Western Refining currently pays $1.87 per year of dividends and is valued at $25.15 Dividends have been growing at 26% per year for the last 5 years. It is expected to continue to grow at 26% forever. What is WNR's cost of equity based on the dividend growth model? Western Refining currently pays $1.87 per year of dividends and is valued at $25.15 Dividends have been growing at 26% per year for the last 5 years. It is expected to continue to grow at 26% for 2 years then level off at 5% growth. What is WNR's cost of equity based on the dividend growth model?