Intrinsic value of WABCO Holdings - WBC

Previous Close

$155.08

  Intrinsic Value

$107.43

stock screener

  Rating & Target

sell

-31%

  Value-price divergence*

-37%

Previous close

$155.08

 
Intrinsic value

$107.43

 
Up/down potential

-31%

 
Rating

sell

 
Value-price divergence*

-37%

*Intrinsic value change (in %) minus stock price change (in %) in the past 12 months.

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 8.4

 

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, %
  6.93
  8.60
  8.24
  7.92
  7.62
  7.36
  7.13
  6.91
  6.72
  6.55
  6.39
  6.26
  6.13
  6.02
  5.92
  5.82
  5.74
  5.67
  5.60
  5.54
  5.49
  5.44
  5.39
  5.35
  5.32
  5.29
  5.26
  5.23
  5.21
  5.19
  5.17
Revenue, $m
  2,810
  3,052
  3,303
  3,565
  3,836
  4,119
  4,412
  4,717
  5,034
  5,364
  5,707
  6,064
  6,436
  6,823
  7,227
  7,648
  8,087
  8,545
  9,023
  9,523
  10,046
  10,592
  11,163
  11,761
  12,387
  13,042
  13,728
  14,446
  15,198
  15,987
  16,813
Variable operating expenses, $m
 
  1,605
  1,734
  1,868
  2,007
  2,152
  2,303
  2,459
  2,622
  2,791
  2,967
  3,110
  3,300
  3,499
  3,706
  3,922
  4,147
  4,382
  4,627
  4,884
  5,152
  5,432
  5,725
  6,031
  6,352
  6,688
  7,039
  7,408
  7,794
  8,198
  8,622
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
  2,626
  2,780
  2,941
  3,106
  3,279
  3,458
  3,643
  3,836
  4,035
  4,242
  4,417
  4,640
  4,872
  5,113
  5,365
  5,626
  5,898
  6,180
  6,476
  6,784
  7,105
  7,440
  7,789
  8,153
  8,535
  8,932
  9,348
  9,783
  10,236
  10,711
Operating income, $m
  356
  426
  523
  624
  730
  840
  955
  1,074
  1,199
  1,330
  1,466
  1,648
  1,796
  1,951
  2,114
  2,283
  2,461
  2,648
  2,843
  3,048
  3,262
  3,488
  3,724
  3,973
  4,233
  4,507
  4,795
  5,098
  5,416
  5,751
  6,102
EBITDA, $m
  454
  524
  626
  733
  843
  959
  1,079
  1,205
  1,336
  1,473
  1,615
  1,764
  1,920
  2,082
  2,252
  2,430
  2,617
  2,812
  3,016
  3,230
  3,455
  3,691
  3,939
  4,198
  4,471
  4,758
  5,059
  5,375
  5,708
  6,058
  6,425
Interest expense (income), $m
  17
  34
  26
  32
  39
  45
  52
  60
  67
  75
  83
  91
  100
  109
  119
  129
  139
  150
  161
  173
  185
  198
  212
  226
  240
  256
  272
  289
  306
  325
  344
Earnings before tax, $m
  369
  392
  497
  592
  691
  794
  902
  1,015
  1,132
  1,255
  1,383
  1,556
  1,696
  1,842
  1,995
  2,155
  2,322
  2,498
  2,682
  2,875
  3,077
  3,289
  3,513
  3,747
  3,993
  4,252
  4,524
  4,809
  5,110
  5,426
  5,758
Tax expense, $m
  122
  106
  134
  160
  187
  214
  244
  274
  306
  339
  373
  420
  458
  497
  539
  582
  627
  674
  724
  776
  831
  888
  948
  1,012
  1,078
  1,148
  1,221
  1,299
  1,380
  1,465
  1,555
Net income, $m
  223
  286
  363
  432
  504
  580
  659
  741
  827
  916
  1,009
  1,136
  1,238
  1,345
  1,456
  1,573
  1,695
  1,823
  1,958
  2,098
  2,246
  2,401
  2,564
  2,735
  2,915
  3,104
  3,302
  3,511
  3,730
  3,961
  4,203

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
  2,382
  2,579
  2,783
  2,995
  3,215
  3,444
  3,683
  3,930
  4,187
  4,455
  4,734
  5,024
  5,326
  5,641
  5,970
  6,313
  6,671
  7,044
  7,434
  7,842
  8,269
  8,715
  9,181
  9,670
  10,181
  10,716
  11,277
  11,864
  12,480
  13,125
Adjusted assets (=assets-cash), $m
  2,193
  2,382
  2,579
  2,783
  2,995
  3,215
  3,444
  3,683
  3,930
  4,187
  4,455
  4,734
  5,024
  5,326
  5,641
  5,970
  6,313
  6,671
  7,044
  7,434
  7,842
  8,269
  8,715
  9,181
  9,670
  10,181
  10,716
  11,277
  11,864
  12,480
  13,125
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
  516
  558
  602
  648
  696
  746
  797
  851
  907
  965
  1,025
  1,088
  1,153
  1,221
  1,292
  1,367
  1,444
  1,525
  1,609
  1,698
  1,790
  1,887
  1,988
  2,093
  2,204
  2,320
  2,441
  2,569
  2,702
  2,841
Working capital, $m
  1,343
  522
  565
  610
  656
  704
  755
  807
  861
  917
  976
  1,037
  1,101
  1,167
  1,236
  1,308
  1,383
  1,461
  1,543
  1,629
  1,718
  1,811
  1,909
  2,011
  2,118
  2,230
  2,347
  2,470
  2,599
  2,734
  2,875
Total debt, $m
  959
  748
  925
  1,108
  1,299
  1,498
  1,704
  1,918
  2,141
  2,373
  2,614
  2,865
  3,126
  3,398
  3,681
  3,977
  4,285
  4,607
  4,944
  5,295
  5,662
  6,046
  6,447
  6,867
  7,307
  7,767
  8,249
  8,753
  9,282
  9,836
  10,417
Total liabilities, $m
  2,355
  2,144
  2,321
  2,504
  2,695
  2,894
  3,100
  3,314
  3,537
  3,769
  4,010
  4,261
  4,522
  4,794
  5,077
  5,373
  5,681
  6,003
  6,340
  6,691
  7,058
  7,442
  7,843
  8,263
  8,703
  9,163
  9,645
  10,149
  10,678
  11,232
  11,813
Total equity, $m
  701
  238
  258
  278
  299
  322
  344
  368
  393
  419
  446
  473
  502
  533
  564
  597
  631
  667
  704
  743
  784
  827
  871
  918
  967
  1,018
  1,072
  1,128
  1,186
  1,248
  1,313
Total liabilities and equity, $m
  3,056
  2,382
  2,579
  2,782
  2,994
  3,216
  3,444
  3,682
  3,930
  4,188
  4,456
  4,734
  5,024
  5,327
  5,641
  5,970
  6,312
  6,670
  7,044
  7,434
  7,842
  8,269
  8,714
  9,181
  9,670
  10,181
  10,717
  11,277
  11,864
  12,480
  13,126
Debt-to-equity ratio
  1.368
  3.140
  3.590
  3.980
  4.340
  4.660
  4.950
  5.210
  5.450
  5.670
  5.870
  6.050
  6.220
  6.380
  6.530
  6.660
  6.790
  6.910
  7.020
  7.120
  7.220
  7.310
  7.400
  7.480
  7.560
  7.630
  7.700
  7.760
  7.820
  7.880
  7.940
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
  286
  363
  432
  504
  580
  659
  741
  827
  916
  1,009
  1,136
  1,238
  1,345
  1,456
  1,573
  1,695
  1,823
  1,958
  2,098
  2,246
  2,401
  2,564
  2,735
  2,915
  3,104
  3,302
  3,511
  3,730
  3,961
  4,203
Depreciation, amort., depletion, $m
  98
  99
  103
  108
  114
  119
  125
  130
  137
  143
  150
  116
  124
  131
  139
  147
  155
  164
  173
  183
  193
  203
  214
  226
  238
  250
  264
  277
  292
  307
  323
Funds from operations, $m
  317
  385
  466
  540
  618
  699
  783
  871
  963
  1,059
  1,159
  1,252
  1,362
  1,476
  1,595
  1,720
  1,850
  1,987
  2,131
  2,281
  2,439
  2,605
  2,779
  2,961
  3,153
  3,354
  3,566
  3,788
  4,022
  4,268
  4,526
Change in working capital, $m
  -88
  41
  43
  45
  46
  48
  50
  52
  54
  56
  59
  61
  64
  66
  69
  72
  75
  78
  82
  85
  89
  93
  98
  102
  107
  112
  117
  123
  129
  135
  141
Cash from operations, $m
  405
  344
  423
  496
  572
  651
  733
  819
  909
  1,002
  1,100
  1,191
  1,298
  1,409
  1,526
  1,648
  1,775
  1,909
  2,049
  2,196
  2,350
  2,511
  2,681
  2,859
  3,046
  3,242
  3,449
  3,665
  3,893
  4,133
  4,385
Maintenance CAPEX, $m
  0
  -54
  -59
  -63
  -68
  -74
  -79
  -85
  -91
  -97
  -103
  -110
  -116
  -124
  -131
  -139
  -147
  -155
  -164
  -173
  -183
  -193
  -203
  -214
  -226
  -238
  -250
  -264
  -277
  -292
  -307
New CAPEX, $m
  -114
  -41
  -42
  -44
  -46
  -48
  -50
  -52
  -54
  -56
  -58
  -60
  -63
  -65
  -68
  -71
  -74
  -77
  -81
  -84
  -88
  -92
  -97
  -101
  -106
  -111
  -116
  -121
  -127
  -133
  -140
Cash from investing activities, $m
  -252
  -95
  -101
  -107
  -114
  -122
  -129
  -137
  -145
  -153
  -161
  -170
  -179
  -189
  -199
  -210
  -221
  -232
  -245
  -257
  -271
  -285
  -300
  -315
  -332
  -349
  -366
  -385
  -404
  -425
  -447
Free cash flow, $m
  153
  248
  322
  388
  457
  529
  604
  683
  765
  850
  939
  1,021
  1,119
  1,220
  1,327
  1,438
  1,554
  1,676
  1,804
  1,938
  2,079
  2,226
  2,381
  2,543
  2,714
  2,894
  3,082
  3,280
  3,489
  3,708
  3,938
Issuance/(repayment) of debt, $m
  464
  -211
  177
  184
  191
  198
  206
  214
  223
  232
  241
  251
  261
  272
  284
  296
  308
  322
  336
  351
  367
  384
  401
  420
  440
  460
  482
  505
  529
  554
  581
Issuance/(repurchase) of shares, $m
  -246
  114
  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
  -97
  177
  184
  191
  198
  206
  214
  223
  232
  241
  251
  261
  272
  284
  296
  308
  322
  336
  351
  367
  384
  401
  420
  440
  460
  482
  505
  529
  554
  581
Total cash flow (excl. dividends), $m
  347
  151
  499
  572
  648
  728
  811
  897
  987
  1,082
  1,180
  1,272
  1,380
  1,492
  1,610
  1,733
  1,863
  1,998
  2,140
  2,289
  2,446
  2,610
  2,782
  2,963
  3,154
  3,354
  3,564
  3,785
  4,017
  4,262
  4,519
Retained Cash Flow (-), $m
  86
  -400
  -20
  -20
  -21
  -22
  -23
  -24
  -25
  -26
  -27
  -28
  -29
  -30
  -32
  -33
  -34
  -36
  -37
  -39
  -41
  -43
  -45
  -47
  -49
  -51
  -54
  -56
  -59
  -62
  -65
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
 
  614
  479
  551
  627
  706
  788
  873
  963
  1,056
  1,153
  1,244
  1,351
  1,462
  1,579
  1,701
  1,828
  1,962
  2,103
  2,250
  2,405
  2,567
  2,738
  2,917
  3,105
  3,303
  3,510
  3,729
  3,959
  4,200
  4,454
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
 
  589
  438
  480
  516
  547
  572
  590
  602
  607
  605
  591
  576
  556
  530
  499
  465
  427
  387
  346
  306
  266
  227
  191
  158
  128
  102
  80
  61
  46
  34
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 37.9
Price to Sales 3
Price to Book 12.1
Price to Tangible Book
Price to Cash Flow 20.9
Price to Free Cash Flow 29
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 8.6% 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 53.955 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 $8.4 billion.

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COMPANY NEWS

▶ 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]
▶ Wabco tops Street 1Q forecasts   [Apr-21-17 06:40AM  Associated Press]
▶ WABCOs Q1 2017 Earnings Conference Call Set for April 21   [Mar-16-17 06:30AM  GlobeNewswire]
▶ WABCO Receives Daimler Supplier Award 2016   [Mar-02-17 09:00AM  GlobeNewswire]
▶ Wabco tops Street 4Q forecasts   [07:00AM  Associated Press]
▶ 3 Top Stocks Billionaires Love   [Jan-09-17 08:55AM  at Motley Fool]
▶ Here is What Hedge Funds Have To Say About KKR & Co. L.P. (KKR)   [Dec-07-16 01:51PM  at Insider Monkey]
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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