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Rayonier Inc RYN

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Stock XNYS Rating as of
$30.20 +0.08 (0.27%)
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As of Cboe BZX Real-Time Price Open
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Company Report

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Rayonier Earnings: Asset Sales Loom as Timber Prices Remain Depressed Amid Soft End-Market Demand

Spencer Liberman,

No-moat-rated Rayonier reported first-quarter results that were modestly below expectations as selling prices remained pressured. However, we think the important news coming out of the call was with regard to its previously announced shareholder value enhancement plan, in which Rayonier plans to sell $1 billion worth of land. Additionally, the firm remains on track to achieve full-year volume guidance across all timber segments and reiterated full-year adjusted EBITDA expectations of $290 million-$325 million. All things considered, we maintain our fair value estimate of $35 per share.

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Price vs Fair Value

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RYN is trading at a 116% premium.
Price
$30.12
Fair Value
$61.00
Uncertainty
Medium
1-Star Price
$19.47
5-Star Price
$78.40
Economic Moat
Lfb
Capital Allocation
Gfmpvnjj

Bulls Say, Bears Say

Bulls

The vast majority of Rayonier’s timberland is located in the southeastern US 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

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Trading Information

Previous Close Price
$30.12
Day Range
$30.12–30.54
52-Week Range
$24.85–35.28
Bid/Ask
$30.19 / $30.21
Market Cap
$4.50 Bil
Volume/Avg
155,835 / 521,725

Key Statistics

Price/Earnings (Normalized)
75.30
Price/Sales
4.35
Dividend Yield (Trailing)
3.79%
Dividend Yield (Forward)
3.79%
Total Yield
3.88%

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
Website
https://www.rayonier.com

Competitors

Valuation

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Metric
RYN
CFP
WY
Price/Earnings (Normalized)
 75.30—32.15
Price/Book Value
 2.440.482.26
Price/Sales
 4.350.343.01
Price/Cash Flow
 15.6013.7717.10
Price/Earnings
RYN
CFP
WY

Financial Strength

Metric
RYN
CFP
WY
Quick Ratio
 1.761.041.37
Current Ratio
 2.462.312.24
Interest Coverage
 4.22—3.91
Quick Ratio
RYN
CFP
WY

Profitability

Metric
RYN
CFP
WY
Return on Assets (Normalized)
 1.61%−4.18%4.17%
Return on Equity (Normalized)
 3.24%−6.77%7.02%
Return on Invested Capital (Normalized)
 2.85%−5.63%5.75%
Return on Assets
RYN
CFP
WY
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