Tim Beyers

We're going to go with a dividend bent here.

Three companies that haven't necessarily been, let's say, very aggressive in raising their dividends over the past few years.

I want your takes on

Do you back it or bin it to increase the dividend in 2026?

We're going to start with Wabtec, which is the former Westinghouse Airbrakes Technology Corporation.

This is essentially making equipment systems, maybe some digital software for rail transportation.

including freight rail, transit rail.

They've been around for quite some time.

They make train control systems.

So, Ant, let me start with you here.

I'll give you some stats.

For 2025, they are forecasting 6.6% revenue growth.

This is definitely a free cash flow generator.

They have been converting a huge amount of their operating cash as free cash flow.

So they have a free cash flow margin of well over 12% here, but they only have a dividend payout ratio of 12%.

So why is this dividend not higher?

Do you expect it to go up in 2026?

Back it or bin it?

What do you say?

Ticker WAB, that is Wabtex.