Intrinsic value of Rayonier - RYN

Previous Close

$34.10

  Intrinsic Value

$34.47

stock screener

  Rating & Target

hold

+1%

Previous close

$34.10

 
Intrinsic value

$34.47

 
Up/down potential

+1%

 
Rating

hold

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 0001), $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 4.4

 

FINANCIAL STATEMENTS FORECAST and PRESENT VALUE CALCULATION

Fiscal year
   2
   3
   4
   5
   6
   7
   8
   9
   10
   11
   12
   13
   14
   15
   16
   17
   18
   19
   20
   21
   22
   23
   24
   25
   26
   27
   28
   29
   30
   31

INCOME STATEMENT

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Revenue growth rate, %
  22.40
  20.66
  19.09
  17.68
  16.42
  15.27
  14.25
  13.32
  12.49
  11.74
  11.07
  10.46
  9.91
  9.42
  8.98
  8.58
  8.22
  7.90
  7.61
  7.35
  7.12
  6.90
  6.71
  6.54
  6.39
  6.25
  6.12
  6.01
  5.91
  5.82
Revenue, $m
  1,003
  1,210
  1,442
  1,697
  1,975
  2,277
  2,601
  2,948
  3,316
  3,705
  4,115
  4,545
  4,996
  5,467
  5,958
  6,469
  7,001
  7,554
  8,129
  8,727
  9,348
  9,993
  10,664
  11,362
  12,088
  12,843
  13,630
  14,449
  15,303
  16,194
Variable operating expenses, $m
  689
  832
  990
  1,165
  1,357
  1,564
  1,787
  2,025
  2,278
  2,545
  2,827
  3,123
  3,432
  3,756
  4,093
  4,444
  4,810
  5,190
  5,585
  5,995
  6,422
  6,865
  7,326
  7,806
  8,304
  8,823
  9,364
  9,927
  10,513
  11,125
Fixed operating expenses, $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
Total operating expenses, $m
  689
  832
  990
  1,165
  1,357
  1,564
  1,787
  2,025
  2,278
  2,545
  2,827
  3,123
  3,432
  3,756
  4,093
  4,444
  4,810
  5,190
  5,585
  5,995
  6,422
  6,865
  7,326
  7,806
  8,304
  8,823
  9,364
  9,927
  10,513
  11,125
Operating income, $m
  314
  379
  451
  531
  618
  713
  814
  923
  1,038
  1,160
  1,288
  1,423
  1,564
  1,711
  1,865
  2,025
  2,191
  2,365
  2,545
  2,732
  2,926
  3,128
  3,338
  3,556
  3,783
  4,020
  4,266
  4,523
  4,790
  5,069
EBITDA, $m
  319
  384
  458
  539
  627
  723
  826
  936
  1,053
  1,177
  1,307
  1,444
  1,587
  1,736
  1,892
  2,055
  2,224
  2,399
  2,582
  2,772
  2,969
  3,174
  3,387
  3,609
  3,839
  4,079
  4,329
  4,589
  4,860
  5,143
Interest expense (income), $m
  36
  55
  71
  88
  107
  128
  151
  177
  204
  232
  263
  295
  329
  365
  403
  442
  483
  525
  570
  616
  663
  713
  765
  818
  874
  932
  993
  1,055
  1,121
  1,189
  1,260
Earnings before tax, $m
  259
  308
  363
  424
  490
  561
  638
  719
  805
  897
  993
  1,093
  1,199
  1,308
  1,423
  1,542
  1,666
  1,795
  1,929
  2,068
  2,213
  2,363
  2,520
  2,682
  2,851
  3,027
  3,211
  3,402
  3,601
  3,809
Tax expense, $m
  70
  83
  98
  114
  132
  151
  172
  194
  217
  242
  268
  295
  324
  353
  384
  416
  450
  485
  521
  558
  597
  638
  680
  724
  770
  817
  867
  918
  972
  1,028
Net income, $m
  189
  225
  265
  309
  358
  410
  465
  525
  588
  655
  725
  798
  875
  955
  1,039
  1,126
  1,216
  1,310
  1,408
  1,510
  1,615
  1,725
  1,839
  1,958
  2,081
  2,210
  2,344
  2,483
  2,629
  2,780

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $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
Total assets, $m
  3,366
  4,062
  4,837
  5,693
  6,628
  7,640
  8,728
  9,891
  11,127
  12,433
  13,809
  15,253
  16,766
  18,345
  19,993
  21,709
  23,494
  25,351
  27,280
  29,285
  31,369
  33,535
  35,786
  38,127
  40,563
  43,098
  45,737
  48,487
  51,353
  54,341
Adjusted assets (=assets-cash), $m
  3,366
  4,062
  4,837
  5,693
  6,628
  7,640
  8,728
  9,891
  11,127
  12,433
  13,809
  15,253
  16,766
  18,345
  19,993
  21,709
  23,494
  25,351
  27,280
  29,285
  31,369
  33,535
  35,786
  38,127
  40,563
  43,098
  45,737
  48,487
  51,353
  54,341
Revenue / Adjusted assets
  0.298
  0.298
  0.298
  0.298
  0.298
  0.298
  0.298
  0.298
  0.298
  0.298
  0.298
  0.298
  0.298
  0.298
  0.298
  0.298
  0.298
  0.298
  0.298
  0.298
  0.298
  0.298
  0.298
  0.298
  0.298
  0.298
  0.298
  0.298
  0.298
  0.298
Average production assets, $m
  23
  28
  33
  39
  45
  52
  60
  68
  76
  85
  95
  105
  115
  126
  137
  149
  161
  174
  187
  201
  215
  230
  245
  261
  278
  295
  313
  332
  352
  372
Working capital, $m
  -66
  -80
  -95
  -112
  -130
  -150
  -172
  -195
  -219
  -245
  -272
  -300
  -330
  -361
  -393
  -427
  -462
  -499
  -537
  -576
  -617
  -660
  -704
  -750
  -798
  -848
  -900
  -954
  -1,010
  -1,069
Total debt, $m
  1,308
  1,628
  1,984
  2,376
  2,805
  3,270
  3,770
  4,303
  4,870
  5,470
  6,102
  6,765
  7,459
  8,184
  8,940
  9,728
  10,547
  11,399
  12,285
  13,205
  14,162
  15,156
  16,189
  17,264
  18,382
  19,545
  20,757
  22,019
  23,334
  24,706
Total liabilities, $m
  1,545
  1,864
  2,220
  2,613
  3,042
  3,507
  4,006
  4,540
  5,107
  5,707
  6,338
  7,001
  7,695
  8,421
  9,177
  9,964
  10,784
  11,636
  12,522
  13,442
  14,398
  15,393
  16,426
  17,501
  18,618
  19,782
  20,993
  22,255
  23,571
  24,943
Total equity, $m
  1,821
  2,197
  2,617
  3,080
  3,585
  4,133
  4,722
  5,351
  6,019
  6,726
  7,471
  8,252
  9,070
  9,925
  10,816
  11,744
  12,710
  13,715
  14,759
  15,843
  16,971
  18,142
  19,360
  20,627
  21,945
  23,316
  24,744
  26,231
  27,782
  29,399
Total liabilities and equity, $m
  3,366
  4,061
  4,837
  5,693
  6,627
  7,640
  8,728
  9,891
  11,126
  12,433
  13,809
  15,253
  16,765
  18,346
  19,993
  21,708
  23,494
  25,351
  27,281
  29,285
  31,369
  33,535
  35,786
  38,128
  40,563
  43,098
  45,737
  48,486
  51,353
  54,342
Debt-to-equity ratio
  0.720
  0.740
  0.760
  0.770
  0.780
  0.790
  0.800
  0.800
  0.810
  0.810
  0.820
  0.820
  0.820
  0.820
  0.830
  0.830
  0.830
  0.830
  0.830
  0.830
  0.830
  0.840
  0.840
  0.840
  0.840
  0.840
  0.840
  0.840
  0.840
  0.840
Adjusted equity ratio
  0.541
  0.541
  0.541
  0.541
  0.541
  0.541
  0.541
  0.541
  0.541
  0.541
  0.541
  0.541
  0.541
  0.541
  0.541
  0.541
  0.541
  0.541
  0.541
  0.541
  0.541
  0.541
  0.541
  0.541
  0.541
  0.541
  0.541
  0.541
  0.541
  0.541

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  189
  225
  265
  309
  358
  410
  465
  525
  588
  655
  725
  798
  875
  955
  1,039
  1,126
  1,216
  1,310
  1,408
  1,510
  1,615
  1,725
  1,839
  1,958
  2,081
  2,210
  2,344
  2,483
  2,629
  2,780
Depreciation, amort., depletion, $m
  5
  6
  7
  8
  9
  10
  12
  14
  15
  17
  19
  21
  23
  25
  27
  30
  32
  35
  37
  40
  43
  46
  49
  52
  56
  59
  63
  66
  70
  74
Funds from operations, $m
  193
  231
  272
  317
  367
  420
  477
  538
  603
  672
  744
  819
  898
  980
  1,066
  1,155
  1,248
  1,345
  1,446
  1,550
  1,658
  1,771
  1,888
  2,010
  2,137
  2,269
  2,406
  2,550
  2,699
  2,855
Change in working capital, $m
  -12
  -14
  -15
  -17
  -18
  -20
  -21
  -23
  -24
  -26
  -27
  -28
  -30
  -31
  -32
  -34
  -35
  -37
  -38
  -39
  -41
  -43
  -44
  -46
  -48
  -50
  -52
  -54
  -56
  -59
Cash from operations, $m
  206
  244
  287
  334
  385
  440
  499
  561
  628
  697
  771
  847
  928
  1,011
  1,099
  1,189
  1,284
  1,382
  1,483
  1,589
  1,699
  1,814
  1,933
  2,056
  2,185
  2,319
  2,458
  2,604
  2,755
  2,914
Maintenance CAPEX, $m
  -4
  -5
  -6
  -7
  -8
  -9
  -10
  -12
  -14
  -15
  -17
  -19
  -21
  -23
  -25
  -27
  -30
  -32
  -35
  -37
  -40
  -43
  -46
  -49
  -52
  -56
  -59
  -63
  -66
  -70
New CAPEX, $m
  -4
  -5
  -5
  -6
  -6
  -7
  -7
  -8
  -8
  -9
  -9
  -10
  -10
  -11
  -11
  -12
  -12
  -13
  -13
  -14
  -14
  -15
  -15
  -16
  -17
  -17
  -18
  -19
  -20
  -20
Cash from investing activities, $m
  -8
  -10
  -11
  -13
  -14
  -16
  -17
  -20
  -22
  -24
  -26
  -29
  -31
  -34
  -36
  -39
  -42
  -45
  -48
  -51
  -54
  -58
  -61
  -65
  -69
  -73
  -77
  -82
  -86
  -90
Free cash flow, $m
  197
  235
  276
  322
  371
  424
  481
  541
  605
  673
  744
  819
  896
  978
  1,062
  1,150
  1,242
  1,337
  1,436
  1,538
  1,645
  1,756
  1,871
  1,991
  2,116
  2,246
  2,381
  2,522
  2,669
  2,823
Issuance/(repayment) of debt, $m
  283
  319
  356
  393
  429
  465
  500
  534
  567
  600
  632
  663
  694
  725
  756
  788
  819
  852
  886
  920
  956
  994
  1,033
  1,075
  1,118
  1,163
  1,211
  1,262
  1,315
  1,372
Issuance/(repurchase) of shares, $m
  143
  151
  154
  153
  148
  138
  123
  104
  80
  52
  20
  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  
  426
  470
  510
  546
  577
  603
  623
  638
  647
  652
  652
  663
  694
  725
  756
  788
  819
  852
  886
  920
  956
  994
  1,033
  1,075
  1,118
  1,163
  1,211
  1,262
  1,315
  1,372
Total cash flow (excl. dividends), $m
  624
  705
  787
  868
  948
  1,027
  1,104
  1,179
  1,253
  1,325
  1,395
  1,482
  1,590
  1,703
  1,818
  1,938
  2,061
  2,189
  2,321
  2,459
  2,601
  2,750
  2,905
  3,066
  3,234
  3,409
  3,593
  3,784
  3,985
  4,194
Retained Cash Flow (-), $m
  -332
  -376
  -420
  -463
  -506
  -548
  -589
  -629
  -668
  -707
  -744
  -781
  -818
  -855
  -891
  -928
  -966
  -1,004
  -1,044
  -1,085
  -1,127
  -1,172
  -1,218
  -1,267
  -1,318
  -1,371
  -1,428
  -1,488
  -1,550
  -1,617
Prev. year cash balance distribution, $m
  104
  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
  396
  329
  367
  405
  442
  479
  515
  550
  585
  618
  651
  700
  772
  848
  927
  1,009
  1,095
  1,184
  1,277
  1,374
  1,474
  1,578
  1,687
  1,799
  1,916
  2,038
  2,165
  2,297
  2,434
  2,578
Discount rate, %
  5.70
  5.99
  6.28
  6.60
  6.93
  7.27
  7.64
  8.02
  8.42
  8.84
  9.28
  9.75
  10.24
  10.75
  11.29
  11.85
  12.44
  13.06
  13.72
  14.40
  15.12
  15.88
  16.67
  17.51
  18.38
  19.30
  20.27
  21.28
  22.34
  23.46
PV of cash for distribution, $m
  374
  293
  306
  314
  316
  314
  308
  297
  282
  265
  245
  229
  218
  203
  186
  168
  149
  130
  111
  93
  77
  62
  49
  37
  28
  21
  15
  10
  7
  5
Current shareholders' claim on cash, %
  96.6
  93.8
  91.5
  89.6
  88.1
  86.9
  86.0
  85.3
  84.8
  84.6
  84.5
  84.5
  84.5
  84.5
  84.5
  84.5
  84.5
  84.5
  84.5
  84.5
  84.5
  84.5
  84.5
  84.5
  84.5
  84.5
  84.5
  84.5
  84.5
  84.5

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 19.8
Price to Sales 5.3
Price to Book 3
Price to Tangible Book
Price to Cash Flow 20.5
Price to Free Cash Flow -18.4
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 $819.596 million for the last fiscal year's total revenue generated by Rayonier. The default revenue input number comes from 0001 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 22.4% 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 5.7%, 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 68.7%.

Fixed operating expenses is just that - expenses that are not dependant on the volume of production. They are set to $0 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 5.4% 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 2.3%.

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 -6.6%. 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 - $1593.023 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 129.46 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 $4.4 billion.

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COMPANY NEWS

▶ Why You Shouldnt Look At Rayonier Incs (NYSE:RYN) Bottom Line   [Sep-07-18 12:49PM  Simply Wall St.]
▶ Ken Heebner's Top 5 Buys in 2nd Quarter   [Aug-20-18 04:02PM  GuruFocus.com]
▶ Rayonier Inc. to Host Earnings Call   [08:00AM  ACCESSWIRE]
▶ Rayonier: 2Q Earnings Snapshot   [07:44PM  Associated Press]
▶ Rayonier Reports Second Quarter 2018 Results   [04:15PM  Business Wire]
▶ Rayonier Announces Third Quarter 2018 Dividend   [Jul-20-18 08:58AM  Business Wire]
▶ Is It The Right Time To Buy Rayonier Inc (NYSE:RYN)?   [Jun-26-18 12:01PM  Simply Wall St.]
▶ Rayonier: A Different Kind of REIT   [Jun-05-18 05:58PM  Motley Fool]
▶ 3 REITs You May Not Have Heard of   [01:56PM  Motley Fool]
▶ Rayonier CEO to Present at REITWeek   [May-22-18 04:39PM  Business Wire]
▶ Rayonier Announces 8% Dividend Increase   [May-21-18 08:45AM  Business Wire]
▶ Rayonier: 1Q Earnings Snapshot   [May-02-18 07:32PM  Associated Press]
▶ Rayonier Reports First Quarter 2018 Results   [04:15PM  Business Wire]
▶ Rayonier CEO to Present at Upcoming Investor Conferences   [Feb-15-18 04:10PM  Business Wire]
▶ Rayonier Inc. to Host Earnings Call   [08:20AM  ACCESSWIRE]
▶ Rayonier beats 4Q profit forecasts   [Feb-07-18 06:03PM  Associated Press]
▶ Rayonier Reports Fourth Quarter 2017 Results   [04:05PM  Business Wire]
▶ Rayonier Announces Tax Treatment of 2017 Dividends   [Jan-16-18 04:36PM  Business Wire]
▶ How to Invest in Lumber   [Nov-27-17 08:10AM  Motley Fool]
▶ Rayonier Inc. to Host Earnings Call   [Nov-02-17 08:55AM  ACCESSWIRE]
▶ Rayonier beats 3Q profit forecasts   [05:50AM  Associated Press]
▶ Rayonier Reports Third Quarter 2017 Results   [Nov-01-17 04:30PM  Business Wire]
▶ Rayonier to Webcast Investor Day on November 10th   [Oct-31-17 09:12AM  Business Wire]
▶ 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]

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