A company that sits as one of my largest positions right now (depending on the day) is Fortress Paper, FTP on the TSX. It is very tough to look back at the numbers and model fair value for FTP. The company went through quite a transformation.
Here are some sources of interest.
http://www.cornerofberkshireandfairfax.ca/forum/investment-ideas/ftp-fortress-paper/, yeah there are like 50 pages to read. There are some really insightful guys posting there and I suggest you read all the pages.
I’m not going into detail on this one. All the info you need is on the berkshire and fairfax forum. I get $18 fair value for Dresden and Lanqart. With the majority of the value coming from Thurso and LSQ.
Disclosure: The author is long FTP.to at time of writing.