Epstein Secrets

ash trends should drive re-rating at CP and de-rating for CNI. In this report we present a primer on the Canadian rail industry, with deep dives on Canadian Pacific and Canadian National. We do not believe current valuation appropriately reflects the relative earnings trajectory and shifting market dynamics wi

as the lower-cost carrier with superior service. Further, this came at a transitional time for CP as the focus was largely on the implementation of Precision Railroading which likely pushed freight onto other transportation modes as well. As you can see below, CNI had nearly 18% points of cost advantage over CP (as

ash trends should drive re-rating at CP and de-rating for CNI. In this report we present a primer on the Canadian rail industry, with deep dives on Canadian Pacific and Canadian National. CANADIAN NATIONAL (CNI): A Victim of Its Own Success; Initiate SeIl$73 PT We see 10%+ downside in CNI shares as the company

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 Rating Buy North America Canada Company Canadian Pacific industrials Railroads CPN CPUS Shifting Gears, Initiate Buy/$209 price target Following its multi-year implementation of Precision Railroading

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