Had a brief look at WAB (with which I was not previously...

Had a brief look at WAB (with which I was not previously familiar). Their latest NTA announcement says: "The portfolio includes unlisted securities at their cost of $41,632,174." Why not include these securities at fair value? This may be a reason for the substantial discount to NTA.

Also, if the directors are concerned by the large discount, why not do a share buyback?

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Smurigi, investing in companies because they have reliable dividends is probably a good strategy if you want to be able to rely on dividends for income. But using this criterion to select stocks that will yield the greatest RETURN (growth + divs) is not necessarily a wise move. If I may quote Jack Bogle from his "Little Book of Common Sense Investing":

Consider, too, this caution from John R. Minahan, director of research at New England Pension Consultants: "I am amazed by all the managers that make an assertion of the type: 'In the long run X always wins,' where X could be dividend yield, earnings growth, quality of management, a quantitative factor or mix of factors, etc.--yet are unable to cite a reason why X should be systematically underpriced by the market. The managers may be able to point to data suggesting that X has been associated with excess returns in the past, but without a plausible explanation of why X should outperform. Such data do not convince me that X is likely to outperform in the future."