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Acadian Timber Corp. 1H-2019 Earnings, Price Target

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Acadian Timber Corp.(ADN) is a supplier softwood and hardwood timber in Eastern Canada and the Northeastern United States. With a total of 2.4M acres of land under management, Acadian is the second largest timberland operator in New Brunswick and Maine. Acadian owns and manages 1.1M acres of freehold timberlands in New Brunswick and Maine, and provides management services relating to approximately 1.3M acres of Crown licensed timberlands in New Brunswick. The 1.1M acres is comprised of 761,000 acres of freehold timberlands in New Brunswick, and 300,000 acres of freehold timberlands in Maine. Acadian also owns and operates a forest nursery in Second Falls, New Brunswick. Acadian's products include softwood and hardwood sawlogs, pulpwood and biomass by-products, sold to 100 regional customers. Approximately 60% of revenues are from sales of timber used for wood products, 35% for paper products and 5% from waste cuts for biomass fuel. Acadian is 45% owned the Brookfield Asset Management (BAM.A-TSX) who also the manager.

Demand for their harvest is mainly for residential home construction and wood pulp for making paper and packaging products. End use demand for their wood harvest depends on residential construction that use sawn dimension softwood and hardwood lumber, the pulp sector demand for paper and packaging and wood fuel to run electricity and steam generating plants. By currency 25% of revenues are from the U.S. and 75% from Canada.

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