Epstein Secrets

Deutsche Bank Markets Research North America Canada Industrials Railroads Industry Canadian Rails Flipping the Script - Buy CP, Sell CNI Initiating Coverage of Canadian Rails We are expa

from 2012-2016 CNI increased volumes at more than double the rate of CP, reflecting mix as well as market share gains during CP's implementation of Precision Railroading. The combination of CNI's slower prospective earnings growth and high capex (20% of sales) implies 15.5x PIE under our DCF-derived methodology, imp

31 October 2017 Railroads Canadian Rails Profit and pricing discussion All Class I railroads are solidly profitable in North America, with the companies under our coverage universe (CP, CNI, CSX, NSC. UNP) reporting an average ebit margin of 36.5% in 2016. This makes sense to use

and # of touch points need to be considered, which we discuss later), higher yields do translate to higher fixed cost leverage. Hunter Harrison's Precision Railroading model has helped CP and CN1 achieve beau in-class operating ratios. Deutsche Bank Securities Inc Page 15 CONFIDENTIAL - PURSUANT TO FED. R. CRIM

31 October 2017 Railroads Canadian Rails Rating Buy North America Canada Company Canadian Pacific industrials Railroads CPN CPUS Shifting Gears, Initiate Buy/$209 price target Following its multi-year impl

any Canadian Pacific industrials Railroads CPN CPUS Shifting Gears, Initiate Buy/$209 price target Following its multi-year implementation of Precision Railroading, CP is shifting gears from cost take-out to top-line growth. As such, we see at least 15% upside in shares as CP leverages its reduced cost base, i