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$143.56 - $532.26$240.56
Multi-Stage$91.34 - $99.82$95.51
Blended Fair Value$168.04
Current Price$22.18
Upside657.60%
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 Rate8.43%8.43%8.43%
Growth Rate5.50%6.50%7.50%
Fair Value$143.56$240.56$532.26
Upside / Downside547.24%984.60%2,299.75%

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 Rate8.43%8.43%8.43%
Growth Rate5.50%6.50%7.50%
Year 1 PV (M)320.97324.01327.06
Year 2 PV (M)399.42407.03414.71
Year 3 PV (M)473.40486.99500.84
Year 4 PV (M)543.09563.97585.45
Year 5 PV (M)608.66638.05668.58
PV of Terminal Value (M)11,862.7512,435.7213,030.63
Equity Value (M)14,208.2914,855.7915,527.27
Shares Outstanding (M)155.55155.55155.55
Fair Value$91.34$95.51$99.82
Upside / Downside311.82%330.59%350.06%

High-Yield Dividend Screener

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