Definitive Analysis
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Definitive Analysis

Financial Statements

Ticker

Industry

Sector

Ryman Hospitality Properties, Inc. (RHP)

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

Valuation Snapshot

Stable Growth$77.51 - $181.18$113.80
Multi-Stage$57.44 - $62.61$59.98
Blended Fair Value$86.89
Current Price$89.59
Upside-3.01%
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 Rate9.53%9.53%9.53%
Growth Rate5.50%6.50%7.50%
Fair Value$77.51$113.80$181.18
Upside / Downside-13.48%27.03%102.23%

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 Rate9.53%9.53%9.53%
Growth Rate5.50%6.50%7.50%
Year 1 PV (M)146.59147.98149.37
Year 2 PV (M)155.65158.62161.61
Year 3 PV (M)163.85168.55173.34
Year 4 PV (M)171.23177.81184.58
Year 5 PV (M)177.84186.43195.35
PV of Terminal Value (M)2,881.833,021.033,165.55
Equity Value (M)3,696.993,860.424,029.80
Shares Outstanding (M)64.3664.3664.36
Fair Value$57.44$59.98$62.61
Upside / Downside-35.88%-33.05%-30.11%

High-Yield Dividend Screener

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