Ryman Hospitality Properties, Inc. (RHP)
Real Estate · NYQ · US
Fundamentals
Valuation and ratings
Ryman Hospitality Properties, Inc. trades at USD125.01, which is 58% above the USD52.25 our discounted cash flow model puts on the business. On that measure it screens as expensive, which is not the same as saying it will fall.
Our moat model scores it 51 out of 100, which is a moat, but not a deep one. A moat is a structural reason competitors cannot take the profits away, and it matters more to a long holding period than any single quarter's numbers do.
It changes hands at 32.7 times earnings. Be careful reading that in isolation: for a cyclical business a low P/E arrives at the top of the cycle, when profits are peaking and about to fall, which is exactly when the shares look cheapest and are not.
About Ryman Hospitality Properties, Inc.
Ryman Hospitality Properties, Inc. is a leading lodging and hospitality real estate investment trust. It specializes in upscale convention center resorts and entertainment experiences. The Company's holdings include Gaylord Opryland Resort & Convention Center; Gaylord Palms Resort & Convention Center; Gaylord Texan Resort & Convention Center; Gaylord National Resort & Convention Center; and Gaylord Rockies Resort & Convention Center, five of the top seven largest non-gaming convention center hotels in the United States based on total indoor meeting space. The Company also owns JW Marriott Phoenix Desert Ridge Resort & Spa and JW Marriott San Antonio Hill Country Resort & Spa as well as two ancillary hotels adjacent to our Gaylord Hotels properties. The Company's hotel portfolio is managed by Marriott International and includes a combined total of 12,364 rooms as well as more than 3 million square feet of total indoor and outdoor meeting space in top convention and leisure destinations across the country. RHP also owns an approximate 70% controlling ownership interest in Opry Entertainment Group (OEG), which is composed of entities owning a growing collection of iconic and emerging country music brands, including the Grand Ole Opry, Ryman Auditorium, WSM 650 AM, Ole Red, Category 10, Nashville-area attractions; Block 21, a mixed-use entertainment, lodging, office and retail complex, including the W Austin Hotel and the ACL Live at the Moody Theater, located in downtown Austin, Texas. OEG manages select outdoor live music venues, including Ascend Federal Credit Union Amphitheater in Nashville and CCNB Amphitheatre in Simpsonville, South Carolina. OEG also has a majority interest in Southern Entertainment, a leading festival and events business. Ryman Hospitality Properties, Inc. was incorporated in 1991 in Delaware and is based in Nashville, Tennessee.
RHP passes 2 of our 30 screens today
Each screen prints the exact criteria it used, and the circumstances in which it is wrong.
Smart money ownership
8 of the funds we track reported a position in their latest SEC 13F filing. Largest first:
- Israel Englander, MILLENNIUM MANAGEMENT LLC$54.27M · 0.0% of book
- Jonathan Litt, Land & Buildings Investment Management, LLC$26.60M · 4.5% of book
- Paul Tudor Jones, TUDOR INVESTMENT CORP ET AL$15.07M · 0.0% of book
- Ken Griffin, CITADEL ADVISORS LLC$11.65M · 0.0% of book
- Marshall Wace, MARSHALL WACE, LLP$9.87M · 0.0% of book
A word of warning on reading these figures: a 13F reports the market value of a holding, so a fund that traded nothing at all still appears to have sold when the price fell. We found 102 companies where the standard reading gives the opposite answer. Only the share count is honest.
Common questions
Is Ryman Hospitality Properties, Inc. (RHP) undervalued?
Against our discounted cash flow estimate of USD52.25, RHP at USD125.01 is 58% above fair value. That is one model's answer, not a recommendation, and most of a DCF's output sits in a terminal value nobody can forecast.
Which funds own RHP?
8 of the institutions we track reported a position in RHP in their most recent SEC 13F filing. A 13F is filed up to 45 days after quarter end, so it tells you what a fund held then, not what it holds now.
What is RHP's P/E ratio?
RHP trades at 32.7 times earnings. A low P/E is not automatically cheap: on a cyclical company it is usually a warning that earnings are at a peak.
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Data from company filings, exchange quotes and SEC EDGAR 13F disclosures. Quotes are delayed. Metrics we do not have are left out rather than estimated. Educational information, not financial advice.