West Fraser: A Buy At Current Valuation

West Fraser Timber’s share price has fallen 25.1% year to date, resulting in a trailing P/E of 2.98.
Building materials have been expensive in the last two years, making trailing P/E not useful for assessing the company.
I remain bullish on the use of timber and wood products in the future.
Model valuation with conservative assumptions yields $81.05 fair value, a 14.7% premium over the current price. $West Fraser Timber(WFG.US)$