Profits Stuck in Neutral for Rayonier's Big Southern Segment; We Expect Stronger Housing to Help
Excluding the lift from a large land sale, Rayonier's fourth-quarter EBITDA improved slightly from the prior-year period. As expected, fortunes remained mixed at the segment level. Southern timber profits are stuck in neutral pending more robust homebuilding activity, Pacific Northwest timber posted stronger results thanks mainly to an acquisition, and New Zealand timber enjoyed another quarter of China-led profit recovery. We're maintaining our $27 fair value estimate.Volumes declined 9% in th...
Rayonier is a timberland real estate investment trust with assets located in the softwood timber growing regions in the United States and New Zealand. The company operates in five reportable business segments: Southern Timber, Pacific Northwest Timber, New Zealand Timber, Real Estate and Trading. The Southern Timber, Pacific Northwest Timber and New Zealand Timber segments include all activities related to the harvesting of timber in addition to lease and license activities, other non-timber activities and carbon credit sales. The company's Real Estate segment reflects all of its land or leasehold sales. The Trading segment reflects the log trading activities conducted by its New Zealand subsidiary.
Morningstar, Inc. is a leading provider of independent investment research in North America, Europe, Australia, and Asia. The company offer an extensive line of products and services for individual investors, financial advisors, asset managers, and retirement plan providers and sponsors.
Morningstar provides data on approximately 530,000 investment offerings, including stocks, mutual funds, and similar vehicles, along with real-time global market data on more than 18 million equities, indexes, futures, options, commodities, and precious metals, in addition to foreign exchange and Treasury markets. Morningstar also offers investment management services through its investment advisory subsidiaries and had approximately $185 billion in assets under advisement and management as of June 30, 2016.
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