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Western Digital Corporation (WDC)

Company Dividend Discount ModelIndustry: Computer HardwareSector: Technology

Valuation Snapshot

Stable Growth$20.84 - $26.93$24.08
Multi-Stage$34.17 - $37.89$35.99
Blended Fair Value$30.03
Current Price$131.31
Upside-77.13%
DecisionDon't Buy

Dividend History & Growth Metrics (10Y)

Metric5Y CAGR10Y CAGR2025202420232022202120202019201820172016
DPS-40.60%-19.73%0.120.000.000.000.001.641.611.631.581.28
YoY Growth--0.00%0.00%0.00%0.00%-100.00%1.88%-1.52%3.31%23.71%17.17%
Dividend Yield--0.19%0.00%0.00%0.00%0.00%6.03%4.28%3.69%2.42%2.89%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)
Net Income To Common (M)2,557.00
(-) Cash Dividends Paid (M)83.00
(=) Cash Retained (M)2,474.00
MetricLOWBASEHIGH
Required Retention Ratio20.0%12.5%7.5%
(=) Cash Required (M)511.40319.63191.78
Cash Retained (M)2,474.002,474.002,474.00
(-) Cash Required (M)-511.40-319.63-191.78
(=) Excess Retained (M)1,962.602,154.382,282.23
(/) Shares Outstanding (M)363.25363.25363.25
(=) Excess Retained per Share5.405.936.28
LTM Dividend per Share0.230.230.23
(+) Excess Retained per Share5.405.936.28
(=) Adjusted Dividend5.636.166.51
WACC / Discount Rate10.93%10.93%10.93%
Growth Rate-12.67%-11.67%-10.67%
Fair Value$20.84$24.08$26.93
Upside / Downside-84.13%-81.66%-79.49%

Multi-Stage Model: Projections

(USD in Millions)
MetricTTMDec-27Dec-28Dec-29Dec-30Dec-31Terminal
Net Income (M)2,557.002,258.601,995.021,762.201,556.551,374.901,416.14
Payout Ratio3.25%20.60%37.95%55.30%72.65%90.00%92.50%
Projected Dividends (M)83.00465.20757.06974.471,130.821,237.411,309.93

Multi-Stage Valuation

MetricLOWBASEHIGH
WACC / Discount Rate10.93%10.93%10.93%
Growth Rate-12.67%-11.67%-10.67%
Year 1 PV (M)414.63419.38424.12
Year 2 PV (M)601.41615.27629.28
Year 3 PV (M)689.97713.95738.47
Year 4 PV (M)713.64746.89781.29
Year 5 PV (M)696.02736.79779.45
PV of Terminal Value (M)9,295.899,840.4410,410.23
Equity Value (M)12,411.5513,072.7113,762.84
Shares Outstanding (M)363.25363.25363.25
Fair Value$34.17$35.99$37.89
Upside / Downside-73.98%-72.59%-71.15%

High-Yield Dividend Screener

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