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August 4, 2008 Dear Friend, We updated our LPX analysis pro forma today's dividend suspension, raised future earnings estimates and estimate a $220 per 000 OSB price is needed to earn $0.50 per share in profits next year. Last Friday evening Random Lengths estimated OSB at $196 per 000. We stopped short of raising our rating to Overweight from Neutral, however, despite its valuation at 40% below book value, as we lack confidence OSB will sustain $196 or approach $220 as the weaker half of the building season faces us in the near-term. Faithfully, John C. Tumazos |
Copyright © 2008 John Tumazos Very Independent Research,
LLC
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