DDM Analysis: WAB

Valuation Snapshot

Stable Growth	$157.45 - $405.04	$238.47
Multi-Stage	$107.40 - $117.41	$112.32
Blended Fair Value	$175.39
Current Price	$200.47
Upside	-12.51%
Decision	Don't Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	11.37%	21.95%	0.82	0.72	0.65	0.54	0.54	0.48	0.27	0.25	0.19	0.16
YoY Growth	-	-	13.82%	10.81%	20.65%	-0.54%	13.22%	76.55%	9.61%	30.18%	20.28%	40.10%
Dividend Yield	-	-	0.45%	0.50%	0.64%	0.56%	0.68%	0.99%	0.36%	0.30%	0.24%	0.20%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	1,180.00
(-) Cash Dividends Paid (M)	164.00
(=) Cash Retained (M)	1,016.00

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	236.00	147.50	88.50
Cash Retained (M)	1,016.00	1,016.00	1,016.00
(-) Cash Required (M)	-236.00	-147.50	-88.50
(=) Excess Retained (M)	780.00	868.50	927.50
(/) Shares Outstanding (M)	171.43	171.43	171.43
(=) Excess Retained per Share	4.55	5.07	5.41
LTM Dividend per Share	0.96	0.96	0.96
(+) Excess Retained per Share	4.55	5.07	5.41
(=) Adjusted Dividend	5.51	6.02	6.37
WACC / Discount Rate	9.19%	9.19%	9.19%
Growth Rate	5.50%	6.50%	7.50%
Fair Value	$157.45	$238.47	$405.04
Upside / Downside	-21.46%	18.95%	102.04%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	1,180.00	1,256.70	1,338.39	1,425.38	1,518.03	1,616.70	1,665.20
Payout Ratio	13.90%	29.12%	44.34%	59.56%	74.78%	90.00%	92.50%
Projected Dividends (M)	164.00	365.93	593.43	848.95	1,135.18	1,455.03	1,540.31

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	9.19%	9.19%	9.19%
Growth Rate	5.50%	6.50%	7.50%
Year 1 PV (M)	331.99	335.14	338.28
Year 2 PV (M)	488.44	497.74	507.13
Year 3 PV (M)	633.93	652.13	670.67
Year 4 PV (M)	769.03	798.61	829.03
Year 5 PV (M)	894.28	937.48	982.32
PV of Terminal Value (M)	15,294.17	16,032.89	16,799.88
Equity Value (M)	18,411.84	19,253.98	20,127.31
Shares Outstanding (M)	171.43	171.43	171.43
Fair Value	$107.40	$112.32	$117.41
Upside / Downside	-46.42%	-43.97%	-41.43%

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Financial Statements

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Westinghouse Air Brake Technologies Corporation (WAB)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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