Intrinsic value of Wabtec - WAB

Previous Close

$76.87

  Intrinsic Value

$54.09

stock screener

  Rating & Target

sell

-30%

Previous close

$76.87

 
Intrinsic value

$54.09

 
Up/down potential

-30%

 
Rating

sell

We calculate the intrinsic value of WAB stock by summing up the current values of future distributable cash flows generated by the company and dividing the sum by the number of outstanding shares. As such, the intrinsic value calculation depends entirely on projections. The more accurate your projections of the company's performance are - the more reliable is the intrinsic value calculation result. Please make sure to check the stock valuation input data below and adjust it if necessary. The quality of the output (intrinsic valuation result) is only as good as the quality of the input. See also DISCLAIMERS.

STOCK VALUATION INPUT DATA

Revenue (in 2016), $M
Initial revenue growth rate, %
Terminal revenue growth rate, %
Revenue decline factor
Initial discount rate, %
Discount rate multiplier
Variable cost ratio, %
Fixed operating expenses, $M
Interest rate on debt, %
Effective corporate tax rate, %
Production assets / Revenue, %
Life of production assets, yrs
Working capital / Revenue, %
Revenue / Adjusted assets
Adjusted equity ratio
Cash flow adjustment, % of Revenue
Book value of equity, $M
Shares outstanding, mln
Market capitalization, $bln 7.4

 

FINANCIAL STATEMENTS FORECAST and PRESENT VALUE CALCULATION

Fiscal year
2016(a)
   2017
   2018
   2019
   2020
   2021
   2022
   2023
   2024
   2025
   2026
   2027
   2028
   2029
   2030
   2031
   2032
   2033
   2034
   2035
   2036
   2037
   2038
   2039
   2040
   2041
   2042
   2043
   2044
   2045
   2046

INCOME STATEMENT

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Revenue growth rate, %
  -11.40
  2.00
  2.30
  2.57
  2.81
  3.03
  3.23
  3.41
  3.57
  3.71
  3.84
  3.95
  4.06
  4.15
  4.24
  4.31
  4.38
  4.44
  4.50
  4.55
  4.59
  4.64
  4.67
  4.70
  4.73
  4.76
  4.78
  4.81
  4.83
  4.84
  4.86
Revenue, $m
  2,931
  2,990
  3,058
  3,137
  3,225
  3,323
  3,430
  3,547
  3,674
  3,810
  3,956
  4,112
  4,279
  4,457
  4,646
  4,846
  5,059
  5,284
  5,521
  5,772
  6,038
  6,318
  6,613
  6,924
  7,252
  7,597
  7,960
  8,343
  8,745
  9,169
  9,615
Variable operating expenses, $m
 
  1,796
  1,832
  1,874
  1,921
  1,973
  2,030
  2,092
  2,159
  2,231
  2,309
  2,184
  2,273
  2,367
  2,467
  2,574
  2,687
  2,806
  2,932
  3,066
  3,206
  3,355
  3,512
  3,677
  3,851
  4,034
  4,227
  4,431
  4,644
  4,869
  5,106
Fixed operating expenses, $m
 
  744
  763
  782
  801
  821
  842
  863
  885
  907
  929
  953
  976
  1,001
  1,026
  1,051
  1,078
  1,105
  1,132
  1,161
  1,190
  1,219
  1,250
  1,281
  1,313
  1,346
  1,380
  1,414
  1,449
  1,486
  1,523
Total operating expenses, $m
  2,473
  2,540
  2,595
  2,656
  2,722
  2,794
  2,872
  2,955
  3,044
  3,138
  3,238
  3,137
  3,249
  3,368
  3,493
  3,625
  3,765
  3,911
  4,064
  4,227
  4,396
  4,574
  4,762
  4,958
  5,164
  5,380
  5,607
  5,845
  6,093
  6,355
  6,629
Operating income, $m
  458
  450
  464
  481
  503
  529
  559
  592
  630
  672
  718
  976
  1,030
  1,089
  1,153
  1,221
  1,294
  1,373
  1,457
  1,546
  1,642
  1,743
  1,851
  1,966
  2,087
  2,216
  2,353
  2,498
  2,652
  2,814
  2,986
EBITDA, $m
  528
  698
  713
  731
  754
  782
  813
  848
  888
  931
  979
  1,031
  1,088
  1,149
  1,215
  1,286
  1,363
  1,444
  1,531
  1,624
  1,723
  1,828
  1,940
  2,059
  2,185
  2,319
  2,460
  2,610
  2,769
  2,937
  3,115
Interest expense (income), $m
  30
  62
  65
  68
  72
  77
  82
  87
  93
  99
  106
  114
  122
  130
  139
  149
  159
  170
  181
  193
  206
  219
  234
  249
  264
  281
  298
  317
  336
  357
  378
Earnings before tax, $m
  413
  388
  399
  413
  431
  452
  477
  505
  537
  572
  611
  862
  909
  959
  1,014
  1,072
  1,135
  1,203
  1,276
  1,353
  1,436
  1,524
  1,617
  1,717
  1,823
  1,935
  2,055
  2,181
  2,315
  2,457
  2,607
Tax expense, $m
  100
  105
  108
  112
  116
  122
  129
  136
  145
  155
  165
  233
  245
  259
  274
  290
  307
  325
  344
  365
  388
  411
  437
  464
  492
  523
  555
  589
  625
  663
  704
Net income, $m
  305
  283
  291
  302
  315
  330
  348
  369
  392
  418
  446
  629
  663
  700
  740
  783
  829
  878
  931
  988
  1,048
  1,112
  1,181
  1,253
  1,331
  1,413
  1,500
  1,592
  1,690
  1,794
  1,903

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  398
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Total assets, $m
  6,581
  6,307
  6,452
  6,618
  6,804
  7,011
  7,237
  7,483
  7,750
  8,038
  8,346
  8,676
  9,028
  9,403
  9,802
  10,224
  10,672
  11,147
  11,648
  12,178
  12,738
  13,328
  13,951
  14,607
  15,299
  16,027
  16,794
  17,601
  18,450
  19,344
  20,284
Adjusted assets (=assets-cash), $m
  6,183
  6,307
  6,452
  6,618
  6,804
  7,011
  7,237
  7,483
  7,750
  8,038
  8,346
  8,676
  9,028
  9,403
  9,802
  10,224
  10,672
  11,147
  11,648
  12,178
  12,738
  13,328
  13,951
  14,607
  15,299
  16,027
  16,794
  17,601
  18,450
  19,344
  20,284
Revenue / Adjusted assets
  0.474
  0.474
  0.474
  0.474
  0.474
  0.474
  0.474
  0.474
  0.474
  0.474
  0.474
  0.474
  0.474
  0.474
  0.474
  0.474
  0.474
  0.474
  0.474
  0.474
  0.474
  0.474
  0.474
  0.474
  0.474
  0.474
  0.474
  0.474
  0.474
  0.474
  0.474
Average production assets, $m
  1,183
  1,208
  1,236
  1,267
  1,303
  1,342
  1,386
  1,433
  1,484
  1,539
  1,598
  1,661
  1,729
  1,801
  1,877
  1,958
  2,044
  2,135
  2,231
  2,332
  2,439
  2,552
  2,672
  2,797
  2,930
  3,069
  3,216
  3,371
  3,533
  3,704
  3,884
Working capital, $m
  1,421
  1,175
  1,202
  1,233
  1,268
  1,306
  1,348
  1,394
  1,444
  1,497
  1,555
  1,616
  1,682
  1,752
  1,826
  1,905
  1,988
  2,076
  2,170
  2,269
  2,373
  2,483
  2,599
  2,721
  2,850
  2,986
  3,128
  3,279
  3,437
  3,603
  3,778
Total debt, $m
  1,893
  1,851
  1,951
  2,065
  2,193
  2,334
  2,490
  2,659
  2,842
  3,040
  3,252
  3,478
  3,720
  3,978
  4,252
  4,542
  4,850
  5,176
  5,520
  5,884
  6,269
  6,674
  7,102
  7,553
  8,028
  8,529
  9,055
  9,610
  10,193
  10,807
  11,453
Total liabilities, $m
  4,375
  4,333
  4,433
  4,547
  4,675
  4,816
  4,972
  5,141
  5,324
  5,522
  5,734
  5,960
  6,202
  6,460
  6,734
  7,024
  7,332
  7,658
  8,002
  8,366
  8,751
  9,156
  9,584
  10,035
  10,510
  11,011
  11,537
  12,092
  12,675
  13,289
  13,935
Total equity, $m
  2,206
  1,974
  2,020
  2,071
  2,130
  2,194
  2,265
  2,342
  2,426
  2,516
  2,612
  2,716
  2,826
  2,943
  3,068
  3,200
  3,340
  3,489
  3,646
  3,812
  3,987
  4,172
  4,367
  4,572
  4,788
  5,016
  5,256
  5,509
  5,775
  6,055
  6,349
Total liabilities and equity, $m
  6,581
  6,307
  6,453
  6,618
  6,805
  7,010
  7,237
  7,483
  7,750
  8,038
  8,346
  8,676
  9,028
  9,403
  9,802
  10,224
  10,672
  11,147
  11,648
  12,178
  12,738
  13,328
  13,951
  14,607
  15,298
  16,027
  16,793
  17,601
  18,450
  19,344
  20,284
Debt-to-equity ratio
  0.858
  0.940
  0.970
  1.000
  1.030
  1.060
  1.100
  1.140
  1.170
  1.210
  1.240
  1.280
  1.320
  1.350
  1.390
  1.420
  1.450
  1.480
  1.510
  1.540
  1.570
  1.600
  1.630
  1.650
  1.680
  1.700
  1.720
  1.740
  1.770
  1.780
  1.800
Adjusted equity ratio
  0.292
  0.313
  0.313
  0.313
  0.313
  0.313
  0.313
  0.313
  0.313
  0.313
  0.313
  0.313
  0.313
  0.313
  0.313
  0.313
  0.313
  0.313
  0.313
  0.313
  0.313
  0.313
  0.313
  0.313
  0.313
  0.313
  0.313
  0.313
  0.313
  0.313
  0.313

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  305
  283
  291
  302
  315
  330
  348
  369
  392
  418
  446
  629
  663
  700
  740
  783
  829
  878
  931
  988
  1,048
  1,112
  1,181
  1,253
  1,331
  1,413
  1,500
  1,592
  1,690
  1,794
  1,903
Depreciation, amort., depletion, $m
  70
  248
  249
  250
  251
  253
  254
  256
  257
  259
  261
  55
  58
  60
  63
  65
  68
  71
  74
  78
  81
  85
  89
  93
  98
  102
  107
  112
  118
  123
  129
Funds from operations, $m
  506
  532
  540
  552
  566
  583
  602
  625
  649
  677
  708
  685
  721
  760
  802
  848
  897
  949
  1,006
  1,065
  1,129
  1,197
  1,270
  1,347
  1,428
  1,515
  1,607
  1,705
  1,808
  1,917
  2,033
Change in working capital, $m
  57
  23
  27
  31
  35
  38
  42
  46
  50
  54
  57
  61
  66
  70
  74
  79
  83
  88
  93
  99
  104
  110
  116
  122
  129
  136
  143
  150
  158
  166
  175
Cash from operations, $m
  449
  508
  513
  521
  531
  544
  560
  579
  600
  624
  650
  623
  655
  690
  728
  769
  814
  861
  912
  967
  1,025
  1,087
  1,154
  1,224
  1,300
  1,379
  1,464
  1,554
  1,650
  1,751
  1,858
Maintenance CAPEX, $m
  0
  -39
  -40
  -41
  -42
  -43
  -45
  -46
  -48
  -49
  -51
  -53
  -55
  -58
  -60
  -63
  -65
  -68
  -71
  -74
  -78
  -81
  -85
  -89
  -93
  -98
  -102
  -107
  -112
  -118
  -123
New CAPEX, $m
  -50
  -25
  -28
  -32
  -36
  -40
  -43
  -47
  -51
  -55
  -59
  -63
  -67
  -72
  -76
  -81
  -86
  -91
  -96
  -101
  -107
  -113
  -119
  -126
  -132
  -139
  -147
  -155
  -163
  -171
  -180
Cash from investing activities, $m
  -775
  -64
  -68
  -73
  -78
  -83
  -88
  -93
  -99
  -104
  -110
  -116
  -122
  -130
  -136
  -144
  -151
  -159
  -167
  -175
  -185
  -194
  -204
  -215
  -225
  -237
  -249
  -262
  -275
  -289
  -303
Free cash flow, $m
  -326
  444
  445
  448
  453
  461
  472
  485
  501
  519
  540
  507
  532
  561
  592
  626
  662
  702
  745
  791
  840
  893
  949
  1,010
  1,074
  1,142
  1,215
  1,293
  1,375
  1,462
  1,554
Issuance/(repayment) of debt, $m
  772
  88
  100
  114
  128
  142
  155
  169
  183
  197
  212
  227
  242
  258
  274
  290
  308
  326
  345
  364
  384
  406
  428
  451
  475
  500
  527
  555
  584
  614
  646
Issuance/(repurchase) of shares, $m
  -210
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Cash from financing (excl. dividends), $m  
  556
  88
  100
  114
  128
  142
  155
  169
  183
  197
  212
  227
  242
  258
  274
  290
  308
  326
  345
  364
  384
  406
  428
  451
  475
  500
  527
  555
  584
  614
  646
Total cash flow (excl. dividends), $m
  204
  532
  545
  562
  581
  603
  628
  655
  684
  717
  752
  733
  774
  818
  866
  916
  970
  1,028
  1,090
  1,155
  1,225
  1,299
  1,377
  1,461
  1,549
  1,643
  1,742
  1,847
  1,958
  2,076
  2,200
Retained Cash Flow (-), $m
  -506
  -36
  -45
  -52
  -58
  -65
  -71
  -77
  -84
  -90
  -97
  -103
  -110
  -117
  -125
  -132
  -140
  -148
  -157
  -166
  -175
  -185
  -195
  -205
  -216
  -228
  -240
  -253
  -266
  -280
  -294
Prev. year cash balance distribution, $m
 
  268
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Cash flow adjustment, $m
 
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Cash available for distribution, $m
 
  764
  499
  510
  523
  539
  557
  577
  601
  627
  655
  630
  664
  701
  741
  784
  830
  880
  933
  989
  1,050
  1,114
  1,182
  1,255
  1,333
  1,415
  1,502
  1,594
  1,692
  1,796
  1,906
Discount rate, %
 
  6.50
  6.83
  7.17
  7.52
  7.90
  8.30
  8.71
  9.15
  9.60
  10.08
  10.59
  11.12
  11.67
  12.26
  12.87
  13.51
  14.19
  14.90
  15.64
  16.43
  17.25
  18.11
  19.01
  19.96
  20.96
  22.01
  23.11
  24.27
  25.48
  26.75
PV of cash for distribution, $m
 
  718
  438
  414
  391
  368
  345
  322
  298
  275
  251
  208
  187
  167
  147
  128
  109
  92
  77
  63
  50
  39
  30
  23
  17
  12
  9
  6
  4
  2
  2
Current shareholders' claim on cash, %
  100
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0

Westinghouse Air Brake Technologies Corporation (Wabtec), doing business as Wabtec Corporation, is a provider of technology-based equipment and services for the global freight and transit rail industries. The Company's segments include the Freight Segment and the Transit Segment. The Freight Segment primarily manufactures and services components for new and existing freight cars and locomotives, builds new switcher locomotives, rebuilds freight locomotives, supplies railway electronics, positive train control equipment, signal design and engineering services, and provides related heat exchange and cooling systems. The Transit Segment primarily manufactures and services components for new and existing passenger transit vehicles, typically regional trains, high speed trains, subway cars, light-rail vehicles and buses, builds new commuter locomotives, refurbishes subway cars, provides heating, ventilation, and air conditioning equipment, and doors for buses and subways.

FINANCIAL RATIOS  of  Wabtec (WAB)

Valuation Ratios
P/E Ratio 24.1
Price to Sales 2.5
Price to Book 3.3
Price to Tangible Book
Price to Cash Flow 16.3
Price to Free Cash Flow 18.4
Growth Rates
Sales Growth Rate -11.4%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate 2%
Cap. Spend. - 3 Yr. Gr. Rate 4%
Financial Strength
Quick Ratio 3
Current Ratio 0.6
LT Debt to Equity 79.9%
Total Debt to Equity 85.8%
Interest Coverage 15
Management Effectiveness
Return On Assets 6.7%
Ret/ On Assets - 3 Yr. Avg. 10.3%
Return On Total Capital 9.4%
Ret/ On T. Cap. - 3 Yr. Avg. 14.1%
Return On Equity 15.6%
Return On Equity - 3 Yr. Avg. 19.7%
Asset Turnover 0.6
Profitability Ratios
Gross Margin 31.5%
Gross Margin - 3 Yr. Avg. 31.3%
EBITDA Margin 17.5%
EBITDA Margin - 3 Yr. Avg. 18.8%
Operating Margin 15.6%
Oper. Margin - 3 Yr. Avg. 17.1%
Pre-Tax Margin 14.1%
Pre-Tax Margin - 3 Yr. Avg. 16.2%
Net Profit Margin 10.4%
Net Profit Margin - 3 Yr. Avg. 11.3%
Effective Tax Rate 24.2%
Eff/ Tax Rate - 3 Yr. Avg. 28.9%
Payout Ratio 10.5%

WAB stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the WAB stock intrinsic value calculation we used $2931 million for the last fiscal year's total revenue generated by Wabtec. The default revenue input number comes from 2016 income statement of Wabtec. You may change it if you feel that it should be adjusted for some unusual circumstances that are not expected to be repeated in the future or if you already know (from interim financial statements, for example) that this year's revenue is going to be quite different.

Revenue growth rate. Forecasted future revenue growth rate is the most important input parameter for the intrinsic value calculation. Unlike other input parameters that are reasonably expected to be in line with their historic averages or their historic trends, the revenue growth rate by and large is a wild card: nobody really knows what the company's revenue will be in the future. Of course, the level of unpredictability is different for different industries (utility companies being the most predictable and, thus, less risky).
    We use three input parameters to forecast the revenue growth rate in our WAB stock valuation model: a) initial revenue growth rate of 2% whose default value is the revenue growth rate in the most recent quarter compared to the quarterly revenue a year ago; b) terminal revenue growth rate of 5% whose default value is chosen to be close to the average nominal (i.e. not adjusted for inflation) GDP growth rate; and c) revenue decline factor of 0.9, which stipulates that revenue growth rate in each forecasted year will be equal to the difference of the revenue growth rate in the preceding year and the terminal revenue growth rate multiplied by this revenue decline factor (with the passage of time the revenue growth rate will be approaching the terminal revenue growth rate, but not quite reaching it - though the difference could be infinitesimally small).
    At the revenue decline factor of 1, the future revenue growth rate is forecasted to be constant and equal to the initial revenue growth rate. The smaller the revenue decline factor, the faster the revenue growth rate will approach the terminal revenue growth.

Discount rate. The discount rate is used for determining the present value of future cash flows: future cash flows are "discounted" as at normal conditions (that translate into positive expected return on investment) one dollar today is worth more than the same dollar in the future. Unlike all other valuation models, we use variable discount rate, i.e. it increases for each consecutive year. This is done to account for higher risk of cash flows coming in further in the future.
    The initial discount rate of 6.5%, whose default value for WAB is calculated based on our internal credit rating of Wabtec, is applied to the cash flow expected to be received a year from now (well, actually, to be precise, in the financial year following the base year - the last year for which we have financial statements). For each consecutive year the discount rate is multiplied by the discount rate multiplier of 1.05, e.i. each year it increases by 5%. Feel free to change this number to correspond to your level of risk assessment of Wabtec.
    By the way, it is easy to set the discount rate to be constant (this would make comparison with other valuation models easier): just set the discount rate multiplier equal to 1 and chose the magnitude of the initial discount rate to your liking.

Variable cost ratio is the ratio of variable costs (i.e. costs that fluctuate with fluctuation of the volume of production) to the revenue expressed as a percentage. In the calculation of intrinsic value of WAB stock the variable cost ratio is equal to 60.2%.

Fixed operating expenses is just that - expenses that are not dependant on the volume of production. They are set to $726 million in the base year in the intrinsic value calculation for WAB stock. These expenses increase with the level of inflation in subsequent years.

Interest rate on debt is the average all-in rate of interest paid by the company on its debt. It is set at 3.5% for Wabtec.

Corporate tax rate of 27% is the nominal tax rate for Wabtec. In reality, companies find ways to pay much less taxes than that or not to pay them at all.

Cash flow adjustment could be used for any adjustment the investor deems necessary. Most commonly we use this field to account for stock options-related effects in excess of what is reported on the company's income statement. The cash flow adjustment is expressed as a percentage of the revenue, and in the current valuation of the WAB stock is equal to 0%.

Production assets are the company's assets used for manufacturing products or provision of services. In the valuation model input table they are expressed as a percentage of revenue and for WAB are equal to 40.4%.

Life of production assets of 37.9 years is the average useful life of capital assets used in Wabtec operations. It is used to calculate yearly capital expenditures needed to keep these assets in good order - we call it the maintenance CAPEX.

Working capital is the difference between the company's current assets and liabilities. In the model we use the ratio of working capital to revenue, which for WAB is equal to 39.3%. A negative number means that the company is apt at using financial resources of its suppliers and customers; a large positive number, on the other hand, means that it either provides in-kind financing to others or is not good at managing its inventories.

Book value of equity - $2206 million for Wabtec - is used in calculation of the "floor" for intrinsic valuation based on the discounted cash flow (DCF) method. Even if the prospects are very bad for a company, its assets could always be sold now for their current fair market value.

Shares outstanding of 96.006 million for Wabtec is needed to calculate the intrinsic value of one share.

Market capitalization is used here only for reference purposes and as a quick check that the share price and the number of shares outstanding numbers are correct - something especially to be cognizant about at stock splits. So, the market capitalization of Wabtec at the current share price and the inputted number of shares is $7.4 billion.

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COMPANY NEWS

▶ Wabtec Announces Earnings Release Date   [Oct-11-17 09:46AM  GlobeNewswire]
▶ New Strong Sell Stocks for July 28th   [Jul-28-17 09:01AM  Zacks]
▶ Wabtec misses Street 2Q forecasts   [Jul-25-17 10:28PM  Associated Press]
▶ Wabtec Announces Earnings Release Date   [Jul-14-17 06:45AM  GlobeNewswire]
▶ FTC Expected To Block Rite Aid-Walgreens Deal: Report   [Jun-09-17 01:13PM  Investor's Business Daily]
▶ Wabtec beats 1Q profit forecasts   [07:30AM  Associated Press]
▶ Rite Aid To Report Q4 As Walgreens Merger Doubts Plague Stock   [Apr-24-17 04:19PM  Investor's Business Daily]
▶ Timeline: Westinghouse Electric Co.   [Mar-29-17 04:45PM  at bizjournals.com]
▶ Timeline: Westinghouse Electric Co.   [04:45PM  American City Business Journals]
▶ State Owned Enterprises Take More Energy Business   [Mar-18-17 10:00AM  Oilprice.com]
▶ [$$] HKW Sells Workhorse Rail to Wabtec   [Dec-21-16 12:18PM  at The Wall Street Journal]
▶ Wabtec Announces Pricing of Senior Notes Offering   [Oct-31-16 04:11PM  GlobeNewswire]
▶ Wabtec Declares Regular Quarterly Dividend   [09:45AM  GlobeNewswire]
Financial statements of WAB
Valuation of Stocks

The paper VALUATION OF STOCKS: The Quest for Intrinsic Value provides a detailed description of our valuation model and discloses the calculation algorithm.

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