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Ryman Hospitality Properties, Inc. (RHP)

Company Dividend Discount ModelIndustry: REIT - Hotel & MotelSector: Real Estate

Valuation Snapshot

Stable Growth$87.32 - $233.09$133.77
Multi-Stage$61.95 - $67.56$64.70
Blended Fair Value$99.24
Current Price$89.59
Upside10.77%
DecisionDon't Buy

Dividend History & Growth Metrics (10Y)

Metric5Y CAGR10Y CAGR2024202320222021202020192018201720162015
DPS7.74%9.29%4.132.730.090.011.592.852.682.512.352.04
YoY Growth--51.20%2,905.99%1,066.33%-99.51%-44.19%6.34%6.62%6.98%15.12%20.01%
Dividend Yield--4.52%2.36%0.10%0.01%2.05%7.95%3.24%3.24%3.80%3.96%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)
Net Income To Common (M)238.37
(-) Cash Dividends Paid (M)136.61
(=) Cash Retained (M)101.75
MetricLOWBASEHIGH
Required Retention Ratio20.0%12.5%7.5%
(=) Cash Required (M)47.6729.8017.88
Cash Retained (M)101.75101.75101.75
(-) Cash Required (M)-47.67-29.80-17.88
(=) Excess Retained (M)54.0871.9683.88
(/) Shares Outstanding (M)64.3664.3664.36
(=) Excess Retained per Share0.841.121.30
LTM Dividend per Share2.122.122.12
(+) Excess Retained per Share0.841.121.30
(=) Adjusted Dividend2.963.243.43
WACC / Discount Rate9.08%9.08%9.08%
Growth Rate5.50%6.50%7.50%
Fair Value$87.32$133.77$233.09
Upside / Downside-2.54%49.32%160.18%

Multi-Stage Model: Projections

(USD in Millions)
MetricTTMDec-27Dec-28Dec-29Dec-30Dec-31Terminal
Net Income (M)238.37253.86270.36287.93306.65326.58336.38
Payout Ratio57.31%63.85%70.39%76.92%83.46%90.00%92.50%
Projected Dividends (M)136.61162.09190.30221.49255.94293.92311.15

Multi-Stage Valuation

MetricLOWBASEHIGH
WACC / Discount Rate9.08%9.08%9.08%
Growth Rate5.50%6.50%7.50%
Year 1 PV (M)147.20148.60149.99
Year 2 PV (M)156.95159.94162.95
Year 3 PV (M)165.90170.66175.51
Year 4 PV (M)174.09180.78187.67
Year 5 PV (M)181.56190.33199.44
PV of Terminal Value (M)3,161.233,313.923,472.45
Equity Value (M)3,986.924,164.224,348.01
Shares Outstanding (M)64.3664.3664.36
Fair Value$61.95$64.70$67.56
Upside / Downside-30.85%-27.78%-24.59%

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