Definitive Analysis
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Definitive Analysis

Financial Statements

Ticker

Industry

Sector

Wabash National Corporation (WNC)

Company Dividend Discount ModelIndustry: Agricultural - MachinerySector: Industrials

Valuation Snapshot

Stable Growth$41.65 - $59.60$50.45
Multi-Stage$63.55 - $69.91$66.67
Blended Fair Value$58.56
Current Price$9.87
Upside493.29%
DecisionBuy

Dividend History & Growth Metrics (10Y)

Metric5Y CAGR10Y CAGR2024202320222021202020192018201720162015
DPS-3.65%0.00%0.340.370.370.380.400.410.410.360.000.00
YoY Growth---6.82%-0.99%-2.53%-5.13%-2.66%0.16%16.02%0.00%0.00%0.00%
Dividend Yield--3.11%1.27%1.52%2.58%2.14%5.74%2.96%1.71%0.00%0.00%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)
Net Income To Common (M)260.35
(-) Cash Dividends Paid (M)14.01
(=) Cash Retained (M)246.34
MetricLOWBASEHIGH
Required Retention Ratio20.0%12.5%7.5%
(=) Cash Required (M)52.0732.5419.53
Cash Retained (M)246.34246.34246.34
(-) Cash Required (M)-52.07-32.54-19.53
(=) Excess Retained (M)194.27213.79226.81
(/) Shares Outstanding (M)42.9842.9842.98
(=) Excess Retained per Share4.524.975.28
LTM Dividend per Share0.330.330.33
(+) Excess Retained per Share4.524.975.28
(=) Adjusted Dividend4.855.305.60
WACC / Discount Rate9.40%9.40%9.40%
Growth Rate-2.00%-1.00%0.00%
Fair Value$41.65$50.45$59.60
Upside / Downside322.00%411.10%503.82%

Multi-Stage Model: Projections

(USD in Millions)
MetricTTMDec-27Dec-28Dec-29Dec-30Dec-31Terminal
Net Income (M)260.35257.74255.17252.61250.09247.59255.02
Payout Ratio5.38%22.30%39.23%56.15%73.08%90.00%92.50%
Projected Dividends (M)14.0157.49100.10141.85182.75222.83235.89

Multi-Stage Valuation

MetricLOWBASEHIGH
WACC / Discount Rate9.40%9.40%9.40%
Growth Rate-2.00%-1.00%0.00%
Year 1 PV (M)52.0252.5553.08
Year 2 PV (M)81.9583.6385.33
Year 3 PV (M)105.08108.33111.65
Year 4 PV (M)122.50127.58132.81
Year 5 PV (M)135.15142.18149.51
PV of Terminal Value (M)2,234.792,351.162,472.33
Equity Value (M)2,731.492,865.443,004.71
Shares Outstanding (M)42.9842.9842.98
Fair Value$63.55$66.67$69.91
Upside / Downside543.90%575.48%608.31%

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