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After the market closed yesterday (July 26th), Plum Creek (PCL) reported its second quarter 2010 earnings of $35 million, or $0.21 per diluted share, on revenues of $258 million. Neena Mishra, Forisk’s Director of Equity Research, put the results into more…
In a previous post, we detailed the timeline that would play out once Weyerhaeuser (WY) declared its special dividend, which is the final step required by the IRS for WY to complete its REIT conversion.* WY pulled the trigger more…
If a tree falls in the woods, is it available raw material for a wood bioenergy facility? Not necessarily. Intense investment and regulatory focus on wood bioenergy has raised questions from both the environmental community and the traditional forest products more…
As a researcher, I enjoy exploring and testing questions related to forest economics, wood bioenergy and timber investments. Why? The finance of forestry brings together a globally available, renewable asset with attractive investment characteristics that continues to generate interesting issues more…
Interested in owning Weyerhaeuser (WY) shares prior to a special dividend distribution? In 2009, the company announced its intent to convert to a timberland-owning real estate investment trust (timber REIT). With this likely to occur in 2010, it requires WY more…
On the evening of August 4th, 2010, Neena Mishra, our Director of Equity Research, and I will teach a Master Class on “Valuing Timber REITs.” This follows our day-long course on “Applied Forest Finance”, which is co-taught by our Forest more…
Land consultant and writer Curtis Seltzer interviewed me on the topic of timberland investing and financial analysis. One question in particular got to the heart of how I think about applying finance to forestry-related investment decisions: “Do you use or more…
Forisk has expanded its coverage of operating and announced wood-using bioenergy projects from the US South to the continental US. Next month’s post will include a summary of national wood bioenergy activity. For information regarding the detailed US-wide bioenergy database, more…
Recent analysis and reporting of wood bioenergy markets in the US fail to take into account the prohibitive economics and back-bending logistics required to successfully start, build and operate wood-using bioenergy projects. First, the Environmental Working Group published a white more…
Several years ago, an analyst from a hedge fund called me to discuss suitable discount rates for timberland investments. We had the following exchange: “A common error with discount rates is that folks use real and nominal rates inconsistently,” I more…