Robust Export Demand Drives Price Realizations Higher for Rayonier in 3Q; Raising FVE to $28
Rayonier's timber segments performed well during the third quarter. Volumes rose across all three regions, while rising prices provided a tailwind in both the Pacific Northwest and New Zealand year over year. Further, harvesting costs declined on balance. A combination of a slightly higher volume outlook and time value of money has led us to increase our fair value estimate to $28 from $27 for no-moat Rayonier.Rayonier's operations in the U.S. South have boosted production meaningfully over the...
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.
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