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| BUY | 6.080 | Michael Decter | Own 10% of Vancouver Island. There is a takeover bid from a couple of pension funds. Got sideswiped today when a B.C. First Nations group’s press release made it look like they had filed a court injunction but it was actually with a non-judicial body. | 2011-05-16 | |
| Comment | 6.520 | David Cockfield | Offer to acquire has been made but doesn’t think the bid was high enough. Hope that there will be further bids. Forest product industry has been flat on it back for awhile but has slimmed down and got good new equipment. Industry has come back to life. This company’s big upside is their real estate properties, which is worth a lot more than their trees. | 2011-04-15 | |
| BUY | 5.050 | Michael Sprung | Forest product companies seem to have come alive again in the last couple of years. A number of large pension companies have been buying timber assets. Longer-term it is a good area to have exposure to. Looks a little expensive but if your view is long-term it could be a good place to be. | 2010-01-27 | |
| Comment | 12.400 | Sandy McIntyre | Balance sheet issue but great asset base. Customers are domestically US housing and specialty grades for Japan, which is in recession. Looks like a cyclical trough for this asset. If there’s enough bad news, it’s the kind of asset he would come back to. | 2008-08-15 | |
| DON'T BUY | 16.150 | Chris Rankin, MBA, CFA | Forest products Very cautious on it. | 2007-06-08 | |
| DON'T BUY | 18.240 | Sandy McIntyre | Almost fully out of this one. Likes the asset and the capital structure, but too expensive. Would like it at $13.50. | 2007-04-13 | |
| DON'T BUY | 18.240 | Bill Harris, CFA | Expensive based on existing earnings. Needs to be taken out. If it doesn't, it just has to go down. Good assets. | 2007-04-13 | |
| HOLD | 18.820 | Paul Gardner, CFA | Own real estate on Vancouver Island that can be sold to developers. 5.8% yield. Not affected by the softwood lumber agreement. | 2007-03-19 | |
| HOLD | 17.120 | Michael Simpson, CFA | Has a lot of excess real estate. They've been funding their distribution by selling excess real estate. Not a concern in the short term. A lot of their logs go into US housing. | 2007-02-23 | |
| HOLD | 14.960 | Michael Decter | Held up remarkably well through the trust problems. 2 plays to this one, 1) the trees and 2) land. Expect the perceived value of the real estate has held it up. Probably a decent thing to own over the medium-term. 7.5% yield. | 2006-11-24 | |
| BUY on WEAKNESS | 14.240 | Paul Harris, CFA | It's a renewable resource (lumber). Good economic growth, steady cash flow. Buy around $12. | 2006-09-26 | |
| BUY | 14.950 | Michael Sprung | Brascan's interests in timber lands could be positive for this company. Worth a good look. There are a number of issues facing the lumber industry and if they get resolved, this company could be a big beneficiary. A well managed company. | 2005-06-24 | |
| HOLD | 14.670 | Blair Wilson | Have a 2 sector perform recommendation (neutral). With the distribution, you have a positive rate of return. | 2004-11-26 | |
| PAST TOP PICK | 14.800 | Bill Harris, CFA | (A Top Pick Jun 4/04. Up 9%.) Getting close to his fair value and sold some, but still likes. | 2004-10-29 | |
| BUY | 13.250 | Charles Dillingham | A lot if its business is with Japan. Unique in that it owns its own properties. Very good numbers. | 2004-08-20 | |
| HOLD | 13.070 | Ben Cheng | Has been undergoing some change and moving towards a more purer timber management company. Expects timber and lumber prices to remain quite high. Any uptick in the Japan housing market will be quite good for them. | 2004-07-15 | |
| BUY | 13.390 | Glenn MacNeill, P.Eng. | Will be affected by the resolution of the price in dispute between US and Canada. Has some excellent assets. Has some room to run. | 2004-06-25 | |
| TOP PICK | 13.360 | Bill Harris, CFA | (A top pick Feb 16/04. Down 4.3%.) Have settled the labor dispute on the West Coast. There may be a softwood lumber agreement this fall. | 2004-06-04 | |
| TOP PICK | 12.690 | Bill Harris, CFA | Should benefit from the softwood lumber reconciliation. Very good hard assets. | 2004-02-16 | |
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| BUY | 11.850 | Sandy McIntyre | High quality, long duration asset. Yield is in the 8% area. | 2003-05-07 | |
| PAST TOP PICK | 12.590 | Glenn Paradis, BA, CFA | (Was a top pick on July 19. Down 7%) Still likes. Great assets. 8% dividend. | 2002-09-12 | |
| TOP PICK | 12.950 | Glenn Paradis, BA, CFA | Excellent asset base. Good price. | 2002-07-19 | |
| DON'T BUY | 13.350 | Ben Cheng | Good properties. A lot of their customers are in the far east which is still in economic difficulties. | 2002-07-12 | |
| TOP PICK | 13.750 | Mark Jackson, CFA | 8% yield. Strong housing market. | 2002-07-09 | |
| TOP PICK | 14.000 | Glenn Paradis, BA, CFA | This pick was based on a global economic recovery. Good assets. 8% yield. | 2002-06-27 | |
| HOLD | 13.160 | Sandy McIntyre | Great asset bases. Lumber dispute is holding back prices. | 2002-05-03 | |
| BUY | 12.650 | Ben Cheng | Has fantastic property. Japanese housing market is improving. Economically sensitive. | 2002-04-16 | |
| BUY | 13.600 | John Priestman | Good assets. 100% taxable. | 2002-03-19 | |
| BUY | 13.500 | Bill Shaw | 9% yield. Still has room to go up. Solid revenues. | 2002-01-18 | |
| BUY | 12.150 | Bill Shaw | Good revenue. Cash yield about 10%. | 2001-08-16 | |
| BUY | 12.250 | Bill Shaw | Good assets. Well managed. Very stable. Yield 9/10%. | 2001-06-26 | |
| DON'T BUY | 12.350 | Sandy McIntyre | Good asset base. Logging on Vancouver Islands is a political issue. Look at others. | 2001-06-19 | |
| TOP PICK | 10.650 | David Goodman | Owns timber lands on Vancouver Island so asset is non-depleting. Pays out $1 and since stock trades around $10, you get a 10% return | 2001-01-22 | |
| TOP PICK | 11.000 | David Goodman | 10% per year dividends. Prices down now because of timber prices | 2000-10-02 |
