U.S. South Historical Valuation Snapshot
Rayonier Acquisitions vs. Recent Peer Deals
Acquisition Price per Acre
Avg. Annual EBITDA per Acre (Nominal) (1)
CatchMark (PCH): 5-Year / RYN & WY Acquisitions: 10-Year
$4,000
$3,500
$200
$3,295
$3,280
$166
$175
$3,000
$150
$2,578
$2,500
$125
$2,000
$100
$1,500
$75
$1,000
$50
$500
$25
RYN Acquisitions CatchMark (PCH)
Carolinas (WY)
RYN Acquisitions
EBITDA Yield (Nominal) (1)
CatchMark (PCH): 5-Year / RYN & WY Acquisitions: 10-Year
6.0%
5.0%
5.0%
4.0%
3.0%
2.0%
1.0%
4.0%
$104
$160
CatchMark (PCH)
Carolinas (WY)
EBITDA Multiple (1)
CatchMark (PCH): 5-Year / RYN & WY Acquisitions: 10-Year
30.0x
4.9%
25.0x
20.0x
20.0x
15.0x
10.0x
5.0x
RYN Acquisitions
CatchMark (PCH) Carolinas (WY)
24.8x
20.5x
RYN Acquisitions Catch Mark (PCH)
Carolinas (WY)
Key metrics for Rayonier's acquisitions compare favorably to other recent large-scale
transactions in the U.S. South.
Note:
(1)
Rayonier
(2)
Catch Mark (PCH) and Carolinas (WY) metrics based on publicly disclosed acquisition values and public guidance provided by acquirers (i.e., 5 years for CatchMark and 10
years for WY Carolinas).
RYN Acquisitions metrics reflect estimates for timber/NTI-only Adj. EBITDA (i.e., excluding Real Estate Adj. EBITDA).
Catch Mark timber-only EBITDA estimated based on PCH EBITDA guidance of $55 million and PCH commentary indicating that timber represents roughly 2/3rds of total.
Investor Presentation | May 2023
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