which support our view of best-in-class volume growth. CP's discounted valuation does not reflect earnings potential CP currently trades at 17.5x NTM EPS estimates, which is about 3% below its 5- year avg. and nearly 10% below CNI's current multiple. CP's de-rating (both on an absolute and relative ba

015 U. 40 Oct-14 06-15 Aprbl Sane 0400se as; /Wife Od." 40P17 01247 1 U.S. Class I rails (CP, NSC, UNP) currently trade on average at 19.3x NTM EPS, which is about a 300/. premium to the average this decade (14.6x). Relative to the S&P 500, the U.S. Class l's are trading at 1.07x, which is a 9%