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Recommendations
Interfor price target lowered to C$40 from C$50 at TD Securities » 08:17
06/23/22
06/23
08:17
06/23/22
08:17
IFSPF

Interfor

$19.76 /

-0.24 (-1.20%)

TD Securities analyst…

TD Securities analyst Sean Steuart lowered the firm's price target on Interfor to C$40 from C$50 and keeps a Buy rating on the shares. He lowered target prices for seven of the 10 companies in his coverage universe, noting that forest product equities remain under pressure as investors discount an increasingly negative macroeconomic outlook. However, Steuart reiterates an Overweight bias on the sector given that balance sheets are in significantly better shape than was the case entering previous recessions and he believes current valuations "assume an overly negative outlook."

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IFSPF Interfor
$19.76 /

-0.24 (-1.20%)

IFSPF Interfor
$19.76 /

-0.24 (-1.20%)

06/17/22 Scotiabank
Interfor price target lowered to C$43 from C$50 at Scotiabank
05/16/22 CIBC
Interfor price target raised to C$45 from C$42 at CIBC
01/12/22 Scotiabank
Interfor price target raised to C$50 from C$44 at Scotiabank
01/10/22 CIBC
Interfor price target raised to C$46 from C$36 at CIBC
Over a week ago
Recommendations
Interfor price target lowered to C$43 from C$50 at Scotiabank » 11:43
06/17/22
06/17
11:43
06/17/22
11:43
IFSPF

Interfor

$19.57 /

-2.05 (-9.48%)

Scotiabank analyst Benoit…

Scotiabank analyst Benoit Laprade lowered the firm's price target on Interfor to C$43 from C$50 and keeps an Outperform rating on the shares.

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IFSPF Interfor
$19.57 /

-2.05 (-9.48%)

IFSPF Interfor
$19.57 /

-2.05 (-9.48%)

05/16/22 CIBC
Interfor price target raised to C$45 from C$42 at CIBC
01/12/22 Scotiabank
Interfor price target raised to C$50 from C$44 at Scotiabank
01/10/22 CIBC
Interfor price target raised to C$46 from C$36 at CIBC
11/24/21 Raymond James
Interfor price target raised to C$60 from C$57 at Raymond James
Over a month ago
Recommendations
Interfor price target raised to C$45 from C$42 at CIBC » 12:38
05/16/22
05/16
12:38
05/16/22
12:38
IFSPF

Interfor

$25.64 /

+0.61049 (+2.44%)

CIBC analyst Hamir Patel…

CIBC analyst Hamir Patel raised the firm's price target on Interfor to C$45 from C$42 and keeps an Outperformer rating on the shares.

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IFSPF Interfor
$25.64 /

+0.61049 (+2.44%)

IFSPF Interfor
$25.64 /

+0.61049 (+2.44%)

01/12/22 Scotiabank
Interfor price target raised to C$50 from C$44 at Scotiabank
01/10/22 CIBC
Interfor price target raised to C$46 from C$36 at CIBC
11/24/21 Raymond James
Interfor price target raised to C$60 from C$57 at Raymond James
11/24/21 Scotiabank
Interfor price target raised to C$44 from C$42 at Scotiabank
Over a quarter ago
Hot Stocks
Interfor completes acquisition of EACOM Timber Corporation » 07:39
02/23/22
02/23
07:39
02/23/22
07:39
IFSPF

Interfor

$29.17 /

-0.92 (-3.06%)

INTERFOR CORPORATION…

INTERFOR CORPORATION announced that it has completed the previously announced transaction to acquire 100% of the equity interests of EACOM Timber Corporation from an affiliate of Kelso & Company, effective February 22, 2022. Eric Larouche has been appointed as Senior Vice President, Eastern Operations and will be responsible for Interfor's manufacturing, woodlands and forestry activities in Eastern Canada. Mr. Larouche has over 20 years of experience in the forest products industry in both Canada and the United States, and was previously EACOM's Vice President of Human Resources.

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IFSPF Interfor
$29.17 /

-0.92 (-3.06%)

IFSPF Interfor
$29.17 /

-0.92 (-3.06%)

01/12/22 Scotiabank
Interfor price target raised to C$50 from C$44 at Scotiabank
01/10/22 CIBC
Interfor price target raised to C$46 from C$36 at CIBC
11/24/21 Raymond James
Interfor price target raised to C$60 from C$57 at Raymond James
11/24/21 Scotiabank
Interfor price target raised to C$44 from C$42 at Scotiabank
Recommendations
Interfor price target raised to C$50 from C$44 at Scotiabank » 11:47
01/12/22
01/12
11:47
01/12/22
11:47
IFSPF

Interfor

$32.73 /

+1.1857 (+3.76%)

Scotiabank analyst Benoit…

Scotiabank analyst Benoit Laprade raised the firm's price target on Interfor to C$50 from C$44 and keeps an Outperform rating on the shares.

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IFSPF Interfor
$32.73 /

+1.1857 (+3.76%)

IFSPF Interfor
$32.73 /

+1.1857 (+3.76%)

01/10/22 CIBC
Interfor price target raised to C$46 from C$36 at CIBC
11/24/21 Raymond James
Interfor price target raised to C$60 from C$57 at Raymond James
11/24/21 Scotiabank
Interfor price target raised to C$44 from C$42 at Scotiabank
11/24/21 TD Securities
Interfor price target raised to C$43 from C$42 at TD Securities
Recommendations
Interfor price target raised to C$46 from C$36 at CIBC » 11:50
01/10/22
01/10
11:50
01/10/22
11:50
IFSPF

Interfor

$31.30 /

-0.27 (-0.86%)

CIBC analyst Hamir Patel…

CIBC analyst Hamir Patel raised the firm's price target on Interfor to C$46 from C$36 and keeps a Neutral rating on the shares.

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IFSPF Interfor
$31.30 /

-0.27 (-0.86%)

IFSPF Interfor
$31.30 /

-0.27 (-0.86%)

11/24/21 Raymond James
Interfor price target raised to C$60 from C$57 at Raymond James
11/24/21 Scotiabank
Interfor price target raised to C$44 from C$42 at Scotiabank
11/24/21 TD Securities
Interfor price target raised to C$43 from C$42 at TD Securities
10/21/21 CIBC
Interfor downgraded to Neutral from Outperformer at CIBC
Recommendations
Interfor price target raised to C$60 from C$57 at Raymond James » 12:06
11/24/21
11/24
12:06
11/24/21
12:06
IFSPF

Interfor

$25.78 /

+0.77 (+3.08%)

Raymond James analyst…

Raymond James analyst Daryl Swetlishoff raised the firm's price target on Interfor to C$60 from C$57 and keeps a Strong Buy rating on the shares.

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IFSPF Interfor
$25.78 /

+0.77 (+3.08%)

IFSPF Interfor
$25.78 /

+0.77 (+3.08%)

11/24/21 Scotiabank
Interfor price target raised to C$44 from C$42 at Scotiabank
11/24/21 TD Securities
Interfor price target raised to C$43 from C$42 at TD Securities
10/21/21 CIBC
Interfor downgraded to Neutral from Outperformer at CIBC
10/12/21 Scotiabank
Interfor price target lowered to C$42 from C$47 at Scotiabank
Recommendations
Interfor price target raised to C$44 from C$42 at Scotiabank » 11:54
11/24/21
11/24
11:54
11/24/21
11:54
IFSPF

Interfor

$25.78 /

+0.77 (+3.08%)

Scotiabank analyst Benoit…

Scotiabank analyst Benoit Laprade raised the firm's price target on Interfor to C$44 from C$42 and keeps an Outperform rating on the shares.

ShowHide Related Items >><<
IFSPF Interfor
$25.78 /

+0.77 (+3.08%)

IFSPF Interfor
$25.78 /

+0.77 (+3.08%)

11/24/21 TD Securities
Interfor price target raised to C$43 from C$42 at TD Securities
10/21/21 CIBC
Interfor downgraded to Neutral from Outperformer at CIBC
10/12/21 Scotiabank
Interfor price target lowered to C$42 from C$47 at Scotiabank
09/29/21 Raymond James
Interfor price target lowered to C$57 from C$61 at Raymond James
Recommendations
Interfor price target raised to C$43 from C$42 at TD Securities » 11:52
11/24/21
11/24
11:52
11/24/21
11:52
IFSPF

Interfor

$25.78 /

+0.77 (+3.08%)

TD Securities analyst…

TD Securities analyst Sean Steuart raised the firm's price target on Interfor to C$43 from C$42 and keeps a Buy rating on the shares.

ShowHide Related Items >><<
IFSPF Interfor
$25.78 /

+0.77 (+3.08%)

IFSPF Interfor
$25.78 /

+0.77 (+3.08%)

10/21/21 CIBC
Interfor downgraded to Neutral from Outperformer at CIBC
10/12/21 Scotiabank
Interfor price target lowered to C$42 from C$47 at Scotiabank
09/29/21 Raymond James
Interfor price target lowered to C$57 from C$61 at Raymond James
08/10/21 CIBC
Interfor price target lowered to C$35 from C$40 at CIBC
Hot Stocks
Interfor to acquire EACOM Timber Corporation for C$490M » 08:39
11/23/21
11/23
08:39
11/23/21
08:39
IFSPF

Interfor

$25.01 /

+0.79 (+3.26%)

INTERFOR CORPORATION…

INTERFOR CORPORATION announced today that it has reached an agreement with an affiliate of Kelso & Company to acquire 100% of the equity interests of EACOM Timber Corporation. The company said, "EACOM is a leading lumber producer in eastern Canada, with operations across Ontario and Quebec, including: Seven sawmills with a combined annual spruce-pine-fir lumber production capacity of 985 million board feet; An I-Joist plant with annual production capacity of 70 million linear feet; A value-added remanufacturing plant with annual production capacity of 60 million board feet; Rights to access approximately 3.6 million cubic meters per year of responsibly managed and internationally certified fibre supply; and An office in Montreal." The purchase price is C$490 million, on a cash and debt free basis, which includes C$120 million of net working capital. In addition, Interfor will assume EACOM's countervailing and anti-dumping duty deposits at closing, for consideration equal to 55% of the total deposits on an after-tax basis. As of September 30, 2021, EACOM had paid cumulative CV and AD duties of US$150 million. The company said, "The acquisition is consistent with Interfor's growth-focused strategy as a pure-play lumber producer, increasing Interfor's total lumber production capacity by 25%. In addition, the acquisition further builds upon Interfor's already geographically diverse operations, adding significant scale in a new region. Eastern Canada is one of the major lumber producing regions in North America, with highly competitive log costs, a desirable SPF product mix and a supportive investment environment. On a pro-forma basis, Interfor's total annual lumber production capacity will increase to 4.9 billion board feet, of which 46% will be in the US South, 16% in the US Northwest, 20% in eastern Canada and 18% in British Columbia. The addition of the EACOM business will also provide an expanded opportunity set for potential future lumber-focused growth in eastern Canada, given its well-established systems, infrastructure and team. The business will operate under the Interfor banner, but Interfor will maintain all of EACOM's key operating leadership and employees as well as its office in Montreal, Quebec to ensure continued regional support for the operations going forward." The acquisition will be immediately accretive to Interfor's earnings and is expected to provide attractive returns in both the near-term and over the long-term. EACOM generated EBITDA1 of C$75 million, C$8 million, C$151 million and C$475 million in each of 2018, 2019, 2020 and the twelve months ended September 30, 2021, respectively. Interfor estimates EACOM's mid-cycle EBITDA to be approximately C$90 million per year pre-synergies, taking into account mid-cycle lumber prices, normalization of operating schedules post-COVID and recent ramp-ups in production and operating performance improvements at both the sawmills and the I-Joist plant. Interfor expects to achieve meaningful synergies of C$25 million per year from reliability, productivity and quality control improvements, shared purchasing programs, transportation optimization, enhanced marketing opportunities and general and administrative expense reductions. These synergies are expected to be fully achieved within two years of closing, with no capital requirements. As a result, the purchase price of C$490 million represents a pre-synergy mid-cycle EBITDA multiple of 5.4x, or 4.3x post-synergies, and a lumber capacity multiple of C$497 per thousand board feet, all of which compare very favourably to recent precedent transactions in the industry. Interfor intends to finance the acquisition with a combination of cash on hand and its existing credit facilities. Following the completion of this acquisition Interfor will continue to have significant financial flexibility to execute its strategic capital investment plans and consider additional value-creating capital deployment options. As of September 30, 2021 Interfor was in a net cash position of approximately C$134 million. Proforma the acquisition, Interfor's Net Debt to Invested Capital ratio as of September 30, 2021 would increase to 22%2. Similarly, proforma liquidity as of September 30, 2021 would be approximately C$270 million, before consideration of significant additional borrowing capacity available under existing credit limits and continued strong near-term operating cash flows. The completion of the acquisition is subject to customary conditions and regulatory approvals for a transaction of this kind and is expected to close in the first half of 2022.

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IFSPF Interfor
$25.01 /

+0.79 (+3.26%)

10/21/21 CIBC
Interfor downgraded to Neutral from Outperformer at CIBC
10/12/21 Scotiabank
Interfor price target lowered to C$42 from C$47 at Scotiabank
09/29/21 Raymond James
Interfor price target lowered to C$57 from C$61 at Raymond James
08/10/21 CIBC
Interfor price target lowered to C$35 from C$40 at CIBC

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