Financials Canadian National Railway Company

Equities

CNR

CA1363751027

Ground Freight & Logistics

Market Closed - Toronto S.E. Other stock markets 21:17:10 10/12/2024 GMT			5-day change	1st Jan Change
150.72 ^CAD	-0.09%		-1.91%	-9.50%

06:18pm	RBC on Canadian Rail Update	MT
12-09	CN Rail Higher as It Reaches a Tentative Collective Agreement With Unifor	MT

Projected Income Statement: Canadian National Railway Company

income-statement-evolution-chart CANADIAN-NATIONAL-RAILWAY

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net sales ¹	14,917	13,819	14,477	17,107	16,828	17,247	18,240	19,318
Change	-	-7.36%	4.76%	18.17%	-1.63%	2.49%	5.76%	5.91%
EBITDA ¹	7,155	6,852	7,220	8,591	8,414	8,437	9,255	9,955
Change	-	-4.23%	5.37%	18.99%	-2.06%	0.27%	9.69%	7.57%
EBIT ¹	5,708	5,263	5,622	6,862	6,597	6,521	7,253	7,896
Change	-	-7.8%	6.82%	22.06%	-3.86%	-1.16%	11.24%	8.86%
Interest Paid ¹	-538	-554	-610	-548	-722	-881.9	-920.6	-976.5
Earnings before Tax (EBT) ¹	5,429	4,544	6,333	6,763	6,488	6,095	6,796	7,374
Change	-	-16.3%	39.37%	6.79%	-4.07%	-6.06%	11.5%	8.51%
Net income ¹	4,216	3,562	4,892	5,118	5,625	4,612	5,112	5,561
Change	-	-15.51%	37.34%	4.62%	9.91%	-18.01%	10.85%	8.79%
Announcement Date	28/01/20	26/01/21	25/01/22	24/01/23	23/01/24	-	-	-

¹CAD in Million

Estimates

Fiscal Period: December	2019 Q4	2020 Q1	2020 Q2	2020 Q3	2020 Q4	2021 Q1	2021 Q2	2021 Q3	2021 Q4	2022 Q1	2022 Q2	2022 Q3	2022 Q4	2023 Q1	2023 Q2	2023 Q3	2023 Q4	2024 Q1	2024 Q2	2024 Q3	2024 Q4	2025 Q1	2025 Q2	2025 Q3	2025 Q4	2026 Q1	2026 Q2	2026 Q3
Net sales ¹	3,584	3,545	3,209	3,409	3,656	3,535	3,598	3,591	3,753	3,708	4,344	4,513	4,542	4,313	4,057	3,987	4,471	4,249	4,329	4,110	4,556	4,426	4,535	4,441	4,807	4,718	4,813	4,637
Change	-	-1.09%	-9.48%	6.23%	7.25%	-3.31%	1.78%	-0.19%	4.51%	-1.2%	17.15%	3.89%	0.64%	-5.04%	-5.94%	-1.73%	12.14%	-4.97%	1.88%	-5.06%	10.85%	-2.86%	2.47%	-2.07%	8.23%	-1.86%	2.02%	-3.66%
EBITDA ¹	1,605	1,607	1,675	1,757	1,813	1,594	1,788	1,746	1,962	1,657	2,204	2,367	2,363	2,110	2,049	1,974	2,281	2,008	2,102	1,990	2,337	2,160	2,292	2,266	2,489	2,344	2,477	2,408
Change	-	0.12%	4.23%	4.9%	3.19%	-12.08%	12.17%	-2.35%	12.37%	-15.55%	33.01%	7.4%	-0.17%	-10.71%	-2.89%	-3.66%	15.55%	-11.97%	4.68%	-5.33%	17.46%	-7.58%	6.12%	-1.13%	9.82%	-5.83%	5.66%	-2.76%
EBIT ¹	1,249	1,215	1,271	1,366	1,411	1,190	1,382	1,341	1,579	1,237	1,781	1,932	1,912	1,662	1,600	1,517	1,818	1,546	1,636	1,515	1,840	1,652	1,804	1,788	1,987	1,826	1,960	1,897
Change	-	-2.72%	4.61%	7.47%	3.29%	-15.66%	16.13%	-2.97%	17.75%	-21.66%	43.98%	8.48%	-1.04%	-13.08%	-3.73%	-5.19%	19.84%	-14.96%	5.82%	-7.4%	21.43%	-10.18%	9.19%	-0.92%	11.12%	-8.1%	7.38%	-3.23%
Charge d'intérêts ¹	-136	-139	-144	-137	-134	-130	-158	-197	-125	-126	-128	-141	-153	-165	-173	-185	-199	-210	-220	-230	-222.5	-229.4	-234	-239.4	-243.1	-256.5	-265	-273
Earnings before Tax (EBT) ¹	1,161	1,165	717	1,307	1,355	1,291	1,371	2,099	1,572	1,212	1,755	1,915	1,881	1,617	1,548	1,451	1,872	1,451	1,484	1,409	1,731	1,522	1,680	1,690	1,862	1,713	1,847	1,778
Change	-	0.34%	-38.45%	82.29%	3.67%	-4.72%	6.2%	53.1%	-25.11%	-22.9%	44.8%	9.12%	-1.78%	-14.04%	-4.27%	-6.27%	29.01%	-22.49%	2.27%	-5.05%	22.86%	-12.06%	10.37%	0.55%	10.23%	-8.02%	7.82%	-3.74%
Net income ¹	873	1,011	545	985	1,021	974	1,034	1,685	1,199	918	1,325	1,455	1,420	1,220	1,167	1,108	2,130	1,103	1,114	1,085	1,302	1,153	1,268	1,268	1,402	1,302	1,404	1,351
Change	-	15.81%	-46.09%	80.73%	3.65%	-4.6%	6.16%	62.96%	-28.84%	-23.44%	44.34%	9.81%	-2.41%	-14.08%	-4.34%	-5.06%	92.24%	-48.22%	1%	-2.6%	20.01%	-11.48%	10.04%	-0.03%	10.59%	-7.16%	7.83%	-3.77%
Announcement Date	28/01/20	27/04/20	21/07/20	20/10/20	26/01/21	26/04/21	20/07/21	19/10/21	25/01/22	26/04/22	26/07/22	25/10/22	24/01/23	24/04/23	25/07/23	24/10/23	23/01/24	23/04/24	23/07/24	22/10/24	-	-	-	-	-	-	-	-

¹CAD in Million

Estimates

Forecast Balance Sheet: Canadian National Railway Company

balance-sheet-analysis-chart CANADIAN-NATIONAL-RAILWAY

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net Debt ¹	13,732	12,337	11,647	15,101	17,998	20,169	21,638	22,751
Change	-	-10.16%	-5.59%	29.66%	19.18%	12.06%	7.28%	5.14%
Announcement Date	28/01/20	26/01/21	25/01/22	24/01/23	23/01/24	-	-	-

¹CAD in Million

Estimates

Cash Flow Forecast: Canadian National Railway Company

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
CAPEX ¹	3,865	2,863	2,891	2,750	3,187	3,511	3,651	3,750
Change	-	-25.92%	0.98%	-4.88%	15.89%	10.17%	4%	2.71%
Free Cash Flow (FCF) ¹	1,992	3,302	4,080	3,917	3,778	3,063	3,858	4,069
Change	-	65.76%	23.56%	-4%	-3.55%	-18.93%	25.96%	5.46%
Announcement Date	28/01/20	26/01/21	25/01/22	24/01/23	23/01/24	-	-	-

¹CAD in Million

Estimates

Forecast Financial Ratios: Canadian National Railway Company

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Profitability
EBITDA Margin (%)	47.97%	49.58%	49.87%	50.22%	50%	48.92%	50.74%	51.53%
EBIT Margin (%)	38.27%	38.09%	38.83%	40.11%	39.2%	37.81%	39.77%	40.87%
EBT Margin (%)	36.39%	32.88%	43.75%	39.53%	38.55%	35.34%	37.26%	38.17%
Net margin (%)	28.26%	25.78%	33.79%	29.92%	33.43%	26.74%	28.03%	28.79%
FCF margin (%)	13.35%	23.89%	28.18%	22.9%	22.45%	17.76%	21.15%	21.06%
FCF / Net Income (%)	47.25%	92.7%	83.4%	76.53%	67.16%	66.41%	75.47%	73.16%
Profitability
ROA	9.92%	8.04%	10.48%	10.32%	10.89%	8.61%	9.02%	9.52%
ROE	23.63%	18.9%	23.08%	23.2%	27.11%	23.55%	26.98%	30.29%
Financial Health
Leverage (Debt/EBITDA)	1.92x	1.8x	1.61x	1.76x	2.14x	2.39x	2.34x	2.29x
Debt / Free cash flow	6.89x	3.74x	2.85x	3.86x	4.76x	6.59x	5.61x	5.59x
Capital Intensity
CAPEX / Current Assets (%)	25.91%	20.72%	19.97%	16.08%	18.94%	20.36%	20.02%	19.41%
CAPEX / EBITDA (%)	54.02%	41.78%	40.04%	32.01%	37.88%	41.62%	39.45%	37.67%
CAPEX / FCF (%)	194.03%	86.71%	70.86%	70.21%	84.36%	114.64%	94.65%	92.17%
Items per share
Cash flow per share ¹	8.197	8.647	9.814	9.686	10.57	10.35	12.36	12.99
Change	-	5.48%	13.5%	-1.3%	9.1%	-2.08%	19.47%	5.07%
Dividend per Share ¹	2.15	2.3	2.46	2.93	3.16	3.36	3.519	3.752
Change	-	6.98%	6.96%	19.11%	7.85%	6.34%	4.73%	6.61%
Book Value Per Share ¹	25.33	27.67	32.45	31.87	30.59	31.17	31.57	32.5
Change	-	9.23%	17.29%	-1.79%	-4.02%	1.92%	1.27%	2.96%
EPS ¹	5.83	5	6.89	7.44	8.53	7.264	8.279	9.293
Change	-	-14.24%	37.8%	7.98%	14.65%	-14.84%	13.97%	12.25%
Nbr of stocks (in thousands)	715,370	710,200	706,300	676,000	645,695	628,800	628,800	628,800
Announcement Date	28/01/20	26/01/21	25/01/22	24/01/23	23/01/24	-	-	-