Westinghouse Air Brake Technologies Corporation (WAB)

Industry: Railroads Model: Peers Multiples Valuation

Valuation Snapshot

Ticker	Rank	Name	Rev TTM (M)	Trailing P/E	Forward P/E	Trailing EV/EBITDA	Forward EV/EBITDA	Trailing EV/EBIT	Forward EV/EBIT
9020.T	5	East Japan Railway	18,734	15.31	15.31	10.28	8.86	18.01	15.37
0066.HK	6	MTR Corporation Li	15,010	6.49	6.65	4.22	3.94	5.94	4.97
9022.T	7	Central Japan Rail	12,464	7.89	4.36	7.58	6.07	8.20	6.78
CNI	8	Canadian National	11,621	19.00	18.14	9.77	9.29	17.70	12.82
9021.T	9	West Japan Railway	11,360	11.34	11.34	7.56	5.15	11.87	14.26
CP	10	Canadian Pacific K	10,900	15.90	14.06	10.22	8.97	15.84	13.71
601006.SS	11	Daqin Railway Co.,	10,854	17.82	19.46	6.41	7.23	8.07	8.12
WAB	12	Westinghouse Air B	10,785	28.97	24.01	17.09	14.95	19.83	18.80
C52.SI	13	ComfortDelGro Corp	6,906	7.41	7.11	2.73	2.54	5.68	5.37
601816.SS	14	Beijing-Shanghai H	6,047	19.23	15.15	12.32	10.77	12.72	12.55
GOG.L	15	The Go-Ahead Group	5,214	-	-	1.53	1.23	9.50	9.91
AZJ.AX	16	Aurizon Holdings L	5,095	7.48	7.77	3.39	3.30	7.94	6.58
000927.SZ	17	China Railway Mate	4,868	33.29	33.29	23.42	21.18	28.56	28.55
688009.SS	18	China Railway Sign	4,746	16.66	16.88	11.63	11.86	16.83	11.48
9001.T	19	Tobu Railway Co.,	4,048	9.87	7.22	8.34	7.44	16.48	14.76
601333.SS	20	Guangshen Railway	4,016	18.10	18.10	7.54	4.31	94.46	18.05

Line Item	Trailing P/E	Forward P/E	Trailing EV/EBITDA	Forward EV/EBITDA	Trailing EV/EBIT	Forward EV/EBIT
Winsorized Median Multiple	13.32	12.70	7.56	6.07	11.87	11.48
Full Range Median Multiple	15.60	14.61	7.58	7.23	12.72	12.55
Industry Multiple	14.70	13.92	8.46	7.48	18.52	12.22
Market Implied Multiple	33.18	27.50	19.27	16.86	22.35	21.20
Company (WAB) Multiple	28.97	24.01	17.09	14.95	19.83	18.80
(*) Net Income / EBITDA / Revenue	1,180	1,423	2,278	2,604	1,964	2,071
Winsorized Enterprise Value	N/A	N/A	17,218	15,815	23,311	23,785
Full Range Median Enterprise Value	N/A	N/A	17,266	18,822	24,988	25,993
(-) Net Debt	4,757	4,757	4,757	4,757	4,757	4,757
Winsorized Equity Value	15,720	18,073	12,461	11,058	18,554	19,028
Full Range Median Equity Value	18,413	20,790	12,509	14,065	20,231	21,236
(/) Shares Outstanding	171	171	171	171	171	171
Winsorized Fair Value	$92.20	$106.00	$73.08	$64.86	$108.82	$111.60
Full Range Median Fair Value	$108.00	$121.93	$73.37	$82.49	$118.66	$124.55
Current Price	$229.60	$229.60	$229.60	$229.60	$229.60	$229.60
Upside / Downside	-59.84%	-53.83%	-68.17%	-71.75%	-52.60%	-51.39%
Safety Margin	30.0%	30.0%	30.0%	30.0%	30.0%	30.0%
Buy Price	$64.54	$74.20	$51.16	$45.40	$76.18	$78.12
Buy / Don't Buy	Don’t Buy	Don’t Buy	Don’t Buy	Don’t Buy	Don’t Buy	Don’t Buy