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Rayonier Inc RYN

Morningstar Rating
$34.50 +0.07 (0.20%)
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Company Report

Rayonier: Investor Day Does Not Alter Our Long-Term Outlook; Shares Fairly Valued

No-moat-rated Rayonier held its investor day on Feb. 28 and offered updates on its operations and long-term outlook. Rayonier continues to navigate a challenging operating environment as weak housing and repair and remodel markets have weighed on timber demand and prices. That said, we expect single-family housing markets to recover over the next few years while demand for timberland has remained strong as investors seek alternative investments. The outlook provided on investor day does not alter our long-term outlook, and we maintain our $35 fair value estimate.

Price vs Fair Value

RYN is trading at a 1% discount.
Price
$34.50
Fair Value
$63.00
Uncertainty
Medium
1-Star Price
$67.64
5-Star Price
$23.80
Economic Moat
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Capital Allocation
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Bulls Say, Bears Say

Bulls

The vast majority of Rayonier’s timberland is located in the southeastern U.S. This is the most popular region for sawmill capacity increases and will provide a strong avenue for timber volume and price growth.

Bears

Recent spikes in timberland prices could limit Rayonier’s ability to expand its portfolio and force the firm to overpay for timberland acquisitions.

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News

Trading Information

Previous Close Price
$34.43
Day Range
$33.9834.72
52-Week Range
$24.8434.72
Bid/Ask
$13.79 / $55.15
Market Cap
$5.13 Bil
Volume/Avg
847,111 / 617,469

Key Statistics

Price/Earnings (Normalized)
95.83
Price/Sales
4.93
Dividend Yield (Trailing)
3.30%
Dividend Yield (Forward)
3.30%
Total Yield
3.39%

Company Profile

Rayonier owns and manages over 2 million acres of timberland in the United States. It is one the largest private landowners in North America. The firm also owns timberland in New Zealand. Rayonier is structured as a real estate investment trust and is not required to pay federal income taxes on earnings generated by timber harvest activities.
Sector
Real Estate
Industry
REIT - Specialty
Stock Style Box
Small Core
Total Number of Employees
438

Competitors

Valuation

Metric
RYN
WFG
WY
Price/Earnings (Normalized)
95.8310.7134.23
Price/Book Value
2.750.942.49
Price/Sales
4.931.063.33
Price/Cash Flow
17.7813.9018.54
Price/Earnings
RYN
WFG
WY

Financial Strength

Metric
RYN
WFG
WY
Quick Ratio
1.771.241.94
Current Ratio
2.262.262.94
Interest Coverage
4.37−11.584.08
Quick Ratio
RYN
WFG
WY

Profitability

Metric
RYN
WFG
WY
Return on Assets (Normalized)
1.44%2.08%4.36%
Return on Equity (Normalized)
2.91%2.71%7.28%
Return on Invested Capital (Normalized)
2.29%2.07%5.96%
Return on Assets
RYN
WFG
WY
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