 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 - $2676 million for Domtar - 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 62.655 million for Domtar 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 Domtar at the current share price and the inputted number of shares is $3.0 billion.

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COMPANY NEWS

▶ Domtar Corporation 2018 Quarterly Earnings Schedule   [Nov-08-17 02:00PM  Business Wire]
▶ Domtar Declares Regular Quarterly Dividend   [Nov-01-17 10:00AM  Business Wire]
▶ Stocks To Watch: Domtar Sees RS Rating Rise To 84   [03:00AM  Investor's Business Daily]
▶ Domtar Shows Rising Relative Strength; Still Shy Of Key Benchmark   [Oct-30-17 03:00AM  Investor's Business Daily]
▶ Domtar Corporation to Host Earnings Call   [Oct-27-17 08:10AM  ACCESSWIRE]
▶ Domtar tops Street 3Q forecasts   [07:07AM  Associated Press]
▶ Domtar plant manager: Just say no to electronic forms   [Oct-12-17 07:55AM  American City Business Journals]
▶ ETFs with exposure to Domtar Corp. : October 2, 2017   [Oct-02-17 11:09AM  Capital Cube]
▶ How Wall Street Analysts Are Rating Weyerhaeuser   [Sep-14-17 07:36AM  Market Realist]
▶ IBD Rating Upgrades: Domtar Shows Improved Price Strength   [Sep-13-17 03:00AM  Investor's Business Daily]
▶ Domtar Corp. Value Analysis (NYSE:UFS) : August 17, 2017   [Aug-17-17 04:24PM  Capital Cube]
▶ Domtar Declares Regular Quarterly Dividend   [Aug-02-17 10:00AM  Business Wire]
▶ Domtar beats 2Q profit forecasts   [Jul-28-17 10:07PM  Associated Press]
▶ Domtar Corp. Value Analysis (NYSE:UFS) : June 28, 2017   [Jun-28-17 03:36PM  Capital Cube]
▶ Charlotte-area company drops off new Fortune 500 list   [Jun-07-17 04:10PM  American City Business Journals]
▶ The highest-paid CEOs by state   [May-25-17 06:35AM  Associated Press]
▶ Domtar Declares Regular Quarterly Dividend   [May-16-17 03:35PM  Business Wire]
▶ ETFs with exposure to Domtar Corp. : May 9, 2017   [May-09-17 05:09PM  Capital Cube]
▶ Domtar puts books in small hands with First Book program in Fort Mill (PHOTOS)   [May-08-17 01:15PM  American City Business Journals]
▶ Domtar beats 1Q profit forecasts   [08:42AM  Associated Press]
▶ Domtar Corp. Value Analysis (NYSE:UFS) : April 26, 2017   [Apr-26-17 04:43PM  Capital Cube]
▶ Domtar Declares Regular Quarterly Dividend   [Feb-22-17 11:30AM  Business Wire]
▶ Company Profile for Domtar Corporation   [11:02AM  Business Wire]
Financial statements of UFS
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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