Gentlemen,

I have been looking at PCL as an investment and I do not see how the shorts can say PCL is way overvalued. Add net debt (2.8 bil) + market value of stock (5.2 bil) divided by 7 million acres of timberland and you get about $1100 per acre with all other assets for free.

Management seeems to be doing a good job of selling assets and paying down debt. They should be able to keep paying the dividend for the forseeable future.

What am I missing?


V46

ps. If they only need to sell 50,000 or 60,000 acres each quarter to maintain liquidity and pay the dividend, they will be in business for a long time.