Shorter's playing again buying opportunity to come, page-29

Kind of difficult to work out valuation floors given variance in earnings expectations over the next few years. On Cannacord forecasts a $1.00 price implies ~12x FY18 EPS but on Moelis forecasts ~22x. Remember the harvest for FY17 is the biggest in tonnes of heartwood until FY22.

On charts, next support level is $1.37, then $1.25 then $1.10.

Of course this depends on the S&P500 getting saved by the Fed. If one believes the US economy is running close to full capacity and the prospect of a recession is getting closer, then a somewhat less than full targeted weighting in TFC may be appropriate for investors portfolios, as there will be the opportunity to pick up stock at a considerably lower price over the next few years.

And remember HC'ers, +90% of the value embedded in the TFC business is from revenues +5 years out....if Mr Market gets scared that makes TFC even more compelling