Financials Canadian National Railway Company

Equities

CNR

CA1363751027

Ground Freight & Logistics

Market Closed - Toronto S.E. 04:00:00 2024-04-16 pm EDT 5-day change 1st Jan Change
175.9 CAD -0.87% Intraday chart for Canadian National Railway Company -1.06% +5.60%

Valuation

Fiscal Period: December 2019 2020 2021 2022 2023 2024 2025 2026
Capitalization 1 84,035 99,385 109,745 108,728 107,541 113,323 - -
Enterprise Value (EV) 1 97,767 111,722 121,392 123,829 125,539 133,750 135,080 134,633
P/E ratio 20.1 x 28 x 22.6 x 21.6 x 19.5 x 22.2 x 19.8 x 18.3 x
Yield 1.83% 1.64% 1.58% 1.82% 1.9% 1.92% 2.04% 2.16%
Capitalization / Revenue 5.63 x 7.19 x 7.58 x 6.36 x 6.39 x 6.37 x 6.02 x 5.72 x
EV / Revenue 6.55 x 8.08 x 8.39 x 7.24 x 7.46 x 7.52 x 7.18 x 6.79 x
EV / EBITDA 13.7 x 16.3 x 16.8 x 14.4 x 14.9 x 14.7 x 13.8 x 12.8 x
EV / FCF 49.1 x 33.8 x 29.8 x 31.6 x 33.2 x 35.5 x 33.1 x 32.8 x
FCF Yield 2.04% 2.96% 3.36% 3.16% 3.01% 2.82% 3.02% 3.05%
Price to Book 4.64 x 5.06 x 4.79 x 5.05 x 5.45 x 5.94 x 5.84 x 5.49 x
Nbr of stocks (in thousands) 715,370 710,200 706,300 676,000 645,695 638,690 - -
Reference price 2 117.5 139.9 155.4 160.8 166.6 177.4 177.4 177.4
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 17,787 18,817 19,823
EBITDA 1 7,155 6,852 7,220 8,591 8,414 9,089 9,805 10,507
EBIT 1 5,708 5,263 5,622 6,862 6,597 7,113 7,754 8,407
Operating Margin 38.27% 38.09% 38.83% 40.11% 39.2% 39.99% 41.21% 42.41%
Earnings before Tax (EBT) 1 5,429 4,544 6,333 6,763 6,488 6,692 7,231 7,660
Net income 1 4,216 3,562 4,892 5,118 5,625 5,055 5,481 5,891
Net margin 28.26% 25.78% 33.79% 29.92% 33.43% 28.42% 29.13% 29.72%
EPS 2 5.830 5.000 6.890 7.440 8.530 7.999 8.953 9.711
Free Cash Flow 1 1,992 3,302 4,080 3,917 3,778 3,766 4,077 4,103
FCF margin 13.35% 23.89% 28.18% 22.9% 22.45% 21.17% 21.67% 20.7%
FCF Conversion (EBITDA) 27.84% 48.19% 56.51% 45.59% 44.9% 41.44% 41.58% 39.05%
FCF Conversion (Net income) 47.25% 92.7% 83.4% 76.53% 67.16% 74.51% 74.38% 69.66%
Dividend per Share 2 2.150 2.300 2.460 2.930 3.160 3.401 3.620 3.838
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 Q3 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
Net sales 1 3,591 3,753 3,708 4,344 4,513 4,542 4,313 4,057 3,987 4,471 4,280 4,349 4,427 4,760 4,544
EBITDA 1 1,746 1,962 1,657 2,204 2,367 2,363 2,110 2,049 1,974 2,281 2,051 2,232 2,309 2,489 2,230
EBIT 1 1,341 1,579 1,237 1,781 1,932 1,912 1,662 1,600 1,517 1,818 1,563 1,752 1,813 1,976 1,712
Operating Margin 37.34% 42.07% 33.36% 41% 42.81% 42.1% 38.53% 39.44% 38.05% 40.66% 36.52% 40.28% 40.95% 41.51% 37.67%
Earnings before Tax (EBT) 1 2,099 1,572 1,212 1,755 1,915 1,881 1,617 1,548 1,451 1,872 1,489 1,636 1,689 1,866 1,609
Net income 1 1,685 1,199 918 1,325 1,455 1,420 1,220 1,167 1,108 2,130 1,112 1,242 1,289 1,406 1,210
Net margin 46.92% 31.95% 24.76% 30.5% 32.24% 31.26% 28.29% 28.77% 27.79% 47.64% 25.98% 28.56% 29.12% 29.53% 26.62%
EPS 2 2.370 1.690 1.310 1.920 2.130 2.100 1.820 1.760 1.690 3.290 1.736 1.963 2.050 2.248 1.972
Dividend per Share 2 0.6150 0.6150 0.7325 0.7325 0.7325 0.7325 0.7900 0.7900 0.7900 0.7900 0.8270 0.8355 0.8798 0.8365 -
Announcement Date 10/19/21 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 - - - - -
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 20,427 21,758 21,310
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 2.219 x 2.028 x
Free Cash Flow 1 1,992 3,302 4,080 3,917 3,778 3,766 4,077 4,103
ROE (net income / shareholders' equity) 23.6% 18.9% 23.1% 23.2% 27.1% 25.7% 29.9% 31.8%
ROA (Net income/ Total Assets) 9.92% 8.04% 10.5% 10.3% 10.9% 9.52% 10.1% 10.6%
Assets 1 42,500 44,294 46,671 49,600 51,664 53,086 54,334 55,654
Book Value Per Share 2 25.30 27.70 32.40 31.90 30.60 29.90 30.40 32.30
Cash Flow per Share 2 8.200 8.650 9.810 9.690 10.60 11.80 13.30 15.50
Capex 1 3,865 2,863 2,891 2,750 3,187 3,477 3,564 3,605
Capex / Sales 25.91% 20.72% 19.97% 16.08% 18.94% 19.55% 18.94% 18.18%
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
177.4 CAD
Average target price
181.7 CAD
Spread / Average Target
+2.40%
Consensus
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  4. Financials Canadian National Railway Company