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% premium to their historical average (3.98x). The relative premium makes sense, in our view, given the outsized