Complete WSC Stock Valuation Analysis
Comprehensive intrinsic value analysis using 4 different methodologies
WSC DCF Analysis
WSC (WillScot Holdings Corporation) discounted cash flow analysis with multiple scenarios, growth assumptions, and terminal value calculations
Financial Projections
| Metrics | 2022 (Historical) | 2023 (Historical) | 2024 (Historical) | 2025 (Projected) | 2026 (Projected) | 2027 (Projected) | 2028 (Projected) | 2029 (Projected) |
|---|---|---|---|---|---|---|---|---|
| Revenue | $2.1B | $2.4B | $2.4B | $2.6B | $2.9B | $3.1B | $3.3B | $3.6B |
| Revenue Growth % | - | 10.4% | 1.3% | 10.1% | 9.1% | 8.2% | 7.4% | 6.6% |
| EBIT | $511.5M | $673.5M | $263.9M | $557.2M | $610.7M | $663.8M | $716.0M | $767.1M |
| EBIT Margin % | 23.9% | 28.5% | 11.0% | 21.1% | 21.2% | 21.3% | 21.4% | 21.5% |
| Tax Rate % | 24.3% | 27.0% | 23.2% | 19.6% | 20.2% | 20.7% | 21.2% | 21.8% |
| NOPAT | $387.0M | $491.5M | $202.8M | $447.8M | $487.6M | $526.4M | $564.0M | $600.0M |
| NOPAT Margin % | 18.1% | 20.8% | 8.5% | 17.0% | 16.9% | 16.9% | 16.9% | 16.8% |
| Capex | $486.8M | $249.2M | $18.4M | $273.2M | $283.1M | $291.0M | $296.8M | $300.6M |
| Capex / Revenue % | 22.7% | 10.5% | 0.8% | 10.4% | 9.8% | 9.3% | 8.9% | 8.4% |
| Depreciation | $343.5M | $338.7M | $385.0M | $408.2M | $445.3M | $481.7M | $517.2M | $551.5M |
| D&A / Revenue % | 16.0% | 14.3% | 16.1% | 15.5% | 15.5% | 15.5% | 15.5% | 15.5% |
| Change in NWC | $-6.3M | $48.0M | $-34.6M | $27.8K | $24.2K | $21.0K | $18.0K | $15.4K |
| NWC Change / Revenue % | -0.3% | 2.0% | -1.4% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% |
| Unlevered FCF | $250.0M | $532.9M | $603.9M | $582.8M | $649.7M | $717.1M | $784.4M | $850.9M |
| UFCF % Chg. | - | 113.2% | 13.3% | -3.5% | 11.5% | 10.4% | 9.4% | 8.5% |
| FCF / Revenue % | 11.7% | 22.5% | 25.2% | 22.1% | 22.6% | 23.0% | 23.5% | 23.9% |
| Discount Factor | - | - | - | 0.927 | 0.860 | 0.797 | 0.739 | 0.686 |
| Present Value of FCF | - | - | - | $540.4M | $558.6M | $571.7M | $579.9M | $583.3M |
| Sum of PV of UFCF | - | - | - | $540.4M | $1.1B | $1.7B | $2.3B | $2.8B |
WACC Calculation
Weighted Average Cost of Capital used for discounting cash flows.
| WACC Calculation | Value |
|---|---|
| Cost of Debt | 6.3% |
| Tax Rate | 19.6% |
| After Tax Cost of Debt | 5.1% |
| Risk Free Rate | 4.35% |
| Market Risk Premium | 4.3% |
| Beta | 1.26 |
| Cost of Equity | 9.8% |
| Total Debt | $4.0B |
| Market Cap | $5.5B |
| Total Capital | $9.5B |
| Debt Weighting | 41.8% |
| Equity Weighting | 58.2% |
| WACC | 7.8% |
Terminal Value
Choose between perpetuity growth or exit multiple methods.
| Terminal Value Calculation | Value |
|---|---|
| Terminal Growth Rate | 2.5% |
| Final Year FCF | $850.9M |
| Terminal Value | $16.3B |
| PV of Terminal Value | $11.2B |
| Cumulative PV of UFCF | $2.8B |
| Net Debt | $4.0B |
| Equity Value | $10.1B |
| Shares Outstanding | 190.3M |
| Implied Share Price | $53 |
| Current Share Price | $30 |
| Implied Upside/(Downside) | +73.9% |
Valuation Summary
$52.84
Implied Price
$30.39
Current Price
+73.9%
Upside/Downside
7.8%
WACC
WSC Peer Valuation Analysis
Relative valuation based on comparable company trading multiples
Peer Valuation Analysis
Fair Value Range Analysis
Based on median multiples from 11 peer companies in Industrials
P/E Ratio
$2.57
-91.5%
Peer Median: 31.9x
EV/EBITDA
$50.33
+65.6%
Peer Median: 15.9x
P/S Ratio
$21.92
-27.9%
Peer Median: 1.7x
Interpretation: Each multiple provides a different perspective on fair value. Consider which multiple is most relevant for WSC's business model and current situation.
Multiple Comparison
| Multiple | WSC Current | Peer Median | Peer Average | Premium/Discount | Assessment |
|---|---|---|---|---|---|
| P/E Ratio | 376.8x | 31.9x | 39.9x | 1080.8% | Overvalued |
| EV/EBITDA | 16.5x | 15.9x | 17.6x | 3.6% | Fair Value |
| P/S Ratio | 2.3x | 1.7x | 1.9x | 38.6% | Overvalued |
Peer Companies
Click any company to view their valuation
| Company | Market Cap | P/E Ratio | EV/EBITDA | P/S Ratio |
|---|---|---|---|---|
| $7.31B | 31.9x | 15.0x | 1.6x | |
| $6.76B | 19.6x | 12.1x | 1.7x | |
| $5.93B | 96.0x | 33.7x | 2.7x | |
| $7.35B | 28.1x | 15.9x | 3.5x | |
| $6.17B | 24.9x | 16.6x | 2.0x | |
| $5.54B | 376.8x | 16.5x | 2.3x | |
| $4.40B | 56.7x | 14.4x | 1.7x | |
| $4.12B | 33.1x | 11.8x | 1.0x | |
| $4.69B | 23.0x | 13.2x | 0.7x | |
| $3.50B | 23.1x | 17.2x | 1.1x | |
| $56.87B | 62.2x | 27.1x | 2.3x |
WSC Graham Number
Benjamin Graham's conservative valuation formula for defensive investors
Input Data
| EPS (TTM) | $0.08 | Latest 10-K |
| Book Value per Share | $5.35 | Latest 10-K Balance Sheet |
| Graham Constant | 22.5 | Benjamin Graham's formula |
Graham Number Result
$3.12
Intrinsic Value
$30.39
Current Price
-89.7%
Upside/Downside
Confidence: High
Conservative value investing approach
Calculation Breakdown
Formula:
√(22.5 × EPS × BVPS)
Step 1: Multiply constant by EPS
22.5 × 0.08 = 1.81
Step 2: Multiply by Book Value per Share
1.81 × 5.35 = 9.71
Step 3: Take square root
√9.71 = 3.12
Graham Number Result:
$3.12
WSC Earnings Power Value (EPV)
Normalized earnings-based valuation for sustainable earning power assessment
Earnings Normalization
| Earnings Component | Amount ($B) | Description |
|---|---|---|
| Reported Earnings | 0.0 | Base earnings from financial statements |
| Normalized Earnings | 0.0 | Final normalized earning power |
One-time Items: Remove non-recurring gains/losses
Cyclical Adjustment: Normalize for economic cycle position
EPV Result
$2.17
EPV per Share
$30.39
Current Price
-92.9%
Upside/Downside
6.8%
WACC: 6.8% (calculated from market data)
Confidence: High
Normalized earnings approach
EPV Calculation Breakdown
Enterprise Value Calculation
| Normalized Earnings | $0.0B |
| Cost of Capital | 6.8% |
| Enterprise Value | $0.4B |
Per Share Value
| Enterprise Value | $0.4B |
| Shares Outstanding | 0.2B |
| EPV per Share | $2.17 |
WACC Components
| Cost of Equity | 9.1% |
| After-Tax Cost of Debt | 3.5% |
| Equity Weight | 59.3% |
| Debt Weight | 40.7% |
| WACC | 6.8% |