Financials Union Pacific Corporation

Equities

UNP

US9078181081

Ground Freight & Logistics

Market Closed - Nyse Other stock markets 04:00:01 2024-05-02 pm EDT			5-day change	1st Jan Change
237.7 ^USD	+1.16%		+2.46%	-3.23%

Apr. 26	ARC Independent Research Raises Union Pacific's Price Target to $244 From $228	MT
Apr. 26	UBS Adjusts Union Pacific Price Target to $275 From $283, Maintains Neutral Rating	MT

Valuation

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Capitalization ¹	125,504	140,313	161,960	133,120	149,729	143,354	-	-
Enterprise Value (EV) ¹	149,813	165,183	190,683	165,427	181,237	173,119	172,371	171,693
P/E ratio	21.6 x	26.4 x	25.3 x	18.5 x	23.5 x	20.8 x	18.6 x	16.9 x
Yield	2.05%	1.86%	1.7%	2.45%	2.12%	2.26%	2.36%	2.47%
Capitalization / Revenue	5.78 x	7.18 x	7.43 x	5.35 x	6.21 x	5.78 x	5.49 x	5.28 x
EV / Revenue	6.9 x	8.46 x	8.75 x	6.65 x	7.51 x	6.98 x	6.6 x	6.32 x
EV / EBITDA	13.9 x	16 x	16.5 x	13.6 x	15.9 x	13.9 x	12.8 x	12.2 x
EV / FCF	29.1 x	29.4 x	31.3 x	28.8 x	38 x	28.3 x	25.6 x	25.3 x
FCF Yield	3.44%	3.4%	3.2%	3.47%	2.63%	3.53%	3.9%	3.95%
Price to Book	7.04 x	8.34 x	11.6 x	10.6 x	10.1 x	8.35 x	7.41 x	6.62 x
Nbr of stocks (in thousands)	694,200	673,869	642,876	642,876	609,597	610,122	-	-
Reference price ²	180.8	208.2	251.9	207.1	245.6	235.0	235.0	235.0
Announcement Date	1/23/20	1/21/21	1/20/22	1/24/23	1/25/24	-	-	-

¹USD in Million²USD

Estimates

Income Statement Evolution (Annual data)

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net sales ¹	21,708	19,533	21,804	24,875	24,119	24,785	26,108	27,145
EBITDA ¹	10,770	10,322	11,546	12,163	11,400	12,417	13,433	14,030
EBIT ¹	8,554	7,834	9,338	9,917	9,082	9,914	10,850	11,604
Operating Margin	39.4%	40.11%	42.83%	39.87%	37.65%	40%	41.56%	42.75%
Earnings before Tax (EBT) ¹	7,747	6,980	8,478	9,072	8,233	8,961	9,836	10,089
Net income ¹	5,919	5,349	6,523	6,998	6,379	6,848	7,539	7,919
Net margin	27.27%	27.38%	29.92%	28.13%	26.45%	27.63%	28.87%	29.17%
EPS ²	8.380	7.880	9.950	11.21	10.45	11.28	12.65	13.93
Free Cash Flow ¹	5,156	5,613	6,096	5,742	4,773	6,116	6,721	6,776
FCF margin	23.75%	28.74%	27.96%	23.08%	19.79%	24.68%	25.74%	24.96%
FCF Conversion (EBITDA)	47.87%	54.38%	52.8%	47.21%	41.87%	49.26%	50.03%	48.3%
FCF Conversion (Net income)	87.11%	104.94%	93.45%	82.05%	74.82%	89.31%	89.16%	85.57%
Dividend per Share ²	3.700	3.880	4.290	5.080	5.200	5.306	5.543	5.805
Announcement Date	1/23/20	1/21/21	1/20/22	1/24/23	1/25/24	-	-	-

¹USD in Million²USD

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	5,733	5,860	6,269	6,566	6,180	6,056	5,963	5,941	6,159	6,031	6,137	6,231	6,386	6,302	6,432
EBITDA ¹	2,996	2,932	3,054	3,196	2,981	2,866	2,781	2,757	2,996	2,966	3,074	3,139	3,234	3,207	3,341
EBIT ¹	2,440	2,377	2,495	2,633	2,412	2,294	2,204	2,177	2,407	2,372	2,448	2,516	2,605	2,560	2,688
Operating Margin	42.56%	40.56%	39.8%	40.1%	39.03%	37.88%	36.96%	36.64%	39.08%	39.33%	39.89%	40.38%	40.79%	40.62%	41.8%
Earnings before Tax (EBT) ¹	2,228	2,117	2,342	2,442	2,171	2,142	1,958	1,949	2,184	2,140	2,221	2,276	2,348	2,316	2,449
Net income ¹	1,711	1,630	1,835	1,895	1,638	1,630	1,569	1,528	1,652	1,641	1,690	1,739	1,799	1,778	1,874
Net margin	29.84%	27.82%	29.27%	28.86%	26.5%	26.92%	26.31%	25.72%	26.82%	27.21%	27.54%	27.9%	28.16%	28.21%	29.14%
EPS ²	2.660	2.570	2.930	3.050	2.670	2.670	2.570	2.510	2.710	2.690	2.777	2.862	2.971	2.981	3.162
Dividend per Share ²	1.180	1.180	1.300	1.300	1.300	1.300	1.300	1.300	1.300	1.300	1.291	1.291	1.291	1.266	1.266
Announcement Date	1/20/22	4/21/22	7/21/22	10/20/22	1/24/23	4/20/23	7/26/23	10/19/23	1/25/24	4/25/24	-	-	-	-	-

¹USD in Million²USD

Estimates

Balance Sheet Analysis

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net Debt ¹	24,309	24,870	28,723	32,307	31,508	29,765	29,016	28,339
Net Cash position ¹	-	-	-	-	-	-	-	-
Leverage (Debt/EBITDA)	2.257 x	2.409 x	2.488 x	2.656 x	2.764 x	2.397 x	2.16 x	2.02 x
Free Cash Flow ¹	5,156	5,613	6,096	5,742	4,773	6,116	6,721	6,776
ROE (net income / shareholders' equity)	30.7%	30.5%	41.9%	53.2%	47.3%	43.2%	43.9%	44.1%
ROA (Net income/ Total Assets)	9.8%	8.62%	10.4%	10.9%	9.62%	10%	10.8%	11.4%
Assets ¹	60,410	62,035	62,961	64,486	66,290	68,235	69,875	69,464
Book Value Per Share ²	25.70	25.00	21.70	19.50	24.20	28.20	31.70	35.50
Cash Flow per Share ²	12.20	12.60	13.80	15.00	13.70	15.60	17.20	17.70
Capex ¹	3,453	2,927	2,936	3,620	3,606	3,383	3,623	3,749
Capex / Sales	15.91%	14.98%	13.47%	14.55%	14.95%	13.65%	13.88%	13.81%
Announcement Date	1/23/20	1/21/21	1/20/22	1/24/23	1/25/24	-	-	-

¹USD in Million²USD

Estimates

EPS & Dividend

Year-on-year evolution of the PER

Year-on-year evolution of the Yield

Change in Enterprise Value/EBITDA

Ratings for Union Pacific Corporation

Trading Rating

Investor Rating

ESG Refinitiv

C+

More Ratings

Analysts' Consensus

Sell

Buy

Mean consensus

OUTPERFORM

Number of Analysts

Last Close Price

237.7 USD

Average target price

264.9 USD

Spread / Average Target

+11.44%

Consensus

EPS Revisions

Estimates Revisions

Quarterly earnings - Rate of surprise

Company calendar

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