York Timber: Deep roots but not enough fertiliser

At York Timbers, the company’s history is almost as deep as the discount to NAV. Incorporated in 1916 and listed on the JSE since 1946, these trees have seen many things — including the erratic nature of York’s earnings.

If you are seeking a dependable cash-flow generator, York isn’t for you. It operates in a difficult industry with many exogenous factors and internal risks. Up more than 20% year to date and 60% since the start of 2020, the company has rewarded shareholders who recently went in search of deep value...