Pricing Headwinds for Rayonier AM Will Continue in 2017; Shares Look Expensive Despite Big Drop
Rayonier Advanced Materials' cellulose specialties pricing continues to retreat, wrapping up 2016 down 7.2% year over year. And the pain isn't likely to end in 2017, with management forecasting that average prices will drop 3% to 4% this year. This follows year-on-year declines of 6.7% in 2015 and 8.0% in 2014.Shares took a beating, sinking nearly 20% and closing just above $13.50 per share, on management's price outlook after the release of fourth-quarter and full-year results. Our fair value ...
Rayonier Advanced Materials is a manufacturer of cellulose products, lumber, and pulp & paper products. The company's operating segments are: High Purity Cellulose, which manufactures and markets cellulose, which is sold as either cellulose specialties or commodity products that is primarily used in dissolving chemical applications; Forest Products, which the lumber, primarily spruce, pine, or fir, is used in the construction of residential and multi-family homes, light industrial and commercial facilities, and the home repair and remodel markets; Pulp, which manufactures and markets pulp products; and Paper, which manufactures and markets paper products consisting of paperboard and newsprint.
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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