Wabtec (WAB)
is one of those uncommonly well-run industrial companies that just does
not provide an investor with many opportunities to "buy the dip". Yes,
there have been pullbacks along the way of 25% or so, but the company
seldom looks cheap on conventional metrics.
On the other hand,
here's a company with strong share in about 50% of its business, and a
long record of generating high single-digit or double-digit revenue
growth and improved operating margins in a cyclical industry. Although I
don't want to get carried away with this bull market and a stock that
is already up more than 50% over the past year, the argument for a fair
value in the $70's doesn't seem ridiculous if you believe the company
can replicate its success in North America in other parts of the world.
Please read more here:
Just How Far Can International Markets Take Wabtec?
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