Intrinsic value of Wabtec - WAB

Previous Close

$105.36

  Intrinsic Value

$101.28

stock screener

  Rating & Target

hold

-4%

Previous close

$105.36

 
Intrinsic value

$101.28

 
Up/down potential

-4%

 
Rating

hold

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 0001), $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 10.2

 

FINANCIAL STATEMENTS FORECAST and PRESENT VALUE CALCULATION

Fiscal year
   2
   3
   4
   5
   6
   7
   8
   9
   10
   11
   12
   13
   14
   15
   16
   17
   18
   19
   20
   21
   22
   23
   24
   25
   26
   27
   28
   29
   30
   31

INCOME STATEMENT

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Revenue growth rate, %
  19.20
  17.78
  16.50
  15.35
  14.32
  13.38
  12.55
  11.79
  11.11
  10.50
  9.95
  9.46
  9.01
  8.61
  8.25
  7.92
  7.63
  7.37
  7.13
  6.92
  6.73
  6.55
  6.40
  6.26
  6.13
  6.02
  5.92
  5.83
  5.74
  5.67
Revenue, $m
  4,627
  5,450
  6,349
  7,324
  8,372
  9,493
  10,684
  11,944
  13,271
  14,665
  16,124
  17,649
  19,239
  20,895
  22,619
  24,411
  26,274
  28,210
  30,222
  32,312
  34,486
  36,746
  39,097
  41,544
  44,092
  46,746
  49,512
  52,396
  55,406
  58,546
Variable operating expenses, $m
  3,835
  4,452
  5,126
  5,856
  6,642
  7,482
  8,375
  9,319
  10,314
  11,359
  12,086
  13,229
  14,421
  15,663
  16,955
  18,298
  19,695
  21,146
  22,654
  24,221
  25,850
  27,545
  29,307
  31,141
  33,051
  35,040
  37,114
  39,276
  41,532
  43,886
Fixed operating expenses, $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
Total operating expenses, $m
  3,835
  4,452
  5,126
  5,856
  6,642
  7,482
  8,375
  9,319
  10,314
  11,359
  12,086
  13,229
  14,421
  15,663
  16,955
  18,298
  19,695
  21,146
  22,654
  24,221
  25,850
  27,545
  29,307
  31,141
  33,051
  35,040
  37,114
  39,276
  41,532
  43,886
Operating income, $m
  792
  998
  1,223
  1,467
  1,730
  2,011
  2,309
  2,624
  2,957
  3,306
  4,038
  4,419
  4,817
  5,232
  5,664
  6,113
  6,579
  7,064
  7,568
  8,091
  8,635
  9,201
  9,790
  10,403
  11,041
  11,705
  12,398
  13,120
  13,874
  14,660
EBITDA, $m
  1,248
  1,470
  1,712
  1,975
  2,258
  2,560
  2,881
  3,221
  3,579
  3,955
  4,348
  4,759
  5,188
  5,635
  6,100
  6,583
  7,085
  7,607
  8,150
  8,714
  9,300
  9,909
  10,543
  11,203
  11,890
  12,606
  13,352
  14,130
  14,941
  15,788
Interest expense (income), $m
  30
  101
  140
  183
  230
  281
  336
  395
  458
  524
  593
  666
  743
  823
  906
  993
  1,084
  1,178
  1,275
  1,377
  1,482
  1,592
  1,706
  1,824
  1,948
  2,076
  2,210
  2,349
  2,494
  2,645
  2,803
Earnings before tax, $m
  691
  858
  1,040
  1,237
  1,449
  1,674
  1,914
  2,167
  2,433
  2,712
  3,371
  3,676
  3,995
  4,326
  4,671
  5,029
  5,402
  5,789
  6,191
  6,609
  7,043
  7,495
  7,966
  8,455
  8,965
  9,496
  10,049
  10,626
  11,229
  11,857
Tax expense, $m
  187
  232
  281
  334
  391
  452
  517
  585
  657
  732
  910
  993
  1,079
  1,168
  1,261
  1,358
  1,458
  1,563
  1,672
  1,784
  1,902
  2,024
  2,151
  2,283
  2,420
  2,564
  2,713
  2,869
  3,032
  3,201
Net income, $m
  505
  626
  759
  903
  1,057
  1,222
  1,397
  1,582
  1,776
  1,980
  2,461
  2,684
  2,916
  3,158
  3,410
  3,671
  3,943
  4,226
  4,519
  4,824
  5,142
  5,472
  5,815
  6,172
  6,544
  6,932
  7,336
  7,757
  8,197
  8,656

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $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
Total assets, $m
  7,842
  9,237
  10,761
  12,413
  14,190
  16,090
  18,108
  20,244
  22,493
  24,855
  27,329
  29,913
  32,608
  35,416
  38,337
  41,375
  44,532
  47,813
  51,223
  54,767
  58,451
  62,281
  66,266
  70,413
  74,732
  79,230
  83,919
  88,807
  93,908
  99,231
Adjusted assets (=assets-cash), $m
  7,842
  9,237
  10,761
  12,413
  14,190
  16,090
  18,108
  20,244
  22,493
  24,855
  27,329
  29,913
  32,608
  35,416
  38,337
  41,375
  44,532
  47,813
  51,223
  54,767
  58,451
  62,281
  66,266
  70,413
  74,732
  79,230
  83,919
  88,807
  93,908
  99,231
Revenue / Adjusted assets
  0.590
  0.590
  0.590
  0.590
  0.590
  0.590
  0.590
  0.590
  0.590
  0.590
  0.590
  0.590
  0.590
  0.590
  0.590
  0.590
  0.590
  0.590
  0.590
  0.590
  0.590
  0.590
  0.590
  0.590
  0.590
  0.590
  0.590
  0.590
  0.590
  0.590
Average production assets, $m
  2,674
  3,150
  3,670
  4,233
  4,839
  5,487
  6,175
  6,903
  7,671
  8,476
  9,320
  10,201
  11,120
  12,077
  13,074
  14,110
  15,186
  16,305
  17,468
  18,677
  19,933
  21,239
  22,598
  24,012
  25,485
  27,019
  28,618
  30,285
  32,024
  33,840
Working capital, $m
  602
  708
  825
  952
  1,088
  1,234
  1,389
  1,553
  1,725
  1,906
  2,096
  2,294
  2,501
  2,716
  2,940
  3,173
  3,416
  3,667
  3,929
  4,201
  4,483
  4,777
  5,083
  5,401
  5,732
  6,077
  6,437
  6,812
  7,203
  7,611
Total debt, $m
  2,593
  3,392
  4,266
  5,212
  6,230
  7,319
  8,475
  9,699
  10,988
  12,342
  13,759
  15,240
  16,784
  18,393
  20,066
  21,807
  23,616
  25,496
  27,450
  29,481
  31,592
  33,787
  36,070
  38,446
  40,921
  43,498
  46,185
  48,986
  51,909
  54,959
Total liabilities, $m
  4,494
  5,293
  6,166
  7,113
  8,131
  9,219
  10,376
  11,600
  12,889
  14,242
  15,659
  17,140
  18,685
  20,293
  21,967
  23,708
  25,517
  27,397
  29,351
  31,381
  33,492
  35,687
  37,971
  40,347
  42,821
  45,399
  48,085
  50,887
  53,809
  56,860
Total equity, $m
  3,349
  3,944
  4,595
  5,300
  6,059
  6,870
  7,732
  8,644
  9,605
  10,613
  11,669
  12,773
  13,924
  15,122
  16,370
  17,667
  19,015
  20,416
  21,872
  23,385
  24,958
  26,594
  28,296
  30,067
  31,910
  33,831
  35,833
  37,921
  40,099
  42,372
Total liabilities and equity, $m
  7,843
  9,237
  10,761
  12,413
  14,190
  16,089
  18,108
  20,244
  22,494
  24,855
  27,328
  29,913
  32,609
  35,415
  38,337
  41,375
  44,532
  47,813
  51,223
  54,766
  58,450
  62,281
  66,267
  70,414
  74,731
  79,230
  83,918
  88,808
  93,908
  99,232
Debt-to-equity ratio
  0.770
  0.860
  0.930
  0.980
  1.030
  1.070
  1.100
  1.120
  1.140
  1.160
  1.180
  1.190
  1.210
  1.220
  1.230
  1.230
  1.240
  1.250
  1.260
  1.260
  1.270
  1.270
  1.270
  1.280
  1.280
  1.290
  1.290
  1.290
  1.290
  1.300
Adjusted equity ratio
  0.427
  0.427
  0.427
  0.427
  0.427
  0.427
  0.427
  0.427
  0.427
  0.427
  0.427
  0.427
  0.427
  0.427
  0.427
  0.427
  0.427
  0.427
  0.427
  0.427
  0.427
  0.427
  0.427
  0.427
  0.427
  0.427
  0.427
  0.427
  0.427
  0.427

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  505
  626
  759
  903
  1,057
  1,222
  1,397
  1,582
  1,776
  1,980
  2,461
  2,684
  2,916
  3,158
  3,410
  3,671
  3,943
  4,226
  4,519
  4,824
  5,142
  5,472
  5,815
  6,172
  6,544
  6,932
  7,336
  7,757
  8,197
  8,656
Depreciation, amort., depletion, $m
  456
  471
  489
  508
  528
  549
  572
  597
  622
  649
  311
  340
  371
  403
  436
  470
  506
  544
  582
  623
  664
  708
  753
  800
  850
  901
  954
  1,010
  1,067
  1,128
Funds from operations, $m
  960
  1,098
  1,248
  1,411
  1,585
  1,771
  1,969
  2,178
  2,398
  2,629
  2,772
  3,024
  3,287
  3,561
  3,845
  4,142
  4,449
  4,769
  5,102
  5,447
  5,806
  6,180
  6,568
  6,973
  7,394
  7,832
  8,290
  8,767
  9,264
  9,784
Change in working capital, $m
  97
  107
  117
  127
  136
  146
  155
  164
  173
  181
  190
  198
  207
  215
  224
  233
  242
  252
  262
  272
  283
  294
  306
  318
  331
  345
  360
  375
  391
  408
Cash from operations, $m
  863
  991
  1,131
  1,284
  1,449
  1,626
  1,814
  2,014
  2,226
  2,448
  2,582
  2,826
  3,080
  3,345
  3,621
  3,909
  4,207
  4,517
  4,840
  5,175
  5,524
  5,886
  6,262
  6,654
  7,062
  7,487
  7,930
  8,392
  8,873
  9,375
Maintenance CAPEX, $m
  -75
  -89
  -105
  -122
  -141
  -161
  -183
  -206
  -230
  -256
  -283
  -311
  -340
  -371
  -403
  -436
  -470
  -506
  -544
  -582
  -623
  -664
  -708
  -753
  -800
  -850
  -901
  -954
  -1,010
  -1,067
New CAPEX, $m
  -429
  -476
  -520
  -563
  -606
  -648
  -688
  -728
  -767
  -806
  -843
  -881
  -919
  -957
  -996
  -1,036
  -1,077
  -1,119
  -1,163
  -1,208
  -1,256
  -1,306
  -1,359
  -1,414
  -1,473
  -1,534
  -1,599
  -1,667
  -1,739
  -1,815
Cash from investing activities, $m
  -504
  -565
  -625
  -685
  -747
  -809
  -871
  -934
  -997
  -1,062
  -1,126
  -1,192
  -1,259
  -1,328
  -1,399
  -1,472
  -1,547
  -1,625
  -1,707
  -1,790
  -1,879
  -1,970
  -2,067
  -2,167
  -2,273
  -2,384
  -2,500
  -2,621
  -2,749
  -2,882
Free cash flow, $m
  359
  426
  506
  598
  702
  817
  943
  1,080
  1,228
  1,387
  1,456
  1,634
  1,821
  2,017
  2,223
  2,437
  2,660
  2,892
  3,134
  3,384
  3,645
  3,915
  4,196
  4,487
  4,789
  5,104
  5,431
  5,771
  6,124
  6,493
Issuance/(repayment) of debt, $m
  723
  799
  873
  947
  1,018
  1,088
  1,157
  1,224
  1,289
  1,353
  1,417
  1,481
  1,544
  1,609
  1,674
  1,741
  1,809
  1,880
  1,954
  2,031
  2,111
  2,195
  2,283
  2,376
  2,474
  2,578
  2,686
  2,801
  2,922
  3,050
Issuance/(repurchase) of shares, $m
  35
  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  
  758
  799
  873
  947
  1,018
  1,088
  1,157
  1,224
  1,289
  1,353
  1,417
  1,481
  1,544
  1,609
  1,674
  1,741
  1,809
  1,880
  1,954
  2,031
  2,111
  2,195
  2,283
  2,376
  2,474
  2,578
  2,686
  2,801
  2,922
  3,050
Total cash flow (excl. dividends), $m
  1,117
  1,225
  1,380
  1,545
  1,720
  1,905
  2,100
  2,304
  2,517
  2,740
  2,873
  3,114
  3,365
  3,626
  3,896
  4,177
  4,469
  4,772
  5,088
  5,415
  5,756
  6,110
  6,479
  6,863
  7,264
  7,681
  8,117
  8,572
  9,047
  9,543
Retained Cash Flow (-), $m
  -540
  -595
  -651
  -705
  -759
  -811
  -862
  -912
  -961
  -1,009
  -1,056
  -1,103
  -1,151
  -1,199
  -1,247
  -1,297
  -1,348
  -1,401
  -1,456
  -1,513
  -1,573
  -1,636
  -1,702
  -1,771
  -1,844
  -1,921
  -2,002
  -2,088
  -2,178
  -2,273
Prev. year cash balance distribution, $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 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
  578
  630
  729
  839
  961
  1,094
  1,238
  1,392
  1,557
  1,731
  1,817
  2,011
  2,214
  2,427
  2,649
  2,880
  3,121
  3,371
  3,632
  3,902
  4,183
  4,474
  4,777
  5,092
  5,420
  5,761
  6,115
  6,484
  6,869
  7,270
Discount rate, %
  7.20
  7.56
  7.94
  8.33
  8.75
  9.19
  9.65
  10.13
  10.64
  11.17
  11.73
  12.31
  12.93
  13.58
  14.26
  14.97
  15.72
  16.50
  17.33
  18.19
  19.10
  20.06
  21.06
  22.11
  23.22
  24.38
  25.60
  26.88
  28.22
  29.64
PV of cash for distribution, $m
  539
  544
  580
  609
  632
  646
  650
  643
  627
  601
  536
  499
  456
  408
  359
  309
  261
  216
  174
  138
  106
  80
  59
  42
  29
  20
  13
  8
  5
  3
Current shareholders' claim on cash, %
  99.7
  99.7
  99.7
  99.7
  99.7
  99.7
  99.7
  99.7
  99.7
  99.7
  99.7
  99.7
  99.7
  99.7
  99.7
  99.7
  99.7
  99.7
  99.7
  99.7
  99.7
  99.7
  99.7
  99.7
  99.7
  99.7
  99.7
  99.7
  99.7
  99.7

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 33
Price to Sales 3.4
Price to Book 4.6
Price to Tangible Book
Price to Cash Flow 22.4
Price to Free Cash Flow 25.2
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 $3881.756 million for the last fiscal year's total revenue generated by Wabtec. The default revenue input number comes from 0001 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 19.2% 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 7.2%, 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 84.4%.

Fixed operating expenses is just that - expenses that are not dependant on the volume of production. They are set to $0 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 5.4% 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 57.8%.

Life of production assets of 38.2 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 13%. 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 - $2808.868 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 96.386 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 $10.2 billion.

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COMPANY NEWS

▶ Why the GE-Wabtec Deal Might Still Make Sense   [Sep-17-18 10:59AM  Barrons.com]
▶ Wabtec amends proxy related to GE Transportation deal   [08:22AM  American City Business Journals]
▶ Wabtec Files Proxy Statement with SEC   [07:30AM  GlobeNewswire]
▶ Wabtec Announces Pricing of Senior Notes Offering   [Sep-12-18 06:14PM  GlobeNewswire]
▶ GE receives order for dozens of locomotives, work to be done in Fort Worth   [Sep-05-18 11:53AM  American City Business Journals]
▶ Wabtec: 2Q Earnings Snapshot   [08:23AM  Associated Press]
▶ Westinghouse Air Brake's Earnings Preview   [Jul-23-18 04:14PM  Benzinga]
▶ Wabtec opens conversation with potential suppliers   [Jul-10-18 02:44PM  American City Business Journals]
▶ General Electric Is Breaking Up, After All   [Jun-27-18 08:58AM  Motley Fool]
▶ General Electric Tees Up Another Asset Sale   [Jun-25-18 04:20PM  Motley Fool]
▶ GE secures new locomotive order, work coming to Fort Worth   [Jun-21-18 11:16AM  American City Business Journals]
▶ General Electric Companys Dividend Will Be Fine Probably   [Jun-15-18 12:30PM  InvestorPlace]
▶ Wabtec announces new financing as it readies for merger with GE Transportation   [Jun-13-18 01:14PM  American City Business Journals]
▶ Wabtec Announces New Financing Arrangements   [09:00AM  GlobeNewswire]
▶ Asset Sales Will Help GE Fix Its Balance Sheet   [Jun-05-18 07:49AM  Motley Fool]
▶ The Bull and Bear Case for GE   [Jun-04-18 01:02PM  Motley Fool]
▶ 3 Reasons to Avoid General Electric Company Stock   [May-29-18 07:27PM  InvestorPlace]
▶ Wabtec Stock Pays Off For American Century Ultra Mutual Fund   [May-24-18 04:07PM  Investor's Business Daily]
▶ Union Pacific Chief Praises GE-Wabtec Railroad Deal   [May-23-18 05:49PM  The Wall Street Journal]
▶ Wabtec-GE merger rolls in more than just railroad equipment   [May-22-18 01:32PM  American City Business Journals]
▶ General Electric deal with Wabtec   [May-21-18 05:27PM  Yahoo Finance Video]
▶ Monday Madness: GE, China, and Micron   [05:17PM  TheStreet.com]
▶ GE Is Haunted by Its Sprawl   [04:52PM  Bloomberg]
▶ What Happened in the Stock Market Today   [04:52PM  Motley Fool]
▶ Here's what GE deal will mean for Wabtec's standing globally   [04:48PM  American City Business Journals]
▶ Six Pittsburgh-area companies on 2018's Fortune 500 list   [02:38PM  American City Business Journals]
▶ GE to merge transportation unit with Wabtec in $11B deal   [10:30AM  American City Business Journals]
▶ Stock Futures Climb On Trade War Hiatus, GE-Wabtec Merger Buzz   [08:10AM  Investor's Business Daily]
▶ Bob Wright on GE Transportation merger with Wabtec   [08:10AM  Fox Business Videos]
▶ In $10B deal, Wabtec will merge into GE transportation division   [07:47AM  American City Business Journals]

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