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: SC   1. Introduction and Executive Summary The analysis presented here (Download) covers the 10 years from the end of 2013 to the end of 2023 and is based on a sample[1] of: stocks in the timber sector as included in the Timber Finance Carbon Capture and Storage Index universe as well as other […]
Authors: S.C., J.H.   1. The Environmental Role of Thermal Insulation Building insulation plays an essential role in the decarbonisation of the building sector. According to a study by the Buildings Performance Institute Europe (BPIE)[1], it should be possible to achieve energy savings of ca. -45% with appropriate building insulation in selected European countries. According […]
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, […]
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 […]
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 […]
Executive Summary Louisiana Pacific (LPX) is a secondary products manufacturer focused on Sidings and OSB, based in the U.S. but with significant operations also in Canada and South America. The largest shareholder of LPX is Warren Buffett’s Berkshire Hathaway. The margins of the company’s sidings business have been remarkably stable over the last years, as […]
By Stefano Charrey Download the report as a PDF   1. Introduction to Secondary Timber Products We define secondary products as wood products that have been processed to a higher value added compared to round wood and lumber, predominantly in the form of engineered wood products (EWP). Engineered wood products include the following categories:   […]
Executive Summary Western Forest Products is a Canadian timber company manufacturing commodity and specialty lumber. The company’s assets are predominantly located in British Columbia, on the Canadian West Coast, but Western recently acquired glue-laminated-timber (glulam) assets in the U.S. with the goal of seizing growth opportunities in the North American Mass Timber sector. The company […]
Download the report as a pdf 1. Introduction to Primary Timber Products We define primary products as wood products at the initial stage of the timber value chain. This includes logs, round wood, woodchips and lumber. Timber REITs own timberland and sell standing timber, logs, as well as primary products such as lumber – in […]

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