31 October 2017 Railroads Canadian Rails I Figure 1 I: Our DCF framework for CP translates to an implied PIE multiple of 7.5>. CP DCF Framework 2016 2012E 2018E 2019E 2020E 2021E 2022E 2023E 2014E 2025E Terminal atn. Gross Revenue 7.556 7,858 8.172 8,499 8.839 9.193 9.537