Research

Investment analyses for Timber Investments

Timber Finance is a leading investment analyst for Timber Investments and publishes business reports, index reports, market updates and white papers on a regular basis.

Author: S.C.   A bigger picture commentary, briefly looking back at 10 interesting years, and forward at the specific growth strategies of timber companies.   1. An Extraordinary Decade Over the last 10 years, world economies have gone through a rare series of macro events. After the great financial crisis and the European debt crisis, […]
  The Q1 2024 rebalancing was characterized by one new index component entering and three exiting the index.   Changes due to Quantitative Selection: Three companies, Acadian Timber, Accsys Technologies and Western Forest Products were removed from the index as their average daily volume (ADV) fell back (in certain cases significantly) below the $100’000 threshold […]
Author: S.C.   1. Executive Summary The Timber Finance Carbon & Storage Index was essentially flat (-0.3%) in the first three months of 2024, correcting in the first half of the quarter, and recovering in the second half. The correction until mid-February correlated broadly with the increase in yields, while the recovery came as yields […]
Author: SC   1. Results Overview It was interesting to see all Timberland REITs reporting progress on and highlighting the monetization potential of land-based climate solutions including carbon credits and leasing out land for solar power plants. Lumber markets remained relatively subdued, but we have been seeing actions by lumber producers to manage capacity and […]
Author: S.C. Download the report as a PDF   1. Introduction to the U.S. Homebuilding Sector The U.S. homebuilding sector is dominated by single-family homebuilding: of the 1.56m aggregate housing units started in November 2023, 1.14m were single-family and 0.42 were multi-family, for a ratio of 73% and 27% respectively. The industry is fragmented except […]
By Stefano Charrey, 9 January 2023   1. Executive Summary The Timber Finance Carbon & Storage Index rose +13.9% in the first nine months of 2023, rising sharply in the last two months of the year on the broader market rally sparked by the “pivot” of the Federal Reserve, which has stopped hiking and is […]
White Paper Listed timber equity investments are leaving their niche status and require further attention with regards to their technological, economic, financial and sustainability characteristics. The White Paper resulted from a collaboration between the Zurich University of Applied Sciences and Timber Finance. The study was co-funded by Built by Nature and the Migros Pioneer Fund and supported by the Liechtenstein Bankers Association. […]
1. Results Overview The third quarter results published by companies in the sector overall reaffirmed the current cyclical headwinds in the construction market and this continues to negatively affect timber and construction-related businesses in the short and medium term. Nordic markets, such as Sweden, are particularly weak in terms of construction activity. At the same […]
Author: S.C. Download the report as a PDF   1. Introduction to Forestry and Wood-Based Products Companies with vertically integrated operations starting with forestry and extending further into the value chain up to the production of secondary products and other wood-based products are somewhat special because they are large forest owners, have a direct impact […]
Executive Summary Builders FirstSource is a U.S. distributor of timber and other building products. The company has been growing aggressively through acquisitions over the last few years, following a strategy of consolidation in a fragmented industry. The report (PDF, 12 pages) covering Business Governance Investment Case is available for download here: Company Research – Builders […]

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