olivLaw · US equity research
CL Workshop Group Limited NWGL
Lumber & Wood Products (No Furniture) · SIC 2400 · Vertical: Lumber and wood products (SIC 24xx)
CL Workshop Group Ltd, known until December 2025 as Nature Wood Group, trades logs, decking, flooring and sawn timber through a sales network across several regions. In 2025 it sold its Peru forestry and processing operations and refocused on trading wood products amid weak demand. Revenue fell to 14.6 million USD in 2025 from 16.3 million USD in 2024.
The AI analysis may be outdated: new filings came after its sources (see the «AI analysis» section).
At the close of 04 Nov 2026, CL Workshop Group Limited (NWGL) stock was 0.06 USD (−0.89% on the day), with market capitalisation 7.3 m USD, beta 0.59, 52-week range 0.06–1.74 USD.
Data as of · AI analysis dated · Source: SEC filings and closing prices, computed by olivLaw.
Price history
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Technical reading
- RSI (14)
- 25.1
- oversold (≤ 30)
- Bollinger (20, 2)
- -0.51 – 1.17
- in the lower half of the band · %B 0.34 · band width 514.2%
- SMA 50 / 200
- 0.89 / 0.81
- mixed trend
- MACD (12, 26, 9)
- -0.26 / -0.26
- MACD above signal
Indicators describe past prices; on their own they do not predict direction. On our history the RSI ≤ 40 filter added no return (see the signals methodology).
Performance
| Company | S&P 500 | vs S&P 500 | Vertical median | |
|---|---|---|---|---|
| 1 month | −95.6% | −1.1% | −94.5 pp | — |
| 3 months | −79.4% | −0.5% | −79.0 pp | — |
| 6 months | −94.2% | +4.4% | −98.6 pp | — |
| Year to date | −96.1% | +12.3% | −108.4 pp | — |
| 1 year | −95.8% | +13.5% | −109.3 pp | +12.7% |
| 3 years | −99.6% | +76.4% | −176.0 pp | −4.5% |
| 5 years | unavailable | +63.7% | unavailable | — |
Price returns, dividends excluded.
Quarterly results
ESEF annual reports carry no quarters: the results are annual (below).
E/P over time
E/P = trailing-12-month diluted EPS / price at quarter end. E/P is the inverse of P/E and stays defined when earnings are negative.
Fiscal years
| Fiscal year | 2021 | 2022 | 2023 | 2024 |
|---|---|---|---|---|
| Revenue | 47.7 m | 55.3 m | 25.5 m | 21.5 m |
| Revenue YoY | unavailable | +16.1% | −54.0% | −15.4% |
| Net income | 1.3 m | 4.8 m | -11.9 m | -8.7 m |
| Net income YoY | unavailable | +258.7% | −349.7% | unavailable |
| Diluted EPS | 0.01 | 0.05 | -0.11 | -0.07 |
| Diluted EPS YoY | unavailable | +400.0% | −320.0% | unavailable |
| net % | 2.8% | 8.6% | -46.9% | -40.5% |
| Free cash flow | 718.3 k | 4.7 m | -355.6 k | 1.6 m |
Reported results vs expectations
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Balance sheet & financial health
Fiscal year 2024 · 31 Dec 2024
- Cash
- 3.0 m USD
- Financial debt
- 10.4 m USD
- Net debt
- 7.4 m USD
- Equity
- 9.1 m USD
- Total assets
- 40.8 m USD
- Debt / equity
- 1.14x
- Current ratio
- 1.11x
- ROE
- -64.0%
- ROA
- -18.4%
- FCF margin
- 7.3%
Financial statements (source on every figure)
Revenue and net income (USD)
Margins
Income statement · USD
| Line | 2021 | 2022 | 2023 | 2024 | Source (latest year) |
|---|---|---|---|---|---|
| Revenue | 47.7 m | 55.3 m | 25.5 m | 21.5 m | SEC (XBRL)· 01 May 2025verified |
| Cost of revenue | 31.3 m | 35.4 m | 23.1 m | 16.3 m | SEC (XBRL)· 01 May 2025verified |
| Gross profit | 16.4 m | 19.9 m | 2.4 m | 5.3 m | SEC (XBRL)· 01 May 2025verified |
| Interest expense | 1.9 m | 1.9 m | 1.6 m | 937.3 k | SEC (XBRL)· 01 May 2025verified |
| Pre-tax income | 2.0 m | 5.2 m | -12.0 m | -8.8 m | SEC (XBRL)· 01 May 2025verified |
| Income tax | 628.3 k | 431.9 k | -42.9 k | -73.5 k | SEC (XBRL)· 01 May 2025verified |
| Net income | 1.3 m | 4.8 m | -11.9 m | -8.7 m | SEC (XBRL)· 01 May 2025verified |
| Diluted EPS | 0.01 | 0.05 | -0.11 | -0.07 | SEC (XBRL)· 01 May 2025verified |
Balance sheet · USD
| Line | 2021 | 2022 | 2023 | 2024 | Source (latest year) |
|---|---|---|---|---|---|
| Cash | 3.5 m | 5.1 m | 4.0 m | 3.0 m | SEC (XBRL)· 01 May 2025verified |
| Receivables | — | 8.6 m | 7.3 m | 4.2 m | SEC (XBRL)· 01 May 2025verified |
| Inventories | — | 13.1 m | 8.5 m | 6.4 m | SEC (XBRL)· 01 May 2025verified |
| Current assets | — | 38.9 m | 29.8 m | 20.9 m | SEC (XBRL)· 01 May 2025verified |
| Property, plant & equipment, net | — | 8.6 m | 3.6 m | 3.4 m | SEC (XBRL)· 01 May 2025verified |
| Intangibles (excl. goodwill) | — | 19.3 m | 20.5 m | 15.9 m | SEC (XBRL)· 01 May 2025verified |
| Total assets | — | 68.0 m | 54.3 m | 40.8 m | SEC (XBRL)· 01 May 2025verified |
| Accounts payable | — | 7.7 m | 4.3 m | 3.4 m | SEC (XBRL)· 01 May 2025verified |
| Short-term debt | — | 12.0 m | 12.3 m | 10.3 m | SEC (XBRL)· 01 May 2025verified |
| Long-term debt | — | 836.5 k | 533.8 k | 39.1 k | SEC (XBRL)· 01 May 2025verified |
| Current liabilities | — | 37.6 m | 23.2 m | 18.9 m | SEC (XBRL)· 01 May 2025verified |
| Total liabilities | — | 55.6 m | 36.1 m | 31.7 m | SEC (XBRL)· 01 May 2025verified |
| Equity | 8.0 m | 12.5 m | 18.2 m | 9.1 m | SEC (XBRL)· 01 May 2025verified |
| Shares outstanding at year end | — | — | 132.4 m | 132.4 m | SEC (XBRL)· 01 May 2025verified |
Cash flow · USD
| Line | 2021 | 2022 | 2023 | 2024 | Source (latest year) |
|---|---|---|---|---|---|
| Operating cash flow | 3.3 m | 5.9 m | -239.2 k | 2.3 m | SEC (XBRL)· 01 May 2025verified |
| Capex | 2.5 m | 1.2 m | 116.4 k | 754.8 k | SEC (XBRL)· 01 May 2025verified |
| Free cash flow | 718.3 k ≈ | 4.7 m ≈ | -355.6 k ≈ | 1.6 m ≈ | SEC (XBRL)· 01 May 2025derived |
| Investing cash flow | -2.5 m | -1.4 m | -1.2 m | -704.8 k | SEC (XBRL)· 01 May 2025verified |
| Financing cash flow | 395.2 k | -2.5 m | -286.8 k | -2.0 m | SEC (XBRL)· 01 May 2025verified |
≈ computed by olivLaw from the reported lines of the same year: Operating cash flow − Capex.
Computed indicators
Growth
Profitability
Returns
Balance sheet
Liquidity
Cash
Efficiency
Market and valuation
1 indicators that do not apply to the sector.
Valuation
olivLaw classification
- indicators available: 4 of at least 6
- score weight coverage: 27.1% of at least 60%
A scoring methodology on indicators and valuation, not investment advice.
Closing price
04 Nov 2026Source: olivLaw, closing series
Market cap: 7.3 m USD
Key indicators
Coverage and freshness
The data is older than the freshness threshold.
Score by group
27% · Insufficient data
Estimated value range
The combined range = the median of the valid methods' low, central and high values; it is not a probability interval and does not cover every result. Envelope of all methods: 0.21 – 0.47 USD.
Valuation assumptions are editorial choices, not measured; beta is not measured.
Method ranges (USD per share)
— — Mid · ▏ Price
Valuation methods
- DCF (discounted cash flow)0.21 – 0.47 (Mid 0.30)WACC 6.8% · starting FCFF 2.4 m USD · terminal value share of EV 81%The WACC × g sensitivity gives the method's bounds; these are not probabilities.Reverse DCF: no growth between −30% and +40% justifies the price
- Peers: EV/EBITDAunavailable · input data missing
- Peers: P/Eunavailable · the base of the ratio is not positive
- Dividend discount (DDM)unavailable · the company pays no dividend: a dividend model needs an explicit initiation assumption
Classification (SIC) comparables group by industry code, not by economic activity; the direct group is an editorial selection by activity. Members' multiples are on their own trailing twelve months, at their own latest close.
Assumptions (illustrative, editorial)
- Risk-free rate
- 4.3%
- Equity risk premium
- 5.0%
- Beta (default)
- 1.00
- Cost of equity
- 9.3%
- Terminal growth
- 2.5%
Factor scorecard
Insufficient data
Minimum-evidence gate: indicators available: 4 of at least 6; score weight coverage: 27.1% of at least 60%
| Factor | Value | Score | Weight used |
|---|---|---|---|
| ROIC · Quality | unavailable | unavailable | — |
| Net margin · Quality | -40.5% | 0 (vs peers) | 23% |
| FCF conversion · Quality | unavailable | unavailable | — |
| Revenue CAGR 3Y · Growth | -23.3% | 0 (on a fixed band) | 31% |
| EPS CAGR 3Y · Growth | unavailable | unavailable | — |
| Net debt / EBITDA · Balance sheet | unavailable | unavailable | — |
| Interest coverage · Balance sheet | unavailable | unavailable | — |
| Current ratio · Balance sheet | 1.1x | 26 (on a fixed band) | 15% |
| P/E (TTM) · Valuation | unavailable | unavailable | — |
| EV/EBITDA · Valuation | unavailable | unavailable | — |
| FCF yield · Valuation | 21.3% | 100 (on a fixed band) | 31% |
| Shareholder yield (distributions) · Returns | unavailable | unavailable | — |
| Payout ratio (FCF) · Returns | unavailable | unavailable | — |
Factors without a value were dropped; the remaining weights were renormalised.
Score groups
- Balance sheet· partial26/100 · 1/3 factors with a value
- Growth· partial0/100 · 1/2 factors with a value
- Quality· partial0/100 · 1/3 factors with a value
- Returns· partialunavailable · 0/2 factors with a value
- Valuation· partial100/100 · 1/3 factors with a value
A «partial» group is computed from under half of its weight or from one factor: it is not a full assessment of the group.
Memo
CL Workshop Group Ltd (NWGL). Latest full fiscal year: 2024; data up to 2024-12-31.
Figures computed from the financial statements: revenue 21.5 m USD in 2024; YoY growth -15.4%; net margin -40.5%; ROE -64.0%.
The estimated value range is 0.21–0.47 USD per share (median of 1 methods, agreement: single method); assumptions are illustrative. Against the central value of 0.30 USD, the price of 0.06 USD leaves a potential of 435.0% (value / price − 1) and a margin of safety of 81.3% (1 − price / value). The range is the median of the methods' low, central and high values, not a probability interval.
Insufficient data for a verdict (indicators available: 4 of at least 6; score weight coverage: 27.1% of at least 60%).
Text generated deterministically from the figures shown; no language model. Not investment advice.
What supports the thesis
- FCF yield: 21.3%
- The price is below the estimated value range
What contradicts it
- Net margin: -40.5%
- Revenue CAGR 3Y: -23.3%
- Current ratio: 1.1x
Not assessed (insufficient data or a ratio without meaning): ROIC, FCF conversion, EPS CAGR 3Y, Net debt / EBITDA, Interest coverage, P/E (TTM), EV/EBITDA, Shareholder yield (distributions), Payout ratio (FCF).
Versus the vertical median
Lumber and wood products (SIC 24xx) · same major group (2-digit SIC) · compared with 10 companies
Multiples and returns vs the median
Price rebased to 100 (monthly, 5 years)
Companies in the vertical
| Market cap | P/E | ROE | Net margin | Revenue YoY | 1A / 3A | |
|---|---|---|---|---|---|---|
| TREXTrex Company, Inc. | 5.7 bn | 33.2 | 17.3% | 13.9% | +2.0% | +63% / −19% |
| FBINFortune Brands Innovations, Inc. | 5.6 bn | 44.6 | 5.5% | 2.9% | −3.2% | −8% / −31% |
| LPXLouisiana-Pacific Corporation | 5.5 bn | 80.8 | 3.9% | 2.7% | −7.9% | −4% / +29% |
| CVCOCavco Industries, Inc. | 5.2 bn | 28.8 | 16.6% | 7.7% | +11.4% | +14% / +140% |
| SKYChampion Homes, Inc. | 5.2 bn | 28.6 | 11.8% | 6.8% | +7.3% | +12% / +60% |
| UFPIUfp Industries, Inc. | 4.7 bn | 20.9 | 7.5% | 3.6% | −5.0% | −7% / −21% |
| KOPKoppers Holdings Inc. | 811.1 m | — | -19.0% | -4.6% | −10.2% | +45% / −5% |
| LEGHLegacy Housing Corporation | 755.8 m | 11.9 | 11.4% | 30.1% | −10.7% | +59% / +42% |
| JELDJELD-WEN Holding, Inc. | 94.6 m | — | -454.4% | -5.3% | −14.9% | −59% / −93% |
| NWGLCL Workshop Group Ltd | 7.3 m | — | -64.0% | -40.5% | −15.4% | −96% / −100% |
| WFGWest Fraser Timber Co. Ltd. | — | — | -14.6% | -17.2% | −11.5% | +13% / −4% |
1- and 3-year price returns: for NWGL from daily closes (the same as the performance table), for the other companies from month-end closes.
olivLaw engine forecast
The world engine ran after the company's latest material disclosure. Probabilities are of TOUCHING a level within the horizon (not closing there) and sit next to the random walk (p_rw), the no-information benchmark.
The engine has no published run for this company yet.
Valuation scenarios (editable assumptions)
Illustrative scenarios
Illustrative: not forecasts and without probabilities. Each case is one coherent set of assumptions, computed on today's figures.
Estimated price (USD)
| Estimated price | Bear | Base | Bull |
|---|---|---|---|
| 1 years | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable |
| 3 years | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable |
| 5 years | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable |
AI analysis
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
Possibly outdated: the newest document it read is from 27 Apr 2026; since then the company filed 6-K (04 Nov 2026), 6-K (13 Oct 2026), 6-K (06 Oct 2026), 6-K (02 Oct 2026), 6-K (28 Aug 2026), 6-K (26 Aug 2026).
In brief
CL Workshop Group Ltd, known until December 2025 as Nature Wood Group, trades logs, decking, flooring and sawn timber through a sales network across several regions. In 2025 it sold its Peru forestry and processing operations and refocused on trading wood products amid weak demand. Revenue fell to 14.6 million USD in 2025 from 16.3 million USD in 2024.
SWOT
Strengths
- The company has a sales network across several continents and FSC chain-of-custody certification, which supports customer relationships 1.
- Diversification across logs, flooring and decking gives flexibility against shifts in demand 1.
- Selling the loss-making Peru operations removes a persistent source of losses, according to the report 1.
Weaknesses
- Revenue and gross profit have declined year on year, and the company has reported net losses in recent years 1.
- Sales concentrated in a few product lines and markets increase exposure to local shocks.
- Selling and administrative costs remain high relative to the reduced revenue.
Opportunities
- The new Peru tax regime could support any remaining forestry activity if it is expanded 1.
- A more agile trading model could allow faster capture of opportunities in new markets.
- If construction demand recovers, higher value-added products could help restore margins.
Risks
- Recurring losseshigh
The company reported net losses across several consecutive years, which raises questions about its ability to sustain operations over the long term.
- Concentration on Chinahigh
A significant share of revenue comes from China, where demand is hit by the property crisis, so a further decline would have a visible effect.
- Trade tariffsmedium
US tariffs and export restrictions could raise material costs and reduce margins.
- Change in shareholder structuremedium
The takeover of control by a new shareholder in October 2025 could change the company's strategy and priorities.
- Seasonalitylow
Sales are seasonal, with weaker figures in the first and fourth quarters, which complicates financial planning.
Investment thesis
What would need to be true (bull case)
- If flooring and wood trading continue to grow, the company could stabilise revenue after years of losses.
- Removing the Peru operations could ease pressure on profitability, according to the report 1.
- The preferential Peru tax regime could support margins for the remaining forestry activities.
What would break the thesis
- If construction and renovation demand does not recover, revenue could continue to decline.
- Recurring net losses could limit the company's ability to finance growth.
- If tariffs and trade restrictions expand, costs could rise faster than selling prices.
What to watch
- Quarterly trend in revenue and gross marginQ1 2027
- Effect of the new Peru tax regime on remaining activities2027
- Strategy of the new controlling shareholder and any management changesnext 10-K
- Evolution of US tariffs and demand from China2027
Products, market & competition
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
Possibly outdated: the newest document it read is from 27 Apr 2026; since then the company filed 6-K (04 Nov 2026), 6-K (13 Oct 2026), 6-K (06 Oct 2026), 6-K (02 Oct 2026), 6-K (28 Aug 2026), 6-K (26 Aug 2026).
The business
The company is a forestry group headquartered in Macau that mainly trades wood products, including logs, decking, flooring and sawn timber, under the « NATU » brand. According to its 2025 annual report 1, total revenue was 14.6 million USD, and the business operates as a holding company without significant operations of its own, conducting activity through subsidiaries.
Segments
Market context
The international timber market is becoming more competitive, driven by environmental policies and restrictions on log exports, according to the source 1. Sales are seasonal, with weaker sales in the first and fourth quarters, and depend on demand from China, which accounted for 44.6% of revenue in 2025 1.
Trends
- Construction and renovation demandheadwind
Lower demand from housing and renovation, linked to the Chinese property crisis and geopolitical conflicts, has reduced revenue and prices of wood products, according to the report 1.
- United States tariffsheadwind
New US tariffs have raised material costs and pressured margins, especially for products passing through the American market, and the company is reviewing its supply chain 1.
- Peru tax regimetailwind
Law 32434 introduces a preferential 15% income tax for forestry companies in Peru between 2026 and 2035, which could support results if activity in the area continues 1.
- Refocus on tradingmixed
Selling the Peru operations and focusing on wood trading could reduce historic losses but changes the business structure, according to the report 1.
Competitive position
The report 1 indicates that the international timber sector is becoming more competitive as more countries restrict log exports and trade barriers rise. To respond, companies need to invest in third-party countries and in products with higher added value.
- European and Asian wood producers and traders
Regional competitors named in the source, without specific listed-company data in the report.
- South American log exporters
Competition in export markets affected by trade restrictions, according to the report.
- North American flooring and paneling suppliers
Competition in the North American market, where the company has customers.
- Vertically integrated forestry companies
Players controlling the whole supply chain, in contrast with the company's more agile model.
Links, dependencies and risks
Who the company is tied to, from its own SEC filings (customers, suppliers, production, partners, competitors, countries, regulation), from the 5 %+ holders' statements (13D/13G) and from what other companies say about it. Click a node for its evidence; on a listed company the graph moves to it.
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News & filings
In the press
No news in our archive over the last 180 days.
SEC filings
- Current report (foreign issuer)04 Nov 2026
- Current report (foreign issuer)13 Oct 2026
- Current report (foreign issuer)06 Oct 2026
- Current report (foreign issuer)02 Oct 2026
- Current report (foreign issuer)28 Aug 2026
- Current report (foreign issuer)26 Aug 2026
- Current report (foreign issuer)07 Aug 2026
- Current report (foreign issuer)14 Jul 2026
- Current report (foreign issuer)08 May 2026
- Annual report (foreign issuer)27 Apr 2026
Sources
- [1] Form 20-F, fiscal year ended 2025-12-31 · SEC / CL Workshop Group Limited · 27 Apr 2026
Figures computed by olivLaw from SEC filings and closing prices; the qualitative analysis is AI-generated from cited sources. Not investment advice.