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					                                                                                        Company Report
                                                                                        February 6, 2013




  Wabash National Corp.                                                                 Buy
  Wabash Beats Consensus on Higher Margins                                              WNC
                                                                                        Price: Close $10.85
  Our Call
  WNC reported yet another quarter of better-than-expected margins, besting             Price Target $16.00
  consensus EPS, despite slightly lower-than-expected deliveries. We remain
  confident in the WNC story, especially given the strong $660m+ backlog and
                                                                                        Services & Equipment
  industry order levels that have been well above our expectations on a season-to-
  date basis. WNC also provided an improved outlook with debt paydown and a             Jeffrey A. Kauffman
  reversal of their tax reserve. Clear sailing ahead.                                   (212) 338-4765
  ■ WNC reported adjusted EPS of $0.32 vs. consensus of $0.31 and our                   jkauffman@sterneagee.com
    estimate of $0.33. Revenue was lower than expected as we believe some               Sal Vitale
    deliveries may have slipped into 2013. However, margins were above our              (212) 338-4766
    expectations, on better cost control, resulting in stronger-than-consensus EPS      svitale@sterneagee.com
    performance.                                                                        Ryan Mueller
                                                                                        (212) 338-4732
  ■ Margin expansion in front of a large backlog. Gross margin was 13.1%, 80            rmueller@sterneagee.com
    bps higher than our estimate and 700 bps greater than a year ago. Operating
    margin was 7%, 30 bps better than our estimate and 460 bps greater than a year
                                                                                        Company Data
    ago. New Trailer shipments of 45,600 for the year were below prior guidance of
                                                                                        Rating                                         Buy
    46,000 to 48,000 units which was mitigated by continued strong demand for the       Price: Close                                 $10.85
    non-trailer products during the quarter.                                            Price Target                                 $16.00
                                                                                        52-Week Range                        $5.65 - $11.55
  ■ Healthy Backlog Heading Into 2013. WNC has a 12/31 backlog of $666                  Market Capitalization (M)                    $716.5
    million and management expects trailer demand greater than replacement levels.      Shares Outstanding (M)                         68.4
                                                                                        Avg. Daily Vol. (000)                       1,057.0
    To that note, we attended the Meritor (MTOR, $4.45, Not Rated) Analyst              Dividend                                      $0.00
    Day yesterday, and MTOR's view is for North American Trailer Shipments of           Dividend Yield                                0.0%
    255,000 (+4%), in line with the ACT forecast, well above the 230,000 level          Assets (M)                                   $388.1
    (-6%) in our models, and closer to the season-to-date order levels.

  ■ WNC's Story Has Legs to Run. We continue to believe that trailer demand will
    surprise investors in terms of resilience this year, and WNC continues to improve
    margins in excess of expectations. Furthermore, we believe 2013 will be the
    year that debt reduction gains momentum, possibly leading to capital return to
    shareholders in 2014. We note that WNC has reversed its full valuation reserve
    on its Net Operating Losses, which will lead to a higher GAAP tax rate in 2013,
    but no material change in cash taxes.

  ■ Conference Call. February 6, 2013 at 10am ET, 888-771-4371, participant code:
    370245071.




                                                                                        Price Performance
  FYE Dec                     2012E                  2013E                  2014E           12
                                                                                            11
                              (Curr)                 (Curr)                 (Curr)
                                                                                            10
  EPS ($)
                                                                                             9
  Q1 (Mar)                     0.10A                  0.29                     -             8
  Q2 (Jun)                     0.23A                  0.37                     -             7
  Q3 (Sept)                    0.30A                  0.40                     -             6
  Q4 (Dec)                      0.33                  0.37                     -             5
                                                                                            Feb-12    May-12     Aug-12    Nov-12     Feb-13
  FY EPS                        0.95                  1.43                   1.75                Wabash National Corp.
  P/E                          11.4x                  7.6x                   6.2x                The Industrial Select Sector Index (ISI)

                                                                                        Source: FactSet

   Important Disclosures regarding Price Target Risks, Valuation Methodology, Regulation Analyst Certification,
Investment Banking, Ratings Definitions, and potential conflicts of interest begin on Page I of the Appendix Section.
                    800 Shades Creek ParkwaySuite 700Birmingham, AL 35209205-949-3500
                                 Sterne, Agee & Leach Inc. is Member NYSE, FINRA, SIPC
                                                                                                                            February 6, 2013
4Q12 SNAPSHOT
See the table below for a detailed comparison of results vs. our forecast.

Wabash National Corporation
Quarterly Comparison of Operating Results

                                            Actual   Estimate   Actual             YOY Analysis                  Variance: Actual vs. Estimate
                                             4Q11      4Q12e     4Q12 $ Change        % Ch.       EPS Impact    $ Delta     % Chg      EPS Impact
INCOME STATEMENT
Commercial Trailer Products                   323        302      258    ($65.4)       -20.2%         ($0.95)     ($43.5)     -14.4%        ($0.61)
Diversified Products                           32        136      143     111.1        343.8%           1.62         7.3        5.4%          0.10
Retail & Distribution                          36         48       47      10.4         28.7%           0.15        (1.3)      -2.7%         (0.02)
Intercompany and other                        (18)       (28)     (32)    (14.3)        79.1%          (0.21)       (4.0)      14.0%         (0.06)
Total Sales                                   342        457      416      74.1         21.7%           1.08       (41.4)      -9.1%         (0.58)
Consolidated COGS                            (321)      (401)    (362)    (40.4)        12.6%          (0.59)       39.7       -9.9%          0.56
Consolidated Gross Profits                     21         56       54      33.7        163.0%           0.49        (1.7)      -3.1%         (0.02)
General & Administrative Expenses              (9)       (20)     (14)     (5.3)        61.7%          (0.08)        6.4      -31.7%          0.09
Selling Expenses                               (4)        (5)     (11)     (7.5)       205.0%          (0.11)       (5.9)     112.3%         (0.08)
Total Operating Income                          8         30       29      20.8            NM           0.30        (1.3)      -4.1%         (0.02)
Interest Expense                               (1)        (8)      (8)     (6.8)       715.7%          (0.10)        0.5       -6.4%          0.01
Other (Income), Net                             0          1        0       0.2        558.3%           0.00        (0.8)         NM         (0.01)
Pretax Income                                   7         23       22      14.2            NM           0.21        (1.5)      -6.5%         (0.02)
Income Taxes                                   (0)        (1)       0       0.0            NM           0.00         0.9          NM          0.01
Net Income (Before Pfd. Divs.)                  7         22       22      14.2            NM           0.21        (0.6)      -2.9%         (0.01)
Cumulative Preferred Stock Dividends            0          0        0       0.0            NM           0.00         0.0          NM          0.00
Net Income                                      7         22       22      14.2            NM           0.21        (0.6)      -2.9%         (0.01)
Extraordinary Charges                           0          0        0       0.0            NM           0.00        (0.2)         NM         (0.00)
Net Income                                      7         23       22      14.2            NM           0.21        (0.8)      -3.7%         (0.01)
Average Diluted Shares Out                   68.4       68.4     68.6       0.3          0.4%          (0.00)        0.2        0.3%         (0.00)
EPS - Operating                             $0.11      $0.33    $0.32     $0.21            NM          $0.21      ($0.01)      -3.2%        ($0.01)
EPS - Reported                              $0.11      $0.33    $0.32     $0.21            NM          $0.21      ($0.01)      -4.0%        ($0.01)


Gross Margin                                 6.0%      12.3%    13.1%      7.0%                                     0.8%
Incremental Gross Margin                               30.7%    45.4%     45.4%                                    14.8%
G&A as % of Revenue                          2.5%       4.4%     3.3%      0.8%                                    -1.1%
Selling as % of Revenue                      1.1%       1.2%     2.7%      1.6%                                     1.5%
Operating Margin                             2.5%       6.7%     7.0%      4.6%                                     0.4%
Incremental Operating Margin                           19.1%    28.1%                                               9.0%
Tax Rate                                     0.3%       3.7%     0.0%     -0.3%                                    -3.7%
Net Margin                                   2.2%       4.9%     5.2%      3.0%                                     0.3%


Source: Company reports and Sterne Agee estimates.




                                                                                                                                            Page 2
                                                                                                                        February 6, 2013


                                                      APPENDIX SECTION
Company Description:
Wabash National Corporation is one of the largest manufacturers of truck trailers in the country. Headquartered in Lafayette, Indiana,
the company has held a #1 or #2 position in the market for Dry Van trailers, and also has a top 3 position in the market for Refrigerated,
Platform and Dump trailers. The company's roster of key customers is primarily comprised of the largest trucking fleets in the country.
WNC also provides parts and aftermarket support for its products through its dealership network.

IMPORTANT DISCLOSURES:
Regulation Analyst Certification:
I, Jeffrey A. Kauffman, Sal Vitale and Ryan Mueller, hereby certify the views expressed in this research report accurately reflect my
personal views about the subject security(ies) or issuer(s). I further certify that no part of my compensation was, is, or will be, directly
or indirectly, related to the specific recommendations or views expressed by me in this report.

Research Disclosures:
Sterne, Agee & Leach, Inc. makes a market in the following subject company Wabash National Corp.
Sterne, Agee & Leach, Inc.'s research analysts receive compensation that is based upon various factors, including Sterne, Agee & Leach,
Inc.'s total revenues, a portion of which is generated by investment banking activities.
Sterne Agee & Leach, Inc. expects to receive or intends to seek compensation for investment banking services from the subject company
and/or companies in the next three months.

Price Target Risks & Related Risk Factors:
Investment risks associated with the achievement of the price target include, but are not limited to, a company's failure to achieve
Sterne, Agee & Leach, Inc., earnings and revenue estimates; unforeseen macroeconomic and/or industry events that adversely affect
demand for a company's products or services; product obsolescence; changes in investor sentiment regarding the specific company or
industry; intense and rapidly changing competitive pressures; the continuing development of industry standards; the company's ability
to recruit and retain competent personnel; and adverse market conditions. For a complete discussion of the risk factors that could
affect the market price of a company's shares, refer to the most recent Form 10-Q or 10-K that a company has filed with the Securities
Exchange Commission.
Company Specific Risks:
Risks to our investment thesis and price target are as follows:
Economy. Although we believe some part of our thesis about the truck industry is working in a lackluster economy, a double-dip recession
would delay the magnitudes of the order cycle, and could push the company into financial distress.
Commodity Prices. In the trucking industry, capital expenditures are generally cash intensive in nature, and any rise in commodity
prices such as diesel fuel saps cash that could otherwise go toward CAPEX purchases. As we witnessed this spring, if fuel prices rise
dramatically, plans to begin fleet replacement could be put on hold. In addition, nearly 74% of WNC's expenses are materials related.
The company is not able to hedge wood, aluminum or steel costs effectively, and a spike in any could impair margins.

Valuation Methodology:
Methodology for assigning ratings and target prices includes qualitative and quantitative factors including an assessment of industry
size, structure, business trends and overall attractiveness; management effectiveness; competition; visibility; financial condition; and
expected total return, among other factors. These factors are subject to change depending on overall economic conditions or industry
or company-specific occurrences. Sterne, Agee & Leach, Inc., analysts base valuations on a combination of forward looking earnings
multiples, price-to-revenue multiples, and enterprise-value-to-revenue ratios. Sterne, Agee & Leach, Inc., believes this accurately reflects
the strong absolute value of earnings, the strong earnings growth rate, the inherent profitability, and adjusted balance sheet factors.
Additional company-specific valuation methodology is available through Sterne, Agee & Leach, Inc.

Company Specific Valuation:
Valuation on 2012 fundamentals is roughly $16, using a variety of methodologies, ranging from EV/Sales to EV/EBITDA to mid-cycle
P/E. Generally, P/E and EV/EBITDA are the more consistent measures, but given near-term EPS uncertainty, we are also utilizing others
such as EV/Sales.
Valuation on peak cycle implies upside into the low $20s. Discounting that back an extra two years provides a mid- to upper-teen range
over the course of the economic cycle. While it is too early to rely on this valuation at this point, it provides a reference of where this
stock could go if the cycle proves to be regular.


                                                                                                            Appendix Section, Page I
                                                                                                                      February 6, 2013

Definition of Investment Ratings:
BUY: We expect this stock to outperform the industry over the next 12 months.
NEUTRAL: We expect this stock to perform in line with the industry over the next 12 months.
UNDERPERFORM: We expect this stock to underperform the industry over the next 12 months.
RESTRICTED: Restricted list requirements preclude comment.

Ratings Distribution:
                                                                                                       IB Serv./ Past 12Mos.
Rating Category                       Count                     Percent                  Count                    Percent
Buy                                   216                       47.79%                   19                       8.80%
Neutral                               220                       48.67%                   14                       6.36%
Underperform                          16                        3.54%                    0                        0.00%

ADDITIONAL INFORMATION AVAILABLE UPON REQUEST: Contact Robert Hoehn at 1-212-338-4731.
Other Disclosures:
Opinions expressed are our present opinions only. This material is based upon information that we consider reliable, but we do not
represent that it is accurate or complete, and it should not be relied upon as such. Sterne, Agee & Leach, Inc., its affiliates, or one or
more of its officers, employees, or consultants may, at times, have long or short or options positions in the securities mentioned herein
and may act as principal or agent to buy or sell such securities.
Copyright © 2013 Sterne, Agee & Leach, Inc. All Rights Reserved.




To receive price charts or other disclosures on the companies mentioned in this report, please visit our website at https://
sterneagee.bluematrix.com/sellside/Disclosures.action or contact Sterne, Agee & Leach, Inc. toll-free at (800) 240-1438 or
(205) 949-3689.




                                                                                                         Appendix Section, Page II
                       Founded in 1901, Sterne Agee has been providing investors like you with high-quality investment opportunities for over a century. During the
                       early years, our founders prominently established themselves in the financial securities industry in the southeastern United States. Today, we
                       have expanded to serve all regions of the country. Sterne, Agee is headquartered in Birmingham, Alabama with offices in 22 states. Sterne
                       Agee is one of the largest independent firms in the country. Sterne, Agee & Leach, Inc. is a division of Sterne Agee Group, Inc., which also
                       includes The Trust Company of Sterne, Agee & Leach, Inc.; Sterne Agee Asset Management, Inc.; Sterne Agee Clearing, Inc.; and Sterne Agee
                       Financial Services, Inc.—www.sterneagee.com

                                                              EQUITY CAPITAL MARKETS
                                         Ryan Medo             Managing Dir., Eq. Cap. Mkts.              (205) 949-3623


                      INSTITUTIONAL SALES                                                                     INSTITUTIONAL TRADING
William Jump       Director of Institutional Sales            (404) 814-3960           JT Cacciabaudo        Head of Trading                           (212) 763-8288
Jon Schenk         Assoc. Director of Inst. Sales             (212) 763-8221

                                                                    EQUITY RESEARCH
                                         Robert Hoehn           Director of Research                      (212) 338-4731
CONSUMER                                                                               INDUSTRIALS
 Interactive Entertainment / Internet                                                    Aerospace & Defense
  Arvind Bhatia, CFA                   Mng. Dir.              (214) 702-4001              Peter Arment                         Mng. Dir.               (646) 376-5336
  Brett Strauser                       VP, Analyst            (214) 702-4009              Josh W. Sullivan                     Sr. Analyst             (646) 376-5337

  Footwear & Apparel
                                                                                          Auto, Auto Parts and Auto Retailers
  Sam Poser                            Mng. Dir.              (212) 763-8226
                                                                                          Michael P. Ward, CFA                 Mng. Dir.               (646) 376-5375
  Ben Shamsian                         Analyst                (212) 338-4721

  Leisure & Entertainment                                                                 Coal, Metals & Mining, Engineering & Construction
  David Bain                           Mng. Dir.              (949) 721-6651              Michael S. Dudas, CFA                Mng. Dir.               (646) 376-5329
                                                                                          Satyadeep Jain, CFA                  Analyst                 (646) 376-5357
  Restaurants                                                                             Patrick Uotila, CPA                  Analyst                 (646) 376-5358
  Lynne Collier                        Mng. Dir.              (214) 702-4045
                                                                                          Construction Materials & Diversified Industrials
ENERGY                                                                                    Todd Vencil, CFA                     SVP, Sr. Analyst       (804) 282-7385
  Exploration & Production                                                                Kevin Bennett, CFA                   VP, Analyst            (804) 282-4506
  Tim Rezvan, CFA                      Sr. Analyst            (212) 338-4736
                                                                                       HEALTHCARE
  Oilfield Services & Equipment                                                           Pharmaceutical Services
  Stephen D. Gengaro                   Mng. Dir.              (646) 376-5331              Greg T. Bolan                        Mng. Dir.              (615) 760-1469
  Grant Fox                            Analyst                (212) 338-4723              Himanshu Rastogi, PhD, CFA           VP, Analyst            (615) 760-1478
FINANCIAL SERVICES                                                                     TECHNOLOGY
  Asset Management                                                                       Data Networking and Storage
  Jason Weyeneth, CFA                  SVP, Sr. Analyst       (212) 763-8293              Alex Kurtz                           Mng. Dir                (415) 402-6015
                                                                                          Amelia Harris                        Analyst                 (415) 402-6018
  Banks & Thrifts
  Matthew Kelley                       Mng. Dir.              (207) 699-5800              Financial Technology
  Matthew Breese                       VP, Sr. Analyst        (207) 699-5800              Greg Smith                           Mng. Dir                (818) 615-2029
  Brett Rabatin, CFA                   Mng. Dir.              (615) 760-1466              Jennifer Dugan                       Analyst                 (415) 402-6051
  Kenneth James                        VP, Sr. Analyst        (615) 760-1474
  Peyton Green                         Mng. Dir.              (877) 492-2663              Hardware, Mobile Devices, IT Supply Chain
  Zachary Wollam                       VP, Analyst            (615) 760-1468              Shaw Wu                               SVP, Sr. Analyst       (415) 362-7431
  Todd L. Hagerman                     Mng. Dir.              (212) 338-4744
  Robert Greene                        VP, Analyst            (212) 763-8296              LED Supply Chain
                                                                                          Andrew Huang                         Mng. Dir.               (415) 362-6143
  Life Insurance                                                                          John Shen                            Analyst                 (415) 402-6052
  John M. Nadel                        Mng. Dir.              (212) 338-4717
  Alex Levine                          Analyst                (212) 338-4748              Semiconductors
                                                                                          Vijay Rakesh                         Mng. Dir.               (312) 525-8431
  Mortgage Finance & Specialty Finance
  Henry J. Coffey, Jr., CFA            Mng. Dir.              (615) 760-1472           TRANSPORTATION, SERVICES & EQUIPMENT
  Calvin Hotrum                        Analyst                (615) 760-1476              Jeffrey A. Kauffman                  Mng. Dir.               (212) 338-4765
                                                                                          Sal Vitale                           VP, Sr. Analyst         (212) 338-4766
  Property/Casualty Insurance                                                             Ryan Mueller                         Analyst                 (212) 338-4732
  Dan Farrell                          Mng. Dir.              (212) 338-4782
  Nitin Chhabra, FCAS                  Analyst                (212) 338-4779




Email Address for Sterne Agee Employees: first initial + last name@sterneagee.com (e.g., jsmith@sterneagee.com)

				
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