$West Fraser Timber (WFG.US)$ 🎯 2024.4.3 The current price ...

New data: In 23Q3 and 23Q4, revenue continued to shrink. The share of operating profit in Q3 fell sharply, affecting profit for one quarter, and net profit losses increased dramatically in Q4 due to restructuring and merger and acquisition expenses.

In 2023, revenue shrank by 33.5%, operating profit lost slightly, and net profit lost a large amount due to restructuring and merger and acquisition expenses.

The balance ratio did not change much, from 23.6% to 23.3%. Total assets and net assets declined slightly, and 300 million interest-bearing liabilities were transferred from long-term loans to short-term loans.

Net cash flow from operations was slightly lower than net investment and did not generate shareholders' surpluses.

Currently, the net market ratio is 0.95, and the five-year average net profit of 1.05 billion yuan corresponds to a price-earnings ratio of 6.5 and a dividend ratio of 1.4%. The valuation is not high, but since it has not gone through a complete cycle after listing, no adjustments have been made for the time being.