Company Valuation: Canadian National Railway Company

Data adjusted to current consolidation scope
Fiscal Period: December 2021 2022 2023 2024 2025 2026 2027 2028
Capitalization 1 109,745 108,728 107,541 91,888 83,554 92,998 - -
Change - -0.93% -1.09% -14.55% -9.07% 11.3% - -
Enterprise Value (EV) 1 121,392 123,829 125,539 112,393 104,726 115,323 115,863 115,761
Change - 2.01% 1.38% -10.47% -6.82% 10.12% 0.47% -0.09%
P/E ratio 22.6x 21.6x 19.5x 20.8x 17.9x 19.3x 17.4x 16x
PBR 4.79x 5.05x 5.45x 4.35x 3.86x 4.36x 4.22x 3.8x
PEG - 2.71x 1.3x -1.2x 2.24x 4.67x 1.6x 1.87x
Capitalization / Revenue 7.58x 6.36x 6.39x 5.39x 4.83x 5.22x 4.98x 4.73x
EV / Revenue 8.39x 7.24x 7.46x 6.59x 6.05x 6.47x 6.21x 5.88x
EV / EBITDA 16.8x 14.4x 14.9x 13.7x 12.3x 13.2x 12.4x 11.6x
EV / EBIT 21.6x 18x 19x 17.8x 15.8x 16.9x 15.9x 14.8x
EV / FCF 29.8x 31.6x 33.2x 35.7x 30.9x 28.2x 26.2x 27.5x
FCF Yield 3.36% 3.16% 3.01% 2.8% 3.24% 3.54% 3.82% 3.63%
Dividend per Share 2 2.46 2.93 3.16 3.38 3.55 3.658 3.704 4.001
Rate of return 1.58% 1.82% 1.9% 2.32% 2.62% 2.4% 2.43% 2.63%
EPS 2 6.89 7.44 8.53 7.01 7.57 7.883 8.748 9.497
Distribution rate 35.7% 39.4% 37% 48.2% 46.9% 46.4% 42.3% 42.1%
Net sales 1 14,477 17,107 16,828 17,046 17,304 17,816 18,658 19,677
EBITDA 1 7,220 8,591 8,414 8,217 8,525 8,769 9,325 9,958
EBIT 1 5,622 6,862 6,597 6,325 6,636 6,805 7,296 7,824
Net income 1 4,892 5,118 5,625 4,448 4,720 4,732 5,094 5,485
Net Debt 1 11,647 15,101 17,998 20,505 21,172 22,325 22,865 22,763
Reference price 2 155.38 160.84 166.55 145.97 135.75 152.26 152.26 152.26
Nbr of stocks (in thousands) 706,300 676,000 645,695 629,500 615,500 610,781 - -
Announcement Date 1/25/22 1/24/23 1/23/24 1/30/25 1/30/26 - - -
1CAD in Million2CAD
Estimates

P/E ratio, Detailed evolution

P/E (Y) EV / Sales (Y) EV / EBITDA (Y) Dividend Yield (Y) Capi.($)
19.32x6.47x13.15x2.4% 67.26B
22.38x7.72x14.71x0.85% 72.48B
53.08x3.26x19.76x-.--% 24.98B
27.01x1.21x19.18x1.54% 19.27B
36.03x1.52x9.48x1.25% 10.04B
8.48x2.32x31.75x6.16% 9.93B
152.87x - - - 9.35B
16.2x1.17x5.19x1.62% 8.58B
14.98x3.62x6.43x2.5% 6.08B
35.42x0.88x7.7x1.41% 4.96B
Average 38.58x 3.13x 14.15x 1.97% 23.29B
Weighted average by Cap. 30.26x 5.25x 14.97x 1.62%

Y-o-Y evolution of P/E

Historical PBR trend

Evolution Enterprise Value / Sales

Change in Enterprise Value/EBITDA

Year-on-year evolution of the Yield

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