Overview
Rayonier Advanced Materials Inc.'s (RYAM) main business is manufacturing high-purity cellulose, a natural polymer used by its customers to make cigarette filters, cell phones, flat-panel televisions, tires, rayon fabrics, paint and pharmaceuticals, among other things.
In August 2014, I wrote an article on Seeking Alpha entitled Rayonier Advanced Materials: An Undervalued Industry Leader. RYAM had at that time just separated from Rayonier Inc. (RYN), which has chosen to be a timber REIT. The stock at that time was selling the mid-30s, down from the high-40s. In my article, I judged it to be