Definitive Analysis
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Definitive Analysis

Financial Statements

Ticker

Industry

Sector

Rayonier Inc. (RYN)

Company Dividend Discount ModelIndustry: REIT - SpecialtySector: Real Estate

Valuation Snapshot

Stable Growth$315.17 - $991.65$929.32
Multi-Stage$132.16 - $144.64$138.28
Blended Fair Value$533.80
Current Price$22.18
Upside2,306.68%
DecisionBuy

Dividend History & Growth Metrics (10Y)

Metric5Y CAGR10Y CAGR2024202320222021202020192018201720162015
DPS7.29%-2.47%1.291.091.070.990.940.910.880.820.790.80
YoY Growth--18.01%2.58%7.94%4.90%3.74%3.14%7.64%3.44%-1.67%-51.48%
Dividend Yield--4.63%3.37%3.20%2.40%2.92%3.85%2.77%2.32%2.79%3.25%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)
Net Income To Common (M)775.61
(-) Cash Dividends Paid (M)237.85
(=) Cash Retained (M)537.76
MetricLOWBASEHIGH
Required Retention Ratio20.0%12.5%7.5%
(=) Cash Required (M)155.1296.9558.17
Cash Retained (M)537.76537.76537.76
(-) Cash Required (M)-155.12-96.95-58.17
(=) Excess Retained (M)382.64440.81479.59
(/) Shares Outstanding (M)155.55155.55155.55
(=) Excess Retained per Share2.462.833.08
LTM Dividend per Share1.531.531.53
(+) Excess Retained per Share2.462.833.08
(=) Adjusted Dividend3.994.364.61
WACC / Discount Rate6.84%6.84%6.84%
Growth Rate5.50%6.50%7.50%
Fair Value$315.17$929.32$991.65
Upside / Downside1,320.96%4,089.90%4,370.91%

Multi-Stage Model: Projections

(USD in Millions)
MetricTTMDec-27Dec-28Dec-29Dec-30Dec-31Terminal
Net Income (M)775.61826.03879.72936.90997.801,062.661,094.54
Payout Ratio30.67%42.53%54.40%66.27%78.13%90.00%92.50%
Projected Dividends (M)237.85351.33478.56620.85779.61956.391,012.45

Multi-Stage Valuation

MetricLOWBASEHIGH
WACC / Discount Rate6.84%6.84%6.84%
Growth Rate5.50%6.50%7.50%
Year 1 PV (M)325.77328.86331.94
Year 2 PV (M)411.45419.29427.20
Year 3 PV (M)494.94509.15523.62
Year 4 PV (M)576.28598.44621.23
Year 5 PV (M)655.51687.17720.04
PV of Terminal Value (M)18,093.1418,967.0419,874.39
Equity Value (M)20,557.0721,509.9422,498.43
Shares Outstanding (M)155.55155.55155.55
Fair Value$132.16$138.28$144.64
Upside / Downside495.84%523.46%552.11%

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