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Douglas Dynamics

NYSE:PLOW
Snowflake Description

Questionable track record with imperfect balance sheet.

The Snowflake is generated from 30 checks in 5 different areas, read more below.
PLOW
NYSE
$905M
Market Cap
  1. Home
  2. US
  3. Capital Goods
Company description

Douglas Dynamics, Inc. operates as a manufacturer and upfitter of commercial work truck attachments and equipment primarily in North America. The last earnings update was 50 days ago. More info.


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PLOW Share Price and Events
7 Day Returns
2%
NYSE:PLOW
3.3%
US Machinery
1.4%
US Market
1 Year Returns
-15.6%
NYSE:PLOW
6.5%
US Machinery
4.9%
US Market
PLOW Shareholder Return
  7 Day 30 Day 90 Day 1 Year 3 Year 5 Year
Douglas Dynamics (PLOW) 2% 3.2% 4.4% -15.6% 59% 118.6%
US Machinery 3.3% 6.9% 4.6% 6.5% 59% 24.3%
US Market 1.4% 3.8% 3.5% 4.9% 44.8% 40.1%
1 Year Return vs Industry and Market
  • PLOW underperformed the Machinery industry which returned 6.5% over the past year.
  • PLOW underperformed the Market in United States of America which returned 4.9% over the past year.
Price Volatility
PLOW
Industry
5yr Volatility vs Market

PLOW Value

 Is Douglas Dynamics undervalued based on future cash flows and its price relative to the stock market?

Value is all about what a company is worth versus what price it is available for. If you went into a grocery store and all the bananas were on sale at half price, they could be considered undervalued.
INTRINSIC VALUE BASED ON FUTURE CASH FLOWS
Here we compare the current share price of Douglas Dynamics to its discounted cash flow analysis.value.

The discounted cash flow value is simply looking at what the company is worth today, based on estimates of how much money it is expected to make in the future.
Raw Data

Below are the data sources, inputs and calculation used to determine the intrinsic value for Douglas Dynamics.

NYSE:PLOW Discounted Cash Flow Data Sources
Data Point Source Value
Valuation Model 2 Stage Free Cash Flow to Equity
Levered Free Cash Flow Average of 3 Analyst Estimates (S&P Global) See below
Discount Rate (Cost of Equity) See below 10%
Perpetual Growth Rate 10-Year US Government Bond Rate 2.7%

An important part of a discounted cash flow is the discount rate, below we explain how it has been calculated.

Calculation of Discount Rate/ Cost of Equity for NYSE:PLOW
Data Point Calculation/ Source Result
Risk-Free Rate 10-Year US Govt Bond Rate 2.7%
Equity Risk Premium S&P Global 6%
Machinery Unlevered Beta Simply Wall St/ S&P Global 1.07
Re-levered Beta = Unlevered beta (1 + (1- tax rate) (Debt/Equity))
= 1.067 (1 + (1- 21%) (32.46%))
1.228
Levered Beta Levered Beta limited to 0.8 to 2.0
(practical range for a stable firm)
1.23
Discount Rate/ Cost of Equity = Cost of Equity = Risk Free Rate + (Levered Beta * Equity Risk Premium)
= 2.73% + (1.228 * 5.96%)
10.05%

Discounted Cash Flow Calculation for NYSE:PLOW using 2 Stage Free Cash Flow to Equity Model

The calculations below outline how an intrinsic value for Douglas Dynamics is arrived at by discounting future cash flows to their present value using the 2 stage method. We try to start with analysts estimates of free cash flow, however if these are not available we use the most recent financial results. In the 1st stage we continue to grow the free cash flow over a 10 year period, with the growth rate trending towards the perpetual growth rate used in the 2nd stage. The 2nd stage assumes the company grows at a stable rate into perpetuity.

NYSE:PLOW DCF 1st Stage: Next 10 year cash flow forecast
Levered FCF (USD, Millions) Source Present Value
Discounted (@ 10.05%)
2019 53.55 Analyst x3 48.66
2020 60.74 Analyst x3 50.16
2021 61.28 Est @ 0.88% 45.98
2022 62.15 Est @ 1.43% 42.38
2023 63.29 Est @ 1.82% 39.21
2024 64.61 Est @ 2.09% 36.37
2025 66.09 Est @ 2.29% 33.81
2026 67.69 Est @ 2.42% 31.46
2027 69.39 Est @ 2.51% 29.31
2028 71.18 Est @ 2.58% 27.32
Present value of next 10 years cash flows $384.65
NYSE:PLOW DCF 2nd Stage: Terminal Value
Calculation Result
Terminal Value = FCF2028 × (1 + g) ÷ (Discount Rate – g)
= $71.18 × (1 + 2.73%) ÷ (10.05% – 2.73%)
$999.03
Present Value of Terminal Value = Terminal Value ÷ (1 + r)10
= $999.03 ÷ (1 + 10.05%)10
$383.46
NYSE:PLOW Total Equity Value
Calculation Result
Total Equity Value = Present value of next 10 years cash flows + Terminal Value
= $384.65 + $383.46
$768.11
Equity Value per Share
(USD)
= Total value / Shares Outstanding
= $768.11 / 22.80
$33.7
NYSE:PLOW Discount to Share Price
Calculation Result
Value per share (USD) From above. $33.70
Current discount Discount to share price of $39.68
= -1 x ($39.68 - $33.70) / $33.70
-17.8%

Learn more about our DCF calculations in Simply Wall St’s analysis model .

  • The current share price of Douglas Dynamics is above its future cash flow value.
Often investors are willing to pay a premium for a company that has a high dividend or the potential for future growth.
PRICE RELATIVE TO MARKET
We can also value a company based on what the stock market is willing to pay for it. This is similar to the price of fruit (e.g. Mangoes or Avocados) increasing when they are out of season, or how much your home is worth.

The amount the stock market is willing to pay for Douglas Dynamics's earnings, growth and assets is considered below, and whether this is a fair price.
Price based on past earnings
Are Douglas Dynamics's earnings available for a low price, and how does this compare to other companies in the same industry?
Raw Data
NYSE:PLOW PE (Price to Earnings) Ratio Data Sources
Data Point Source Value
Earnings Per Share * Company Filings (2019-03-31) in USD $1.98
NYSE:PLOW Share Price ** NYSE (2019-06-25) in USD $39.68
United States of America Machinery Industry PE Ratio Median Figure of 99 Publicly-Listed Machinery Companies 20.42x
United States of America Market PE Ratio Median Figure of 3,095 Publicly-Listed Companies 17.73x

* Trailing twelve months (TTM) annual GAAP earnings per share excluding extraordinary items.

** Primary Listing of Douglas Dynamics.

NYSE:PLOW PE (Price to Earnings) Ratio Calculation
Calculation Outcome
PE Ratio

= NYSE:PLOW Share Price ÷ EPS (both in USD)

= 39.68 ÷ 1.98

20.08x

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • Douglas Dynamics is good value based on earnings compared to the US Machinery industry average.
  • Douglas Dynamics is overvalued based on earnings compared to the United States of America market.
Price based on expected Growth
Does Douglas Dynamics's expected growth come at a high price?
Raw Data
NYSE:PLOW PEG (Price to Earnings to Growth) Ratio Data Sources
Data Point Source Value
PE Ratio See PE Ratio Section 20.08x
Net Income Annual Growth Rate See Future Growth Section.
Line of Best Fit* through Consensus Estimate Earnings of 3 Analysts
8.2%per year
United States of America Machinery Industry PEG Ratio Median Figure of 80 Publicly-Listed Machinery Companies 1.46x
United States of America Market PEG Ratio Median Figure of 2,133 Publicly-Listed Companies 1.53x

*Line of best fit is calculated by linear regression .

NYSE:PLOW PEG (Price to Earnings to Growth) Ratio Calculation
Calculation Outcome
PEG Ratio

= PE Ratio ÷ Net Income Annual Growth Rate

= 20.08x ÷ 8.2%

2.45x

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • Douglas Dynamics is poor value based on expected growth next year.
Price based on value of assets
What value do investors place on Douglas Dynamics's assets?
Raw Data
NYSE:PLOW PB (Price to Book) Ratio Data Sources
Data Point Source Value
Book Value per Share Company Filings (2019-03-31) in USD $12.11
NYSE:PLOW Share Price * NYSE (2019-06-25) in USD $39.68
United States of America Machinery Industry PB Ratio Median Figure of 127 Publicly-Listed Machinery Companies 2.31x
United States of America Market PB Ratio Median Figure of 5,255 Publicly-Listed Companies 1.79x
NYSE:PLOW PB (Price to Book) Ratio Calculation
Calculation Outcome
PB Ratio

= NYSE:PLOW Share Price ÷ Book Value per Share (both in USD)

= 39.68 ÷ 12.11

3.28x

* Primary Listing of Douglas Dynamics.

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • Douglas Dynamics is overvalued based on assets compared to the US Machinery industry average.
X
Value checks
We assess Douglas Dynamics's value by looking at:
  1. Is the discounted cash flow value less than 20%, or 40% of the share price? (2 checks) ( Click here or on bar chart for details of DCF calculation. )
  2. Is the PE ratio less than the market average, and/ or less than the Machinery industry average (and greater than 0)? (2 checks)
  3. Is the PEG ratio within a reasonable range (0 to 1)? (1 check)
  4. Is the PB ratio less than the Machinery industry average (and greater than 0)? (1 check)
  5. Douglas Dynamics has a total score of 1/6, see the detailed checks below.

    Note: We use GAAP Earnings per Share in all our calculations including PE and PEG Ratio.

    Full details on the Value part of the Simply Wall St company analysis model.

PLOW Future Performance

 How is Douglas Dynamics expected to perform in the next 1 to 3 years based on estimates from 3 analysts?

The future performance of a company is measured in the same way as past performance, by looking at estimated growth and how much profit it is expected to make.

Future estimates come from professional analysts. Just like forecasting the weather, they don’t always get it right!
Annual Growth Rate
8.2%
Expected annual growth in earnings.
Earnings growth vs Low Risk Savings
Is Douglas Dynamics expected to grow at an attractive rate?
  • Douglas Dynamics's earnings growth is expected to exceed the low risk savings rate of 2.7%.
Growth vs Market Checks
  • Douglas Dynamics's earnings growth is positive but not above the United States of America market average.
  • Douglas Dynamics's revenue growth is positive but not above the United States of America market average.
Annual Growth Rates Comparison
Raw Data
NYSE:PLOW Future Growth Rates Data Sources
Data Point Source Value (per year)
NYSE:PLOW Future Earnings Growth Rate Line of Best Fit* through Consensus Estimate Earnings of 3 Analysts 8.2%
NYSE:PLOW Future Revenue Growth Rate Line of Best Fit* through Consensus Estimate Revenue of 3 Analysts 4%
United States of America Machinery Industry Earnings Growth Rate Market Cap Weighted Average 10.2%
United States of America Machinery Industry Revenue Growth Rate Market Cap Weighted Average 3.2%
United States of America Market Earnings Growth Rate Market Cap Weighted Average 13.9%
United States of America Market Revenue Growth Rate Market Cap Weighted Average 7.4%

*Line of best fit is calculated by linear regression .

Industry and Market average data is calculated daily.

Learn more about our growth rate calculations in Simply Wall St’s analysis model.

Analysts growth expectations
Raw Data
NYSE:PLOW Analysts Growth Expectations Data Sources
Data Point Source Value
Past Financials Company Filings (2 months ago) See Below
Future Estimates Average of up to 3 Analyst Estimates (S&P Global) See Below
All numbers in USD Millions and using Trailing twelve months (TTM) annual period rather than quarterly.
NYSE:PLOW Future Estimates Data
Date (Data in USD Millions) Revenue Cash Flow Net Income * Avg. No. Analysts
2020-12-31 568 71 51 3
2019-12-31 542 63 46 3
NYSE:PLOW Past Financials Data
Date (Data in USD Millions) Revenue Cash Flow Net Income *
2019-03-31 533 38 45
2018-12-31 524 58 43
2018-09-30 510 49 63
2018-06-30 511 64 62
2018-03-31 487 76 56
2017-12-31 475 66 55
2017-09-30 467 58 30
2017-06-30 465 55 28
2017-03-31 440 56 30
2016-12-31 416 70 38
2016-09-30 405 80 43
2016-06-30 402 74 52

*GAAP earnings excluding extraordinary items.

Super high growth metrics
High Growth Checks
  • Douglas Dynamics's earnings are expected to grow by 8.2% yearly, however this is not considered high growth (20% yearly).
  • Douglas Dynamics's revenue is expected to grow by 4% yearly, however this is not considered high growth (20% yearly).
Past and Future Earnings per Share
The accuracy of the analysts who estimate the future performance data can be gauged below. We look back 3 years and see if they were any good at predicting what actually occurred. We also show the highest and lowest estimates looking forward to see if there is a wide range.
Raw Data
NYSE:PLOW Past and Future Earnings per Share
Data Point Source Value
Past Financials Company Filings (2 months ago) See Below
Future Estimates Average of up to 3 Analyst Estimates (S&P Global) See Below

All data from Douglas Dynamics Company Filings, last reported 2 months ago, and in Trailing twelve months (TTM) annual period rather than quarterly.

NYSE:PLOW Future Estimates Data
Date (Data in USD Millions) EPS * EPS High Estimate EPS Low Estimate Avg. No. Analysts
2020-12-31 2.22 2.29 2.18 3.00
2019-12-31 2.01 2.05 1.98 3.00
NYSE:PLOW Past Financials Data
Date (Data in USD Millions) EPS *
2019-03-31 1.98
2018-12-31 1.91
2018-09-30 2.78
2018-06-30 2.75
2018-03-31 2.48
2017-12-31 2.42
2017-09-30 1.35
2017-06-30 1.26
2017-03-31 1.33
2016-12-31 1.71
2016-09-30 1.94
2016-06-30 2.30

*GAAP earnings excluding extraordinary items.

Performance in 3 years
In the same way as past performance we look at the future estimated return (profit) compared to the available funds. We do this looking forward 3 years.
  • Unable to establish if Douglas Dynamics will efficiently use shareholders’ funds in the future without estimates of Return on Equity.
X
Future performance checks
We assess Douglas Dynamics's future performance by looking at:
  1. Is the annual earnings growth rate expected to beat the low risk savings rate, plus a premium to keep pace with inflation?
  2. Is the annual earnings growth rate expected to beat the average growth rate in earnings of the United States of America market? (1 check)
  3. Is the annual revenue growth rate expected to beat the average growth rate in revenue of the United States of America market? (1 check)
  4. Is the annual earnings growth rate expected to be above 20%? (1 check)
  5. Is the annual revenue growth rate expected to be above 20%? (1 check)
  6. Is the Return on Equity in 3 years expected to be over 20%? (1 check)
Some of the above checks will fail if the company is expected to be loss making in the relevant year.
Douglas Dynamics has a total score of 1/6, see the detailed checks below.

Note 1: We use GAAP Net Income Excluding Exceptional Items for our Earnings in all our calculations.

Full details on the Future part of the Simply Wall St company analysis model.

PLOW Past Performance

  How has Douglas Dynamics performed over the past 5 years?

The past performance of a company can be measured by how much growth it has experienced and how much profit it makes relative to the funds and assets it has available.
Past earnings growth
Below we compare Douglas Dynamics's growth in the last year to its industry (Machinery).
Past Earnings growth analysis
We also check if the company has grown in the past 5 years, and whether it has maintained that growth in the year.
  • Douglas Dynamics's year on year earnings growth rate has been positive over the past 5 years.
  • Douglas Dynamics's 1-year earnings growth is negative, it can't be compared to the 5-year average.
  • Douglas Dynamics's 1-year earnings growth is negative, it can't be compared to the US Machinery industry average.
Earnings and Revenue History
Douglas Dynamics's revenue and profit over the past 5 years is shown below, any years where they have experienced a loss will show up in red.
Raw Data

All data from Douglas Dynamics Company Filings, last reported 2 months ago, and in Trailing twelve months (TTM) annual period rather than quarterly.

NYSE:PLOW Past Revenue, Cash Flow and Net Income Data
Date (Data in USD Millions) Revenue Net Income * G+A Expenses R&D Expenses
2019-03-31 533.29 44.88 71.51
2018-12-31 524.07 43.32 70.86
2018-09-30 510.21 62.89 70.76
2018-06-30 510.72 62.31 68.43
2018-03-31 486.64 55.99 64.44
2017-12-31 474.93 54.61 63.04
2017-09-30 467.10 30.48 61.36
2017-06-30 465.34 28.47 60.60
2017-03-31 439.73 30.03 54.84
2016-12-31 416.27 38.47 50.67
2016-09-30 404.94 43.46 48.07
2016-06-30 401.93 51.59 46.99
2016-03-31 395.31 48.40 47.40
2015-12-31 400.41 43.57 48.15
2015-09-30 381.65 41.45 45.83
2015-06-30 339.92 36.72 42.33
2015-03-31 321.01 38.18 39.50
2014-12-31 303.51 39.35 36.49
2014-09-30 276.45 34.93 33.58
2014-06-30 249.64 24.92 31.49
2014-03-31 216.58 16.37 29.11
2013-12-31 194.32 11.46 30.63
2013-09-30 149.52 2.01 23.43
2013-06-30 135.27 3.74 21.57
2013-03-31 145.61 6.80 21.17
2012-12-31 140.03 5.94 19.90
2012-09-30 172.09 13.19 21.25
2012-06-30 187.81 14.67 23.78

*GAAP earnings excluding extraordinary items.

Performance last year
We want to ensure a company is making the most of what it has available. This is done by comparing the return (profit) to a company's available funds, assets and capital.
  • Douglas Dynamics has not efficiently used shareholders’ funds last year (Return on Equity less than 20%).
  • Douglas Dynamics used its assets more efficiently than the US Machinery industry average last year based on Return on Assets.
  • Douglas Dynamics's use of capital deteriorated last year versus 3 years ago (Return on Capital Employed).
X
Past performance checks
We assess Douglas Dynamics's performance over the past 5 years by checking for:
  1. Has earnings increased in past 5 years? (1 check)
  2. Has the earnings growth in the last year exceeded that of the Machinery industry? (1 check)
  3. Is the recent earnings growth over the last year higher than the average annual growth over the past 5 years? (1 check)
  4. Is the Return on Equity (ROE) higher than 20%? (1 check)
  5. Is the Return on Assets (ROA) above industry average? (1 check)
  6. Has the Return on Capital Employed (ROCE) increased from 3 years ago? (1 check)
The above checks will fail if the company has reported a loss in the most recent earnings report. Some checks require at least 3 or 5 years worth of data.
Douglas Dynamics has a total score of 2/6, see the detailed checks below.

Note: We use GAAP Net Income excluding extraordinary items in all our calculations.

Full details on the Past part of the Simply Wall St company analysis model.

PLOW Health

 How is Douglas Dynamics's financial health and their level of debt?

A company's financial position is much like your own financial position, it includes everything you own (assets) and owe (liabilities).

The boxes below represent the relative size of what makes up Douglas Dynamics's finances.

The net worth of a company is the difference between its assets and liabilities.
Net Worth
  • Douglas Dynamics is able to meet its short term (1 year) commitments with its holdings of cash and other short term assets.
  • Douglas Dynamics's long term commitments exceed its cash and other short term assets.
Balance sheet
This treemap shows a more detailed breakdown of Douglas Dynamics's finances. If any of them are yellow this indicates they may be out of proportion and red means they relate to one of the checks below.
Assets
Liabilities and shares
The 'shares' portion represents any funds contributed by the owners (shareholders) and any profits.
  • High level of physical assets or inventory.
  • Debt is not covered by short term assets, assets are 0.7x debt.
Historical Debt
Nearly all companies have debt. Debt in itself isn’t bad, however if the debt is too high, or the company can’t afford to pay the interest on its debts this may have impacts in the future.

The graphic below shows equity (available funds) and debt, we ideally want to see the red area (debt) decreasing.

If there is any debt we look at the companies capability to repay it, and whether the level has increased over the past 5 years.
Raw Data

All data from Douglas Dynamics Company Filings, last reported 2 months ago.

NYSE:PLOW Past Debt and Equity Data
Date (Data in USD Millions) Total Equity Total Debt Cash & Short Term Investments
2019-03-31 276.15 272.08 0.35
2018-12-31 282.76 281.93 27.82
2018-09-30 274.71 323.68
2018-06-30 270.08 280.58
2018-03-31 251.30 282.89 12.94
2017-12-31 256.68 317.51 36.88
2017-09-30 226.59 339.92 1.48
2017-06-30 222.04 323.04 4.29
2017-03-31 212.27 318.20 7.95
2016-12-31 220.46 315.48 18.61
2016-09-30 214.07 347.23 0.30
2016-06-30 211.59 187.81 48.67
2016-03-31 200.55 187.22 48.39
2015-12-31 200.50 185.64 36.84
2015-09-30 189.29 213.88 3.87
2015-06-30 178.91 187.42 12.35
2015-03-31 169.08 188.90 20.80
2014-12-31 173.29 188.10 24.20
2014-09-30 169.65 143.83 4.29
2014-06-30 163.23 110.65 7.07
2014-03-31 152.97 110.96 10.55
2013-12-31 155.32 124.28 19.86
2013-09-30 145.38 161.59 3.98
2013-06-30 148.66 139.89 2.08
2013-03-31 146.52 112.20 11.07
2012-12-31 153.73 112.51 24.14
2012-09-30 158.52 135.81 1.84
2012-06-30 159.90 115.09 3.79
  • Douglas Dynamics's level of debt (98.5%) compared to net worth is high (greater than 40%).
  • The level of debt compared to net worth has increased over the past 5 years (72.5% vs 98.5% today).
  • Debt is not well covered by operating cash flow (14.1%, less than 20% of total debt).
  • Interest payments on debt are well covered by earnings (EBIT is 4.4x coverage).
X
Financial health checks
We assess Douglas Dynamics's financial health by checking for:
  1. Are short term assets greater than short term liabilities? (1 check)
  2. Are short term assets greater than long term liabilities? (1 check)
  3. Has the debt to equity ratio increased in the past 5 years? (1 check)
  4. Is the debt to equity ratio over 40%? (1 check)
  5. Is the debt covered by operating cash flow? (1 check)
  6. Are earnings greater than 5x the interest on debt (if company pays interest at all)? (1 check)
  7. Douglas Dynamics has a total score of 2/6, see the detailed checks below.
For companies that are loss making and have been so on average in the past we replace the last 2 checks with:
  1. Does cash and short term investments cover stable operating expenses (recurring G&A and R&D) for more than 3 years? (1 check)
  2. Does cash and short term investments cover growing operating expenses (recurring G&A and R&D) for more than 3 years? (1 check)


Full details on the Health part of the Simply Wall St company analysis model.

PLOW Dividends

 What is Douglas Dynamics's current dividend yield, its reliability and sustainability?

Dividends are regular cash payments to you from the company, similar to a bank paying you interest on a savings account.
Annual Dividend Income
Dividend payments
2.75%
Current annual income from Douglas Dynamics dividends. Estimated to be 2.75% next year.
If you bought $2,000 of Douglas Dynamics shares you are expected to receive $55 in your first year as a dividend.
Dividend Amount
Here we look how much dividend is being paid, if any. Is it above what you can get in a savings account? It is up there with the best dividend paying companies?
  • Douglas Dynamics's pays a higher dividend yield than the bottom 25% of dividend payers in United States of America (1.45%).
  • Douglas Dynamics's dividend is below the markets top 25% of dividend payers in United States of America (3.73%).
Annualized Historical and Future Dividends
It is important to see if the dividend for a company is stable, and not wildly increasing/decreasing each year. This graph shows you the historical rate to count toward your assessment of the stock.

We also check to see if the dividend has increased in the past 10 years.
Raw Data
NYSE:PLOW Annualized Past and Future Dividends
Data Point Source Value
Past Annualized Dividend Yield S&P Global Market Data See Below
Past Dividends per Share Company Filings/ Annualized Dividend Payments See Below
Future Dividends per Share Estimates Average of up to 3 Analyst Estimates (S&P Global) See Below
United States of America Machinery Industry Average Dividend Yield Market Cap Weighted Average of 77 Stocks 2%
United States of America Market Average Dividend Yield Market Cap Weighted Average of 2012 Stocks 2.4%
United States of America Minimum Threshold Dividend Yield 10th Percentile 0.8%
United States of America Bottom 25% Dividend Yield 25th Percentile 1.4%
United States of America Top 25% Dividend Yield 75th Percentile 3.7%

Industry and Market average data is calculated daily.

Note all dividend per share amounts are annualized and not quarterly or other period.

NYSE:PLOW Future Dividends Estimate Data
Date (Data in $) Dividend per Share (annual) Avg. No. Analysts
2020-12-31 1.09 2.00
2019-12-31 1.09 2.00
NYSE:PLOW Past Annualized Dividends Data
Date (Data in $) Dividend per share (annual) Avg. Yield (%)
2019-06-06 1.090 2.849
2019-05-07 1.090 2.920
2019-05-06 1.090 2.917
2019-02-26 1.090 2.812
2019-02-25 1.090 2.732
2018-12-10 1.060 2.964
2018-09-06 1.060 2.554
2018-06-07 1.060 2.264
2018-05-08 1.060 2.317
2018-05-07 1.060 2.439
2018-03-01 1.060 2.413
2018-02-26 1.060 2.509
2017-12-07 0.960 2.467
2017-09-07 0.960 2.421
2017-06-08 0.960 2.952
2017-03-06 0.960 3.148
2016-12-09 0.940 2.804
2016-09-09 0.940 3.013
2016-06-09 0.940 3.411
2016-03-03 0.940 4.252
2015-12-10 0.890 4.531
2015-09-10 0.890 4.107
2015-06-08 0.890 4.161
2015-03-04 0.890 4.042
2014-12-11 0.870 4.099
2014-09-10 0.870 4.186
2014-06-09 0.870 4.746
2014-03-10 0.870 5.029
2013-12-10 0.850 5.309
2013-11-05 0.850 5.454
2013-11-04 0.850 5.529
2013-09-09 0.830 5.568
2013-06-07 0.830 5.843
2013-03-07 0.830 5.979
2012-11-05 0.830 6.053
2012-09-07 0.820 5.482
2012-06-08 0.820 5.981
2012-03-09 0.820 6.216
2011-11-07 0.820 5.830
2011-09-09 0.800 5.874
2011-06-09 0.800 5.484
2011-03-08 0.800 5.388
2010-11-01 0.800 5.278
2010-09-13 0.730 5.630
2010-08-13 0.730 6.265
2010-08-10 0.730 6.461

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • Whilst dividend payments have been stable, Douglas Dynamics has been paying a dividend for less than 10 years.
  • Dividend payments have increased, but Douglas Dynamics only paid a dividend in the past 9 years.
Current Payout to shareholders
What portion of Douglas Dynamics's earnings are paid to the shareholders as a dividend.
  • Dividends paid are covered by earnings (1.9x coverage).
Future Payout to shareholders
  • Insufficient estimate data to determine if a dividend will be paid in 3 years and that it will be sustainable.
X
Income/ dividend checks
We assess Douglas Dynamics's dividend by checking for:
  1. Firstly is the company paying a notable dividend (greater than 0.8%) - if not then the rest of the checks are ignored.
  2. Is current dividend yield above the bottom 25% of dividend payers? (1 check)
  3. Is current dividend yield above the top 25% of dividend payers? (1 check)
  4. Have they paid a dividend for 10 years, and during this period has the dividend been volatile (drop of more than 25%)? (1 check)
  5. If they have paid a dividend for 10 years has it increased in this time? (1 check)
  6. How sustainable is the dividend, can Douglas Dynamics afford to pay it from its earnings today and in 3 years (Payout ratio less than 90%)? (2 checks)
  7. Douglas Dynamics has a total score of 2/6, see the detailed checks below.


Full details on the Dividends part of the Simply Wall St company analysis model.

PLOW Management

 What is the CEO of Douglas Dynamics's salary, the management and board of directors tenure and is there insider trading?

Management is one of the most important areas of a company. We look at unreasonable CEO compensation, how long the team and board of directors have been around for and insider trading.
CEO
Bob McCormick
COMPENSATION $1,455,711
AGE 57
TENURE AS CEO 0.4 years
CEO Bio

Mr. Robert L. Mccormick, also known as Bob, has been President, CEO and Director of Douglas Dynamics, Inc., since January 1, 2019. Mr. Mccormick served as Chief Operating Officer of Douglas Dynamics, Inc. since August 28, 2017 until January 1, 2019. Mr. McCormick served as the Chief Financial Officer of Douglas Dynamics, Inc. (Douglas Dynamics, LLC) since September 2004 until August 28, 2017, Executive Vice President since September 2010 until August 28, 2017 and also its Secretary since May 2005 until August 28, 2017. He served as Assistant Secretary of Douglas Dynamics from September 2004 to May 2005 and served as its Treasurer since September 2004 until December 2010 and also served as its Vice President. Prior to joining Douglas Dynamics, he served as President and Chief Executive Officer of Xymox Technology Inc. from 2001 to 2004. He served in various capacities in the Newell Rubbermaid Corporation, including President from 2000 to 2001 and Vice President Group Controller from 1997 to 2000. Mr. McCormick served as President of Newell's Mirro / Wearever Cookware and its Vice President Group Controller. He was responsible for worldwide strategic and financial responsibilities for 12 company divisions with sales of over two billion dollars. He serves as the Chairman of Xymox Technologies, Inc.

CEO Compensation
  • Bob's compensation has been consistent with company performance over the past year, both up more than 20%.
  • Bob's remuneration is lower than average for companies of similar size in United States of America.
Management Team Tenure

Average tenure and age of the Douglas Dynamics management team in years:

1.1
Average Tenure
57
Average Age
  • The average tenure for the Douglas Dynamics management team is less than 2 years, this suggests a new team.
Management Team

Jim Janik

TITLE
Executive Chairman
COMPENSATION
$3M
AGE
61
TENURE
0.4 yrs

Bob McCormick

TITLE
President
COMPENSATION
$1M
AGE
57
TENURE
0.4 yrs

Sarah Lauber

TITLE
CFO & Secretary
COMPENSATION
$1M
AGE
46
TENURE
1.8 yrs

Keith Hagelin

TITLE
President of Commercial Snow & Ice
COMPENSATION
$888K
AGE
57
TENURE
2 yrs

Andy Dejana

TITLE
Consultant
COMPENSATION
$683K
AGE
57
TENURE
0.2 yrs

Jonathon Sievert

TITLE
President of Work Truck Solutions
COMPENSATION
$483K
AGE
42
TENURE
2.3 yrs

Jon Sisulak

TITLE
Corporate Controller & Assistant Secretary
Board of Directors Tenure

Average tenure and age of the Douglas Dynamics board of directors in years:

7
Average Tenure
61
Average Age
  • The tenure for the Douglas Dynamics board of directors is about average.
Board of Directors

Jim Janik

TITLE
Executive Chairman
COMPENSATION
$3M
AGE
61
TENURE
5.2 yrs

Bob McCormick

TITLE
President
COMPENSATION
$1M
AGE
57
TENURE
0.4 yrs

Don Sturdivant

TITLE
Independent Director
COMPENSATION
$145K
AGE
57
TENURE
8.7 yrs

Ken Krueger

TITLE
Independent Director
COMPENSATION
$149K
AGE
62
TENURE
7.9 yrs

Margaret Dano

TITLE
Independent Director
COMPENSATION
$145K
AGE
59
TENURE
7 yrs

Jim Staley

TITLE
Lead Director
COMPENSATION
$160K
AGE
68
TENURE
5.2 yrs

James Packard

TITLE
Independent Director
COMPENSATION
$135K
AGE
75
TENURE
8.9 yrs
Who owns this company?
Recent Insider Trading
  • No 3 month individual insider trading information.
Recent Insider Transactions
Announced Type Name Entity Role Start End Shares Max Price ($) Value ($)
18. Mar 19 Buy Andrew Dejana Individual 15. Mar 19 15. Mar 19 6,500 $38.13 $247,845
07. Mar 19 Sell Jonathon Sievert Individual 06. Mar 19 06. Mar 19 -1,389 $40.63 $-56,434
07. Mar 19 Sell James Janik Individual 06. Mar 19 06. Mar 19 -14,028 $40.63 $-569,951
07. Mar 19 Sell Andrew Dejana Individual 06. Mar 19 06. Mar 19 -1,035 $40.63 $-42,052
07. Mar 19 Sell Sarah Lauber Individual 06. Mar 19 06. Mar 19 -1,115 $40.63 $-45,302
07. Mar 19 Sell Jon Sisulak Individual 06. Mar 19 06. Mar 19 -517 $40.63 $-21,005
07. Mar 19 Sell Keith Hagelin Individual 06. Mar 19 06. Mar 19 -3,154 $40.63 $-128,145
07. Mar 19 Sell Robert McCormick Individual 06. Mar 19 06. Mar 19 -6,687 $40.63 $-271,689
06. Dec 18 Buy Robert Young Individual 06. Dec 18 06. Dec 18 1,165 $35.00 $40,775
17. Aug 18 Sell Jonathon Sievert Individual 17. Aug 18 17. Aug 18 -1,200 $43.30 $-51,960
X
Management checks
We assess Douglas Dynamics's management by checking for:
  1. Is the CEO's compensation unreasonable compared to market cap? (1 check)
  2. Has the CEO's compensation increased more than 20% whilst the EPS is down more then 20%? (1 check)
  3. Is the average tenure of the management team less than 2 years? (1 check)
  4. Is the average tenure of the board of directors team less than 3 years? (1 check)
  5. Douglas Dynamics has a total score of 0/6, this is not included on the snowflake, see the detailed checks below.


Note: We use the top 6 management executives and board members in our calculations.

Note 2: Insider trading include any internal stakeholders and these transactions .

Full details on the Management part of the Simply Wall St company analysis model.

PLOW News

Simply Wall St News

Calculating The Intrinsic Value Of Douglas Dynamics, Inc. (NYSE:PLOW)

Generally we assume that a dollar today is more valuable than a dollar in the future, and so the sum of these future cash flows is then discounted to today's value: 10-year free cash flow (FCF) estimate 2019 2020 2021 2022 2023 2024 2025 2026 2027 2028 Levered FCF ($, Millions) $53.55 $60.74 $61.28 $62.15 $63.29 $64.61 $66.09 $67.69 $69.39 $71.18 Growth Rate Estimate Source Analyst x3 Analyst x3 Est @ 0.88% Est @ 1.43% Est @ 1.82% Est @ 2.09% Est @ 2.29% Est @ 2.42% Est @ 2.51% Est @ 2.58% Present Value ($, Millions) Discounted @ 10.08% $48.64 $50.13 $45.93 $42.32 $39.15 $36.31 $33.74 $31.39 $29.23 $27.24 Present Value of 10-year Cash Flow (PVCF)= $384.07m "Est" = FCF growth rate estimated by Simply Wall St The second stage is also known as Terminal Value, this is the business's cash flow after the first stage. … Terminal Value (TV) = FCF2029 × (1 + g) ÷ (r – g) = US$71m × (1 + 2.7%) ÷ (10.1% – 2.7%) = US$994m Present Value of Terminal Value (PVTV) = TV / (1 + r)10 = $US$994m ÷ ( 1 + 10.1%)10 = $380.55m The total value, or equity value, is then the sum of the present value of the future cash flows, which in this case is $764.63m. … NYSE:PLOW Intrinsic value, June 18th 2019 Important assumptions Now the most important inputs to a discounted cash flow are the discount rate, and of course, the actual cash flows.

Simply Wall St -

With A -20% Earnings Drop, Did Douglas Dynamics, Inc. (NYSE:PLOW) Really Underperform?

Measuring Douglas Dynamics, Inc.'s (NYSE:PLOW) track record of past performance is an insightful exercise for investors. … Furthermore, this one-year growth rate has been lower than its average earnings growth rate over the past 5 years of 11%, indicating the rate at which PLOW is growing has slowed down. … I suggest you continue to research Douglas Dynamics to get a better picture of the stock by looking at: Future Outlook: What are well-informed industry analysts predicting for PLOW’s future growth?

Simply Wall St -

Douglas Dynamics, Inc. (NYSE:PLOW): Time For A Financial Health Check

At this constant level of debt, PLOW's cash and short-term investments stands at US$348k to keep the business going. … Moreover, PLOW has produced cash from operations of US$38m over the same time period, resulting in an operating cash to total debt ratio of 13%, indicating that PLOW’s operating cash is less than its debt. … Next Steps: PLOW’s high cash coverage means that, although its debt levels are high, the company is able to utilise its borrowings efficiently in order to generate cash flow.

Simply Wall St -

If You Had Bought Douglas Dynamics (NYSE:PLOW) Stock Five Years Ago, You Could Pocket A 116% Gain Today

But on a lighter note, a good company can see its share price rise well over 100%. … By comparing earnings per share (EPS) and share price changes over time, we can get a feel for how investor attitudes to a company have morphed over time. … Over half a decade, Douglas Dynamics managed to grow its earnings per share at 22% a year.

Simply Wall St -

Has Douglas Dynamics, Inc. (NYSE:PLOW) Been Employing Capital Shrewdly?

In particular, we'll consider its Return On Capital Employed (ROCE), as that can give us insight into how profitably the company is able to employ capital in its business. … What is Return On Capital Employed (ROCE)? … ROCE is a metric for evaluating how much pre-tax income (in percentage terms) a company earns on the capital invested in its business.

Simply Wall St -

Here's How P/E Ratios Can Help Us Understand Douglas Dynamics, Inc. (NYSE:PLOW)

We'll apply a basic P/E ratio analysis to Douglas Dynamics, Inc.'s (NYSE:PLOW), to help you decide if the stock is worth further research. … Douglas Dynamics has a P/E ratio of 19.92, based on the last twelve months. … Price to Earnings Ratio = Share Price ÷ Earnings per Share (EPS)

Simply Wall St -

Did Douglas Dynamics, Inc. (NYSE:PLOW) Insiders Sell Shares?

As Peter Lynch said, 'insiders might sell their shares for any number of reasons, but they buy them for only one: they think the price will rise.'. … So we know that an insider sold shares at around the present share price of US$37.31. … We generally tread carefully if insiders have been selling on market, even if they sold slightly above the current price.

Simply Wall St -

How Does Douglas Dynamics, Inc. (NYSE:PLOW) Fare As A Dividend Stock?

Dividends play an important role in compounding returns in the long run and end up forming a sizeable part of investment returns. … Historically, Douglas Dynamics, Inc. … Let's take a look at Douglas Dynamics in more detail.

Simply Wall St -

Before You Buy Douglas Dynamics, Inc. (NYSE:PLOW), Consider Its Volatility

(NYSE:PLOW), then you might want to consider its beta (a measure of share price volatility) in order to understand how the stock could impact your portfolio. … Beta can be a useful tool to understand how much a stock is influenced by market risk (volatility). … A stock with a beta below one is either less volatile than the market, or more volatile but not corellated with the overall market.

Simply Wall St -

Why Douglas Dynamics, Inc.’s (NYSE:PLOW) Use Of Investor Capital Doesn’t Look Great

In particular, we'll consider its Return On Capital Employed (ROCE), as that can give us insight into how profitably the company is able to employ capital in its business. … What is Return On Capital Employed (ROCE)? … ROCE is a measure of a company's yearly pre-tax profit (its return), relative to the capital employed in the business.

Simply Wall St -

PLOW Company Info

Description

Douglas Dynamics, Inc. operates as a manufacturer and upfitter of commercial work truck attachments and equipment primarily in North America. It operates in two segments, Work Truck Attachments and Work Truck Solutions. The Work Truck Attachments segment manufactures and sells snow and ice control attachments, including snowplows, and sand and salt spreaders for light and heavy duty trucks, as well as various related parts and accessories. It also provides customized turnkey solutions to governmental agencies, such as Departments of Transportation and municipalities. This segment offers snow and ice management attachments under the BLIZZARD, FISHER, HENDERSON, SNOWEX, and WESTERN brand names; turf care equipment under the TURFEX brand; and industrial maintenance equipment under the SWEEPEX brand name. It sells its products through a distributor network primarily to professional snowplowers who are contracted to remove snow and ice from commercial, municipal, and residential areas. The Work Truck Solutions segment provides truck and vehicle upfits where it attaches component pieces of equipment, truck bodies, racking, and storage solutions to a vehicle chassis for use by end users for work related purposes; and manufactures storage solutions for trucks and vans, and cable pulling equipment for trucks. This segment offers up-fit and storage solutions under the DEJANA brand and its related sub-brands. The company was founded in 2004 and is headquartered in Milwaukee, Wisconsin.

Details
Name: Douglas Dynamics, Inc.
PLOW
Exchange: NYSE
Founded: 2004
$904,521,948
22,795,412
Website: http://www.douglasdynamics.com
Address: Douglas Dynamics, Inc.
7777 North 73rd Street,
Milwaukee,
Wisconsin, 53233,
United States
Listings
Exchange Symbol Ticker Symbol Security Exchange Country Currency Listed on
NYSE PLOW Common Stock New York Stock Exchange US USD 05. May 2010
DB 5D4 Common Stock Deutsche Boerse AG DE EUR 05. May 2010
Number of employees
Current staff
Staff numbers
1,663
Douglas Dynamics employees.
Industry
Construction Machinery and Heavy Trucks
Capital Goods
Company Analysis and Financial Data Status
Area Date (UTC time)
Company Analysis updated: 2019/06/26 00:37
End of day share price update: 2019/06/25 00:00
Last estimates confirmation: 2019/05/08
Last earnings filing: 2019/05/07
Last earnings reported: 2019/03/31
Last annual earnings reported: 2018/12/31


All dates and times in UTC. All financial data provided by Standard & Poor’s Capital IQ.

Unless specified all financial data is based on a yearly period but updated quarterly. This is known as Trailing Twelve Month (TTM) or Last Twelve Month (LTM) Data. Learn more here.