Demand&Supply, page-19

On balance, yes I do see a significant fall in the share price as a more likely prospect over the next few years than continued appreciation from current levels. On valuation measures a $1.00 share price implies a high teens Cash PER over the next 4 years on my forecasts for earnings, that's an example of how any market shocks or surprises may impact the stock...remember when the US market sneezed back in Feb TFC went below $1.10.

And I do not expect a material increase in the dividend payout over this timeframe as mgt's clear intent to own as many trees as possible makes any surplus cash likely to be retained, so a 2% yield at current prices is unlikely to provide support.