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WDR - Waddell & Reed: Hidden Value On The Balance Sheet
Waddell & Reed Financial Inc.
In a low-rate environment, one would think Graham & Dodd-type value would be hard to find. Not so, in my view - Waddell & Reed's (WDR) stock offers compelling value in a market all too willing to pay for growth.
At current levels, I think the market is overlooking the underlying value of the company's cash-rich balance sheet, masked by ~$766m of treasury shares. On an adjusted basis, WDR is on offer at a hefty ~40% discount to adjusted tangible book, despite still being a free cash flow-generative asset. Further, at the current dividend +