RAYONIER ADVANCED MATERIALS RYAM equity / debt
September 23, 2023 - 11:21am EST by
member
| 2023 | 2024 | ||||||
| Price: | 2.82 | EPS | 0 | 0 | |||
| Shares Out. (in M): | 65 | P/E | 0 | 0 | |||
| Market Cap (in $M): | 180 | P/FCF | 0 | 0 | |||
| Net Debt (in $M): | 690 | EBIT | 0 | 0 | |||
| TEV (in $M): | 870 | TEV/EBIT | 0 | 0 | |||
- None found
- BETA
- RAYONIER ADVANCED MATERIALS RYAM 02/10/2022
- RAYONIER ADVANCED MATERIALS RYAM 09/20/2020
- RAYONIER ADVANCED MATERIALS RYAM S 05/24/2016
- RAYONIER ADVANCED MATERIALS RYAM 10/09/2017
- RAYONIER ADVANCED MATERIALS RYAM 06/13/2023
- RAYONIER ADVANCED MATERIALS RYAM 08/20/2014
- Dynata (aka Research Now) 1L at L + 550 EREWDS 1L 03/22/2024
- CLEARWATER PAPER CORP CLW 09/30/2024
Description
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| # | AUTHOR DATE SUBJECT |
|---|---|
| 39 | |
V interesting PR from RYAM on biomaterials value marker earlier this evening. Appears as if the "new biomaterials" (portfolio 1) entity will have ~37MM EUR / 40MM USD of Green debt financing (~5%ish rate) and... login to read the rest | |
| 38 | |
Thanks for the note Shooter, agree w/ your point on Jesup being a work-horse facility that has been properly invested in (key consideration on assessing is the fire is 1-off which it should be).
Also agree... login to read the rest | |
| 36 | |
FWIW (not much), think this one remains very interesting post the refi update (can quibble on terms, but pretty much in-line w/ expectations particularly as it gives RYAM the flex to paydown w/ paperboard /... login to read the rest | |
| 35 | |
No change in view, obviously a bummer on timing of the fire as lot of positive momentum ongoing imho, but don't think this changes around the tune (refinancing BS providing ~5-yrs of runway, S/D =... login to read the rest | |
| 32 | |
I’m a dummy so take everything I say w/ a grain of salt …
Met w/ RYAM mgmt last week via RBC and continue to v much like the set-up and think path to ~15+ /... login to read the rest | |
| 31 | |
Thanks for the note and I continue to v much like the set-up on RYAM
Frankly a better trade now than at the time of the initial write-up as the situation has significantly de-risked w/ FCF... login to read the rest | |
| 29 | |
Thanks for the note Mojoris and for the feedback throughout the post ... caveat everything w/ the fact that I'm a dummy, but I continue to like the asymmetry at these levels as think the... login to read the rest | |
| 27 | |
RYAM report v positive, the proper analog is an aircraft carrier inflecting and gaining momentum.
2 dynamics are benefiting the core specialty biz, 1) S/D tightening (15%+ global supply removal, absence of demand de-stock in 2024... login to read the rest | |
| 26 | |
BRG reported this morning and couple interesting points on their biomaterials segment: 1) pushing through a mid-year price increase on ethers given demand (my sense the primary driver) + inputs (wood / easier to explain... login to read the rest | |
| 24 | |
Thanks for the note Katana, and agree this one has fleas (and likely why a limited equity audience to date)
Full disclosure, like the set-up very much and top position as evidence of biz inflection (~15%+... login to read the rest | |
| 22 | |
Thanks for the note Katana, and appreciate your perspectives (as always)
Quick note, RYAM mgmt spoke at the Sidoti conference yesterday and provided couple updates which are pertinent, upshot is that the next ~3-months should be... login to read the rest | |
| 20 | |
Thanks for the note Mojoris, this is admittedly a lonely and quite dirty situation (getting sucker punched in the gut early and often is the way of value investing and I'd have it no other... login to read the rest | |
| 18 | |
RYAM reports Tuesday after close. I’m admittedly the patsy on this one (for too long), but think the set-up remains interesting as the pig moves its way through the python … playbook on RYAM is... login to read the rest | |
| 17 | |
Thanks for the post, ditto your thoughts.
I've been long and wrong this dirty dwag so I'm likely the patsy, but I like this one quite a bit and think the assymetry is attractive (particularly given... login to read the rest | |
| 15 | |
Agree, would prefer mgmt to put out a flurry of Form 4s (versus do conference circuit) as talk is cheap. Not holding my breadth on that front, as I'm sure they'll cite Houlihan process, etc.
All... login to read the rest | |
| 13 | |
Agree w/ the way you're framing the set-up.
Clarity on asset sale(s) in early Q2 (April, ahead of May earnings if any).
Question is if paid to take the M&A risk (ahead) or wait (post-M&A).
Math below but... login to read the rest | |
| 11 | |
Thanks for the note Mojo
First , your description of “oof” is an under-statement on the stock reaction today …. Ass-kicking is a more apt description. I’ve been on the receiving end of a couple ass... login to read the rest | |
| 9 | |
FWIW (not much), Oaktree covenant relief makes sense particularly as this was the #1 discussion topic for both debt + equity. Fees were minimal (in grander scheme) and buys the biz breathing room and puts... login to read the rest | |
| 8 | |
FWIW (not much), quick update below.
Not to rehash the past thread ... but given history, balance sheet, stub equity, no sell-side coverage (etc, etc), RYAM continues to be hated on by the market (for good... login to read the rest | |
| 7 | |
Thanks for the note and agree w/ many of your perspectives.
Admittedly (not a disclaimer btw), this is quite the dirty dwag situation = as a result, show-me story. Pretty confident 99%+ of investors would be... login to read the rest | |
| 6 | |
What did you make of the Investor Day? 5yr forecast was a bit underwhelming vs. the EBITDA bridge - possible management is sandbagging it after cutting guidance 2x this year?
Surprised the equity did not react... login to read the rest | |
| 5 | |
Channel checks on my end indicate there are interested buyers for the paperboard/HY pulp asset too. Hopefully mgmt goes down that route as it seems like the easiest way for them to unlock value -... login to read the rest | |
| 4 | |
Agree on the Investor Day being timely
Away from biomaterials progress update (important as that's the BRG story and multiple expansion l-term), 2 key areas of focus will be 1) v early read on the Foley... login to read the rest | |
| 3 | |
super helpful, thank you. seems like one that is perfect for PE to take private. fire this board, get a real CEO in, and run it for cash. that may be a "risk" in the... login to read the rest | |
| 2 | |
Thanks for the questions particularly on this dirty dwag of a biz – jotted out responses below, hopefully of some use:
Question 1: Re: Foley, guess on production of CS is 160-180k tons (running at... login to read the rest | |
| 1 | |
Great idea and thanks for sharing, todd1123. A few questions:
1) Foley: do we know with confidence how much volume they are currently producing, and what the split of specialty vs commodity looks like? your math... login to read the rest | |