American Axle & Manufacturing (US:AXL)2025-11-07 15:00Interfor Investment Highlights - Interfor is a top three softwood lumber producer in North America with 28 strategically located facilities[6] - The company has high exposure to the US South and Eastern Canada with attractive log costs[6] - Interfor has top quartile EBITDA margins and returns on capital employed through the cycle[6] - As of October 1, 2025, Interfor had approximately $386 million of liquidity[6] Market and Operations - Softwood lumber accounted for 81% of Interfor's $3 billion in 2024 revenues[18] - Approximately 75% of Interfor's sales volumes are not exposed to lumber duties or tariffs[19] - Interfor has 47 billion board feet of lumber production capacity, with 50% in the US South, 23% in Eastern Canada, 16% in BC Interior and 12% in US Northwest[26] Lumber Market Fundamentals - Repair & Remodel accounts for 38%, New Home Construction 32%, and Industrial/Commercial/Other 30% of North American lumber demand[35] - Since 2016, nearly 54% of BC industry capacity has been curtailed due to declining log supply[45] - Approximately 25% of Interfor's shipments are exposed to duties[48]