Intrinsic value of Rayonier - RYN

Previous Close

$29.67

  Intrinsic Value

$12.23

stock screener

  Rating & Target

str. sell

-59%

Previous close

$29.67

 
Intrinsic value

$12.23

 
Up/down potential

-59%

 
Rating

str. sell

Our model is not good at valuating stocks of financial companies, such as RYN.

We calculate the intrinsic value of RYN stock by summing up the current values of future distributable cash flows generated by the company and dividing the sum by the number of outstanding shares. As such, the intrinsic value calculation depends entirely on projections. The more accurate your projections of the company's performance are - the more reliable is the intrinsic value calculation result. Please make sure to check the stock valuation input data below and adjust it if necessary. The quality of the output (intrinsic valuation result) is only as good as the quality of the input. See also DISCLAIMERS.

STOCK VALUATION INPUT DATA

Revenue (in 2016), $M
Initial revenue growth rate, %
Terminal revenue growth rate, %
Revenue decline factor
Initial discount rate, %
Discount rate multiplier
Variable cost ratio, %
Fixed operating expenses, $M
Interest rate on debt, %
Effective corporate tax rate, %
Production assets / Revenue, %
Life of production assets, yrs
Working capital / Revenue, %
Revenue / Adjusted assets
Adjusted equity ratio
Cash flow adjustment, % of Revenue
Book value of equity, $M
Shares outstanding, mln
Market capitalization, $bln 3.8

 

FINANCIAL STATEMENTS FORECAST and PRESENT VALUE CALCULATION

Fiscal year
2016(a)
   2017
   2018
   2019
   2020
   2021
   2022
   2023
   2024
   2025
   2026
   2027
   2028
   2029
   2030
   2031
   2032
   2033
   2034
   2035
   2036
   2037
   2038
   2039
   2040
   2041
   2042
   2043
   2044
   2045
   2046

INCOME STATEMENT

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Revenue growth rate, %
  44.59
  2.00
  2.30
  2.57
  2.81
  3.03
  3.23
  3.41
  3.57
  3.71
  3.84
  3.95
  4.06
  4.15
  4.24
  4.31
  4.38
  4.44
  4.50
  4.55
  4.59
  4.64
  4.67
  4.70
  4.73
  4.76
  4.78
  4.81
  4.83
  4.84
  4.86
Revenue, $m
  788
  804
  822
  843
  867
  893
  922
  954
  988
  1,024
  1,064
  1,106
  1,151
  1,198
  1,249
  1,303
  1,360
  1,420
  1,484
  1,552
  1,623
  1,698
  1,778
  1,861
  1,950
  2,042
  2,140
  2,243
  2,351
  2,465
  2,585
Variable operating expenses, $m
 
  219
  224
  229
  236
  243
  251
  259
  269
  279
  289
  301
  313
  326
  340
  354
  370
  386
  404
  422
  442
  462
  484
  506
  530
  556
  582
  610
  640
  671
  703
Fixed operating expenses, $m
 
  335
  344
  352
  361
  370
  379
  389
  398
  408
  419
  429
  440
  451
  462
  474
  485
  498
  510
  523
  536
  549
  563
  577
  591
  606
  621
  637
  653
  669
  686
Total operating expenses, $m
  533
  554
  568
  581
  597
  613
  630
  648
  667
  687
  708
  730
  753
  777
  802
  828
  855
  884
  914
  945
  978
  1,011
  1,047
  1,083
  1,121
  1,162
  1,203
  1,247
  1,293
  1,340
  1,389
Operating income, $m
  256
  250
  255
  262
  270
  280
  292
  306
  321
  337
  356
  376
  398
  422
  447
  475
  505
  537
  571
  607
  646
  687
  731
  778
  828
  881
  937
  996
  1,059
  1,125
  1,196
EBITDA, $m
  371
  252
  257
  264
  273
  283
  295
  308
  323
  340
  358
  379
  401
  425
  451
  478
  508
  540
  574
  611
  650
  692
  736
  783
  833
  886
  942
  1,002
  1,065
  1,132
  1,203
Interest expense (income), $m
  36
  39
  40
  41
  43
  44
  46
  47
  49
  51
  53
  56
  58
  61
  64
  67
  70
  73
  77
  81
  85
  89
  94
  99
  104
  109
  114
  120
  126
  133
  140
Earnings before tax, $m
  223
  211
  215
  221
  228
  236
  247
  258
  271
  286
  302
  320
  340
  361
  383
  408
  435
  463
  494
  526
  561
  598
  638
  680
  724
  772
  822
  876
  932
  993
  1,056
Tax expense, $m
  5
  57
  58
  60
  62
  64
  67
  70
  73
  77
  82
  86
  92
  97
  104
  110
  117
  125
  133
  142
  151
  161
  172
  183
  196
  208
  222
  236
  252
  268
  285
Net income, $m
  212
  154
  157
  161
  166
  173
  180
  189
  198
  209
  221
  234
  248
  263
  280
  298
  317
  338
  360
  384
  409
  437
  465
  496
  529
  563
  600
  639
  681
  725
  771

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  86
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Total assets, $m
  2,686
  2,653
  2,714
  2,783
  2,862
  2,948
  3,044
  3,147
  3,260
  3,380
  3,510
  3,649
  3,797
  3,955
  4,122
  4,300
  4,489
  4,688
  4,899
  5,122
  5,357
  5,606
  5,867
  6,143
  6,434
  6,741
  7,063
  7,403
  7,760
  8,136
  8,531
Adjusted assets (=assets-cash), $m
  2,600
  2,653
  2,714
  2,783
  2,862
  2,948
  3,044
  3,147
  3,260
  3,380
  3,510
  3,649
  3,797
  3,955
  4,122
  4,300
  4,489
  4,688
  4,899
  5,122
  5,357
  5,606
  5,867
  6,143
  6,434
  6,741
  7,063
  7,403
  7,760
  8,136
  8,531
Revenue / Adjusted assets
  0.303
  0.303
  0.303
  0.303
  0.303
  0.303
  0.303
  0.303
  0.303
  0.303
  0.303
  0.303
  0.303
  0.303
  0.303
  0.303
  0.303
  0.303
  0.303
  0.303
  0.303
  0.303
  0.303
  0.303
  0.303
  0.303
  0.303
  0.303
  0.303
  0.303
  0.303
Average production assets, $m
  11
  10
  11
  11
  11
  12
  12
  12
  13
  13
  14
  14
  15
  16
  16
  17
  18
  18
  19
  20
  21
  22
  23
  24
  25
  27
  28
  29
  31
  32
  34
Working capital, $m
  73
  19
  20
  20
  21
  21
  22
  23
  24
  25
  26
  27
  28
  29
  30
  31
  33
  34
  36
  37
  39
  41
  43
  45
  47
  49
  51
  54
  56
  59
  62
Total debt, $m
  1,062
  1,056
  1,085
  1,118
  1,156
  1,197
  1,243
  1,292
  1,346
  1,404
  1,466
  1,532
  1,603
  1,678
  1,758
  1,843
  1,934
  2,029
  2,130
  2,236
  2,349
  2,467
  2,593
  2,725
  2,864
  3,010
  3,164
  3,326
  3,497
  3,677
  3,866
Total liabilities, $m
  1,274
  1,268
  1,297
  1,330
  1,368
  1,409
  1,455
  1,504
  1,558
  1,616
  1,678
  1,744
  1,815
  1,890
  1,970
  2,055
  2,146
  2,241
  2,342
  2,448
  2,561
  2,679
  2,805
  2,937
  3,076
  3,222
  3,376
  3,538
  3,709
  3,889
  4,078
Total equity, $m
  1,412
  1,385
  1,417
  1,453
  1,494
  1,539
  1,589
  1,643
  1,701
  1,765
  1,832
  1,905
  1,982
  2,064
  2,152
  2,245
  2,343
  2,447
  2,557
  2,674
  2,796
  2,926
  3,063
  3,207
  3,359
  3,519
  3,687
  3,864
  4,051
  4,247
  4,453
Total liabilities and equity, $m
  2,686
  2,653
  2,714
  2,783
  2,862
  2,948
  3,044
  3,147
  3,259
  3,381
  3,510
  3,649
  3,797
  3,954
  4,122
  4,300
  4,489
  4,688
  4,899
  5,122
  5,357
  5,605
  5,868
  6,144
  6,435
  6,741
  7,063
  7,402
  7,760
  8,136
  8,531
Debt-to-equity ratio
  0.752
  0.760
  0.770
  0.770
  0.770
  0.780
  0.780
  0.790
  0.790
  0.800
  0.800
  0.800
  0.810
  0.810
  0.820
  0.820
  0.830
  0.830
  0.830
  0.840
  0.840
  0.840
  0.850
  0.850
  0.850
  0.860
  0.860
  0.860
  0.860
  0.870
  0.870
Adjusted equity ratio
  0.510
  0.522
  0.522
  0.522
  0.522
  0.522
  0.522
  0.522
  0.522
  0.522
  0.522
  0.522
  0.522
  0.522
  0.522
  0.522
  0.522
  0.522
  0.522
  0.522
  0.522
  0.522
  0.522
  0.522
  0.522
  0.522
  0.522
  0.522
  0.522
  0.522
  0.522

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  212
  154
  157
  161
  166
  173
  180
  189
  198
  209
  221
  234
  248
  263
  280
  298
  317
  338
  360
  384
  409
  437
  465
  496
  529
  563
  600
  639
  681
  725
  771
Depreciation, amort., depletion, $m
  115
  2
  2
  2
  2
  2
  2
  2
  3
  3
  3
  3
  3
  3
  3
  3
  4
  4
  4
  4
  4
  4
  5
  5
  5
  5
  6
  6
  6
  6
  7
Funds from operations, $m
  194
  156
  159
  163
  169
  175
  182
  191
  201
  212
  223
  237
  251
  266
  283
  301
  321
  342
  364
  388
  414
  441
  470
  501
  534
  569
  606
  645
  687
  731
  778
Change in working capital, $m
  -10
  0
  0
  1
  1
  1
  1
  1
  1
  1
  1
  1
  1
  1
  1
  1
  1
  1
  2
  2
  2
  2
  2
  2
  2
  2
  2
  2
  3
  3
  3
Cash from operations, $m
  204
  156
  159
  163
  168
  174
  182
  190
  200
  211
  223
  236
  250
  265
  282
  300
  319
  340
  363
  386
  412
  439
  468
  499
  532
  567
  603
  643
  684
  728
  775
Maintenance CAPEX, $m
  0
  -2
  -2
  -2
  -2
  -2
  -2
  -2
  -2
  -3
  -3
  -3
  -3
  -3
  -3
  -3
  -3
  -4
  -4
  -4
  -4
  -4
  -4
  -5
  -5
  -5
  -5
  -6
  -6
  -6
  -6
New CAPEX, $m
  -432
  0
  0
  0
  0
  0
  0
  0
  0
  0
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -2
Cash from investing activities, $m
  -283
  -2
  -2
  -2
  -2
  -2
  -2
  -2
  -2
  -3
  -4
  -4
  -4
  -4
  -4
  -4
  -4
  -5
  -5
  -5
  -5
  -5
  -5
  -6
  -6
  -6
  -6
  -7
  -7
  -7
  -8
Free cash flow, $m
  -79
  154
  156
  160
  165
  172
  179
  187
  197
  208
  219
  232
  246
  262
  278
  296
  315
  336
  358
  382
  407
  434
  463
  493
  526
  560
  597
  636
  677
  721
  767
Issuance/(repayment) of debt, $m
  238
  26
  29
  33
  37
  41
  46
  50
  54
  58
  62
  66
  71
  75
  80
  85
  90
  95
  101
  107
  112
  119
  125
  132
  139
  146
  154
  162
  171
  180
  189
Issuance/(repurchase) of shares, $m
  1
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Cash from financing (excl. dividends), $m  
  237
  26
  29
  33
  37
  41
  46
  50
  54
  58
  62
  66
  71
  75
  80
  85
  90
  95
  101
  107
  112
  119
  125
  132
  139
  146
  154
  162
  171
  180
  189
Total cash flow (excl. dividends), $m
  157
  180
  185
  194
  203
  213
  225
  237
  251
  265
  281
  299
  317
  337
  358
  381
  405
  431
  459
  488
  520
  553
  588
  625
  665
  707
  751
  798
  848
  900
  956
Retained Cash Flow (-), $m
  -124
  -27
  -32
  -36
  -41
  -45
  -50
  -54
  -59
  -63
  -68
  -72
  -77
  -82
  -87
  -93
  -98
  -104
  -110
  -116
  -123
  -130
  -137
  -144
  -152
  -160
  -168
  -177
  -186
  -196
  -206
Prev. year cash balance distribution, $m
 
  54
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Cash flow adjustment, $m
 
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Cash available for distribution, $m
 
  207
  154
  157
  162
  168
  175
  183
  192
  202
  214
  226
  240
  255
  271
  288
  307
  327
  349
  372
  397
  423
  451
  481
  513
  547
  583
  621
  661
  704
  749
Discount rate, %
 
  7.00
  7.35
  7.72
  8.10
  8.51
  8.93
  9.38
  9.85
  10.34
  10.86
  11.40
  11.97
  12.57
  13.20
  13.86
  14.55
  15.28
  16.04
  16.85
  17.69
  18.57
  19.50
  20.48
  21.50
  22.58
  23.70
  24.89
  26.13
  27.44
  28.81
PV of cash for distribution, $m
 
  193
  133
  126
  119
  112
  105
  98
  91
  83
  76
  69
  62
  55
  48
  41
  35
  29
  24
  19
  15
  12
  9
  7
  5
  3
  2
  2
  1
  1
  0
Current shareholders' claim on cash, %
  100
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0

Rayonier Inc. is a timberland real estate investment trust with assets located in some of the timber growing regions in the United States and New Zealand. The Company operates through five segments: Southern Timber, Pacific Northwest Timber, New Zealand Timber, Real Estate and Trading. The Southern Timber, Pacific Northwest Timber and New Zealand Timber segments reflect all activities related to the harvesting of timber and other activities, such as recreational leases, within each respective geography. Its New Zealand Timber segment also reflects land sales that occur within its New Zealand portfolio. Its Real Estate segment reflects the United States land sales. Its Trading segment reflects the log trading activities that support its New Zealand operations. It owned, leased or managed approximately 2.7 million acres of timberlands, as of December 31, 2016. It is engaged in the trading of logs from New Zealand and Australia to Pacific Rim markets.

FINANCIAL RATIOS  of  Rayonier (RYN)

Valuation Ratios
P/E Ratio 17.2
Price to Sales 4.6
Price to Book 2.6
Price to Tangible Book
Price to Cash Flow 17.9
Price to Free Cash Flow -16
Growth Rates
Sales Growth Rate 44.6%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate 176.9%
Cap. Spend. - 3 Yr. Gr. Rate 5.5%
Financial Strength
Quick Ratio 3
Current Ratio 0.3
LT Debt to Equity 72.9%
Total Debt to Equity 75.2%
Interest Coverage 7
Management Effectiveness
Return On Assets 9.9%
Ret/ On Assets - 3 Yr. Avg. 6.1%
Return On Total Capital 9.2%
Ret/ On T. Cap. - 3 Yr. Avg. 5%
Return On Equity 15.7%
Return On Equity - 3 Yr. Avg. 8.4%
Asset Turnover 0.3
Profitability Ratios
Gross Margin 33.5%
Gross Margin - 3 Yr. Avg. 24.2%
EBITDA Margin 47.5%
EBITDA Margin - 3 Yr. Avg. 39.2%
Operating Margin 32.4%
Oper. Margin - 3 Yr. Avg. 21%
Pre-Tax Margin 28.3%
Pre-Tax Margin - 3 Yr. Avg. 14.5%
Net Profit Margin 26.9%
Net Profit Margin - 3 Yr. Avg. 17.2%
Effective Tax Rate 2.2%
Eff/ Tax Rate - 3 Yr. Avg. -6.7%
Payout Ratio 58%

RYN stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the RYN stock intrinsic value calculation we used $788 million for the last fiscal year's total revenue generated by Rayonier. The default revenue input number comes from 2016 income statement of Rayonier. You may change it if you feel that it should be adjusted for some unusual circumstances that are not expected to be repeated in the future or if you already know (from interim financial statements, for example) that this year's revenue is going to be quite different.

Revenue growth rate. Forecasted future revenue growth rate is the most important input parameter for the intrinsic value calculation. Unlike other input parameters that are reasonably expected to be in line with their historic averages or their historic trends, the revenue growth rate by and large is a wild card: nobody really knows what the company's revenue will be in the future. Of course, the level of unpredictability is different for different industries (utility companies being the most predictable and, thus, less risky).
    We use three input parameters to forecast the revenue growth rate in our RYN stock valuation model: a) initial revenue growth rate of 2% whose default value is the revenue growth rate in the most recent quarter compared to the quarterly revenue a year ago; b) terminal revenue growth rate of 5% whose default value is chosen to be close to the average nominal (i.e. not adjusted for inflation) GDP growth rate; and c) revenue decline factor of 0.9, which stipulates that revenue growth rate in each forecasted year will be equal to the difference of the revenue growth rate in the preceding year and the terminal revenue growth rate multiplied by this revenue decline factor (with the passage of time the revenue growth rate will be approaching the terminal revenue growth rate, but not quite reaching it - though the difference could be infinitesimally small).
    At the revenue decline factor of 1, the future revenue growth rate is forecasted to be constant and equal to the initial revenue growth rate. The smaller the revenue decline factor, the faster the revenue growth rate will approach the terminal revenue growth.

Discount rate. The discount rate is used for determining the present value of future cash flows: future cash flows are "discounted" as at normal conditions (that translate into positive expected return on investment) one dollar today is worth more than the same dollar in the future. Unlike all other valuation models, we use variable discount rate, i.e. it increases for each consecutive year. This is done to account for higher risk of cash flows coming in further in the future.
    The initial discount rate of 7%, whose default value for RYN is calculated based on our internal credit rating of Rayonier, is applied to the cash flow expected to be received a year from now (well, actually, to be precise, in the financial year following the base year - the last year for which we have financial statements). For each consecutive year the discount rate is multiplied by the discount rate multiplier of 1.05, e.i. each year it increases by 5%. Feel free to change this number to correspond to your level of risk assessment of Rayonier.
    By the way, it is easy to set the discount rate to be constant (this would make comparison with other valuation models easier): just set the discount rate multiplier equal to 1 and chose the magnitude of the initial discount rate to your liking.

Variable cost ratio is the ratio of variable costs (i.e. costs that fluctuate with fluctuation of the volume of production) to the revenue expressed as a percentage. In the calculation of intrinsic value of RYN stock the variable cost ratio is equal to 27.2%.

Fixed operating expenses is just that - expenses that are not dependant on the volume of production. They are set to $327 million in the base year in the intrinsic value calculation for RYN stock. These expenses increase with the level of inflation in subsequent years.

Interest rate on debt is the average all-in rate of interest paid by the company on its debt. It is set at 3.8% for Rayonier.

Corporate tax rate of 27% is the nominal tax rate for Rayonier. In reality, companies find ways to pay much less taxes than that or not to pay them at all.

Cash flow adjustment could be used for any adjustment the investor deems necessary. Most commonly we use this field to account for stock options-related effects in excess of what is reported on the company's income statement. The cash flow adjustment is expressed as a percentage of the revenue, and in the current valuation of the RYN stock is equal to 0%.

Production assets are the company's assets used for manufacturing products or provision of services. In the valuation model input table they are expressed as a percentage of revenue and for RYN are equal to 1.3%.

Life of production assets of 0.1 years is the average useful life of capital assets used in Rayonier operations. It is used to calculate yearly capital expenditures needed to keep these assets in good order - we call it the maintenance CAPEX.

Working capital is the difference between the company's current assets and liabilities. In the model we use the ratio of working capital to revenue, which for RYN is equal to 2.4%. A negative number means that the company is apt at using financial resources of its suppliers and customers; a large positive number, on the other hand, means that it either provides in-kind financing to others or is not good at managing its inventories.

Book value of equity - $1412 million for Rayonier - is used in calculation of the "floor" for intrinsic valuation based on the discounted cash flow (DCF) method. Even if the prospects are very bad for a company, its assets could always be sold now for their current fair market value.

Shares outstanding of 128.75 million for Rayonier is needed to calculate the intrinsic value of one share.

Market capitalization is used here only for reference purposes and as a quick check that the share price and the number of shares outstanding numbers are correct - something especially to be cognizant about at stock splits. So, the market capitalization of Rayonier at the current share price and the inputted number of shares is $3.8 billion.

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COMPANY NEWS

▶ Rayonier Announces Fourth Quarter 2017 Dividend   [Oct-20-17 09:08AM  Business Wire]
▶ Rayonier hosts students, representatives at manufacturing plant   [Oct-06-17 03:05PM  American City Business Journals]
▶ /C O R R E C T I O N -- Pomerantz LLP/   [Sep-15-17 01:39PM  PR Newswire]
▶ How Weyerhaeuser Treats Its Shareholders   [09:06AM  Market Realist]
▶ How the Rising Interest Rate Affects REITs like Weyerhaeuser   [Sep-12-17 09:06AM  Market Realist]
▶ Behind Weyerhaeusers Growth Trajectory   [Sep-08-17 03:35PM  Market Realist]
▶ How Weyerhaeuser Fared in 2Q17: The Details   [02:06PM  Market Realist]
▶ Top Ranked Income Stocks to Buy for August 31st   [Aug-31-17 11:02AM  Zacks]
▶ Top Ranked Income Stocks to Buy for August 23rd   [Aug-23-17 10:39AM  Zacks]
▶ Rayonier beats 2Q profit forecasts   [Aug-02-17 10:08PM  Associated Press]
▶ Rayonier Reports Second Quarter 2017 Results   [04:15PM  Business Wire]
▶ [$$] Oaktree Is Backing Tembec Deal After Rayonier Ups Offer   [Jul-24-17 03:22PM  The Wall Street Journal]
▶ Rayonier Announces Third Quarter 2017 Dividend   [Jul-21-17 09:13AM  Business Wire]
▶ 3 Top Dividend Stocks in Lumber   [Jun-08-17 10:00AM  Motley Fool]
▶ Rayonier CEO to Present at REITWeek   [May-24-17 04:05PM  Business Wire]
▶ 3 Top Lumber Stocks to Consider Buying in 2017   [May-22-17 07:53AM  Motley Fool]
▶ Rayonier Announces Second Quarter 2017 Dividend   [May-19-17 09:21AM  Business Wire]
▶ Rayonier misses 1Q profit forecasts   [May-03-17 07:23PM  Associated Press]
▶ Rayonier Reports First Quarter 2017 Results   [04:15PM  Business Wire]
▶ Trump moves to impose tariff on Canadian lumber   [Apr-25-17 10:51AM  Yahoo Finance Video]
▶ Rayonier CEO to Present at Upcoming Investor Conferences   [Feb-27-17 09:06AM  Business Wire]
▶ Rayonier Announces First Quarter 2017 Dividend   [Feb-24-17 04:17PM  Business Wire]
▶ Rayonier Reports Fourth Quarter 2016 Results   [04:15PM  Business Wire]
Financial statements of RYN
Valuation of Stocks

The paper VALUATION OF STOCKS: The Quest for Intrinsic Value provides a detailed description of our valuation model and discloses the calculation algorithm.

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