Canfor Corporation

NKC.F · Basic Materials · Lumber & Wood Production · Valued as of 2026-11-03 · Statements 2025-12-31

How Each Value Is Built

The screener's three formulas on the reported figures. Each card reads the same way: the value as a sum of numbered terms, each term's calculation opened under it, from the reported figures to the value. The list ranks companies by their plain average over the market cap.

What it is worth

EPV + Growth

1.86B USD

what the normal year's earnings are worth for ever, plus growth that pays

Profit

1.86B USD

15 years of cash the shareholders can take out, and the equity left at year 15

FCFF

1.86B USD

15 years of cash for shareholders and lenders, less what is owed

Average Intrinsic Value

1.86B USD

The plain average of EPV, Profit and FCFF

Against the price

Market Cap

1.24B USD

the price on the date above times the shares

Intrinsic Value ÷ Market Cap

1.51×

the ratio the screener ranks by

Margin of Safety

+33.6%

1 − Market Cap / Average Intrinsic Value

Projections, not exact values. Intrinsic Values are projected from each company's past reports. They show which stocks look cheap compared with the others, not exactly what a stock is worth.

Earnings power value plus growth: 1.86B USD
What the normal year's operating profit after tax is worth if it lasts for ever, plus what the new investment adds beyond its cost, less the net debt that comes before the shareholders (or plus the net cash).

The earnings power value was not computed (a NOPAT at or below zero this year), so the value is the book value today, 1.86B USD.

Market value

Market Cap1.24B USD

The price on the date above times the shares.

Value vs market

Margin of Safety+33.6%

1 minus the market cap as a share of the value.

Profit value: today's value of the shareholders' equity, from the cash it can pay them (FCFE): 1.86B USD
Fifteen years of free cash flow to equity (FCFE), each brought to today at the cost of equity, plus the equity at year 15 brought to today.

The projection was not made (a profit at or below zero in the latest three years), so the value is the book value today, 1.86B USD, as the screener leaves it.

①Present Value of the 15 Years of FCFE

Not in the value

②Equity at Year 15, Today

Not in the value

Market value

Market Cap1.24B USD

The price on the date above times the shares.

Value vs market

Margin of Safety+33.6%

1 minus the market cap as a share of the value.

FCFF value: today's value of the shareholders' equity, from the cash the firm can pay its shareholders and lenders (FCFF): 1.86B USD
Fifteen years of free cash flow to the firm (FCFF), each brought to today at the WACC, plus the invested capital at year 15 brought to today, less the net debt today (or plus the net cash).

The projection was not made (an operating profit at or below zero in the latest three years), so the value is the book value today, 1.86B USD, as the screener leaves it.

①Present Value of the 15 Years of FCFF

Not in the value

②Invested Capital at Year 15, Today

Not in the value

③Net Debt Today

Not in the value

Market value

Market Cap1.24B USD

The price on the date above times the shares.

Value vs market

Margin of Safety+33.6%

1 minus the market cap as a share of the value.

The Rates and the Capital the Values Read

The WACC and the cost of equity each value is discounted at, the book value and the net debt each starts from, and the seven quality metrics, from the same run.

WACC: 11.34%
Cost of Equity =Risk-Free Rate 4.50%+Beta 1.47×Market Risk Premium 6.00%= 13.34%

The yearly return the shareholders require for the risk they carry; it is the rate that brings their future cash to today.

Tax Rate for WACC 25.00% (default): the statements print a tax provision of -83.55M USD on a pretax income of -722.10M USD, which gives no rate between 0 and the profit before tax, so the 25% default stands for the tax the interest saves.

Interest Expense =EBIT -646.22M USD−Pretax Income -722.10M USD= 75.87M USD

The interest the company paid: EBIT is the profit before tax plus the interest.

Cost of Debt =Interest Expense 75.87M USDTotal Debt 720.40M USD×(1 − Tax Rate for WACC 25.00%)= 7.90%

What the lenders are paid a year after the tax the interest saves.

Debt Weight =Total Debt 720.40M USDMarket Cap + Total Debt 1.24B USD + 720.40M USD= 36.80%

The part of the capital the lenders put in, at market value.

WACC =Equity Weight 63.20%×Cost of Equity 13.34%+Debt Weight 36.80%×Cost of Debt 7.90%= 11.34%

Weighted average cost of capital: the yearly return the shareholders and the lenders together require, weighted by what each puts in; the rate that brings the firm's future cash to today.

Book value and net debt today
Both from the balance sheet of the newest quarter, 2026-06-30.

Total Assets 3.57B USD − Total Liabilities 1.71B USD = Book Value Today 1.86B USD

Total Debt 720.40M USD − Cash and Short-Term Investments 165.34M USD = Net Debt Today 555.06M USD

The book value is what Profit starts from and what stands when a projection is not made; the book value plus the net debt is what FCFF starts from; the net debt comes off Greenwald's and FCFF's values before the shareholders.

Quality metrics
Read beside the value, never a condition for it: every company is valued, and a filter in the list is the reader's choice.
MetricFrom
Share dilutionShares Today ÷ Shares Two Years Back − 1-1.3%at most 5%passes117,341,063 / 118,931,779
Accrual quality(Operating Cash Flow − Net Income) ÷ Total Assets17.7%at least -10.0%passes(50.80M USD − -582.34M USD) ÷ 3.57B USD
Price to bookMarket Cap ÷ Book Value Today0.66×at most 3×passes1.24B USD ÷ 1.86B USD
Operating marginOperating Income ÷ Revenue-8.3%above 10.0%does not pass-322.27M USD ÷ 3.90B USD
Revenue growthRevenue ÷ Revenue a Year Before − 16.5%above 10.0%does not pass3.90B USD / 3.66B USD
Net cash(Cash − Total Debt) ÷ Market Cap-44.9%above -30%does not pass(165.34M USD − 720.40M USD) ÷ 1.24B USD
Operating efficiencyOperating Income ÷ Gross Profit-48.9%above 25.0%does not pass-322.27M USD ÷ 659.09M USD

Market Data

The provider's ratios and the analysts' consensus beside the argument; none of them enters a value.

Share price

9.41 EUR

Enterprise value

2.07B EUR

the provider's own figure

EV / EBITDA

-49.26×

Price / book

0.71×

the provider's book

Price / earnings

—

Return on equity

-25.1%

the provider's figure, not this page's

Profit margin

-12.0%

Revenue growth

10.7%

Analyst target, mean

—

Analysts

—

opinions in the consensus

Financial Statements

The annual lines the screener holds, year by year, in USD at each period's rate; the figures this valuation read are in its calculation above.

USD2022202320242025
Income statement

Revenue

5.49B4.11B3.66B3.90B

Gross profit

1.94B684.00M660.39M659.09M

Operating income

901.58M-393.00M-388.90M-322.27M

EBITDA

operating income before depreciation and amortisation

1.13B-23.08M-340.27M-346.25M

Pretax income

818.78M-370.75M-686.06M-722.10M

Net income

581.53M-246.74M-466.67M-582.34M

Normalized income

net income without one-off items, as the data provider prints it; Profit's line when printed

661.97M-246.25M-254.05M-293.41M

R&D

————
Balance sheet, year end

Total assets

4.98B4.64B3.89B3.64B

Total liabilities

1.46B1.40B1.39B1.65B

Shareholders' equity

the equity the parent's shareholders own, as printed, without minority interest; the book value the values read is total assets less total liabilities, in Book Value and Net Debt above

3.12B2.89B2.31B1.83B

Total debt

289.84M302.12M490.81M680.72M

Cash and equivalents

937.11M474.71M180.88M96.78M

Net PP&E

fixed assets after depreciation

1.71B1.93B1.79B1.79B

Working capital

current assets less current liabilities

1.61B1.02B587.28M389.59M
Cash flow

Operating cash flow

822.10M117.05M121.52M50.80M

Capital expenditure

paid out, so below zero

-461.87M-444.15M-367.69M-211.02M

Depreciation and amortisation

293.39M318.09M299.33M299.98M

Free cash flow

operating cash flow plus capital expenditure

360.23M-327.09M-246.17M-160.22M