FSF.L Share Price (FSF)

Hi all. Thanks for previous posts which I’ve found helpful. I’m a private prospective investor who knows a little about forests but little about FSF. Some points I’d appreciate thoughts on:

1. How do you view the board member share purchases in December - promising sign or desperate effort to pull up share price?

2. The company suggests its share price decline is in line with other investment trust declines and not anomalous?

3. They use a backward looking valuation not a DCF approach. Is this conservative or optimistic? I wonder what NAV a DCF would give?

4. Their carbon income projections seem partly dependent on them retaining future carbon rights from timberland sales. But I note this concept of separated carbon rights is unproven, for FSF at least.

5. I note you’ve suggested a timetable for monetising assets will be helpful. It would be nice to know when they expect their first sale or timber harvest to occur.

6. Some Scottish plantation managers have been criticised for spruce monoculture’s adverse impacts on biodiversity and communities. From a biodiversity perspective I’d like to see at least 20% ideally 33% native broadleaf. Also preferable for the broadleaf areas to be for high value long term timber - as well as nature.

7. I note they have only £3m cash so future acquisitions seem challenging given expensive debt facility. They could issue more shares but previous experiences I had with dilution on another stock impacted my returns substantially.

8. There have been promising outcomes from latest COP which appear to have been reflected in EU ETS prices.

I realise these are points which the company need to answer but I’d appreciate any insights on these, or additional questions people may have!

Cheers

Just watched the year end presentation. They are commited to addressing the share price. Also positive on next two years planting. No plans to sell carbon credits until 2030 onwards.

As previously stated , a slow burn. Although, now could be the low?

GLA.

Tygra,

Agreed it's still early to dive in deep with FSF, bearing in mind the direction of the SP graph. Hopefully, it will bottom out soon. I'll look out for the RNS re Christmas trees!

Tygra

Thank you for your insite

Regards DH

Tygra,

Not sure if you've listened to this recent UK Investor Magazine interview with a manager of the trust:

https://ukinvestormagazine.co.uk/capital-appreciation-a-compelling-discount-and-uncorrelated-diversification-with-foresight-sustainable-forestry/

It's about half an hour long, so they do cover quite a lot. He does indicate how revenue might come in from forests after being planted for a couple of years. As I recall, he doesn't say whether those funds will be reinvested or distributed as dividends, or both!