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Ryman (RHP)
NYSE:RHP
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Ryman
(NYSE:RHP)59Neutral
Positive Factors
Future Growth Potential
RHP is expected to continue to outgrow peers, with accelerating growth in 2026/2027 bolstered by renovations and group pace.
Revenue Growth
Group revenue pace increased to 3% at 4Q-end from 2% at 3Q-end including ADR up+4%.
Negative Factors
Renovation Disruption
Renovation disruption will be a headwind in 2025 with multiple ongoing projects and reflected in modest group pace of 2%.
Ryman (RHP) vs. S&P 500 (SPY)
Market Cap
$5.92B
Dividend Yield4.5%
Average Volume (3M)550.68K
Price to Earnings (P/E)23.1
Beta (1Y)1.02
Revenue Growth8.39%
EPS Growth-15.41%
CountryUS
Employees1,471
SectorReal Estate
Sector Strength72
IndustryREITs
Share Statistics
EPS (TTM)4.33
Shares Outstanding59,903,400
10 Day Avg. Volume622,749
30 Day Avg. Volume550,679
Financial Highlights & Ratios
PEG Ratio0.43
Price to Book (P/B)N/A
Price to Sales (P/S)2.53
Price to Cash Flow (P/CF)8.90
P/FCF Ratio11.10
Enterprise Value/Market CapN/A
Enterprise Value/RevenueN/A
Enterprise Value/Gross ProfitN/A
Enterprise Value/EbitdaN/A
Forecast
1Y Price Target
$123.75Price Target Upside25.23% Upside
Rating ConsensusStrong Buy
Number of Analyst Covering8
Ryman Business Overview & Revenue Model
Company DescriptionRyman Healthcare Limited (RHP) is a leading provider of retirement living and aged care services in New Zealand and Australia. The company operates in the healthcare and real estate sectors, offering a range of retirement village options, including independent living, assisted living, and full-service care facilities. Ryman is renowned for its innovative approach to aged care and its commitment to creating vibrant communities for older adults.
How the Company Makes MoneyRyman Healthcare makes money primarily through the development and management of retirement villages and aged care facilities. The company generates revenue from the sale of occupancy rights to its retirement units and ongoing service fees charged to residents for various levels of care and amenities. Additional income streams include deferred management fees, which are a percentage of the resale value of the units when they are vacated and resold, and fees for care services provided to residents in assisted living and care facilities. The company also benefits from property value appreciation and development profits from building new villages. Significant partnerships with healthcare providers and real estate developers further enhance its revenue-generating capabilities.
Ryman Financial Statement Overview
Summary
Ryman demonstrates strong revenue growth and a debt-free balance sheet, enhancing financial stability. However, declining profit margins and the absence of cash flow in 2024 highlight operational efficiency and cash management challenges.Income Statement
Ryman's revenue has shown consistent growth over the years, notably recovering from a challenging 2020. The gross profit margin is robust at 70.26% in 2024, showcasing strong cost management. However, the net profit margin has slightly decreased from 14.42% in 2023 to 13.16% in 2024, indicating a need for improved operational efficiency. EBIT and EBITDA margins have also slightly decreased, suggesting potential pressure on earnings before interest and taxes.72
Positive
Balance Sheet
The company's balance sheet shows a strong equity position with zero total debt in 2024, indicating excellent financial health and low leverage risk. The equity ratio has improved to 10.52%, demonstrating increased shareholder equity relative to total assets. However, the stockholders' equity has decreased compared to prior years, which could limit future investment capacity.64
Positive
Cash Flow
Ryman's cash flow statement indicates challenges, with no reported operating or free cash flow in 2024, which may impact liquidity and operational flexibility. The company previously demonstrated a healthy free cash flow to net income ratio, but the absence of cash flow figures in 2024 suggests potential cash management issues.55
Neutral
| Breakdown | ||||
| Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 | Dec 2020 |
|---|---|---|---|---|
| Income Statement | Total Revenue | |||
| 2.34B | 2.16B | 1.81B | 939.37M | 524.48M | Gross Profit |
| 1.64B | 666.22M | 579.75M | 200.70M | -26.67M | EBIT |
| 490.83M | 453.68M | 327.15M | -61.87M | -303.83M | EBITDA |
| 304.26M | 664.91M | 524.15M | 155.86M | -102.87M | Net Income Common Stockholders |
| 307.86M | 311.22M | 128.99M | -194.80M | -460.82M |
| Balance Sheet | Cash, Cash Equivalents and Short-Term Investments | |||
| 576.23M | 591.83M | 334.19M | 140.69M | 56.70M | Total Assets |
| 5.22B | 5.19B | 4.04B | 3.58B | 3.56B | Total Debt |
| 0.00 | 3.51B | 2.99B | 3.05B | 2.77B | Net Debt |
| -576.23M | 2.91B | 2.65B | 2.91B | 2.71B | Total Liabilities |
| 4.28B | 4.27B | 3.63B | 3.60B | 3.24B | Stockholders Equity |
| 548.98M | 569.15M | 95.90M | -22.39M | 205.30M |
| Cash Flow | Free Cash Flow | |||
| 0.00 | 350.28M | 330.41M | 89.25M | 9.82M | Operating Cash Flow |
| 0.00 | 557.06M | 419.93M | 111.25M | -161.52M | Investing Cash Flow |
| 0.00 | -1.01B | -189.31M | -289.74M | -172.65M | Financing Cash Flow |
| 0.00 | 711.87M | 50.71M | 261.73M | -6.47M |
Ryman Technical Analysis
Negative
98.82
Price Trends
102.50
Negative
106.73
Negative
103.45
Negative
Market Momentum
-1.94
Positive
44.93
Neutral
37.72
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For RHP, the sentiment is Negative. The current price of 98.82 is below the 20-day moving average (MA) of 100.07, below the 50-day MA of 102.50, and below the 200-day MA of 103.45, indicating a bearish trend. The MACD of -1.94 indicates Positive momentum. The RSI at 44.93 is Neutral, neither overbought nor oversold. The STOCH value of 37.72 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for RHP.
Ryman Risk Analysis
Ryman disclosed 51 risk factors in its most recent earnings report. Ryman reported the most risks in the “Finance & Corporate” category.
Finance & Corporate - Financial and accounting risks. Risks related to the execution of corporate activity and strategy
Latest Risks Added 0 New Risks
Ryman Peers Comparison
Overall Rating
UnderperformOutperform
Sector (61)
Financial Indicators
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
74 Outperform | $11.05B | 15.96 | 10.53% | 4.90% | 7.02% | -4.78% | |
68 Neutral | $2.40B | 11.77 | 5.68% | 8.07% | -3.67% | 122.68% | |
61 Neutral | $4.91B | 18.99 | -3.12% | 7.77% | 6.71% | -19.69% | |
61 Neutral | $1.45B | ― | -0.16% | 0.33% | 2.35% | 57.81% | |
60 Neutral | $1.79B | 47.18 | 2.98% | 1.41% | 5.12% | -49.88% | |
59 Neutral | $5.92B | 23.15 | 48.59% | 4.50% | 8.39% | -15.41% | |
58 Neutral | $1.46B | 34.89 | 2.94% | 5.24% | 3.31% | -15.16% |
* Real Estate Sector Average
Performance Comparison
RHP
Ryman
98.82
-12.65
-11.35%
DRH
Diamondrock
8.54
-0.70
-7.58%
HST
Host Hotels & Resorts
16.33
-3.55
-17.86%
PEB
Pebblebrook Hotel
12.11
-4.00
-24.83%
RLJ
RLJ Lodging
9.55
-1.95
-16.96%
PK
Park Hotels & Resorts
12.39
-3.25
-20.78%
Ryman Earnings Call Summary
Earnings Call Date: Feb 20, 2025 | % Change Since: -4.65% | Next Earnings Date: Apr 30, 2025
Earnings Call Sentiment Neutral
The earnings call highlighted strong strategic investments and record group bookings, with significant growth in consolidated revenue and the entertainment segment. However, these positives were tempered by the fourth quarter's underperformance and anticipated construction disruptions impacting the 2025 outlook.Highlights
Strategic Investments and Record Group Bookings
The company has embarked on a multiyear transformational capital program, focusing on investments in Gaylord Opryland and Gaylord Rockies to attract high-rated corporate group business. They reported record group bookings with 1.3 million same-store gross group room nights in Q4, surpassing the prior year by 5% at a record ADR of $284.
Consolidated Revenue and EBITDAre Growth
Despite some challenges, the full year of 2024 saw consolidated revenue growth of 8%, consolidated adjusted EBITDAre growth of 10%, and AFFO growth of 12%.
Performance of Entertainment Segment
The entertainment segment reported record revenue of $98 million in the fourth quarter, an increase of approximately 12% year over year. Adjusted EBITDAre increased by approximately 6%, with Old Red Las Vegas surpassing expectations.
Lowlights
Below Expectations for Q4 2024
The fourth quarter results were marginally below the guidance ranges provided in November, primarily due to factors impacting the same-store hospitality portfolio in the last two weeks of December.
Leisure Demand Shortfall
Leisure demand, particularly at Gaylord Texan and to a lesser extent Gaylord Opryland, did not materialize as expected during the peak holiday period in December. Fourth-quarter leisure room nights at the Gaylord Texan were down 19%, and at the Gaylord Opryland were down 6%.
Construction Disruptions Impacting 2025 Outlook
The 2025 outlook includes an estimated $30 million to $35 million impact on adjusted EBITDAre due to construction disruptions, primarily at Gaylord Opryland and Gaylord Texan.
Company Guidance
During the Ryman Hospitality Properties fourth quarter 2024 earnings conference call, the company provided guidance for the upcoming year, indicating expectations of a stable macro environment. For 2025, they anticipate RevPAR growth of 2.25% to 4.75% and total RevPAR growth of 1.75% to 4.25% in their hospitality segment, inclusive of the JW Hill Country. Adjusted EBITDAre is projected to be between $675 million and $715 million, with anticipated construction disruptions impacting RevPAR by 250 to 350 basis points and adjusted EBITDAre by $30 million to $35 million. The entertainment segment is expected to generate adjusted EBITDA of $110 million to $120 million, with consolidated adjusted EBITDAre forecasted to range from $749 million to $801 million. Adjusted funds from operations (AFFO) for common shareholders and unitholders are projected to be $510 million to $555 million, translating to an AFFO per diluted share of $8.24 to $8.86. Additionally, they announced a first-quarter dividend of $1.15 per share, maintaining their intention to pay 100% of REIT taxable income through dividends.Glossary
OutperformA stock rated as "Outperform" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests that the stock is likely to deliver higher returns compared to the average returns of other stocks in the same sector or market index. Investors might consider this stock a good buying opportunity.
NeutralA stock rated as "Neutral" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly attractive nor unattractive for investment. Investors may consider holding onto the stock, as it is not expected to either significantly outperform or underperform the market.
UnderperformA stock rated as "Underperform" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests that the stock may deliver lower returns compared to the average returns of other stocks in the same sector or market index. Investors might consider selling the stock or avoiding it as an investment.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.