WESTINGHOUSE AIR BRAKE TECHNOLOGIES CORPORATION

Financials Westinghouse Air Brake Technologies Corporation

Equities

WAB

US9297401088

Heavy Machinery & Vehicles

Market Closed - Nyse Other stock markets 04:00:01 2024-04-26 pm EDT			5-day change	1st Jan Change
164.4 ^USD	+0.72%		+14.00%	+29.52%

Apr. 25	Morgan Stanley Adjusts Price Target on Wabtec to $177 From $156	MT
Apr. 25	TD Cowen Adjusts Price Target on Westinghouse Air Brake Technologies to $147 From $130	MT

Valuation

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Capitalization ¹	14,913	13,932	17,208	18,152	22,735	28,991	-	-
Enterprise Value (EV) ¹	18,738	17,573	20,791	21,362	25,403	31,956	31,562	31,247
P/E ratio	42.3 x	33.7 x	31.1 x	28.8 x	28 x	26.3 x	23.3 x	18.4 x
Yield	0.62%	0.66%	0.52%	0.6%	0.54%	0.48%	0.54%	0.58%
Capitalization / Revenue	1.79 x	1.84 x	2.2 x	2.17 x	2.35 x	2.81 x	2.66 x	2.51 x
EV / Revenue	2.25 x	2.33 x	2.66 x	2.55 x	2.63 x	3.09 x	2.9 x	2.7 x
EV / EBITDA	12 x	13.1 x	14.1 x	13.7 x	13.8 x	15 x	14 x	12.8 x
EV / FCF	22.6 x	27.1 x	22 x	24 x	25 x	26.4 x	23.9 x	22 x
FCF Yield	4.43%	3.68%	4.54%	4.16%	4%	3.79%	4.19%	4.55%
Price to Book	1.5 x	1.37 x	1.69 x	1.8 x	2.16 x	2.78 x	2.7 x	2.47 x
Nbr of stocks (in thousands)	191,682	190,326	186,821	181,868	179,159	176,385	-	-
Reference price ²	77.80	73.20	92.11	99.81	126.9	164.4	164.4	164.4
Announcement Date	2/18/20	2/18/21	2/16/22	2/15/23	2/14/24	-	-	-

¹USD in Million²USD

Estimates

Income Statement Evolution (Annual data)

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net sales ¹	8,323	7,556	7,822	8,362	9,677	10,325	10,879	11,562
EBITDA ¹	1,566	1,337	1,477	1,562	1,842	2,127	2,255	2,438
EBIT ¹	1,170	1,142	1,241	1,354	1,643	1,906	2,042	2,210
Operating Margin	14.05%	15.12%	15.87%	16.19%	16.98%	18.46%	18.77%	19.12%
Earnings before Tax (EBT) ¹	-	557.2	737	854	1,092	1,736	1,824	2,114
Net income ¹	326.7	414.4	558	633	815	1,235	1,311	1,580
Net margin	3.93%	5.48%	7.13%	7.57%	8.42%	11.96%	12.05%	13.66%
EPS ²	1.840	2.170	2.960	3.460	4.530	6.250	7.052	8.910
Free Cash Flow ¹	830.2	647.3	943	889	1,015	1,212	1,323	1,422
FCF margin	9.97%	8.57%	12.06%	10.63%	10.49%	11.74%	12.16%	12.3%
FCF Conversion (EBITDA)	53.02%	48.42%	63.85%	56.91%	55.1%	57%	58.68%	58.32%
FCF Conversion (Net income)	254.12%	156.2%	169%	140.44%	124.54%	98.15%	100.92%	90.02%
Dividend per Share ²	0.4800	0.4800	0.4800	0.6000	0.6800	0.7937	0.8902	0.9478
Announcement Date	2/18/20	2/18/21	2/16/22	2/15/23	2/14/24	-	-	-

¹USD in Million²USD

Estimates

Income Statement Evolution (Quarterly data)

Fiscal Period: December	2021 Q4	2022 Q1	2022 Q2	2022 Q3	2022 Q4	2023 Q1	2023 Q2	2023 Q3	2023 Q4	2024 Q1	2024 Q2	2024 Q3	2024 Q4	2025 Q1	2025 Q2
Net sales ¹	2,073	1,927	2,048	2,081	2,306	2,194	2,407	2,550	2,526	2,497	2,598	2,596	2,670	2,619	2,686
EBITDA ¹	396	371	391	391	409	408	444	514	476	540	544	512.6	527.4	536	560.1
EBIT ¹	334	319	340	343	352	360	395	457	431	495	487.8	459.9	472.5	505.4	513.1
Operating Margin	16.11%	16.55%	16.6%	16.48%	15.26%	16.41%	16.41%	17.92%	17.06%	19.82%	18.78%	17.72%	17.69%	19.29%	19.11%
Earnings before Tax (EBT) ¹	235	200	227	217	210	233	259	320	280	363	478.7	400.5	411.2	-	-
Net income ¹	190	149	166	160	158	169	191	240	215	272	357.5	298.9	306.9	-	-
Net margin	9.17%	7.73%	8.11%	7.69%	6.85%	7.7%	7.94%	9.41%	8.51%	10.89%	13.76%	11.51%	11.49%	-	-
EPS ²	1.020	0.8000	0.9100	0.8800	0.8600	0.9300	1.060	1.330	1.200	1.530	1.633	1.540	1.547	1.555	1.660
Dividend per Share ²	-	-	0.1500	0.1500	0.1500	-	0.1700	-	0.1700	-	0.2000	0.2000	0.2000	-	-
Announcement Date	2/16/22	4/27/22	8/5/22	11/1/22	2/15/23	4/26/23	7/27/23	10/25/23	2/14/24	4/24/24	-	-	-	-	-

¹USD in Million²USD

Estimates

Balance Sheet Analysis

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net Debt ¹	3,825	3,641	3,583	3,210	2,668	2,965	2,572	2,256
Net Cash position ¹	-	-	-	-	-	-	-	-
Leverage (Debt/EBITDA)	2.443 x	2.723 x	2.426 x	2.055 x	1.448 x	1.394 x	1.141 x	0.9251 x
Free Cash Flow ¹	830	647	943	889	1,015	1,213	1,323	1,422
ROE (net income / shareholders' equity)	11.6%	7.2%	7.9%	8.77%	10.4%	12.2%	12.6%	12.6%
ROA (Net income/ Total Assets)	5.38%	2.2%	3.02%	4.81%	5.68%	7.3%	7.55%	8.8%
Assets ¹	6,075	18,836	18,454	13,147	14,337	16,922	17,365	17,950
Book Value Per Share ²	51.90	53.60	54.30	55.40	58.70	59.10	60.90	66.60
Cash Flow per Share ²	5.730	4.120	5.700	5.680	6.690	8.690	9.750	-
Capex ¹	185	136	130	149	186	202	216	236
Capex / Sales	2.23%	1.81%	1.66%	1.78%	1.92%	1.96%	1.99%	2.04%
Announcement Date	2/18/20	2/18/21	2/16/22	2/15/23	2/14/24	-	-	-

¹USD in Million²USD

Estimates

EPS & Dividend

Year-on-year evolution of the PER

Year-on-year evolution of the Yield

Change in Enterprise Value/EBITDA

Ratings for Westinghouse Air Brake Technologies Corporation

Trading Rating

Investor Rating

ESG Refinitiv

C+

More Ratings

Analysts' Consensus

Sell

Buy

Mean consensus

OUTPERFORM

Number of Analysts

Last Close Price

164.4 USD

Average target price

168.8 USD

Spread / Average Target

+2.69%

Consensus

EPS Revisions

Estimates Revisions

Quarterly earnings - Rate of surprise

Company calendar

Sector Locomotive Engines & Rolling Stock

	1st Jan change	Capi.
WESTINGHOUSE AIR BRAKE TECHNOLOGIES CORPORATION	+29.52%	28.99B
HYUNDAI ROTEM COMPANY	+44.55%	3.05B
STADLER RAIL AG	-9.35%	3B
TRINITY INDUSTRIES, INC.	+2.07%	2.22B
THE GREENBRIER COMPANIES, INC.	+18.92%	1.64B
CONSTRUCCIONES Y AUXILIAR DE FERROCARRILES, S.A.	-1.99%	1.17B
NANJING KANGNI MECHANICAL & ELECTRICAL CO.,LTD	+11.85%	790M
TALGO, S.A.	+0.23%	578M
CHENGDU XINZHU ROAD&BRIDGE MACHINERY CO.,LTD	-29.05%	381M
QINGDAO VICTALL RAILWAY CO., LTD.	-9.87%	327M

Locomotive Engines & Rolling Stock