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Jewett-Cameron (JCTCF) Investment Thesis

Security: Date: Price: Timing: Catalyst: Jewett-Cameron common stock 5/28/2013 $10.00 12 months NM; continued share repurchase can be soft catalyst

Summary Thesis: Small home and building products company with stable, modest growth and optionality on key segment Lawn, garden & pet segment provides stable, core FCF with modest growth Industrial wood segment provides upside optionality on boating and other specialty plywood markets Management is very shareholder friend and capital allocation is heavily geared toward savvy share repurchases Valuation is very attractive

Summary Valuation & Financials:

Market Summary ($ in millions) Price 5/28/13 Shares Market Cap Net Debt Enterprise Value

JCTCF 10.00 3.1 $31.4 (4.3) 27.0 Fiscal Year Ending October 2011 2012 LTM $42.1 3.1 2.8 $0.38 $45.9 3.8 3.6 $0.67 $50.5 4.7 4.5 $0.94

Valuation EV / EBIT EV / EBIT P/E P / E (Ex-Cash)

2011 8.7x 9.5x 26.5x 22.8x

2012 7.1x 7.6x 14.8x 12.8x

LTM 5.7x 6.0x 10.6x 9.1x

Normalized 4.9x 5.2x 8.9x 7.7x

Summary Financials Revenues EBITDA EBIT EPS

Normalized $71.6 5.5 5.2 $1.13

Trading Statistics Daily Volume (shares) Short Interest (millions) Days to Cover % of Float 6,812 NA NM NM

Small home and building products company with stable, modest growth and optionality on key segment Jewett-Cameron is a small industrial conglomerate that was acquired by an investor group including current CEO Don Boone and Secretary Michael Nasser in 1984. The business is made up of four segments with one (Lawn, Garden & Pet) contributing the vast majority of the operating earnings. There are three aspects to the investment thesis on Jewett-Cameron: 1. The business generates stable and moderately growing earnings and cash flow 2. The business has some optionality on the recovery of its Industrial Wood segment 3. Most importantly, the business is run by a 72 year old CEO who has been in charge for 28 years, who owns 32% of the shares outstanding, who has paid himself a $36,000 annual salary for over a decade and who has repurchased almost 40% of the company in the past two and a half years Lawn, Garden & Pet segment provides stable, core FCF with modest growth The Lawn, Garden & Pet segment manufactures and distributes wood and specialty metal products. The wood products consist of fencing and landscape timbers1 and account for 29% of the segment sales. The company sources the lumber from independent lumber mills and either sells to other distributors or to home improvement retailers. The specialty metal products include gates2, dog kennels3, greenhouses45 and storage sheds6. The metal products account for 71% of the segment sales and are primarily sold to home improvement retailers. While the company does not breakdown the profitability of the different subsegments, metal products have higher gross margins. The segment is less economically sensitive than residential construction markets and has been a source of moderate growth and a strong earnings contributor.
2006 Lawn, Garden, Pet & Other Sales Growth EBIT Margin Metal Products Wood Products Total % Metal % Wood Growth Metal Wood $20.4 53% 1.8 9% 10.4 10.0 20.4 51% 49% 2007 $21.4 5% 2.2 10% 14.8 6.6 21.4 69% 31% Fiscal Year Ending October 2008 2009 2010 $27.8 30% 3.0 11% 19.2 8.6 27.8 69% 31% $24.8 (11)% 3.0 12% 17.4 7.4 24.8 70% 30% $25.5 3% 4.1 16% 19.5 6.0 25.5 76% 24% 2011 $26.5 4% 2.9 11% 20.2 6.3 26.5 76% 24% 2012 $29.8 13% 3.5 12% 21.3 8.5 29.8 71% 29% NM NM LTM $33.9 37% 4.2 12%

4% 200%

42% (34)%

30% 30%

(9)% (14)%

12% (19)%

4% 5%

5% 35%

NM NM

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http://www.jewettcameron.com/store/products/fencing.html http://www.jewettcameron.com/store/brands/adjust-a-gate.html 3 http://www.jewettcameron.com/store/brands/aspca-kennels.html 4 http://www.jewettcameron.com/store/brands/spring-gardener.html 5 http://www.jewettcameron.com/store/brands/weatherguard.html 6 http://www.jewettcameron.com/store/brands/storage-solutions.html 2

Industrial wood segment provides upside optionality on boating and other specialty plywood markets The Industrial Wood segment on the other hand- is very economically sensitive and particularly levered to the boating industry. The segment is a wholesale distributor of specialty wood products, primarily for the boating industry. The specialty plywood product7 is predominately used for flooring and panels in recreational boats but also has other uses in transportation (for buses and subway interior flooring) and some limited export market applications. The boating industry has been severely impacted by the recession with industry volumes falling to multidecade lows. Accordingly, segment sales into the boating industry have decreased substantially and the segment is not generating any meaningful profits. An eventual rebound in the boating industry is likely to happen at some point so management has maintained the production capacity to participate in a recovery, but management does not believe that a recovery will occur within the next few years. Other industry sources8 believe that a limited recovery may be possible sooner than that. At its peak, the Industrial Wood segment provided over $1.7 million in EBIT compared to break-even currently. While the outlook for the boating industry remains weak, the company has had some limited recent success in exporting their specialty plywood with most recent quarter sales up 59% year-over-year and the segment showing a modest operating profit. The segment is fully cash flow sufficient and provides upside optionality in the event of a recovery in the boating or transportation markets or further management success in finding new applications for their specialty plywood.
2004 Industrial Wood Products Sales Growth EBIT Margin % to Boat Manufacturers (Segment) Implied Boating Sales Implied Non-Boating Sales Brunswick Industry Stats New Boat Licenses Total Industry Licenses Existing Licenses New % of Existing 2005 2006 2007 Fiscal Year Ending October 2008 2009 2010 2011 2012 LTM Norm. (2)

$52.7 19% 1.7 3% 50% 26.4 26.4

$55.4 5% 1.6 3% 47% 26.0 29.4

$49.1 (11)% 1.7 3% 49% 24.1 25.1

$41.2 (16)% 1.1 3% 67% 27.6 13.6

$28.0 (32)% 1.0 4% 59% 16.5 11.5

$11.5 (59)% (0.4) (3)% 24% 2.8 8.7

$9.0 (21)% (0.6) (6)% 11% 1.0 8.0

$8.5 (6)% (0.4) (4)% 15% 1.3 7.2

$7.9 (7)% (0.1) (1)% 17% 1.3 6.5

$8.2 10% 0.0 0%

$30.3 0.6 2%

296 1,138 10,605 3%

308 1,141 10,340 3%

306 1,133 10,466 3%

292 1,123 10,230 3%

267 1,068 10,532 3%

203 923 10,397 2%

154 963 10,658 1%

139 869 10,423 1%

140 875 10,100 1%

Management is very shareholder friend and capital allocation is heavily geared toward savvy share repurchases As mentioned earlier, the most interesting aspect to the Jewett-Cameron story is the capital allocation policy of CEO Don Boone.

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http://www.jewettcameron.com/store/products/wood-products.html See appendix. Brunswick believes the industry will remain challenged for 2012 but that a portion of normalized replacement demand will return. Additionally, there could be other uses for specialty plywood, though given its cost premium to products such as oriented strand board, management is guarded in their outlook 3

Jewett-Cameron Lumber was founded in 1953 as a small lumber wholesaler in Portland Oreland. Don Boone purchased the company in 1984 from the original shareholders and in the next several years completed several additional acquisitions. In 1986, Jewett-Cameron purchased an importer and distributor of pneumatic air tools and industrial clamps called Material Supply International (now known as MSI-Pro in the Industrial Tools segment). In 2000, Jewett acquired a seed and grain processing, storage and brokerage business called Agribiotech (now the Seed Processing and Sales segment). Lastly, in 2002, Jewett acquired Greenwood Forest Products, a processor and distributor of industrial wood and other specialty building products. These business segments are rather unexceptional on their own, but CEO Boone has been able to squeeze exceptional growth out of them despite several industry headwinds from the largest segment contributor in 2002 because of exceptional capital allocation and cost control.
Growth Summary (in millions except per share data) Revenues Net Income Shares Outstanding (1) EPS (1) Share Price (1) Don Boone Holdings (shares in millions) (1) Value of Holdings Don Boone Salary ($ in thousands) FYE Oct 2002 2012 $43.6 0.8 4.7 0.18 $1.81 1.35 $2.4 $36.0 $45.9 2.3 3.4 0.67 $4.80 0.99 $4.8 $36.0 10 Year CAGR 0.5% 10.7% (3.1)% 14.3% 10.3% (3.0)% 6.9% 0.0%

LTM $50.5 3.0 3.1 0.94 $10.00 0.99 $9.9 $36.0

(1) Adjusted for 3:2 share splits in fiscal 2003 and fiscal 2007 and 2:1 split in 2013.

Boones friendliness towards minority shareholders can be evidenced by the salary he pays himself relative to the value of his holdings. A detailed look at the share repurchase activity of the company shows that the company made very attractive purchases but also shows that despite the substantial recent increase in the stock price the current stock represents as good a value as it did when it was lower due to the reduced share count and the growth in the business. With 400k shares remaining on the authorization (representing 26% of the shares outstanding), one could expect the company to continue repurchasing their stock in the open market.
Buybacks (in millions except per share data) Authorized Announce Commence Terminate Shares Outstanding 5/25/2010 11/3/10 1/13/2011 7/13/2011 1/17/2012 8/17/2012 Total / Average Current Price 6/1/10 11/8/10 1/24/11 7/25/11 1/23/12 8/20/12 8/17/10 11/30/10 5/6/11 10/21/11 5/11/12 3/15/13 0.21 0.17 0.18 0.15 0.15 0.20 1.20 1.15 1.00 0.95 0.95 0.78 % 18% 15% 18% 16% 16% 26% % of Completed Auth. Out. 0.04 0.15 0.05 0.03 0.15 0.4 19% 86% 27% 20% 97% 0% 3% 13% 5% 3% 15% 0% 39% Price $3.95 4.13 4.75 4.57 4.51 LTM EPS $0.47 0.51 0.44 0.38 0.38 P/E 8.4x 8.2x 10.8x 12.1x 11.9x Net Cash P/E Ex Per Share Cash $1.72 1.82 1.62 1.42 1.42 4.8x 4.6x 7.1x 8.3x 8.2x

$4.35 10.00

0.94

10.1x 10.6x

1.38

6.6x 9.1x

Valuation is very attractive As mentioned, Jewett-Camerons current valuation is very attractive and does not reflect the industry momentum in its core segments or give credit to management for their capital allocation abilities. While we think the business is undervalued as a whole, given the disparate nature of the segments, a sumof-the-parts analysis may be appropriate. Considering the multiples used:
Lawn, Garden, Pet: Given the stability of the business and the recent growth (34% year-over-year growth last quarter), we assign a 13.5x earnings multiple Industrial Wood: The business has essentially no current earnings but has averaged $0.6 million in operating earnings over the past 10 years, so we assign a 12.5x multiple to that segment and discount it by 10% over 5 years to achieve a normalized valuation Seed Processing and Industrial Tools: These segments do not contribute significantly to the overall earnings profile and we value them at 10x LTM earnings

Sum of the Parts

Normalized EBIT Earnings $4.2 0.6 0.1 0.2 $5.2 $2.7 0.4 0.1 0.2 $3.4

Multiple 13.5x 12.5x 10.0x 10.0x 13.1x

Value $36.5 5.2 0.8 1.6 $44.1 -

Discount 0% 38% 0% 0% $0.4 0%

Value $36.5 3.3 0.8 1.6 $42.2 4.3 46.5 $14.83 10.00 48%

Per Share $11.65 1.04 0.26 0.49 $13.44 1.38 14.83

Lawn, Garden, Pet & Other Industrial Wood Products Seed Processing & Sales Industrial Tools Enterprise Value Net Cash Greenwood Forest Products Litigation Equity Value Per Share Currernt Price Upside

Lastly, the Greenwood Forest Products Litigation relates to a lawsuit from the 2002 Greenwood acquisition. The outcome is unlikely to have a material effect on the valuation but it is appears likely that the company will prevail9 and may receive a small sum (under $1 million) given the Oregon Supreme Court has ruled in their favor. Of course, a sum-of-the-parts valuation may only appropriate if the company is going to crystallize the value of the holdings, which may not happen with Jewett-Cameron. The more likely outcome may be continued share repurchases by the company which at the current valuation is very accretive to remaining shareholders.

http://www.publications.ojd.state.or.us/docs/S059097.pdf 5

Buyback Accretion LTM Operating Income Lawn, Garden, Pet & Other Industrial Wood Products Seed Processing & Sales Industrial Tools Total Taxes Net Income Shares EPS P/E P/E (Ex-Cash) Beginning Cash Cash Flow (1) Buyback Ending Cash % of Cash Flow Used Buyback Amount Share Price Shares Repurchased Fiscal Year Ending October 2013 2014 2015 $4.4 0.0 0.1 0.2 $4.8 (1.7) 3.1 2.8 $1.11 9.0x 8.0x 4.3 2.3 (3.5) 3.2 150% 3.5 10.00 0.3 $4.6 0.0 0.1 0.2 $5.0 (1.7) 3.2 2.3 $1.40 7.1x 6.6x 3.2 3.2 (4.8) 1.6 150% 4.8 10.00 0.5 $4.6 0.0 0.1 0.2 $5.0 (1.7) 3.2 1.8 $1.78 5.6x 5.6x 1.6 3.2 (4.8) (0.0) 150% 4.8 10.00 0.5 2013 Estimated Growth 2014 2015 5% 10% 0% 0% 0% 10% 0% 0%

$4.2 0.0 0.1 0.2 $4.5 (1.6) 3.0 3.1 $0.94 10.6x 9.2x 4.3 4.3

5% 10% 0% 0%

(1) Assumes one quarter of cash flow already reflected in LTM period for fiscal 2013.

Historical Financial Summary


Fiscal Year Ending October 2005 2006 2007 $74.6 (65.3) 9.3 (7.8) 1.5 (0.1) 1.4 (0.5) 0.9 4.6 0.20 4.6% 12.4% 10.4% 2.0% 0.5% 19.4% $76.1 (64.8) 11.3 (7.7) 3.6 (0.1) 3.5 (1.2) 2.3 4.6 0.50 2.0% 14.9% 10.1% 4.8% 0.4% 28.7% $70.5 (58.8) 11.7 (8.2) 3.6 (0.2) 3.4 (1.2) 2.2 4.8 0.46 (7.3)% 16.7% 11.6% 5.1% 0.4% 23.3%

Income Statement Revenues COGS Gross Profit G&A EBIT Net Interest Expense Other Pre Tax Income Taxes Net Income

1999 $29.1 (24.8) 4.3 (2.9) 1.5 (0.1) 1.4 (0.5) 0.9 5.2 0.17

2000 $24.5 (20.6) 3.9 (2.5) 1.4 (0.1) 1.3 (0.5) 0.9 4.7 0.18 (15.8)% 15.8% 10.1% 5.7% 0.5% 35.8%

2001 $22.1 (17.9) 4.2 (3.5) 0.8 (0.1) 0.7 (0.2) 0.4 4.6 0.09 (9.7)% 19.1% 15.7% 3.5% 1.0% 771.0%

2002 $43.6 (36.5) 7.1 (5.8) 1.3 (0.1) 1.3 (0.5) 0.8 4.7 0.18 97.3% 16.3% 13.2% 3.1% 0.7% 114.3%

2003 $55.5 (47.7) 7.8 (7.0) 0.8 (0.3) 0.5 (0.2) 0.3 4.6 0.07 27.1% 14.1% 12.6% 1.5% 0.6% 17.3%

2004

2008 $64.3 (52.9) 11.4 (7.0) 4.4 (0.2) 4.2 (1.5) 2.7 4.8 0.57 (8.8)% 17.7% 10.9% 6.8% 0.5% 20.3%

2009 $42.1 (33.2) 8.9 (6.2) 2.7 (0.0) 2.6 (0.9) 1.7 4.8 0.36 (34.5)% 21.1% 14.8% 6.3% 0.8% 78.6%

2010 $41.6 (32.0) 9.5 (5.8) 3.7 (0.0) 3.7 (1.3) 2.4 4.8 0.51 (1.3)% 22.9% 14.0% 9.0% 0.6% 92.8%

2011 $42.1 (33.9) 8.1 (5.3) 2.8 (0.4) 2.4 (0.8) 1.6 4.1 0.38 1.2% 19.3% 12.6% 6.7% 0.6% 45.4%

2012 $45.9 (37.3) 8.6 (5.1) 3.6 0.0 3.6 (1.3) 2.3 3.4 0.67 9.2% 18.8% 11.0% 7.8% 0.5% 127.6%

LTM $50.5 (41.0) 9.5 (5.0) 4.5 0.1 4.5 (1.6) 3.0 3.1 0.94

35%

$71.3 (63.1) 8.2 (7.0) 1.2 (0.4) 0.9 (0.3) 0.6 4.6 0.12 28.6% 11.6% 9.8% 1.7% 0.5% 158.4%

Shares Outstanding (split adjusted) EPS Revenues Growth Gross Margin G&A (% of Sales) EBIT Margin D&A (% of Sales) Capex (% of D&A) Cash Flow Statement Net Income D&A Capex FCF Share Repurchase Net Cash Balance Cash Debt Net Cash (Debt) Insider Ownership Don Boone Michael Nasser Subtotal % of Outstanding

14.9% 10.0% 5.0% 0.6% 6.5%

18.8% 10.0% 8.9% 0.5% 170.9%

0.9 0.2 (0.0) 1.1 (0.3)

0.9 0.1 (0.0) 0.9 (0.4)

0.4 0.2 (1.7) (1.0) (0.2)

0.8 0.3 (0.3) 0.8 (0.2)

0.3 0.3 (0.1) 0.6 0.1

0.6 0.4 (0.6) 0.4 0.0

0.9 0.4 (0.1) 1.2 -

2.3 0.3 (0.1) 2.5 0.1

2.2 0.3 (0.1) 2.4 0.1

2.7 0.3 (0.1) 3.0 0.1

1.7 0.3 (0.2) 1.8 -

2.4 0.3 (0.2) 2.4 (0.5)

1.6 0.3 (0.1) 1.7 (3.5)

2.3 0.2 (0.3) 2.3 (3.1)

3.0 0.2 (0.4) 2.8 (2.6)

0.2 0.1 0.1

0.2 0.2

0.3 0.3 0.0

0.5 3.0 (2.5)

0.2 8.3 (8.0)

0.3 8.1 (7.9)

0.6 4.3 (3.7)

0.1 2.1 (2.0)

0.3 2.3 (2.1)

5.8 2.0 3.8

6.8 6.8

8.7 8.7

6.8 6.8

7.3 7.3

4.3 4.3

1.13 0.45 1.58 33.2%

1.15 0.45 1.60 33.5%

1.14 0.55 1.69 35.3%

1.14 0.55 1.69 35.4%

1.11 0.52 1.63 39.5%

0.99 0.37 1.37 39.6%

Segment Summary

Segment Results Segment Revenues Lawn, Garden, Pet & Other (1) Industrial Wood Products Seed Processing & Sales Industrial Tools Total Revenues Growth Lawn, Garden, Pet & Other Industrial Wood Products Seed Processing & Sales Industrial Tools Total Segment Income From Operations Lawn, Garden, Pet & Other Industrial Wood Products Seed Processing & Sales Industrial Tools Total Margins Lawn, Garden, Pet & Other Industrial Wood Products Seed Processing & Sales Industrial Tools Total

1999

2000

2001

2002

2003

2004

Fiscal Year Ending October 2005 2006 2007

2008

2009

2010

2011

2012

LTM

$28.0 1.1 29.1

$23.4 1.1 24.5

$19.4 1.8 0.9 22.1

$14.7 25.6 2.6 0.8 43.6

$7.1 44.2 3.3 0.9 55.5

$12.8 52.7 4.8 1.0 71.3

$13.3 55.4 4.8 1.1 74.6

$20.4 49.1 5.6 0.9 76.1

$21.4 41.2 7.0 1.0 70.5

$27.8 28.0 7.4 1.1 64.3

$24.8 11.5 4.4 1.5 42.1

$25.5 9.0 4.3 2.7 41.6

$26.5 8.5 5.2 1.9 42.1

$29.8 7.9 5.7 2.5 45.9

$33.9 8.2 6.0 2.4 50.5

(17)% NM NM 3% (16)%

(17)% NM NM (17)% (10)%

(24)% NM 43% (16)% 97%

(52)% 73% 27% 13% 27%

81% 19% 46% 14% 29%

4% 5% (0)% 8% 5%

53% (11)% 17% (14)% 2%

5% (16)% 24% 8% (7)%

30% (32)% 5% 13% (9)%

(11)% (59)% (41)% 33% (35)%

3% (21)% (1)% 81% (1)%

4% (6)% 20% (30)% 1%

13% (7)% 10% 33% 9%

$1.3 0.1 1.5

$1.3 0.2 1.4

$0.7 0.0 (0.0) 0.7

$0.4 0.6 0.2 0.1 1.3

($0.1) 0.7 0.0 0.1 0.7

($0.6) 1.7 0.1 0.1 1.2

($0.2) 1.6 (0.0) 0.1 1.5

$1.8 1.7 0.1 0.0 3.6

$2.2 1.1 0.2 0.1 3.6

$3.0 1.0 0.3 0.1 4.4

$3.0 (0.4) 0.0 0.0 2.6

$4.1 (0.6) 0.1 0.1 3.7

$2.9 (0.4) 0.2 0.1 2.8

$3.5 (0.1) 0.1 0.1 3.6

$4.2 0.0 0.1 0.2 4.5

5% NM NM 11% 5%

5% NM NM 14% 6%

4% NM 2% (3)% 3%

3% 2% 10% 11% 3%

(2)% 2% 1% 12% 1%

(5)% 3% 2% 9% 2%

(2)% 3% (0)% 11% 2%

9% 3% 2% 4% 5%

10% 3% 3% 8% 5%

11% 4% 4% 10% 7%

12% (3)% 1% 1% 6%

16% (6)% 3% 4% 9%

11% (4)% 3% 4% 7%

12% (1)% 1% 6% 8%

12% 0% 2% 10% 9%

(1) Prior to 2005, segment was named US and South Pacific Building Materials (1999 - 2000) and Lumber and Building Materials (2001 - 2004). (2) Normalized estimates assume LTM actual results for Lawn, Seed Processing and Industrials Tools segments and 2002 - 2012 average results for Industrial Wood Products.

Comparable Valuation Summary:

Share Price Jewett-Cameron Trading Lawn, Garden & Pet Peers Central Garden & Pet Company The Scotts Miracle-Gro Company Spectrum Brands Holdings, Inc. Building Product Peers Bluelinx Holdings Inc. Boise Cascade Company Headwaters Incorporated Builders FirstSource, Inc. Huttig Building Products Inc. Griffon Corporation Other Peers Louisiana-Pacific Corp. Plum Creek Timber Co. Inc. Weyerhaeuser Co. Average Median Source: CapIQ consensus estimates. 10.00

Market Cap 31

Enterprise Value 27

EV / EBITDA 2013 2014 5.7x NM

P/E 2013 10.6x 2014 NM

2013 Sales Growth 9.2%

2013 EBITDA Margin 9.4%

2014 EPS Growth NM

ROIC 28.6%

Debt / EBITDA -0.9x

7.76 48.85 61.76

382 3,014 3,220

965 4,110 6,445

9.0x 10.9x 10.2x

7.8x 10.0x 9.1x

17.4x 19.2x 59.3x

11.2x 16.3x 15.5x

3.0% -0.8% 26.5%

6.9% 14.0% 16.0%

55.1% 17.6% 282.3%

4.2% 11.5% 8.1%

5.4x 2.9x 5.1x

2.45 29.10 11.24 6.99 2.35 11.95

212 1,258 821 670 57 649

655 1,274 1,245 914 128 1,231

NM 8.4x 10.5x 19.6x 42.8x 7.9x

NM 6.8x 8.9x 10.0x 42.8x 7.2x

NM 19.9x 51.1x NM NM 39.8x

NM 15.3x 23.2x 21.2x NM 26.6x

-100.0% 81.9% 13.0% 41.3% 6.2% -0.9%

NM 4.7% 18.4% 5.2% 0.6% 8.6%

NM 29.7% 120.5% -760.0% NM 50.0%

NM 10.7% 8.0% 5.8% 0.3% 4.2%

NM 0.1x 3.6x 5.2x 23.8x 3.7x

18.98 50.80 31.78

2,645 8,272 17,405

2,965 10,648 20,933

6.7x 21.0x 13.0x 14.5x 10.5x

6.5x 20.1x 11.9x 12.8x 9.1x

11.9x 37.1x 26.0x 31.3x 26.0x

11.9x 30.1x 21.2x 19.2x 18.7x

29.3% 5.3% 20.8% 10.4% 9.6%

19.6% 37.0% 19.7% 13.7% 14.0%

-0.6% 23.4% 22.6% -16.0% 26.5%

12.3% 6.5% 8.9% 7.3% 8.0%

0.7x 4.7x 2.2x 5.2x 3.7x

Boating Industry Data:

10

11

Plywood vs. OSB Outlook:

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