Rayonier
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Rayonier is a leading timberland real estate investment trust with assets located in some of the most productive softwood timber growing regions in the United States and New Zealand. The last earnings update was 59 days ago. More info.
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RYN Share Price and Events
7 Day Returns
1 Year Returns
RYN Shareholder Return
| 7 Day | 30 Day | 90 Day | 1 Year | 3 Year | 5 Year | |
|---|---|---|---|---|---|---|
| Rayonier (RYN) | -2.1% | 4.8% | 8.1% | -14.9% | 26.4% | -31.8% |
| US REITs | -2.7% | -0.8% | 7.2% | 15.1% | 10.1% | 25.7% |
| US Market | -0.8% | 2.7% | 7.5% | 7% | 37.9% | 47% |
1 Year Return vs Industry and Market
- RYN underperformed the REITs industry which returned 15.1% over the past year.
- RYN underperformed the Market in United States of America which returned 7% over the past year.
Value
Is Rayonier undervalued based on future cash flows and its price relative to the stock market?
Value is all about what a company is worth versus what price it is
available for. If you went into a grocery store and all the bananas were on sale
at half price, they could be considered
undervalued.
INTRINSIC VALUE BASED ON FUTURE CASH FLOWS
Here we compare the current
share
price of
Rayonier
to its discounted cash flow analysis.value.The discounted cash flow value is simply looking at what the company is worth today, based on estimates of how much money it is expected to make in the future.
Below are the data sources, inputs and calculation used to determine the intrinsic value for Rayonier.
| Data Point | Source | Value |
|---|---|---|
| Valuation Model | 2 Stage Free Cash Flow to Equity | |
| Levered Free Cash Flow | Average of 6 Analyst Estimates (S&P Global) | See below |
| Discount Rate (Cost of Equity) | See below | 7.5% |
| Perpetual Growth Rate | 10-Year US Government Bond Rate | 2.7% |
An important part of a discounted cash flow is the discount rate, below we explain how it has been calculated.
| Data Point | Calculation/ Source | Result |
|---|---|---|
| Risk-Free Rate | 10-Year US Govt Bond Rate | 2.7% |
| Equity Risk Premium | S&P Global | 6% |
| REITs Unlevered Beta | Simply Wall St/ S&P Global | 0.55 |
| Re-levered Beta | = Unlevered beta (1 + (1- tax rate) (Debt/Equity))
= 0.547 (1 + (1- 21%) (24.03%)) |
0.766 |
| Levered Beta | Levered Beta limited to 0.8 to 2.0 (practical range for a stable firm) |
0.8 |
| Discount Rate/ Cost of Equity |
= Cost of Equity = Risk Free Rate + (Levered Beta * Equity Risk Premium)
= 2.73% + (0.8 * 5.96%) |
7.5% |
Discounted Cash Flow Calculation for NYSE:RYN using 2 Stage Free Cash Flow to Equity Model
The calculations below outline how an intrinsic value for Rayonier is arrived at by discounting future cash flows to their present value using the 2 stage method. We try to start with analysts estimates of free cash flow, however if these are not available we use the most recent financial results. In the 1st stage we continue to grow the free cash flow over a 10 year period, with the growth rate trending towards the perpetual growth rate used in the 2nd stage. The 2nd stage assumes the company grows at a stable rate into perpetuity.
| Levered FCF (USD, Millions) | Source |
Present Value Discounted (@ 7.5%) |
|
|---|---|---|---|
| 2019 | 198.00 | Analyst x2 | 184.19 |
| 2020 | 233.00 | Analyst x1 | 201.63 |
| 2021 | 261.34 | Est @ 12.16% | 210.38 |
| 2022 | 285.74 | Est @ 9.33% | 213.98 |
| 2023 | 306.75 | Est @ 7.35% | 213.69 |
| 2024 | 325.05 | Est @ 5.97% | 210.64 |
| 2025 | 341.28 | Est @ 5% | 205.74 |
| 2026 | 356.01 | Est @ 4.32% | 199.65 |
| 2027 | 369.68 | Est @ 3.84% | 192.85 |
| 2028 | 382.65 | Est @ 3.51% | 185.69 |
| Present value of next 10 years cash flows | $2,018.44 | ||
| Calculation | Result | |
|---|---|---|
| Terminal Value |
= FCF2028
× (1 + g) ÷ (Discount Rate – g)
= $382.65 × (1 + 2.73%) ÷ (7.5% – 2.73%) |
$8,244.42 |
| Present Value of Terminal Value |
= Terminal Value ÷ (1 + r)10
= $8,244.42 ÷ (1 + 7.5%)10 |
$4,000.89 |
| Calculation | Result | |
|---|---|---|
| Total Equity Value |
= Present value of next 10 years cash flows +
Terminal Value
= $2,018.44 + $4,000.89 |
$6,019.32 |
| Equity Value per Share (USD) |
= Total value / Shares Outstanding
= $6,019.32 / 129.17 |
$46.6 |
| Calculation | Result | |
|---|---|---|
| Value per share (USD) | From above. | $46.60 |
| Current discount | Discount to share price of
$31.33
= -1 x ($31.33 - $46.60) / $46.60 |
32.8% |
Learn more about our DCF calculations in Simply Wall St’s analysis model .
Current Discount
Current Discount Checks
- Rayonier's share price is below the future cash flow value, and at a moderate discount (> 20%).
- Rayonier's share price is below the future cash flow value, but not at a substantial discount (< 40%).
PRICE RELATIVE TO MARKET
We can also value a company based on what the stock market is willing to pay for
it. This is similar to the price of fruit (e.g. Mangoes or Avocados) increasing
when they are out of season, or how much your home is worth.The amount the stock market is willing to pay for Rayonier's earnings, growth and assets is considered below, and whether this is a fair price.
Price based on past earnings
Are
Rayonier's earnings available for a low price, and how does
this compare to other companies in the same industry?
| Data Point | Source | Value |
|---|---|---|
| Earnings Per Share * | Company Filings (2018-12-31) in USD | $0.79 |
| NYSE:RYN Share Price ** | NYSE (2019-04-22) in USD | $31.33 |
| United States of America REITs Industry PE Ratio | Median Figure of 152 Publicly-Listed REITs Companies | 31.08x |
| United States of America Market PE Ratio | Median Figure of 3,080 Publicly-Listed Companies | 18.21x |
* Trailing twelve months (TTM) annual GAAP earnings per share excluding extraordinary items.
** Primary Listing of Rayonier.
| Calculation | Outcome | |
|---|---|---|
| PE Ratio | = NYSE:RYN Share Price ÷ EPS (both in USD) = 31.33 ÷ 0.79 |
39.55x |
Learn more about our ratios and growth rates in Simply Wall St’s analysis model >
- Rayonier is overvalued based on earnings compared to the US REITs industry average.
- Rayonier is overvalued based on earnings compared to the United States of America market.
Price based on expected Growth
Does
Rayonier's expected growth come at a high price?
| Data Point | Source | Value |
|---|---|---|
| PE Ratio | See PE Ratio Section | 39.55x |
| Net Income Annual Growth Rate | See Future Growth Section. Line of Best Fit* through Consensus Estimate Earnings of 6 Analysts |
-10.3%per year |
| United States of America REITs Industry PEG Ratio | Median Figure of 139 Publicly-Listed REITs Companies | -0.1x |
| United States of America Market PEG Ratio | Median Figure of 2,109 Publicly-Listed Companies | 1.56x |
*Line of best fit is calculated by linear regression .
| Calculation | Outcome | |
|---|---|---|
| PEG Ratio | = PE Ratio ÷ Net Income Annual Growth Rate = 39.55x ÷ -10.3% |
-3.83x |
Learn more about our ratios and growth rates in Simply Wall St’s analysis model >
- Rayonier earnings are not expected to grow next year, we can't assess if its growth is good value.
Price based on value of assets
What value do investors place on
Rayonier's
assets?
| Data Point | Source | Value |
|---|---|---|
| Book Value per Share | Company Filings (2018-12-31) in USD | $12.05 |
| NYSE:RYN Share Price * | NYSE (2019-04-22) in USD | $31.33 |
| United States of America REITs Industry PB Ratio | Median Figure of 191 Publicly-Listed REITs Companies | 1.84x |
| United States of America Market PB Ratio | Median Figure of 5,186 Publicly-Listed Companies | 1.91x |
| Calculation | Outcome | |
|---|---|---|
| PB Ratio | = NYSE:RYN Share Price ÷ Book Value per Share (both in USD) = 31.33 ÷ 12.05 |
2.6x |
* Primary Listing of Rayonier.
Learn more about our ratios and growth rates in Simply Wall St’s analysis model >
- Rayonier is overvalued based on assets compared to the US REITs industry average.
Value checks
We assess Rayonier's value by looking at:- Is the discounted cash flow value less than 20%, or 40% of the share price? (2 checks) ( Click here or on bar chart for details of DCF calculation. )
- Is the PE ratio less than the market average, and/ or less than the REITs industry average (and greater than 0)? (2 checks)
- Is the PEG ratio within a reasonable range (0 to 1)? (1 check)
- Is the PB ratio less than the REITs industry average (and greater than 0)? (1 check) Rayonier has a total score of 1/6, see the detailed checks below.
Note: We use GAAP Earnings per Share in all our calculations including PE and PEG Ratio.
Full details on the Value part of the Simply Wall St company analysis model.
Future Performance
How is Rayonier expected to perform in the next 1 to 3 years based on estimates from 6 analysts?
The future performance of a company is measured in the same way as past
performance, by looking at estimated
growth
and how much profit it is expected to make.Future estimates come from professional analysts. Just like forecasting the weather, they don’t always get it right!
Earnings growth vs Low Risk Savings
- Rayonier's earnings are expected to decrease over the next 1-3 years, this is below the low risk savings rate of 2.7%.
Growth vs Market Checks
- Rayonier's earnings are expected to decrease over the next 1-3 years, this is below the United States of America market average.
- Rayonier's revenues are expected to decrease over the next 1-3 years, this is below the United States of America market average.
Annual Growth Rates Comparison
| Data Point | Source | Value (per year) |
|---|---|---|
| NYSE:RYN Future Earnings Growth Rate | Line of Best Fit* through Consensus Estimate Earnings of 6 Analysts | -10.3% |
| NYSE:RYN Future Revenue Growth Rate | Line of Best Fit* through Consensus Estimate Revenue of 6 Analysts | -1.5% |
| United States of America REITs Industry Earnings Growth Rate | Market Cap Weighted Average | 1.9% |
| United States of America REITs Industry Revenue Growth Rate | Market Cap Weighted Average | 3.4% |
| United States of America Market Earnings Growth Rate | Market Cap Weighted Average | 13.5% |
| United States of America Market Revenue Growth Rate | Market Cap Weighted Average | 7% |
*Line of best fit is calculated by linear regression .
Industry and Market average data is calculated daily.
Learn more about our growth rate calculations in Simply Wall St’s analysis model.
Analysts growth expectations
| Data Point | Source | Value |
|---|---|---|
| Past Financials | Company Filings (3 months ago) | See Below |
| Future Estimates | Average of up to 6 Analyst Estimates (S&P Global) | See Below |
| Date (Data in USD Millions) | Revenue | Cash Flow | Net Income * | Avg. No. Analysts |
|---|---|---|---|---|
| 2020-12-31 | 790 | 262 | 85 | 6 |
| 2019-12-31 | 769 | 237 | 66 | 6 |
| Date (Data in USD Millions) | Revenue | Cash Flow | Net Income * |
|---|---|---|---|
| 2018-12-31 | 816 | 310 | 102 |
| 2018-09-30 | 890 | 330 | 164 |
| 2018-06-30 | 873 | 310 | 166 |
| 2018-03-31 | 828 | 301 | 156 |
| 2017-12-31 | 820 | 256 | 149 |
| 2017-09-30 | 828 | 227 | 133 |
| 2017-06-30 | 815 | 255 | 148 |
| 2017-03-31 | 876 | 207 | 231 |
| 2016-12-31 | 816 | 204 | 212 |
| 2016-09-30 | 705 | 198 | 174 |
| 2016-06-30 | 685 | 168 | 154 |
| 2016-03-31 | 539 | 155 | 43 |
*GAAP earnings excluding extraordinary items.
Past and Future Earnings per Share
| Data Point | Source | Value |
|---|---|---|
| Past Financials | Company Filings (3 months ago) | See Below |
| Future Estimates | Average of up to 6 Analyst Estimates (S&P Global) | See Below |
All data from Rayonier Company Filings, last reported 3 months ago, and in Trailing twelve months (TTM) annual period rather than quarterly.
| Date (Data in USD Millions) | EPS * | EPS High Estimate | EPS Low Estimate | Avg. No. Analysts |
|---|---|---|---|---|
| 2020-12-31 | 0.64 | 0.89 | 0.52 | 5.00 |
| 2019-12-31 | 0.51 | 0.53 | 0.50 | 5.00 |
| Date (Data in USD Millions) | EPS * |
|---|---|
| 2018-12-31 | 0.79 |
| 2018-09-30 | 1.28 |
| 2018-06-30 | 1.29 |
| 2018-03-31 | 1.21 |
| 2017-12-31 | 1.17 |
| 2017-09-30 | 1.06 |
| 2017-06-30 | 1.19 |
| 2017-03-31 | 1.88 |
| 2016-12-31 | 1.73 |
| 2016-09-30 | 1.42 |
| 2016-06-30 | 1.25 |
| 2016-03-31 | 0.34 |
*GAAP earnings excluding extraordinary items.
Future performance checks
We assess Rayonier's future performance by looking at:- Is the annual earnings growth rate expected to beat the low risk savings rate, plus a premium to keep pace with inflation?
- Is the annual earnings growth rate expected to beat the average growth rate in earnings of the United States of America market? (1 check)
- Is the annual revenue growth rate expected to beat the average growth rate in revenue of the United States of America market? (1 check)
- Is the annual earnings growth rate expected to be above 20%? (1 check)
- Is the annual revenue growth rate expected to be above 20%? (1 check)
- Is the Return on Equity in 3 years expected to be over 20%? (1 check)
Rayonier has a total score of 0/6, see the detailed checks below.
Note 1: We use GAAP Net Income Excluding Exceptional Items for our Earnings in all our calculations.
Full details on the Future part of the Simply Wall St company analysis model.
Past Performance
How has Rayonier performed over the past 5 years?
The past performance of a company can be measured by how much
growth
it has experienced and how much profit it makes relative to the funds and assets
it has available.
Past earnings growth
Past Earnings growth analysis
- Rayonier's year on year earnings growth rate has been positive over the past 5 years, however the most recent earnings are below average.
- Rayonier's 1-year earnings growth is negative, it can't be compared to the 5-year average.
- Rayonier's 1-year earnings growth is negative, it can't be compared to the US REITs industry average.
Earnings and Revenue History
All data from Rayonier Company Filings, last reported 3 months ago, and in Trailing twelve months (TTM) annual period rather than quarterly.
| Date (Data in USD Millions) | Revenue | Net Income * | G+A Expenses | R&D Expenses |
|---|---|---|---|---|
| 2018-12-31 | 816.14 | 102.22 | 41.95 | |
| 2018-09-30 | 889.71 | 164.38 | 41.64 | |
| 2018-06-30 | 873.24 | 165.64 | 40.82 | |
| 2018-03-31 | 828.30 | 155.54 | 39.60 | |
| 2017-12-31 | 819.60 | 148.84 | 40.25 | |
| 2017-09-30 | 827.98 | 133.02 | 40.91 | |
| 2017-06-30 | 814.98 | 147.68 | 41.59 | |
| 2017-03-31 | 875.56 | 231.34 | 42.60 | |
| 2016-12-31 | 815.92 | 211.97 | 42.79 | |
| 2016-09-30 | 704.92 | 173.93 | 43.07 | |
| 2016-06-30 | 685.16 | 154.25 | 43.16 | |
| 2016-03-31 | 539.41 | 42.89 | 44.63 | |
| 2015-12-31 | 568.80 | 46.17 | 45.75 | |
| 2015-09-30 | 555.12 | 44.43 | 46.29 | |
| 2015-06-30 | 553.30 | 57.46 | 44.41 | |
| 2015-03-31 | 600.64 | 63.26 | 45.54 | |
| 2014-12-31 | 603.52 | 55.93 | 47.88 | |
| 2014-09-30 | 694.68 | 79.38 | 50.13 | |
| 2014-06-30 | 704.11 | 60.70 | 54.43 | |
| 2014-03-31 | 696.16 | 95.33 | 55.27 | |
| 2013-12-31 | 660.28 | 103.94 | 55.43 | |
| 2013-09-30 | 834.73 | 145.42 | 57.53 | |
| 2013-06-30 | 1,061.69 | 210.68 | 59.90 | |
| 2013-03-31 | 1,254.77 | 237.87 | 61.09 | |
| 2012-12-31 | 379.16 | 16.77 | 58.63 | |
| 2012-09-30 | 1,459.77 | 254.20 | 68.99 | |
| 2012-06-30 | 1,459.63 | 279.83 | 69.27 |
*GAAP earnings excluding extraordinary items.
Performance last year
We want to ensure a company is making the most of what it has available. This is
done by comparing the return (profit) to a company's available
funds,
assets
and
capital.
- Rayonier has not efficiently used shareholders’ funds last year (Return on Equity less than 20%).
- Rayonier used its assets less efficiently than the US REITs industry average last year based on Return on Assets.
- Rayonier has significantly improved its use of capital last year versus 3 years ago (Return on Capital Employed).
Past performance checks
We assess Rayonier's performance over the past 5 years by checking for:- Has earnings increased in past 5 years? (1 check)
- Has the earnings growth in the last year exceeded that of the REITs industry? (1 check)
- Is the recent earnings growth over the last year higher than the average annual growth over the past 5 years? (1 check)
- Is the Return on Equity (ROE) higher than 20%? (1 check)
- Is the Return on Assets (ROA) above industry average? (1 check)
- Has the Return on Capital Employed (ROCE) increased from 3 years ago? (1 check)
Rayonier has a total score of 2/6, see the detailed checks below.
Note: We use GAAP Net Income excluding extraordinary items in all our calculations.
Full details on the Past part of the Simply Wall St company analysis model.
Health
How is Rayonier's financial health and their level of debt?
A company's financial position is much like your own financial position,
it includes everything you own
(assets)
and owe
(liabilities).The boxes below represent the relative size of what makes up Rayonier's finances.
The net worth of a company is the difference between its assets and liabilities.
- Rayonier is able to meet its short term (1 year) commitments with its holdings of cash and other short term assets.
- Rayonier's long term commitments exceed its cash and other short term assets.
Balance sheet
Assets
Liabilities and shares
- High level of physical assets or inventory.
- Debt is not covered by short term assets, assets are 0.2x debt.
Historical Debt
Nearly all companies have debt. Debt in itself isn’t
bad,
however if the debt is too high, or the company can’t afford to pay the interest
on its debts this may have impacts in the future.The graphic below shows equity (available funds) and debt, we ideally want to see the red area (debt) decreasing.
If there is any debt we look at the companies capability to repay it, and whether the level has increased over the past 5 years.
All data from Rayonier Company Filings, last reported 3 months ago.
| Date (Data in USD Millions) | Total Equity | Total Debt | Cash & Short Term Investments |
|---|---|---|---|
| 2018-12-31 | 1,654.55 | 972.57 | 148.37 |
| 2018-09-30 | 1,701.10 | 972.43 | 146.26 |
| 2018-06-30 | 1,712.88 | 972.29 | 106.61 |
| 2018-03-31 | 1,736.17 | 996.15 | 92.79 |
| 2017-12-31 | 1,692.94 | 1,027.41 | 112.65 |
| 2017-09-30 | 1,657.23 | 1,036.57 | 104.06 |
| 2017-06-30 | 1,668.11 | 1,071.57 | 136.56 |
| 2017-03-31 | 1,647.29 | 1,075.24 | 219.36 |
| 2016-12-31 | 1,496.75 | 1,067.86 | 85.91 |
| 2016-09-30 | 1,448.58 | 1,100.70 | 110.04 |
| 2016-06-30 | 1,420.52 | 1,091.49 | 129.65 |
| 2016-03-31 | 1,335.78 | 894.72 | 76.20 |
| 2015-12-31 | 1,361.74 | 848.80 | 51.78 |
| 2015-09-30 | 1,376.22 | 813.61 | 65.76 |
| 2015-06-30 | 1,477.27 | 760.62 | 91.63 |
| 2015-03-31 | 1,548.22 | 751.18 | 139.05 |
| 2014-12-31 | 1,575.15 | 758.80 | 161.56 |
| 2014-09-30 | 1,610.90 | 741.17 | 182.83 |
| 2014-06-30 | 1,715.87 | 775.14 | 222.06 |
| 2014-03-31 | 1,757.64 | 1,513.35 | 156.07 |
| 2013-12-31 | 1,755.24 | 1,578.88 | 199.64 |
| 2013-09-30 | 1,684.88 | 1,663.45 | 260.74 |
| 2013-06-30 | 1,650.12 | 1,676.58 | 343.58 |
| 2013-03-31 | 1,539.19 | 1,200.47 | 266.02 |
| 2012-12-31 | 1,438.00 | 1,270.05 | 280.60 |
| 2012-09-30 | 1,417.97 | 1,009.05 | 215.48 |
| 2012-06-30 | 1,360.11 | 1,018.09 | 189.10 |
- Rayonier's level of debt (58.8%) compared to net worth is high (greater than 40%).
- The level of debt compared to net worth has been reduced over the past 5 years (89.9% vs 58.8% today).
- Debt is well covered by operating cash flow (31.9%, greater than 20% of total debt).
- Interest payments on debt are well covered by earnings (EBIT is 5.7x coverage).
Financial health checks
We assess Rayonier's financial health by checking for:- Are short term assets greater than short term liabilities? (1 check)
- Are short term assets greater than long term liabilities? (1 check)
- Has the debt to equity ratio increased in the past 5 years? (1 check)
- Is the debt to equity ratio over 40%? (1 check)
- Is the debt covered by operating cash flow? (1 check)
- Are earnings greater than 5x the interest on debt (if company pays interest at all)? (1 check) Rayonier has a total score of 4/6, see the detailed checks below.
- Does cash and short term investments cover stable operating expenses (recurring G&A and R&D) for more than 3 years? (1 check)
- Does cash and short term investments cover growing operating expenses (recurring G&A and R&D) for more than 3 years? (1 check)
Full details on the Health part of the Simply Wall St company analysis model.
Dividends
What is Rayonier's current dividend yield, its reliability and sustainability?
Dividends are regular cash payments to you from the company, similar to a
bank paying you interest on a savings account.
Annual Dividend Income
If you bought
$2,000 of
Rayonier
shares you are expected to receive
$69
in your first year as a dividend.
Dividend Amount
- Rayonier's pays a higher dividend yield than the bottom 25% of dividend payers in United States of America (1.39%).
- Rayonier's dividend is below the markets top 25% of dividend payers in United States of America (3.62%).
Annualized Historical and Future Dividends
It is important to see if the dividend for a company is stable, and not
wildly increasing/decreasing each year. This graph shows you the historical rate
to count toward your assessment of the stock.We also check to see if the dividend has increased in the past 10 years.
| Data Point | Source | Value |
|---|---|---|
| Past Annualized Dividend Yield | S&P Global Market Data | See Below |
| Past Dividends per Share | Company Filings/ Annualized Dividend Payments | See Below |
| Future Dividends per Share Estimates | Average of up to 6 Analyst Estimates (S&P Global) | See Below |
| United States of America REITs Industry Average Dividend Yield | Market Cap Weighted Average of 184 Stocks | 3.9% |
| United States of America Market Average Dividend Yield | Market Cap Weighted Average of 2008 Stocks | 2.4% |
| United States of America Minimum Threshold Dividend Yield | 10th Percentile | 0.8% |
| United States of America Bottom 25% Dividend Yield | 25th Percentile | 1.4% |
| United States of America Top 25% Dividend Yield | 75th Percentile | 3.6% |
Industry and Market average data is calculated daily.
Note all dividend per share amounts are annualized and not quarterly or other period.
| Date (Data in $) | Dividend per Share (annual) | Avg. No. Analysts |
|---|---|---|
| 2020-12-31 | 1.07 | 7.00 |
| 2019-12-31 | 1.06 | 8.00 |
| Date (Data in $) | Dividend per share (annual) | Avg. Yield (%) |
|---|---|---|
| 2019-02-22 | 1.080 | 3.549 |
| 2018-10-19 | 1.080 | 3.624 |
| 2018-07-20 | 1.080 | 3.206 |
| 2018-05-21 | 1.080 | 2.806 |
| 2018-05-04 | 1.000 | 2.654 |
| 2018-05-02 | 1.000 | 2.653 |
| 2017-10-20 | 1.000 | 3.036 |
| 2017-07-21 | 1.000 | 3.465 |
| 2017-05-19 | 1.000 | 3.499 |
| 2017-02-24 | 1.000 | 3.527 |
| 2016-10-21 | 1.000 | 3.655 |
| 2016-07-22 | 1.000 | 3.743 |
| 2016-05-24 | 1.000 | 3.841 |
| 2016-02-29 | 1.000 | 4.117 |
| 2015-10-19 | 1.000 | 4.565 |
| 2015-07-20 | 1.000 | 4.304 |
| 2015-05-18 | 1.000 | 3.896 |
| 2015-03-02 | 1.000 | 3.770 |
| 2015-02-12 | 1.000 | 3.643 |
| 2014-07-21 | 1.200 | 3.923 |
| 2014-05-16 | 1.960 | 4.619 |
| 2014-02-28 | 1.960 | 4.317 |
| 2013-10-18 | 1.960 | 4.407 |
| 2013-07-22 | 1.960 | 3.464 |
| 2013-05-16 | 1.760 | 3.163 |
| 2013-02-26 | 1.760 | 3.021 |
| 2012-10-19 | 1.760 | 3.415 |
| 2012-07-23 | 1.760 | 3.621 |
| 2012-05-18 | 1.600 | 3.625 |
| 2012-02-28 | 1.600 | 3.610 |
| 2011-10-21 | 1.600 | 3.720 |
| 2011-07-25 | 1.600 | 4.052 |
| 2011-05-20 | 1.440 | 3.319 |
| 2011-02-18 | 1.440 | 3.463 |
| 2010-10-18 | 1.440 | 3.968 |
| 2010-07-16 | 1.333 | 4.109 |
| 2010-05-21 | 1.333 | 4.429 |
| 2010-05-07 | 1.333 | 4.395 |
| 2010-05-06 | 1.333 | 4.356 |
| 2010-02-23 | 1.333 | 4.371 |
| 2010-01-26 | 1.333 | 4.799 |
| 2009-10-16 | 1.333 | 4.811 |
| 2009-07-17 | 1.333 | 4.910 |
| 2009-05-22 | 1.333 | 5.394 |
| 2009-04-30 | 1.333 | 5.237 |
| 2009-04-23 | 1.333 | 5.252 |
Learn more about our ratios and growth rates in Simply Wall St’s analysis model >
- Dividends per share have been volatile in the past 10 years (annual drop of over 20%).
- Dividends per share have fallen over the past 10 years.
Income/ dividend checks
We assess Rayonier's dividend by checking for:- Firstly is the company paying a notable dividend (greater than 0.8%) - if not then the rest of the checks are ignored.
- Is current dividend yield above the bottom 25% of dividend payers? (1 check)
- Is current dividend yield above the top 25% of dividend payers? (1 check)
- Have they paid a dividend for 10 years, and during this period has the dividend been volatile (drop of more than 25%)? (1 check)
- If they have paid a dividend for 10 years has it increased in this time? (1 check)
- How sustainable is the dividend, can Rayonier afford to pay it from its earnings today and in 3 years (Payout ratio less than 90%)? (2 checks) Rayonier has a total score of 2/6, see the detailed checks below.
Full details on the Dividends part of the Simply Wall St company analysis model.
Management
CEO
| COMPENSATION | $4,318,498 |
| AGE | 56 |
| TENURE AS CEO | 4.8 years |
CEO Bio
Mr. David L. Nunes, also known as Dave, has been Chief Executive Officer, President and Director at Rayonier Inc. since June 30, 2014. Previously, Mr. Nunes served as the Chief Operating Officer at Rayonier Inc. from June 9, 2014 to June 30, 2014. Prior to this, he served as the President at Nunes Vegetable, Inc at The Nunes Company, Inc., and served as its Vice President since January 2002. Mr. Nunes served as the President and Chief Executive Officer at Pope MGP Inc and its Director since January 9, 2002. He served as its Chief Operating Officer from September 2000 to January 2002, Senior Vice President for Acquisitions & Portfolio Development from November 1998 to August 2000, Vice President for Portfolio Development from December 1997 to October 1998 and Director of Portfolio Development from April 1997 to December 1997. Mr. Nunes served as the President at Pope Resources, a Delaware Limited Partnership from September 2000 to May 31, 2014. He was Chief Executive Officer of Pope Resources/Olympic Resource Management from 2002 to 2014. He served two years as Senior Vice President of Acquisitions and Portfolio Development at Pope Resources. Mr. Nunes has more than three decades of forest products industry experience. Mr. Nunes served as the Strategic Planning Director at Weyerhaeuser Company from June 1988 to April 1997. He joined as Business Analyst at Weyerhaeuser Company in 1988. Mr. Nunes holds an MBA from the Tepper School of Business at Carnegie Mellon University and a Bachelor of Arts in Economics from Pomona College.
CEO Compensation
- Dave's compensation has been consistent with company performance over the past year.
- Dave's remuneration is about average for companies of similar size in United States of America.
Management Team Tenure
Average tenure and age of the Rayonier management team in years:
- The tenure for the Rayonier management team is about average.
Management Team
Dave Nunes
President
$4M
56
4.8 yrs
Mark McHugh
Senior VP & CFO
$2M
42
4.3 yrs
Mark Bridwell
VP, General Counsel & Corporate Secretary
$1M
56
4.8 yrs
Chris Corr
Senior Vice President of Real Estate Development
$964K
54
1.3 yrs
Doug Long
Senior Vice President of Forest Resources
$1M
47
3.3 yrs
Shelby Pyatt
Vice President of Human Resources & Information Technology
$735K
47
4.8 yrs
April Tice
Director of Financial Services & Corporate Controller
44
2.4 yrs
Board of Directors Tenure
Average tenure and age of the Rayonier board of directors in years:
- The tenure for the Rayonier board of directors is about average.
Board of Directors
Richard Kincaid
Chairman of the Board
$226K
56
4.8 yrs
Dave Nunes
President
$4M
56
4.8 yrs
V. Martin
Director
$170K
54
11.7 yrs
Scott Jones
Director
$173K
59
4.8 yrs
Dod Fraser
Director
$187K
68
4.8 yrs
Blanche Lincoln
Director
$164K
57
4.8 yrs
Bernie Lanigan
Director
$169K
70
3.9 yrs
Andrew Wiltshire
Director
$169K
60
3.9 yrs
Keith Bass
Director
$172K
54
1.3 yrs
Who owns this company?
Recent Insider Transactions
| Announced | Type | Name | Entity | Role | Start | End | Shares | Max Price ($) | Value ($) | |
|---|---|---|---|---|---|---|---|---|---|---|
Management checks
We assess Rayonier's management by checking for:- Is the CEO's compensation unreasonable compared to market cap? (1 check)
- Has the CEO's compensation increased more than 20% whilst the EPS is down more then 20%? (1 check)
- Is the average tenure of the management team less than 2 years? (1 check)
- Is the average tenure of the board of directors team less than 3 years? (1 check) Rayonier has a total score of 0/6, this is not included on the snowflake, see the detailed checks below.
Note: We use the top 6 management executives and board members in our calculations.
Note 2: Insider trading include any internal stakeholders and these transactions .
Full details on the Management part of the Simply Wall St company analysis model.
News
Simply Wall St News
Is Rayonier Inc. (NYSE:RYN) A Healthy REIT?
real estate investment trust (REIT) based in Yulee, United States. … They have to meet certain requirements in order to become a REIT, meaning they should be analyzed a different way. … This term is very common in the REIT investing world as it provides a cleaner look at its cash flow from daily operations by excluding impact of one-off activities or non-cash items such as depreciation
Simply Wall St - – Full articleTaking A Look At Rayonier Inc.'s (NYSE:RYN) ROE
While some investors are already well versed in financial metrics (hat tip), this article is for those who would like to learn about Return On Equity (ROE) and why it is important. … One way to conceptualize this, is that for each $1 of shareholders' equity it has, the company made $0.071 in profit. … Return on Equity = Net Profit ÷ Shareholders' Equity
Simply Wall St - – Full articleDoes Rayonier Inc.'s (NYSE:RYN) CEO Salary Compare Well With Others?
This report will, first, examine the CEO compensation levels in comparison to CEO compensation at companies of similar size. … The aim of all this is to consider the appropriateness of CEO pay levels. … How Does Dave Nunes's Compensation Compare With Similar Sized Companies?
Simply Wall St - – Full articleYou May Have Been Looking At Rayonier Inc. (NYSE:RYN) All Wrong
real estate investment trust (REIT) based in Yulee, United States. … REITs are basically a portfolio of income-producing real estate investments, which are owned and operated by management of that trust company. … They have to meet certain requirements in order to become a REIT, meaning they should be analyzed a different way.
Simply Wall St - – Full articleShould You Be Holding Rayonier Inc. (NYSE:RYN)?
Building up an investment case requires looking at a stock holistically. … Today I've chosen to put the spotlight on Rayonier Inc. … For those interested in digger a bit deeper into my commentary,
Simply Wall St - – Full articleBuy Rayonier Inc (NYSE:RYN) When Everyone Panics
Rayonier Inc is a financially healthy and robust stock with a proven track record of outperformance. … We all know Rayonier, and having this large-cap to cushion your portfolio during a volatile period in the stock market isn't a bad idea. … Today I will give a high-level overview of the stock, and why I believe it's still attractive.
Simply Wall St - – Full articleWhat Kind Of Shareholders Own Rayonier Inc (NYSE:RYN)?
Generally speaking, as a company grows, institutions will increase their ownership. … We also tend to see lower insider ownership in companies that were previously publicly owned. … Our analysis of the ownership of the company, below, shows that.
Simply Wall St - – Full articleRayonier Inc's (NYSE:RYN) Most Important Factor To Consider
If you are currently a shareholder in Rayonier Inc (NYSE:RYN), or considering investing in the stock, you need to examine how the business generates cash, and how it is reinvested. … What is left after investment, determines the value of the stock since this cash flow technically belongs to investors of the company. … Free cash flow (FCF) is the amount of cash Rayonier has left after it pays off its expenses, including its net capital expenditures, which is what the company needs to spend each year to maintain or grow its business operations.
Simply Wall St - – Full articleIs Rayonier Inc's (NYSE:RYN) CEO Salary Justified?
This analysis aims first to contrast CEO compensation with other companies that have similar market capitalization. … How Does Dave Nunes's Compensation Compare With Similar Sized Companies. … According to our data, Rayonier Inc has a market capitalization of US$4.1b, and pays its CEO total annual compensation worth US$4m.
Simply Wall St - – Full articleDid Rayonier Inc (NYSE:RYN) Create Value For Shareholders?
and want to learn about Return on Equity using a real-life example. … This can be measured by looking at the company’s financial leverage. … However, ROE only measures returns against equity, not debt.
Simply Wall St - – Full articleCompany Info
Description
Rayonier is a leading timberland real estate investment trust with assets located in some of the most productive softwood timber growing regions in the United States and New Zealand. As of December 31, 2018, Rayonier owned, leased or managed approximately 2.6 million acres of timberlands located in the U.S. South (1.8 million acres), U.S. Pacific Northwest (378,000 acres) and New Zealand (408,000 acres).
Details
| Name: | Rayonier Inc. |
| RYN | |
| Exchange: | NYSE |
| Founded: | 1926 |
| $4,046,870,754 | |
| 129,169,191 | |
| Website: | http://www.rayonier.com |
| Address: |
Rayonier Inc. Wildlight, 1 Rayonier Way, Yulee, Florida, 32097, United States |
Listings
| Exchange Symbol | Ticker Symbol | Security | Exchange | Country | Currency | Listed on | |
|---|---|---|---|---|---|---|---|
| NYSE | RYN | Common Shares | New York Stock Exchange | US | USD | 17. Feb 1994 | |
| DB | RA6 | Common Shares | Deutsche Boerse AG | DE | EUR | 17. Feb 1994 |
Number of employees
Current staff
Industry
| Specialized REITs | |
| Real Estate |
Company Analysis and Financial Data Status
| Area | Date (UTC time) |
|---|---|
| Company Analysis updated: | 2019/04/22 23:44 |
| End of day share price update: | 2019/04/22 00:00 |
| Last estimates confirmation: | 2019/04/18 |
| Last earnings filing: | 2019/02/22 |
| Last earnings reported: | 2018/12/31 |
| Last annual earnings reported: | 2018/12/31 |
All dates and times in UTC. All financial data provided by Standard & Poor’s Capital IQ.
Unless specified all financial data is based on a yearly period but updated quarterly. This is known as Trailing Twelve Month (TTM) or Last Twelve Month (LTM) Data. Learn more here.
