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Rayonier Inc RYN

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Morningstar’s Analysis

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Economic Moat




Rayonier's Geographic Diversity Helps Amid New Zealand Shutdown

Charles Gross Equity Analyst

Analyst Note

| Charles Gross |

Rayonier suffered a fairly bruising first quarter in New Zealand, as the country deemed timber harvesting nonessential and pricing retreated amid fewer Asian log purchases. However, as purchasing moved to the Pacific Northwest from New Zealand, prices rose, generating better-than-expected EBITDA margins in the segment. Even though management expects to harvest fewer tons this year amid falling demand, our expectations beyond 2020 remain intact. Accordingly, we have left our $18.50 per share fair value estimate in place for no-moat Rayonier.

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Company Profile

Business Description

Rayonier owns and manages timberland. Among the largest private landowners in the United States, the firm owns 2.2 million acres. It also owns land 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.

1 Rayonier Way
Wildlight, FL, 32097
T +1 904 357-9100
Sector Real Estate
Industry REIT - Specialty
Most Recent Earnings Mar 31, 2020
Fiscal Year End Dec 31, 2020
Stock Type Hard Assets
Employees 353