{"id":2021,"date":"2017-03-21T12:20:31","date_gmt":"2017-03-21T12:20:31","guid":{"rendered":"https:\/\/cityfalcon.com\/blog\/?p=2021"},"modified":"2017-10-05T10:26:56","modified_gmt":"2017-10-05T10:26:56","slug":"resolute-forest-product-rfp-its-cyclical-its-out-of-favour-and-34-owned-by-prem-watsa","status":"publish","type":"post","link":"https:\/\/www.cityfalcon.ai\/blog\/it\/investments\/resolute-forest-product-rfp-its-cyclical-its-out-of-favour-and-34-owned-by-prem-watsa\/","title":{"rendered":"Resolute Forest Product (RFP): ciclico, in disgrazia ma 34% di propriet\u00e0 di Prem Watsa"},"content":{"rendered":"<style>\n.wp-caption {\nmax-width: 100% !important;\n}\n iframe {\nmax-width: 100%; hight: auto;\n}\n<\/style>\n<p><strong><em>Disclaimer: questo \u00e8 un guest post di Michael Wiggins De Oliveira<\/em><em>e non riflette le opinioni di CityFALCON e delle sue parti interessate.<\/em><\/strong><\/p>\n<h4>Prodotto forestale risoluto (RFP)<br \/>\nData: 10\/3\/2017<br \/>\nCapitalizzazione di mercato: ~ $400m<br \/>\nPrezzo per azione: $4.50<br \/>\nIndebitamento netto: ~$761m<br \/>\nVE: 1.1b<\/h4>\n<h2><strong>Riepilogo dell&#039;idea:<\/strong><\/h2>\n<p>Resolute \u00e8 un&#039;azienda diversificata che vende prodotti forestali. Ha un sacco di pessimismo scontato ma nessuna speranza. Dopo anni di sottoperformance, gli azionisti sono stanchi e vendono senza alcun riguardo per il prezzo. Mentre la societ\u00e0 inizia a emergere da questa flessione delle materie prime che colpisce i prodotti in legno, credo che un&#039;inversione di tendenza sar\u00e0 evidente nei prossimi 24 mesi e il prezzo delle sue azioni si adeguer\u00e0 per riflettere quella &quot;nuova&quot; speranza ritrovata. posso vedere\u00a0<strong>potenziale di rialzo di circa 50%<\/strong>.<\/p>\n<div id=\"attachment_2022\" style=\"width: 1119px\" class=\"wp-caption alignnone\"><a href=\"http:\/\/blog.cityfalcon.com\/wp-content\/uploads\/2017\/03\/resolute1.png\"><img fetchpriority=\"high\" decoding=\"async\" aria-describedby=\"caption-attachment-2022\" style=\"max-width: 100%; height: auto;\" class=\"wp-image-2022 size-full\" title=\"Prodotto forestale risoluto\" src=\"http:\/\/blog.cityfalcon.com\/wp-content\/uploads\/2017\/03\/resolute1.png\" alt=\"Prodotto forestale risoluto\" width=\"1109\" height=\"656\" srcset=\"https:\/\/www.cityfalcon.ai\/blog\/wp-content\/uploads\/2017\/03\/resolute1.png 1109w, https:\/\/www.cityfalcon.ai\/blog\/wp-content\/uploads\/2017\/03\/resolute1-300x177.png 300w, https:\/\/www.cityfalcon.ai\/blog\/wp-content\/uploads\/2017\/03\/resolute1-768x454.png 768w, https:\/\/www.cityfalcon.ai\/blog\/wp-content\/uploads\/2017\/03\/resolute1-1024x606.png 1024w, https:\/\/www.cityfalcon.ai\/blog\/wp-content\/uploads\/2017\/03\/resolute1-945x559.png 945w, https:\/\/www.cityfalcon.ai\/blog\/wp-content\/uploads\/2017\/03\/resolute1-600x355.png 600w\" sizes=\"(max-width: 1109px) 100vw, 1109px\" \/><\/a><p id=\"caption-attachment-2022\" class=\"wp-caption-text\">Fonte: google.com\/finance<\/p><\/div>\n<h3><strong>Panoramica<\/strong><\/h3>\n<p>Resolute ha 5 segmenti operativi principali:<\/p>\n<p>1) Polpa di mercato<br \/>\n2) Tessuto<br \/>\n3) Prodotti in legno<br \/>\n4) Carta da giornale<br \/>\n5) Carte speciali<\/p>\n<p>Esaminer\u00f2 a turno ogni segmento e includer\u00f2 una valutazione molto prudente su ogni segmento.<\/p>\n<div id=\"attachment_2023\" style=\"width: 1057px\" class=\"wp-caption alignnone\"><a href=\"http:\/\/blog.cityfalcon.com\/wp-content\/uploads\/2017\/03\/resolute2.png\"><img decoding=\"async\" aria-describedby=\"caption-attachment-2023\" style=\"max-width: 100%; height: auto;\" class=\"wp-image-2023 size-full\" title=\"Prodotto Resolute Forest (2)\" src=\"http:\/\/blog.cityfalcon.com\/wp-content\/uploads\/2017\/03\/resolute2.png\" alt=\"Prodotto Resolute Forest (2)\" width=\"1047\" height=\"739\" srcset=\"https:\/\/www.cityfalcon.ai\/blog\/wp-content\/uploads\/2017\/03\/resolute2.png 1047w, https:\/\/www.cityfalcon.ai\/blog\/wp-content\/uploads\/2017\/03\/resolute2-300x212.png 300w, https:\/\/www.cityfalcon.ai\/blog\/wp-content\/uploads\/2017\/03\/resolute2-768x542.png 768w, https:\/\/www.cityfalcon.ai\/blog\/wp-content\/uploads\/2017\/03\/resolute2-1024x723.png 1024w, https:\/\/www.cityfalcon.ai\/blog\/wp-content\/uploads\/2017\/03\/resolute2-945x667.png 945w, https:\/\/www.cityfalcon.ai\/blog\/wp-content\/uploads\/2017\/03\/resolute2-600x423.png 600w\" sizes=\"(max-width: 1047px) 100vw, 1047px\" \/><\/a><p id=\"caption-attachment-2023\" class=\"wp-caption-text\">Fonte: calcolo dell&#039;autore<em>S<\/em><\/p><\/div>\n<h3><strong>Polpa di mercato<\/strong><\/h3>\n<p>\u2013 Resolute \u00e8 il terzo pi\u00f9 grande produttore di cellulosa del Nord America.<br \/>\n\u2013 I prodotti sono utilizzati in imballaggi, prodotti di carta speciali, pannolini e altri.<br \/>\n\u2013 Ha acquisito Fibrek nel 2012 per circa $126m.<br \/>\n\u2013 Valutazione: reddito operativo (EBIT); $43m (2016) con un multiplo 5x perch\u00e9 le sue entrate sembrano in calo arriva a <strong>$215m<\/strong>.<\/p>\n<h3><strong>Fazzoletto di carta<\/strong><\/h3>\n<p>\u2013 Questo \u00e8 un nuovo segmento per Resolute. Una volta che la societ\u00e0 ha risolto i suoi problemi operativi negli ultimi due trimestri del 2016, questo ha effettivamente iniziato ad aumentare la linea di fondo (vedi sotto per la ripartizione trimestre su trimestre). Il management ha fissato un EBITDA per il 2017 compreso tra $8m-$12m.<br \/>\n\u2013 Resolute ha acquisito Atlas solo pochi anni fa per $150m<br \/>\n\u2013 Valutato per essere almeno <strong>$50m.<\/strong><\/p>\n<h3><strong>Prodotti in legno<\/strong><\/h3>\n<p>\u2013 Nel complesso un reddito operativo costante.<br \/>\n\u2013 Venduto nel mercato immobiliare statunitense in miglioramento.<br \/>\n\u2013 Si prevede che continuer\u00e0 la sua graduale ripresa nel 2017, per poi crescere. Ma anche senza alcuna capacit\u00e0 di crescita, lasciatemi mettere un multiplo 6x sul reddito operativo, facendolo valere approssimativamente <strong>$415m<\/strong>.<\/p>\n<h3><strong>Carta da giornale<\/strong><\/h3>\n<p>\u2013 Resolute offre servizi agli editori di giornali in tutto il mondo<br \/>\n\u2013 Questo segmento \u00e8 stato un vento contrario persistente per diversi anni poich\u00e9 molti contenuti sono stati pubblicati online e molti concorrenti hanno aumentato l&#039;offerta di carta da giornale sul mercato.<br \/>\n\u2013 Resolute ha prodotto un piccolo reddito operativo nell&#039;ultimo trimestre. D\u00ec $4m e metti un piccolo multiplo per tenere conto dei venti contrari di questa attivit\u00e0 e del suo probabile calo dell&#039;EBIT. Pertanto, 4x multiplo che arriva all&#039;incirca <strong>$15m<\/strong>.<\/p>\n<h3><strong>Carta speciale<\/strong><\/h3>\n<p>\u2013 Uno dei maggiori produttori di carte meccaniche patinate e non patinate. Utilizzato in libri, coupon, ecc.<br \/>\n\u2013 \u00c8 difficile dire come si comporter\u00e0 in futuro, ma per essere prudenti mettiamo un 5x sul reddito operativo medio di $11.6m, arriva a <strong>$55m<\/strong>.<\/p>\n<p>Complessivamente, questi segmenti valgono <strong>$750m. <\/strong><\/p>\n<p>Infine, ho lasciato fuori <strong>sovraccarico aziendale<\/strong>. \u00c8 difficile dire quanto pi\u00f9 il management possa ridurre il grasso in eccesso e migliorare i margini dell&#039;azienda, ma lasciatemi continuare nello stesso modo prudente ed evidenziare nella tabella sottostante che sembra che il management abbia gi\u00e0 apportato un miglioramento significativo alla sua spese generali aziendali e negli ultimi due trimestri ha effettivamente generato un reddito operativo rettificato positivo (<em>Compreso<\/em> in alto). Vorrei anche sottolineare che Resolute sebbene ciclico non \u00e8 particolarmente stagionale. E se riuscisse a far crescere un po&#039; il suo reddito operativo non \u00e8 irragionevole che il fair value sia almeno <strong>$700m<\/strong> o $7.8 per azione.<\/p>\n<div class=\"mceTemp\"><\/div>\n<div id=\"attachment_2024\" style=\"width: 935px\" class=\"wp-caption alignnone\"><a href=\"http:\/\/blog.cityfalcon.com\/wp-content\/uploads\/2017\/03\/resolute3.png\"><img decoding=\"async\" aria-describedby=\"caption-attachment-2024\" style=\"max-width: 100%; height: auto;\" class=\"wp-image-2024 size-full\" title=\"Prodotto Resolute Forest (3)\" src=\"http:\/\/blog.cityfalcon.com\/wp-content\/uploads\/2017\/03\/resolute3.png\" alt=\"Prodotto Resolute Forest (3)\" width=\"925\" height=\"722\" srcset=\"https:\/\/www.cityfalcon.ai\/blog\/wp-content\/uploads\/2017\/03\/resolute3.png 925w, https:\/\/www.cityfalcon.ai\/blog\/wp-content\/uploads\/2017\/03\/resolute3-300x234.png 300w, https:\/\/www.cityfalcon.ai\/blog\/wp-content\/uploads\/2017\/03\/resolute3-768x599.png 768w, https:\/\/www.cityfalcon.ai\/blog\/wp-content\/uploads\/2017\/03\/resolute3-600x468.png 600w\" sizes=\"(max-width: 925px) 100vw, 925px\" \/><\/a><p id=\"caption-attachment-2024\" class=\"wp-caption-text\">Fonte: calcolo dell&#039;autore<\/p><\/div>\n<h2><strong>I maggiori azionisti<\/strong><\/h2>\n<div id=\"attachment_2025\" style=\"width: 1186px\" class=\"wp-caption alignnone\"><a href=\"http:\/\/blog.cityfalcon.com\/wp-content\/uploads\/2017\/03\/resolute4.png\"><img loading=\"lazy\" decoding=\"async\" aria-describedby=\"caption-attachment-2025\" style=\"max-width: 100%; height: auto;\" class=\"size-full wp-image-2025\" src=\"http:\/\/blog.cityfalcon.com\/wp-content\/uploads\/2017\/03\/resolute4.png\" alt=\"\" width=\"1176\" height=\"474\" srcset=\"https:\/\/www.cityfalcon.ai\/blog\/wp-content\/uploads\/2017\/03\/resolute4.png 1176w, https:\/\/www.cityfalcon.ai\/blog\/wp-content\/uploads\/2017\/03\/resolute4-300x121.png 300w, https:\/\/www.cityfalcon.ai\/blog\/wp-content\/uploads\/2017\/03\/resolute4-768x310.png 768w, https:\/\/www.cityfalcon.ai\/blog\/wp-content\/uploads\/2017\/03\/resolute4-1024x413.png 1024w, https:\/\/www.cityfalcon.ai\/blog\/wp-content\/uploads\/2017\/03\/resolute4-945x381.png 945w, https:\/\/www.cityfalcon.ai\/blog\/wp-content\/uploads\/2017\/03\/resolute4-600x242.png 600w\" sizes=\"(max-width: 1176px) 100vw, 1176px\" \/><\/a><p id=\"caption-attachment-2025\" class=\"wp-caption-text\">Fonte: Proxy statement 2016<\/p><\/div>\n<p>Se non sono stato in grado di convincerti che c&#039;\u00e8 valore da fare in Resolute, sottolineer\u00f2 ora il fatto che Prem Watsa possiede circa 34% delle azioni in circolazione (insidercow.com), leggermente in aumento rispetto all&#039;ultima pubblicazione della delega , nel senso che ha acquistato negli ultimi 12 mesi.<\/p>\n<p>Inoltre, un altro investitore di valore eccezionale, Francis Chou possiede una quantit\u00e0 considerevole di azioni in circolazione che ora arrivano fino a 8% delle azioni in circolazione. Chou ha acquistato Resolute quando la societ\u00e0 era scambiata per circa $1B.<\/p>\n<p>Quindi, se va bene per loro a nord di $1B, va bene per me a $400m.<\/p>\n<h2><strong>Conclusione<\/strong><\/h2>\n<p>Ovviamente c&#039;\u00e8 molta antipatia e disgusto quando si tratta di investire in un&#039;azienda ciclica simile a una merce. Ci sono molti fattori che sono totalmente al di fuori del controllo del management, meno di tutti il prezzo dei suoi prodotti e le interazioni tra domanda e offerta nel mercato. Tuttavia, nonostante ci\u00f2, ritengo che la societ\u00e0 sia a buon mercato rispetto al suo potenziale quando l&#039;inversione di tendenza inizia a concretizzarsi con il potenziale di rialzo del 50%.<\/p>\n<p><em>Si prega di ricordare che questo articolo non \u00e8 una raccomandazione per l&#039;acquisto di azioni di nessuno dei titoli citati. Investire in titoli sfavoriti comporta rischi che potrebbero non essere adatti a te.<\/em>\u00a0<em>Si prega di fare la propria due diligence per raggiungere le proprie conclusioni. Grazie per aver letto.<\/em><\/p>\n<p>Se desideri tenere traccia delle notizie finanziarie rilevanti in tempo reale per Resolute Forest Products, dai un&#039;occhiata <a href=\"http:\/\/www.cityfalcon.com\/watchlists?assets=Resolute%20Forest%20Products%20Inc\" target=\"_blank\" rel=\"noopener noreferrer\">qui<\/a>.<\/p>\n<p>&nbsp;<\/p>","protected":false},"excerpt":{"rendered":"<p>Dichiarazione di non responsabilit\u00e0: questo \u00e8 un guest post di Michael Wiggins De Oliveira e non riflette le opinioni di CityFALCON e dei suoi stakeholder. Resolute Forest Product (RFP) Data: 3\/10\/2017 Capitalizzazione di mercato: ~ $400m Prezzo per azione: $4.50 Debito netto: ~$761m EV:\u2026 <a class=\"more-link\" href=\"https:\/\/www.cityfalcon.ai\/blog\/it\/investments\/resolute-forest-product-rfp-its-cyclical-its-out-of-favour-and-34-owned-by-prem-watsa\/\">Continua a leggere \u2192<\/a><\/p>","protected":false},"author":9,"featured_media":2028,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0,"footnotes":""},"categories":[20],"tags":[121,30,81],"class_list":["post-2021","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-investments","tag-analysis","tag-investing","tag-stocks"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v25.3.1 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Resolute Forest Product (RFP) - CityFALCON Blog<\/title>\n<meta name=\"description\" content=\"Resolute Forest Product is a diversified company that sells forest products. 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