Financials Canadian National Railway Company

Equities

CNR

CA1363751027

Ground Freight & Logistics

Market Closed - Toronto S.E. 21:00:00 14/06/2024 BST 5-day change 1st Jan Change
167.3 CAD +0.11% Intraday chart for Canadian National Railway Company -2.12% +0.44%

Valuation

Fiscal Period: December 2019 2020 2021 2022 2023 2024 2025 2026
Capitalization 1 84,035 99,385 109,745 108,728 107,541 106,148 - -
Enterprise Value (EV) 1 97,767 111,722 121,392 123,829 125,539 126,600 127,984 127,903
P/E ratio 20.1 x 28 x 22.6 x 21.6 x 19.5 x 20.9 x 18.7 x 17.4 x
Yield 1.83% 1.64% 1.58% 1.82% 1.9% 2.02% 2.15% 2.27%
Capitalization / Revenue 5.63 x 7.19 x 7.58 x 6.36 x 6.39 x 5.97 x 5.63 x 5.36 x
EV / Revenue 6.55 x 8.08 x 8.39 x 7.24 x 7.46 x 7.12 x 6.79 x 6.45 x
EV / EBITDA 13.7 x 16.3 x 16.8 x 14.4 x 14.9 x 14 x 13.1 x 12.2 x
EV / FCF 49.1 x 33.8 x 29.8 x 31.6 x 33.2 x 35.3 x 31 x 31.6 x
FCF Yield 2.04% 2.96% 3.36% 3.16% 3.01% 2.84% 3.22% 3.16%
Price to Book 4.64 x 5.06 x 4.79 x 5.05 x 5.45 x 5.5 x 5.42 x 5.17 x
Nbr of stocks (in thousands) 715,370 710,200 706,300 676,000 645,695 634,513 - -
Reference price 2 117.5 139.9 155.4 160.8 166.6 167.3 167.3 167.3
Announcement Date 28/01/20 26/01/21 25/01/22 24/01/23 23/01/24 - - -
1CAD in Million2CAD
Estimates

Income Statement Evolution (Annual data)

Fiscal Period: December 2019 2020 2021 2022 2023 2024 2025 2026
Net sales 1 14,917 13,819 14,477 17,107 16,828 17,773 18,838 19,815
EBITDA 1 7,155 6,852 7,220 8,591 8,414 9,072 9,784 10,448
EBIT 1 5,708 5,263 5,622 6,862 6,597 7,116 7,772 8,417
Operating Margin 38.27% 38.09% 38.83% 40.11% 39.2% 40.04% 41.26% 42.48%
Earnings before Tax (EBT) 1 5,429 4,544 6,333 6,763 6,488 6,683 7,229 7,731
Net income 1 4,216 3,562 4,892 5,118 5,625 5,067 5,481 5,868
Net margin 28.26% 25.78% 33.79% 29.92% 33.43% 28.51% 29.1% 29.62%
EPS 2 5.830 5.000 6.890 7.440 8.530 7.998 8.951 9.616
Free Cash Flow 1 1,992 3,302 4,080 3,917 3,778 3,589 4,124 4,043
FCF margin 13.35% 23.89% 28.18% 22.9% 22.45% 20.2% 21.89% 20.4%
FCF Conversion (EBITDA) 27.84% 48.19% 56.51% 45.59% 44.9% 39.56% 42.15% 38.7%
FCF Conversion (Net income) 47.25% 92.7% 83.4% 76.53% 67.16% 70.84% 75.25% 68.9%
Dividend per Share 2 2.150 2.300 2.460 2.930 3.160 3.376 3.599 3.804
Announcement Date 28/01/20 26/01/21 25/01/22 24/01/23 23/01/24 - - -
1CAD in Million2CAD
Estimates

Income Statement Evolution (Quarterly data)

Fiscal Period: December 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
Net sales 1 3,753 3,708 4,344 4,513 4,542 4,313 4,057 3,987 4,471 4,249 4,359 4,430 4,754 4,544 4,681
EBITDA 1 1,962 1,657 2,204 2,367 2,363 2,110 2,049 1,974 2,281 2,008 2,242 2,323 2,475 2,203 2,424
EBIT 1 1,579 1,237 1,781 1,932 1,912 1,662 1,600 1,517 1,818 1,546 1,763 1,833 1,975 1,703 1,932
Operating Margin 42.07% 33.36% 41% 42.81% 42.1% 38.53% 39.44% 38.05% 40.66% 36.39% 40.45% 41.37% 41.55% 37.47% 41.28%
Earnings before Tax (EBT) 1 1,572 1,212 1,755 1,915 1,881 1,617 1,548 1,451 1,872 1,451 1,652 1,724 1,868 1,586 1,798
Net income 1 1,199 918 1,325 1,455 1,420 1,220 1,167 1,108 2,130 1,103 1,249 1,301 1,409 1,204 1,360
Net margin 31.95% 24.76% 30.5% 32.24% 31.26% 28.29% 28.77% 27.79% 47.64% 25.96% 28.65% 29.37% 29.64% 26.49% 29.04%
EPS 2 1.690 1.310 1.920 2.130 2.100 1.820 1.760 1.690 3.290 1.720 1.967 2.062 2.253 1.940 2.237
Dividend per Share 2 0.6150 0.7325 0.7325 0.7325 0.7325 0.7900 0.7900 0.7900 0.7900 0.8450 0.8436 0.8879 0.8459 0.9118 0.9118
Announcement Date 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 - - - - -
1CAD in Million2CAD
Estimates

Balance Sheet Analysis

Fiscal Period: December 2019 2020 2021 2022 2023 2024 2025 2026
Net Debt 1 13,732 12,337 11,647 15,101 17,998 20,452 21,836 21,755
Net Cash position 1 - - - - - - - -
Leverage (Debt/EBITDA) 1.919 x 1.8 x 1.613 x 1.758 x 2.139 x 2.254 x 2.232 x 2.082 x
Free Cash Flow 1 1,992 3,302 4,080 3,917 3,778 3,589 4,124 4,043
ROE (net income / shareholders' equity) 23.6% 18.9% 23.1% 23.2% 27.1% 25.8% 29.5% 30.9%
ROA (Net income/ Total Assets) 9.92% 8.04% 10.5% 10.3% 10.9% 9.41% 9.83% 10.3%
Assets 1 42,500 44,294 46,671 49,600 51,664 53,848 55,762 56,974
Book Value Per Share 2 25.30 27.70 32.40 31.90 30.60 30.40 30.90 32.40
Cash Flow per Share 2 8.200 8.650 9.810 9.690 10.60 11.50 13.30 14.60
Capex 1 3,865 2,863 2,891 2,750 3,187 3,423 3,574 3,638
Capex / Sales 25.91% 20.72% 19.97% 16.08% 18.94% 19.26% 18.97% 18.36%
Announcement Date 28/01/20 26/01/21 25/01/22 24/01/23 23/01/24 - - -
1CAD in Million2CAD
Estimates

EPS & Dividend

Year-on-year evolution of the PER

Year-on-year evolution of the Yield

Change in Enterprise Value/EBITDA

Trading Rating
Investor Rating
ESG Refinitiv
B-
More Ratings
Sell
Consensus
Buy
Mean consensus
HOLD
Number of Analysts
32
Last Close Price
167.3 CAD
Average target price
183.5 CAD
Spread / Average Target
+9.70%
Consensus
  1. Stock Market
  2. Equities
  3. CNR Stock
  4. Financials Canadian National Railway Company
-40% Exceptional extension: Our subscriptions help you unlock the best investment opportunities.
BENEFIT NOW