Intrinsic value of WABCO Holdings - WBC

Previous Close

$143.66

  Intrinsic Value

$356.12

stock screener

  Rating & Target

str. buy

+148%

Previous close

$143.66

 
Intrinsic value

$356.12

 
Up/down potential

+148%

 
Rating

str. buy

We calculate the intrinsic value of WBC 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 7.7

 

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, %
  6.93
  22.70
  20.93
  19.34
  17.90
  16.61
  15.45
  14.41
  13.47
  12.62
  11.86
  11.17
  10.55
  10.00
  9.50
  9.05
  8.64
  8.28
  7.95
  7.66
  7.39
  7.15
  6.94
  6.74
  6.57
  6.41
  6.27
  6.14
  6.03
  5.93
  5.83
Revenue, $m
  2,810
  3,448
  4,170
  4,976
  5,867
  6,841
  7,898
  9,036
  10,253
  11,547
  12,916
  14,359
  15,874
  17,462
  19,120
  20,851
  22,653
  24,529
  26,479
  28,506
  30,613
  32,803
  35,078
  37,444
  39,903
  42,462
  45,124
  47,897
  50,784
  53,794
  56,932
Variable operating expenses, $m
 
  1,808
  2,178
  2,591
  3,048
  3,548
  4,090
  4,674
  5,298
  5,961
  6,663
  7,363
  8,140
  8,954
  9,805
  10,692
  11,616
  12,578
  13,578
  14,618
  15,699
  16,821
  17,988
  19,201
  20,462
  21,774
  23,140
  24,561
  26,042
  27,586
  29,195
Fixed operating expenses, $m
 
  1,021
  1,046
  1,073
  1,099
  1,127
  1,155
  1,184
  1,214
  1,244
  1,275
  1,307
  1,340
  1,373
  1,407
  1,443
  1,479
  1,516
  1,553
  1,592
  1,632
  1,673
  1,715
  1,758
  1,801
  1,847
  1,893
  1,940
  1,989
  2,038
  2,089
Total operating expenses, $m
  2,454
  2,829
  3,224
  3,664
  4,147
  4,675
  5,245
  5,858
  6,512
  7,205
  7,938
  8,670
  9,480
  10,327
  11,212
  12,135
  13,095
  14,094
  15,131
  16,210
  17,331
  18,494
  19,703
  20,959
  22,263
  23,621
  25,033
  26,501
  28,031
  29,624
  31,284
Operating income, $m
  356
  619
  945
  1,312
  1,719
  2,166
  2,653
  3,179
  3,742
  4,342
  4,978
  5,689
  6,394
  7,134
  7,908
  8,716
  9,558
  10,435
  11,347
  12,296
  13,283
  14,309
  15,375
  16,485
  17,639
  18,841
  20,092
  21,395
  22,754
  24,170
  25,648
EBITDA, $m
  454
  725
  1,065
  1,447
  1,871
  2,338
  2,845
  3,392
  3,979
  4,603
  5,266
  5,965
  6,699
  7,470
  8,275
  9,116
  9,993
  10,906
  11,856
  12,844
  13,871
  14,939
  16,049
  17,204
  18,406
  19,656
  20,958
  22,315
  23,729
  25,203
  26,742
Interest expense (income), $m
  17
  34
  36
  54
  73
  95
  119
  145
  173
  203
  235
  269
  304
  341
  381
  421
  464
  508
  554
  602
  652
  704
  758
  814
  872
  932
  995
  1,061
  1,129
  1,200
  1,274
Earnings before tax, $m
  369
  585
  909
  1,258
  1,645
  2,071
  2,534
  3,033
  3,568
  4,139
  4,743
  5,420
  6,090
  6,793
  7,528
  8,295
  9,094
  9,927
  10,793
  11,694
  12,631
  13,605
  14,618
  15,671
  16,767
  17,908
  19,097
  20,334
  21,625
  22,970
  24,374
Tax expense, $m
  122
  158
  245
  340
  444
  559
  684
  819
  963
  1,117
  1,281
  1,463
  1,644
  1,834
  2,032
  2,240
  2,455
  2,680
  2,914
  3,157
  3,410
  3,673
  3,947
  4,231
  4,527
  4,835
  5,156
  5,490
  5,839
  6,202
  6,581
Net income, $m
  223
  427
  664
  918
  1,201
  1,512
  1,850
  2,214
  2,605
  3,021
  3,462
  3,957
  4,446
  4,959
  5,495
  6,055
  6,639
  7,246
  7,879
  8,536
  9,220
  9,931
  10,671
  11,440
  12,240
  13,073
  13,941
  14,844
  15,786
  16,768
  17,793

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  863
  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
  3,056
  2,692
  3,255
  3,884
  4,580
  5,341
  6,166
  7,054
  8,004
  9,014
  10,083
  11,209
  12,392
  13,631
  14,926
  16,277
  17,684
  19,148
  20,671
  22,253
  23,898
  25,607
  27,384
  29,230
  31,150
  33,147
  35,226
  37,390
  39,644
  41,994
  44,444
Adjusted assets (=assets-cash), $m
  2,193
  2,692
  3,255
  3,884
  4,580
  5,341
  6,166
  7,054
  8,004
  9,014
  10,083
  11,209
  12,392
  13,631
  14,926
  16,277
  17,684
  19,148
  20,671
  22,253
  23,898
  25,607
  27,384
  29,230
  31,150
  33,147
  35,226
  37,390
  39,644
  41,994
  44,444
Revenue / Adjusted assets
  1.281
  1.281
  1.281
  1.281
  1.281
  1.281
  1.281
  1.281
  1.281
  1.281
  1.281
  1.281
  1.281
  1.281
  1.281
  1.281
  1.281
  1.281
  1.281
  1.281
  1.281
  1.281
  1.281
  1.281
  1.281
  1.281
  1.281
  1.281
  1.281
  1.281
  1.281
Average production assets, $m
  475
  583
  705
  841
  991
  1,156
  1,335
  1,527
  1,733
  1,951
  2,183
  2,427
  2,683
  2,951
  3,231
  3,524
  3,828
  4,145
  4,475
  4,818
  5,174
  5,544
  5,928
  6,328
  6,744
  7,176
  7,626
  8,095
  8,583
  9,091
  9,622
Working capital, $m
  1,343
  590
  713
  851
  1,003
  1,170
  1,351
  1,545
  1,753
  1,975
  2,209
  2,455
  2,715
  2,986
  3,270
  3,565
  3,874
  4,194
  4,528
  4,875
  5,235
  5,609
  5,998
  6,403
  6,823
  7,261
  7,716
  8,190
  8,684
  9,199
  9,735
Total debt, $m
  959
  1,026
  1,533
  2,100
  2,726
  3,410
  4,153
  4,953
  5,807
  6,717
  7,678
  8,692
  9,757
  10,872
  12,037
  13,253
  14,519
  15,837
  17,208
  18,632
  20,112
  21,650
  23,249
  24,911
  26,639
  28,437
  30,307
  32,255
  34,284
  36,398
  38,603
Total liabilities, $m
  2,355
  2,422
  2,929
  3,496
  4,122
  4,806
  5,549
  6,349
  7,203
  8,113
  9,074
  10,088
  11,153
  12,268
  13,433
  14,649
  15,915
  17,233
  18,604
  20,028
  21,508
  23,046
  24,645
  26,307
  28,035
  29,833
  31,703
  33,651
  35,680
  37,794
  39,999
Total equity, $m
  701
  269
  325
  388
  458
  534
  617
  705
  800
  901
  1,008
  1,121
  1,239
  1,363
  1,493
  1,628
  1,768
  1,915
  2,067
  2,225
  2,390
  2,561
  2,738
  2,923
  3,115
  3,315
  3,523
  3,739
  3,964
  4,199
  4,444
Total liabilities and equity, $m
  3,056
  2,691
  3,254
  3,884
  4,580
  5,340
  6,166
  7,054
  8,003
  9,014
  10,082
  11,209
  12,392
  13,631
  14,926
  16,277
  17,683
  19,148
  20,671
  22,253
  23,898
  25,607
  27,383
  29,230
  31,150
  33,148
  35,226
  37,390
  39,644
  41,993
  44,443
Debt-to-equity ratio
  1.368
  3.810
  4.710
  5.410
  5.950
  6.390
  6.740
  7.020
  7.260
  7.450
  7.620
  7.750
  7.870
  7.980
  8.060
  8.140
  8.210
  8.270
  8.320
  8.370
  8.420
  8.450
  8.490
  8.520
  8.550
  8.580
  8.600
  8.630
  8.650
  8.670
  8.690
Adjusted equity ratio
  -0.074
  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
  0.100

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  223
  427
  664
  918
  1,201
  1,512
  1,850
  2,214
  2,605
  3,021
  3,462
  3,957
  4,446
  4,959
  5,495
  6,055
  6,639
  7,246
  7,879
  8,536
  9,220
  9,931
  10,671
  11,440
  12,240
  13,073
  13,941
  14,844
  15,786
  16,768
  17,793
Depreciation, amort., depletion, $m
  98
  106
  120
  135
  153
  171
  192
  213
  237
  262
  288
  276
  305
  335
  367
  400
  435
  471
  509
  547
  588
  630
  674
  719
  766
  815
  867
  920
  975
  1,033
  1,093
Funds from operations, $m
  317
  533
  784
  1,054
  1,354
  1,683
  2,041
  2,428
  2,842
  3,283
  3,750
  4,232
  4,751
  5,294
  5,862
  6,455
  7,074
  7,717
  8,387
  9,084
  9,808
  10,561
  11,345
  12,159
  13,007
  13,889
  14,807
  15,764
  16,761
  17,801
  18,887
Change in working capital, $m
  -88
  109
  123
  138
  152
  167
  181
  195
  208
  221
  234
  247
  259
  271
  284
  296
  308
  321
  334
  347
  360
  374
  389
  404
  421
  438
  455
  474
  494
  515
  537
Cash from operations, $m
  405
  424
  660
  916
  1,201
  1,516
  1,860
  2,233
  2,634
  3,062
  3,516
  3,986
  4,492
  5,023
  5,579
  6,160
  6,766
  7,397
  8,054
  8,737
  9,448
  10,187
  10,955
  11,755
  12,586
  13,451
  14,352
  15,290
  16,268
  17,287
  18,350
Maintenance CAPEX, $m
  0
  -54
  -66
  -80
  -96
  -113
  -131
  -152
  -174
  -197
  -222
  -248
  -276
  -305
  -335
  -367
  -400
  -435
  -471
  -509
  -547
  -588
  -630
  -674
  -719
  -766
  -815
  -867
  -920
  -975
  -1,033
New CAPEX, $m
  -114
  -108
  -122
  -136
  -151
  -165
  -179
  -192
  -206
  -219
  -231
  -244
  -256
  -268
  -280
  -292
  -305
  -317
  -330
  -343
  -356
  -370
  -385
  -400
  -416
  -432
  -450
  -469
  -488
  -509
  -530
Cash from investing activities, $m
  -252
  -162
  -188
  -216
  -247
  -278
  -310
  -344
  -380
  -416
  -453
  -492
  -532
  -573
  -615
  -659
  -705
  -752
  -801
  -852
  -903
  -958
  -1,015
  -1,074
  -1,135
  -1,198
  -1,265
  -1,336
  -1,408
  -1,484
  -1,563
Free cash flow, $m
  153
  262
  472
  700
  955
  1,239
  1,550
  1,889
  2,255
  2,646
  3,063
  3,494
  3,960
  4,450
  4,963
  5,500
  6,060
  6,645
  7,253
  7,886
  8,544
  9,229
  9,941
  10,681
  11,451
  12,252
  13,086
  13,955
  14,860
  15,803
  16,786
Issuance/(repayment) of debt, $m
  464
  67
  507
  566
  626
  685
  743
  799
  855
  909
  962
  1,014
  1,065
  1,115
  1,165
  1,216
  1,266
  1,318
  1,370
  1,424
  1,480
  1,538
  1,599
  1,662
  1,728
  1,798
  1,871
  1,948
  2,029
  2,115
  2,205
Issuance/(repurchase) of shares, $m
  -246
  4
  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  
  221
  71
  507
  566
  626
  685
  743
  799
  855
  909
  962
  1,014
  1,065
  1,115
  1,165
  1,216
  1,266
  1,318
  1,370
  1,424
  1,480
  1,538
  1,599
  1,662
  1,728
  1,798
  1,871
  1,948
  2,029
  2,115
  2,205
Total cash flow (excl. dividends), $m
  347
  333
  979
  1,266
  1,581
  1,924
  2,293
  2,689
  3,109
  3,555
  4,025
  4,508
  5,024
  5,565
  6,128
  6,716
  7,327
  7,962
  8,623
  9,311
  10,025
  10,767
  11,540
  12,343
  13,179
  14,050
  14,957
  15,903
  16,889
  17,917
  18,991
Retained Cash Flow (-), $m
  86
  -431
  -56
  -63
  -70
  -76
  -83
  -89
  -95
  -101
  -107
  -113
  -118
  -124
  -129
  -135
  -141
  -146
  -152
  -158
  -164
  -171
  -178
  -185
  -192
  -200
  -208
  -216
  -225
  -235
  -245
Prev. year cash balance distribution, $m
 
  863
  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
 
  765
  923
  1,203
  1,512
  1,848
  2,211
  2,600
  3,014
  3,454
  3,918
  4,395
  4,906
  5,441
  5,999
  6,581
  7,186
  7,816
  8,471
  9,152
  9,860
  10,596
  11,362
  12,158
  12,987
  13,850
  14,749
  15,686
  16,663
  17,682
  18,746
Discount rate, %
 
  4.30
  4.52
  4.74
  4.98
  5.23
  5.49
  5.76
  6.05
  6.35
  6.67
  7.00
  7.35
  7.72
  8.11
  8.51
  8.94
  9.39
  9.86
  10.35
  10.87
  11.41
  11.98
  12.58
  13.21
  13.87
  14.56
  15.29
  16.05
  16.86
  17.70
PV of cash for distribution, $m
 
  734
  845
  1,047
  1,245
  1,432
  1,604
  1,756
  1,884
  1,984
  2,054
  2,087
  2,094
  2,069
  2,014
  1,932
  1,826
  1,701
  1,560
  1,409
  1,253
  1,096
  943
  797
  661
  539
  430
  337
  258
  193
  141
Current shareholders' claim on cash, %
  100
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0

WABCO Holdings Inc. is a supplier of electronic, mechanical, electro-mechanical and aerodynamic products for various manufacturers of commercial trucks, buses and trailers, as well as passenger cars. The Company engineers, develops, manufactures and sells braking, stability, suspension and transmission automation and air management systems primarily for commercial vehicles. Its products are pneumatic anti-lock braking systems, electronic braking systems, electronic stability control systems, brake controls, automated manual transmission systems, air disc brakes, and a range of conventional mechanical products, such as actuators, air compressors and air control valves for medium- and heavy-duty trucks, buses and trailers. The Company's products also include air compressor and air processing/air management system; electronic and conventional air suspension systems; transmission automation; roll stability support; advanced driver assistance systems, and fleet management solutions.

FINANCIAL RATIOS  of  WABCO Holdings (WBC)

Valuation Ratios
P/E Ratio 35.1
Price to Sales 2.8
Price to Book 11.2
Price to Tangible Book
Price to Cash Flow 19.3
Price to Free Cash Flow 26.9
Growth Rates
Sales Growth Rate 6.9%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate 12.9%
Cap. Spend. - 3 Yr. Gr. Rate -1.3%
Financial Strength
Quick Ratio NaN
Current Ratio 0.3
LT Debt to Equity 136.8%
Total Debt to Equity 136.8%
Interest Coverage 23
Management Effectiveness
Return On Assets 8.3%
Ret/ On Assets - 3 Yr. Avg. 10.6%
Return On Total Capital 15.1%
Ret/ On T. Cap. - 3 Yr. Avg. 20.6%
Return On Equity 30%
Return On Equity - 3 Yr. Avg. 31%
Asset Turnover 1
Profitability Ratios
Gross Margin 31.5%
Gross Margin - 3 Yr. Avg. 31.3%
EBITDA Margin 17.2%
EBITDA Margin - 3 Yr. Avg. 16.3%
Operating Margin 12.7%
Oper. Margin - 3 Yr. Avg. 11.6%
Pre-Tax Margin 13.1%
Pre-Tax Margin - 3 Yr. Avg. 12.3%
Net Profit Margin 7.9%
Net Profit Margin - 3 Yr. Avg. 9.5%
Effective Tax Rate 33.1%
Eff/ Tax Rate - 3 Yr. Avg. 17.6%
Payout Ratio 0%

WBC stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the WBC stock intrinsic value calculation we used $2810 million for the last fiscal year's total revenue generated by WABCO Holdings. The default revenue input number comes from 2016 income statement of WABCO Holdings. 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 WBC stock valuation model: a) initial revenue growth rate of 22.7% 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 4.3%, whose default value for WBC is calculated based on our internal credit rating of WABCO Holdings, 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 WABCO Holdings.
    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 WBC stock the variable cost ratio is equal to 52.7%.

Fixed operating expenses is just that - expenses that are not dependant on the volume of production. They are set to $996 million in the base year in the intrinsic value calculation for WBC 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 WABCO Holdings.

Corporate tax rate of 27% is the nominal tax rate for WABCO Holdings. 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 WBC 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 WBC are equal to 16.9%.

Life of production assets of 8.8 years is the average useful life of capital assets used in WABCO Holdings 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 WBC is equal to 17.1%. 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 - $701 million for WABCO Holdings - 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 53.666 million for WABCO Holdings 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 WABCO Holdings at the current share price and the inputted number of shares is $7.7 billion.

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COMPANY NEWS

▶ Auto supplier ZF chairman resigns   [Nov-29-17 01:50PM  Reuters]
▶ Tesla reportedly sacrificing quality for speed   [11:27AM  Yahoo Finance Video]
▶ Westpac Rate-Rigging Trial to Go Ahead   [Oct-29-17 10:40PM  Bloomberg Video]
▶ ANZ Settled on Day One of Hearing   [Oct-23-17 07:28PM  Bloomberg Video]
▶ Wabco beats Street 3Q forecasts   [07:02AM  Associated Press]
▶ WABCO Completes Buyout of Meritor WABCO Joint Venture   [Oct-03-17 06:30AM  GlobeNewswire]
▶ WABCOs Q3 2017 Earnings Conference Call Set for October 19   [Sep-25-17 06:30AM  GlobeNewswire]
▶ [$$] Analog Devices Hires CFO From Wabco Holdings   [Aug-16-17 06:07PM  The Wall Street Journal]
▶ 3 Stocks for Warren Buffett Devotees   [Aug-03-17 06:05AM  Motley Fool]
▶ Top Ranked Momentum Stocks to Buy for July 31st   [Jul-31-17 10:20AM  Zacks]
▶ Germanys ZF Recently Held Advanced Takeover Talks With Wabco   [Jul-26-17 12:50AM  The Wall Street Journal]
▶ Germany's ZF Held Takeover Talks With Wabco   [11:54AM  The Wall Street Journal]
▶ Wabco tops Street 2Q forecasts   [Jul-21-17 12:33AM  Associated Press]
▶ Spotlight on Australian banks   [Jul-18-17 11:40PM  CNBC Videos]
▶ Moody's Cut Australia's 'Big Four' Banks   [Jun-19-17 07:04PM  Bloomberg Video]
▶ Moody's Downgrades Australia's 4 Largest Banks   [06:34PM  Bloomberg Video]
▶ WABCOs Q2 2017 Earnings Conference Call Set for July 20   [Jun-15-17 06:30AM  GlobeNewswire]
▶ Top Stocks with Big Potential Catch-Up Moves   [May-30-17 03:35PM  Zacks]
▶ Asian markets largely quiet following Mondays rally   [May-09-17 07:03AM  MarketWatch]
▶ Westpac 1H Cash Profit Up 3%   [May-07-17 07:59PM  Bloomberg Video]
Financial statements of WBC
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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