Financials Canadian National Railway Company

Equities

CNR

CA1363751027

Ground Freight & Logistics

Market Closed - Toronto S.E. 04:15:05 2024-04-26 pm EDT 5-day change 1st Jan Change
171.2 CAD +0.50% Intraday chart for Canadian National Railway Company -2.40% +2.82%

Valuation

Fiscal Period: December 2019 2020 2021 2022 2023 2024 2025 2026
Capitalization 1 84,035 99,385 109,745 108,728 107,541 108,949 - -
Enterprise Value (EV) 1 97,767 111,722 121,392 123,829 125,539 129,318 130,674 130,691
P/E ratio 20.1 x 28 x 22.6 x 21.6 x 19.5 x 21.4 x 19.1 x 17.9 x
Yield 1.83% 1.64% 1.58% 1.82% 1.9% 1.98% 2.11% 2.25%
Capitalization / Revenue 5.63 x 7.19 x 7.58 x 6.36 x 6.39 x 6.13 x 5.78 x 5.51 x
EV / Revenue 6.55 x 8.08 x 8.39 x 7.24 x 7.46 x 7.27 x 6.93 x 6.61 x
EV / EBITDA 13.7 x 16.3 x 16.8 x 14.4 x 14.9 x 14.3 x 13.4 x 12.5 x
EV / FCF 49.1 x 33.8 x 29.8 x 31.6 x 33.2 x 35.8 x 31.7 x 32.3 x
FCF Yield 2.04% 2.96% 3.36% 3.16% 3.01% 2.79% 3.15% 3.09%
Price to Book 4.64 x 5.06 x 4.79 x 5.05 x 5.45 x 5.64 x 5.56 x 5.23 x
Nbr of stocks (in thousands) 715,370 710,200 706,300 676,000 645,695 636,200 - -
Reference price 2 117.5 139.9 155.4 160.8 166.6 171.2 171.2 171.2
Announcement Date 1/28/20 1/26/21 1/25/22 1/24/23 1/23/24 - - -
1CAD in Million2CAD
Estimates

Income Statement Evolution (Annual data)

Fiscal Period: December 2019 2020 2021 2022 2023 2024 2025 2026
Net sales 1 14,917 13,819 14,477 17,107 16,828 17,786 18,848 19,778
EBITDA 1 7,155 6,852 7,220 8,591 8,414 9,063 9,778 10,469
EBIT 1 5,708 5,263 5,622 6,862 6,597 7,124 7,778 8,412
Operating Margin 38.27% 38.09% 38.83% 40.11% 39.2% 40.06% 41.27% 42.53%
Earnings before Tax (EBT) 1 5,429 4,544 6,333 6,763 6,488 6,695 7,231 7,744
Net income 1 4,216 3,562 4,892 5,118 5,625 5,070 5,490 5,878
Net margin 28.26% 25.78% 33.79% 29.92% 33.43% 28.51% 29.13% 29.72%
EPS 2 5.830 5.000 6.890 7.440 8.530 8.001 8.949 9.561
Free Cash Flow 1 1,992 3,302 4,080 3,917 3,778 3,610 4,117 4,042
FCF margin 13.35% 23.89% 28.18% 22.9% 22.45% 20.3% 21.85% 20.43%
FCF Conversion (EBITDA) 27.84% 48.19% 56.51% 45.59% 44.9% 39.83% 42.11% 38.6%
FCF Conversion (Net income) 47.25% 92.7% 83.4% 76.53% 67.16% 71.2% 75% 68.76%
Dividend per Share 2 2.150 2.300 2.460 2.930 3.160 3.385 3.616 3.861
Announcement Date 1/28/20 1/26/21 1/25/22 1/24/23 1/23/24 - - -
1CAD in Million2CAD
Estimates

Income Statement Evolution (Quarterly data)

Fiscal Period: December 2021 Q4 2022 Q1 2022 Q2 2022 Q3 2022 Q4 2023 Q1 2023 Q2 2023 Q3 2023 Q4 2024 Q1 2024 Q2 2024 Q3 2024 Q4 2025 Q1 2025 Q2
Net sales 1 3,753 3,708 4,344 4,513 4,542 4,313 4,057 3,987 4,471 4,249 4,356 4,438 4,768 4,552 4,686
EBITDA 1 1,962 1,657 2,204 2,367 2,363 2,110 2,049 1,974 2,281 2,008 2,240 2,327 2,473 2,203 2,424
EBIT 1 1,579 1,237 1,781 1,932 1,912 1,662 1,600 1,517 1,818 1,546 1,764 1,835 1,972 1,705 1,926
Operating Margin 42.07% 33.36% 41% 42.81% 42.1% 38.53% 39.44% 38.05% 40.66% 36.39% 40.5% 41.33% 41.37% 37.46% 41.11%
Earnings before Tax (EBT) 1 1,572 1,212 1,755 1,915 1,881 1,617 1,548 1,451 1,872 1,451 1,647 1,725 1,874 1,590 1,787
Net income 1 1,199 918 1,325 1,455 1,420 1,220 1,167 1,108 2,130 1,103 1,247 1,306 1,407 1,207 1,352
Net margin 31.95% 24.76% 30.5% 32.24% 31.26% 28.29% 28.77% 27.79% 47.64% 25.96% 28.63% 29.42% 29.52% 26.52% 28.86%
EPS 2 1.690 1.310 1.920 2.130 2.100 1.820 1.760 1.690 3.290 1.720 1.968 2.063 2.241 1.913 2.230
Dividend per Share 2 0.6150 0.7325 0.7325 0.7325 0.7325 0.7900 0.7900 0.7900 0.7900 0.8450 0.8426 0.8942 0.8451 0.9118 0.9118
Announcement Date 1/25/22 4/26/22 7/26/22 10/25/22 1/24/23 4/24/23 7/25/23 10/24/23 1/23/24 4/23/24 - - - - -
1CAD in Million2CAD
Estimates

Balance Sheet Analysis

Fiscal Period: December 2019 2020 2021 2022 2023 2024 2025 2026
Net Debt 1 13,732 12,337 11,647 15,101 17,998 20,368 21,725 21,742
Net Cash position 1 - - - - - - - -
Leverage (Debt/EBITDA) 1.919 x 1.8 x 1.613 x 1.758 x 2.139 x 2.247 x 2.222 x 2.077 x
Free Cash Flow 1 1,992 3,302 4,080 3,917 3,778 3,610 4,117 4,042
ROE (net income / shareholders' equity) 23.6% 18.9% 23.1% 23.2% 27.1% 25.8% 29.6% 30.6%
ROA (Net income/ Total Assets) 9.92% 8.04% 10.5% 10.3% 10.9% 9.44% 9.92% 10.3%
Assets 1 42,500 44,294 46,671 49,600 51,664 53,687 55,327 57,067
Book Value Per Share 2 25.30 27.70 32.40 31.90 30.60 30.40 30.80 32.80
Cash Flow per Share 2 8.200 8.650 9.810 9.690 10.60 11.60 13.20 14.70
Capex 1 3,865 2,863 2,891 2,750 3,187 3,429 3,563 3,635
Capex / Sales 25.91% 20.72% 19.97% 16.08% 18.94% 19.28% 18.9% 18.38%
Announcement Date 1/28/20 1/26/21 1/25/22 1/24/23 1/23/24 - - -
1CAD in Million2CAD
Estimates

EPS & Dividend

Year-on-year evolution of the PER

Year-on-year evolution of the Yield

Change in Enterprise Value/EBITDA

Trading Rating
Investor Rating
ESG Refinitiv
B-
More Ratings
Sell
Consensus
Buy
Mean consensus
HOLD
Number of Analysts
33
Last Close Price
171.2 CAD
Average target price
182.8 CAD
Spread / Average Target
+6.72%
Consensus
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  4. Financials Canadian National Railway Company