Real Estate Select Sector

S&P 500

The Balanced Allocator

Comparable Companies - WY

The insider trading data shows four discretionary purchases and two discretionary sales in the last 12 months. The latest short interest is 2.1% of float with a days‑to‑cover of 2.0. The primary institutional holders are Vanguard Group, BlackRock, Wellington Management, First Eagle Investment Management and State Street.

DIRECTOR

SENIOR VICE PRESIDENT

PRESIDENT AND CEO

Beneficial ownership of 38,070,081 shares representing 5.3% of the REIT class.

Amended filing reporting 31,055,158 shares representing 4.3% of the REIT class.

Beneficial ownership of 37,303,173 shares representing 5.1% of the Common Stock class.

Beneficial ownership of 34,869,409 shares representing 4.8% of the Common Stock class.

Beneficial ownership of 61,330,907 shares representing 8.5% of the Common Stock class.

Continues to lead the company; recently elected to the board of Xcel Energy in January 2025.

President, Chief Executive Officer & Director

Remains CFO; stepped down as Principal Accounting Officer in February 2025 following the appointment of Alex Whitney.

Senior Vice President & Chief Financial Officer

Continues to lead legal, compliance, and enterprise risk functions.

Senior Vice President, General Counsel & Corporate Secretary

Promoted from VP & Controller to Chief Accounting Officer, succeeding David Wold in that specific capacity.

Vice President & Chief Accounting Officer

Elected to the board at the 2025 Annual Meeting following his retirement as CEO of The Mosaic Company.

Independent Director

Appointed to the board to provide deep homebuilding and real estate expertise.

No longer listed on the Senior Management Team as of early 2025; previously served as Senior Advisor.

Confirmed active as of the Q4 2025 earnings call in January 2026.

Vice President of Investor Relations

Promoted to lead Wood Products in mid-2024.

Senior Vice President of Wood Products

Promoted to Chief Development Officer to oversee Natural Resources and Climate Solutions.

Senior Vice President & Chief Development Officer

Devin Stockfish

David Wold

Richard Beckwitt

James O'Rourke

Devin Stockfish represents a rare blend of engineering precision and legal acumen, which has defined his tenure at Weyerhaeuser. His 'provenance' is rooted in a disciplined transition from technical roles at Boeing to high-level corporate governance at Univar and Starbucks. Since becoming CEO in 2019, he has successfully pivoted Weyerhaeuser toward a 'Balanced Allocator' model, effectively decoupling the company's capital return profile from the extreme cyclicality of lumber prices. His recent election to the Xcel Energy board further validates his reputation as a top-tier steward of capital-intensive, regulated industrial assets.

Implementation of 'Balanced Allocator' Capital Return Framework

Strategic Timberland Portfolio Optimization

Richard Beckwitt's appointment to the Weyerhaeuser board in late 2025 provides a direct strategic link to the company's primary end-market: U.S. homebuilding. His career is defined by the successful scaling of Lennar and D.R. Horton, where he demonstrated a mastery of land-light capital strategies and large-scale M&A integration. His presence on the board suggests a continued focus on aligning Weyerhaeuser's wood products production with the evolving operational needs of the nation's largest builders.

James 'Joc' O'Rourke brings a global commodities perspective to the Weyerhaeuser board. His tenure as CEO of Mosaic was characterized by aggressive but disciplined international expansion and a focus on cost-curve positioning. His experience managing massive, capital-intensive extraction and processing operations mirrors the operational complexities of Weyerhaeuser's timberland and manufacturing segments, making him a high-value addition for strategic oversight of long-cycle assets.

Rick R. Holley

Kim Williams

Lawrence A. Selzer

Nicole W. Piasecki

Mark A. Emmert

Sara Grootwassink Lewis

Deidra C. Merriwether

Al Monaco

Largest U.S. homebuilder with national, regional, and local scale providing cost advantages and operational flexibility.

The Company operates 33 manufacturing facilities in the United States and Canada and 20 distribution centers (with a new center opened in Billings, Montana in 2026). It owns or controls more than 10 million acres of timberland in the U.S. and holds long-term licenses covering over 14 million acres in Canada. Facilities are owned or leased, and timberland assets are held primarily as REIT property.

Weyerhaeuser battles cyclical downturn with revenue contracting 3.1% to $6.9B, gross margins compressing to 14.6%, operating cash plunging 44% to $562M, and ROIC at 1.6%, yet management maintains dividends at $0.84/share and pursues $500M TimberStrand CapEx amid rising 4.1x leverage; while TSR incentives and board cyclical expertise provide alignment and oversight strengths, weak capital allocation via poorly timed buybacks and modest track record temper confidence in navigating trough-to-peak transitions.

The company is subject to various environmental regulations including the Clean Air Act, Clean Water Act, and GHG reporting requirements. Operations in Canada face carbon taxes and emission reduction regulations. Potential future regulations could increase costs, and the company is involved in environmental remediation at numerous sites, with accrued liabilities and possible additional costs. Indigenous rights and endangered species protections also pose operational risks.

As of 2025, the company employed 9,517 employees, with 8,198 in the U.S., 1,310 in Canada, and 9 in Japan. 2,322 employees are union members. In 2025, employees logged over 40,000 hours of training. An engagement survey showed an 82% response rate, 88% overall favorability, and 86% favorability on values. Voluntary turnover was 10%.

The company has a Product Stewardship Policy and was involved in a product remediation initiative for TJI joists coated with Flak Jacket product, with a recovery of $25 million in 2024.

The company practices sustainable forestry with 100% of timberlands certified to SFI standards. It operates mitigation banks and partners with conservation groups. Community investments include $5.9 million in charitable grants in 2025 and the THRIVE program investing $5 million in five communities. Employees volunteered over 24,000 hours.

Revenue fell 3% YoY to $6.9 B, gross margin compressed 3 percentage points to 14.6%, operating cash flow dropped 44% to $562 M, and net leverage rose to roughly 5× net debt/EBITDA.

The FY2025 earnings call highlighted the TimberStrand plant as a strategic growth engine, while also noting a “typical capex” range of $400‑$450 million for 2026 and a focus on reforestation and mill‑cost‑reduction projects; the annual report’s capital‑allocation section confirms the $500 million TimberStrand spend and the $160 million share‑repurchase outlay.

The annual report disclosed a $10 million non‑cash impairment for the indefinite curtailment of the New Bern mill in FY2024 and a $29 million gain on the Princeton mill sale in FY2025; no impairment was flagged as a Critical Audit Matter, but the recurring nature of such write‑downs raises concerns about the stability of the reported book value.

The capital‑allocation narrative links the $500 million TimberStrand plant and climate‑solutions projects to future EBITDA growth, yet the ROIC figures show that recent reinvestments are destroying value; the annual report’s strategic initiatives describe these projects as “high‑return,” a claim contradicted by the negative incremental ROIC.

Variable-rate term loan maturing 2028 (first tranche)

Variable-rate term loan maturing 2028 (second tranche)

Normalized EV/EBITDA

EV/EBITDA

Devin W. Stockfish

Senior VP & CFO

Kristy T. Harlan

Travis A. Keatley

Senior Vice President of Timberlands

Adrian Blocker

Senior Advisor

Lawrence A. Piasecki

David M. Wold

Directors and executive officers as a group (16 persons)

Rehad Hossain

Denise Merle

James Calvin O'Rourke

Advisory vote to approve the compensation of the Named Executive Officers

Ratify Selection of the Independent Auditors

Alex G. Whitney

VP, Chief Accounting Officer & Controller

Andy Taylor

Brian Chaney

Senior VP & Chief Development Officer

Senior VP & Chief Administration Officer

Weyerhaeuser Company is organized as a real estate investment trust (REIT) and is principally engaged in growing and harvesting timber, maximizing the value of its timberland assets through the sale of higher-and-better-use properties and monetizing surface and subsurface rights via leases and royalties, and manufacturing, distributing and selling wood products made from trees. The company operates three reportable segments-Timberlands, Real Estate, Energy and Natural Resources (to be renamed Strategic Land Solutions in 2026), and Wood Products.

Harvests and sells timber, licenses surface and subsurface rights, and generates recreational lease revenue.

Sells timberland parcels, easements, royalties and develops renewable-energy and carbon-credit opportunities.

Manufactures and distributes structural lumber, oriented strand board, engineered wood products and complementary building materials for residential, multi-family, industrial and light-commercial markets.

Held WACC 9.5% and base terminal multiple 13.6x constant, solved backward from current EV 22860.0 for perpetual mid-cycle EBITDA required to justify price 24.63.

Balance Sheet - Supplemental

Balance Sheet

Cash Flow Statement - Supplemental

Cash Flow Statement

Income Statement - Supplemental

Income Statement

Ratios

Valuation

Historical Ratios & Multiples - WY

The industry is in a 'Repair' phase of the capital cycle, with peers showing mixed supply discipline. While housing starts have stabilized at 1.3 million units, single-family starts remain below 1 million, creating a persistent headwind for high-margin wood products.

Weyerhaeuser is relevant now because the recent S&P outlook revision to Negative and the CEO's large share sale in December 2025 signal that the 'trough' may be deeper and longer than the market currently anticipates.

Refinancing of $1 billion in debt maturing in 2026. This will likely occur at significantly higher rates than the maturing 7.35%-7.85% debentures, further pressuring interest coverage which has already fallen to 1.95x.

Weyerhaeuser is a broken cyclical operator whose modest cost edge is being neutralized by falling commodity prices and rising leverage. The company's inability to cover dividends from free cash flow, combined with value-destructive capital allocation, makes the current valuation unsustainable.

A 'lower-for-longer' housing downturn that keeps single-family starts below 1 million units, preventing a recovery in high-margin Wood Products EBITDA.

The bear case fair value is $9.46, representing the severe operational decline DCF. While the Net Liquidation Value (NLV) provides a 'Fire Sale' floor of $17.74 (after a 20% haircut to the $22.17 NLV), the ongoing earnings weakness suggests the stock could trade down to its operational value in a prolonged trough.

Stewardship is currently under pressure due to the Maneman v. Weyerhaeuser pension litigation. The Governance Outcome Tree suggests: 1. Status Quo: Management continues to fund dividends via debt/cash depletion (High Probability, Bearish for stock); 2. Compromise: Board halts buybacks to preserve the BBB rating (Medium Probability, Neutral); 3. Reset: A strategic review is forced by credit rating downgrades (Low P...

The current asset base consists of 10,389,000 acres of high-quality timberlands across the United States (West, South, and North regions), 33 active manufacturing facilities including 17 structural lumber mills, 6 oriented strand board (OSB) facilities, 6 engineered wood product (EWP) facilities, 3 softwood plywood mills, and 1 medium density fiberboard (MDF) plant. The footprint includes the recently acquired 117,000 acres in North Carolina and Virginia and 84,000 acres in Alabama, while accounting for the divestiture of the Princeton lumber mill and 108,000 acres of non-core timberlands in Virginia. The base also includes significant construction in progress, primarily the $500,000,000 TimberStrand EWP facility in Arkansas.

Acquisition of 117,000 acres of high-quality timberlands in North Carolina and Virginia for $375,000,000.

Acquisition of 84,000 acres of timberlands in Alabama for $244,000,000.

Divestiture of 108,000 acres of non-core timberlands in Virginia for $193,000,000.

Cash & Equivalents

Accounts Receivable

Weyerhaeuser's inventory is exceptionally liquid due to its commodity status and high turnover. With nearly $593,000,000 in stock and a turnover rate near 10x, the inventory is 'fresh' and consists of standardized products (2x4s, OSB sheathing) with universal demand in North American construction. The recovery rates are modeled conservatively but reflect the reality that wood products are essentially 'cash equivalents' in the building materials supply chain, albeit subject to commodity price volatility.

Inventory

Other Current Assets

Net PP&E

Tax Assets (Deferred)

Other Non-Current

Accounts Payable

Current Debt

Other Current Liabilities

Non-Current Debt

Tax Liabilities (Deferred)

Other Non-Current Liabilities

Market/Sector Move +6.03%

Weyerhaeuser price target raised to $29 from $28 at Truist

Weyerhaeuser price target raised to $28 from $27 at CIBC

Weyerhaeuser price target lowered to $33 from $35 at Seaport Research

Weyerhaeuser (WY) PT Lowered to $30 at RBC Capital

Weyerhaeuser price target raised to $28 from $27 at Truist

Weyerhaeuser price target lowered to $27 from $29 at Truist

Situation: Current price is $24.63 versus fair value $17.93 (-27.2% expected return), and valuation confidence is stable. Debate: Bull case depends on Refinancing of $1 billion in debt maturing in 2026. Bear case centers on A 'lower-for-longer' housing downturn that keeps single-family starts below 1 million units, preventing a recovery in high-margin Wood Products EBITDA. Conclusion: Recommendation is Sell with no position, pending a materially better risk/reward setup.

Executive Summary

Weyerhaeuser is a broken cyclical operator whose modest cost edge is being neutralized by falling commodity prices and rising leverage. The company's inability to cover dividends from free cash flow, combined with value-destructive capital allocation, makes the current valuation unsustainable.<ul><li>Driver: Eroding structural cost advantage and deteriorating earnings quality.</li><li>Catalyst: Refinancing risk of $1 billion in debt maturing in 2026 amid a Negative S&P credit outlook.</li><li>Protection: Tangible asset floor of $14.38 based on historical trough price-to-tangible-book multiples.</li></ul>Our variant perception is that the market is incorrectly pricing Weyerhaeuser as a stable, high-quality REIT, extrapolating temporary peak earnings into perpetuity. In contrast, our analysis of the company's eroding operating margins, which fell from 35.7% in 2021 to 10.6% TTM, suggests the stock is a classic value trap at the onset of a structurally deeper cyclical downturn.This is a mid-term, cyclical trade designed to capture the downside from an overextended valuation to a fundamental normalization, as the market realizes the company's balance sheet cannot support its current capital return regime.

Core Investment Rationale

Weyerhaeuser operates as a vertically integrated timberland REIT, owning or controlling approximately 11 million acres of timberlands in the U.S. and managing an additional 14 million acres in Canada. The business model relies on the synergy between its Timberlands segment, which harvests logs, and its Wood Products segment, which manufactures lumber, oriented strand board (OSB), and engineered wood products (EWP). Strategy is currently focused on a 2030 growth plan targeting $1.5 billion in incremental adjusted EBITDA, primarily through its Natural Climate Solutions business and the construction of a new $500 million TimberStrand facility in Arkansas. However, revenue has contracted 3.1% YoY to $6.9 billion, and gross margins have compressed to 14.6%, indicating that strategic growth has yet to offset cyclical headwinds.The company's core assets are its 10.389 million acres of U.S. timberlands, which provide operational leverage through self-sourced log supply for its 33 manufacturing facilities. These assets include 17 structural lumber mills and 6 OSB facilities. The asset base's scale is intended to provide a low-cost position, but the TTM operating margin of 10.6% is now only 190 basis points above the peer median of 8.7%, suggesting that the operational leverage is working against the company as lumber and OSB realizations decline.Weyerhaeuser is the dominant player in a concentrated timber-REIT segment, commanding 45% of the combined market cap of its primary rivals: Rayonier ($6.09B), Louisiana-Pacific ($5.06B), PotlatchDeltic ($3.23B), and West Fraser ($4.97B). While pricing remains rational across the industry, Weyerhaeuser's competitive position is being challenged by peers with superior ROIC, such as Rayonier (14.3% vs. WY's 2.6%), and significantly lower leverage (Rayonier's 0.3x net debt/EBITDA vs. WY's 4.9x).Weyerhaeuser's performance over the last full business cycle highlights extreme volatility, with revenue peaking at $10.2 billion in 2021 before declining to $6.9 billion TTM. During the 2021 peak, the company generated a 35.7% operating margin, which has since collapsed to 10.6%. Capital allocation through the cycle has been pro-cyclical; management returned $5 billion in dividends and $1.1 billion in buybacks since 2021, but many repurchases were executed at high multiples, such as the Q4 2024 buybacks at 21.6x EV/EBITDA, which have since yielded a negative 21.0% trade ROI. The current situation is defined by a leadership crisis of confidence, as CEO Devin Stockfish recently sold 90,162 shares at a 5.3% discount to the market price, while the company faces a class-action lawsuit (Maneman v. Weyerhaeuser) alleging breach of fiduciary duty regarding a $1.5 billion pension transfer.

Business & Situation

<ul><li>Bull Case: A supply-driven price recovery triggered by 35% U.S. tariffs on Canadian lumber and the scaling of Natural Climate Solutions to $250 million EBITDA by 2030.</li><li>Bear Case: Eroding cost advantages, a 44% collapse in operating cash flow to $562 million, and a 4.9x net debt/EBITDA ratio that threatens the dividend and refinancing capacity.</li></ul>The consensus view is that Weyerhaeuser is a 'safe haven' REIT with a unique land-based carbon sequestration optionality that justifies a premium multiple. Investors are focused on the 2030 EBITDA targets and the potential for a housing market rebound to lift all boats in the timber sector. This narrative ignores the reality that Weyerhaeuser's free cash flow margin has shriveled to 0.3%, leaving no margin for error in its capital allocation strategy.The industry is in a 'Repair' phase of the capital cycle, with peers showing mixed supply discipline. While housing starts have stabilized at 1.3 million units, single-family starts remain below 1 million, creating a persistent headwind for high-margin wood products.Our differentiated view is that the market is extrapolating trough conditions as a temporary blip, while we see signs of a structural erosion in the company's moat. Weyerhaeuser's ROIC of 2.6% is significantly below its 9.5% WACC, and its incremental ROIC is a staggering -37.5%, indicating that the $538 million in annual CapEx is destroying shareholder value. Furthermore, the Negative outlook from S&P on the company's BBB rating suggests that the 'REIT safety' narrative is fundamentally flawed.The debate between long-term growth targets and near-term cash flow reality is resolved by the company's deteriorating credit profile and poor capital timing. Weyerhaeuser is a Sell because its current price of $24.63 does not reflect the risk of a 'lower-for-longer' housing trough or the impact of its 4.9x leverage on future returns.Our analytical edge is a more granular analysis of the company's capital allocation efficiency, which reveals that the 'Balanced Allocator' model has actually been a pro-cyclical value destroyer, as evidenced by the -27.2% ROI on Q1 2024 buybacks.

Core Thesis

CEO Devin Stockfish has led the company since 2019, implementing a capital return framework that has distributed over $5 billion to shareholders. However, his track record is marred by pro-cyclical execution; he oversaw $1.1 billion in buybacks that have largely resulted in negative returns. His prior experience at Univar and Boeing provided a disciplined engineering and legal foundation, but he has yet to demonstrate the ability to navigate a full commodity down-cycle without significant margin erosion.Weak. Management's skill is compromised by pro-cyclical tendencies, evidenced by repurchasing shares at 21.6x EV/EBITDA in late 2024 while operating cash flow was declining 44%. Incremental ROIC of -37.5% confirms that reinvestment is not meeting the company's hurdle rate.Mixed. While management is candid about housing headwinds, the contradiction between claimed pricing power and a 300 basis point compression in gross margin suggests a lack of operational control.<ul><li>Board Independence: 83% (5 of 6 directors)</li><li>Chairman/CEO Roles: Separate</li><li>Chairman Tenure: Rick Holley (Independent Chairman since 2016)</li><li>Insider Ownership: 0.27%</li><li>Shareholder Rights: Majority Voting, Proxy Access</li></ul>Stewardship is currently under pressure due to the Maneman v. Weyerhaeuser pension litigation. The Governance Outcome Tree suggests: 1. Status Quo: Management continues to fund dividends via debt/cash depletion (High Probability, Bearish for stock); 2. Compromise: Board halts buybacks to preserve the BBB rating (Medium Probability, Neutral); 3. Reset: A strategic review is forced by credit rating downgrades (Low Probability, Bullish for long-term value but painful for current holders).

Leadership & Governance

The valuation floor is derived from the historical trough price-to-tangible-book multiple of 1.1x applied to the current tangible book value per share of $13.07.Base case assumes mid-cycle normalization with revenue growth of 4.0% and operating margins recovering to 14.0% by Year 5, resulting in a fair value of $9.46 based on earnings power.Bull case assumes a 'Super-Cycle' driven by Canadian supply shortages and housing starts exceeding 1.4 million units, leading to a Blue-Sky Potential of $19.24.The bear case fair value is $9.46, representing the severe operational decline DCF. While the Net Liquidation Value (NLV) provides a 'Fire Sale' floor of $17.74 (after a 20% haircut to the $22.17 NLV), the ongoing earnings weakness suggests the stock could trade down to its operational value in a prolonged trough.

Valuation Context

<ul><li>Refinancing of $1 billion in debt maturing in 2026. This will likely occur at significantly higher rates than the maturing 7.35%-7.85% debentures, further pressuring interest coverage which has already fallen to 1.95x.</li><li>Weyerhaeuser is a broken cyclical operator whose modest cost edge is being neutralized by falling commodity prices and rising leverage. The company's inability to cover dividends from free cash flow, combined with value-destructive capital allocation, makes the current valuation unsustainable.</li><li>Weyerhaeuser is relevant now because the recent S&P outlook revision to Negative and the CEO's large share sale in December 2025 signal that the 'trough' may be deeper and longer than the market currently anticipates.</li></ul>Weyerhaeuser is relevant now because the recent S&P outlook revision to Negative and the CEO's large share sale in December 2025 signal that the 'trough' may be deeper and longer than the market currently anticipates.

Catalyst Path & Context

<ul><li>A 'lower-for-longer' housing downturn that keeps single-family starts below 1 million units, preventing a recovery in high-margin Wood Products EBITDA. Operating cash flow fell 44% to $562 million in FY2025, leaving little cushion for sustained demand weakness.</li><li>The bear case fair value is $9.46, representing the severe operational decline DCF. While the Net Liquidation Value (NLV) provides a 'Fire Sale' floor of $17.74 (after a 20% haircut to the $22.17 NLV), the ongoing earnings weakness suggests the stock could trade down to its operational value in a prolonged trough. Risk monitor: Current price $24.63 vs fair value $17.93, expected return -27.2%.</li><li>Stewardship is currently under pressure due to the Maneman v. Weyerhaeuser pension litigation. The Governance Outcome Tree suggests: 1. Status Quo: Management continues to fund dividends via debt/cash depletion (High Probability, Bearish for stock); 2. Compromise: Board halts buybacks to preserve the BBB rating (Medium Probability, Neutral); 3. Reset: A strategic review is forced by credit rating downgrades (Low P... Risk monitor: Current price $24.63 vs fair value $17.93, expected return -27.2%.</li></ul>

Primary Risks

<ul><li>Entry Target: No new entries: recommendation is Sell.</li><li>Stop Loss: No stop-loss needed because recommendation is Sell (no position).</li><li>Position Size: Position size is None under current recommendation and risk constraints.</li><li>Time Horizon: N/A for a Sell recommendation.</li></ul><ul><li>Management admitted in the FY2025 Q4 transcript that net leverage of 5x is well above the 3.5x mid-cycle target, creating a 'source of risk' for the 2026 maturities.</li><li>Monitoring trigger: Current price $24.63 vs fair value $17.93, expected return -27.2%.</li><li>Operating cash flow fell 44% to $562 million in FY2025, leaving little cushion for sustained demand weakness.</li></ul>A structural spike in lumber prices above $600/mbf driven by unforeseen supply curtailments, which would rapidly deleverage the balance sheet and invalidate the bear case. Also require valuation reliability to improve before re-entering.

Actionable Parameters & Monitoring

WY appears overvalued (fair value $17.93 vs current $24.63, expected return -27.2%). Recommendation: Sell; do not allocate until valuation and risk profile reset.

Final Conclusion

Eroding structural cost advantage and deteriorating earnings quality.

Driver

Refinancing risk of $1 billion in debt maturing in 2026 amid a Negative S&P credit outlook.

Catalyst

Tangible asset floor of $14.38 based on historical trough price-to-tangible-book multiples.

Protection

A supply-driven price recovery triggered by 35% U.S. tariffs on Canadian lumber and the scaling of Natural Climate Solutions to $250 million EBITDA by 2030.

Bull Case

Eroding cost advantages, a 44% collapse in operating cash flow to $562 million, and a 4.9x net debt/EBITDA ratio that threatens the dividend and refinancing capacity.

Bear Case

Situation: Current price is $24.63 versus fair value $17.93 (-27.2% expected return), and valuation confidence is stable. Debate: Bull case depends on Refinancing of $1 billion in debt maturing in 2026. Bear case centers on A 'lower-for-longer' housing downturn that keeps single-family starts below 1 million units, preventing a recovery in high-margin Wood Products EBITDA. Conclusion: Recommendation is Sell with no position, pending a materially better risk/reward setup.

The strategy evolved from a defensive focus on navigating a severe Wood Products downturn and portfolio optimization (FY2024) to an offensive, multi-pronged growth strategy centered on Natural Climate Solutions (NCS) and Engineered Wood Products (EWP) expansion, culminating in a formal 2030 growth plan targeting significant EBITDA increment.

Method	Implied Value	Weight	Weighted Value
DCF	$14.94	50%	$7.47
Comps	$18.76	30%	$5.63
Historicals	$24.16	20%	$4.83
Total Weighted			$17.93

WY

Company Overview

Price History