Union Pacific Corporation (UNP)

Industry: Railroads Model: Peers Multiples Valuation

Valuation Snapshot

Ticker	Rank	Name	Rev TTM (M)	Trailing P/E	Forward P/E	Trailing EV/EBITDA	Forward EV/EBITDA	Trailing EV/EBIT	Forward EV/EBIT
AOMD.DE	1	Alstom S.A.	43,122	167.52	167.52	6.13	5.28	8.80	9.18
601766.SS	2	CRRC Corporation L	39,420	14.19	13.11	10.14	9.63	18.81	11.55
UNP	3	Union Pacific Corp	24,546	19.86	18.80	13.45	12.85	16.88	16.50
BNI	4	Burlington Norther	23,012	7.10	6.92	5.61	5.56	7.04	8.23
9020.T	5	East Japan Railway	18,734	15.31	15.31	10.28	8.86	18.01	15.37
0066.HK	6	MTR Corporation Li	15,010	6.49	6.65	4.22	3.94	5.94	4.97
9022.T	7	Central Japan Rail	12,464	7.89	4.36	7.58	6.07	8.20	6.78
CNI	8	Canadian National	11,621	19.00	18.14	9.77	9.29	17.70	12.82
9021.T	9	West Japan Railway	11,360	11.34	11.34	7.56	5.15	11.87	14.26
CP	10	Canadian Pacific K	10,900	15.90	14.06	10.22	8.97	15.84	13.71
601006.SS	11	Daqin Railway Co.,	10,854	17.82	19.46	6.41	7.23	8.07	8.12
WAB	12	Westinghouse Air B	10,785	28.97	24.01	17.09	14.95	19.83	18.80
C52.SI	13	ComfortDelGro Corp	6,906	7.41	7.11	2.73	2.54	5.68	5.37
601816.SS	14	Beijing-Shanghai H	6,047	19.23	15.15	12.32	10.77	12.72	12.55
GOG.L	15	The Go-Ahead Group	5,214	-	-	1.53	1.23	9.50	9.91
AZJ.AX	16	Aurizon Holdings L	5,095	7.48	7.77	3.39	3.30	7.94	6.58

Line Item	Trailing P/E	Forward P/E	Trailing EV/EBITDA	Forward EV/EBITDA	Trailing EV/EBIT	Forward EV/EBIT
Winsorized Median Multiple	12.76	12.22	6.41	5.56	8.80	9.18
Full Range Median Multiple	14.75	13.59	7.56	6.07	9.50	9.91
Industry Multiple	24.69	23.64	7.66	6.85	11.73	10.55
Market Implied Multiple	19.28	18.26	13.14	12.55	16.48	16.11
Company (UNP) Multiple	19.86	18.80	13.45	12.85	16.88	16.50
(*) Net Income / EBITDA / Revenue	7,052	7,446	12,789	13,386	10,196	10,429
Winsorized Enterprise Value	N/A	N/A	81,927	74,465	89,677	95,773
Full Range Median Enterprise Value	N/A	N/A	96,664	81,302	96,830	103,395
(-) Net Debt	32,040	32,040	32,040	32,040	32,040	32,040
Winsorized Equity Value	90,009	91,028	49,887	42,425	57,637	63,733
Full Range Median Equity Value	104,015	101,171	64,624	49,262	64,790	71,355
(/) Shares Outstanding	592	592	592	592	592	592
Winsorized Fair Value	$151.94	$153.66	$84.21	$71.62	$97.29	$107.58
Full Range Median Fair Value	$175.58	$170.78	$109.09	$83.16	$109.37	$120.45
Current Price	$229.49	$229.49	$229.49	$229.49	$229.49	$229.49
Upside / Downside	-33.79%	-33.04%	-63.30%	-68.79%	-57.60%	-53.12%
Safety Margin	30.0%	30.0%	30.0%	30.0%	30.0%	30.0%
Buy Price	$106.36	$107.56	$58.95	$50.13	$68.11	$75.31
Buy / Don't Buy	Don’t Buy	Don’t Buy	Don’t Buy	Don’t Buy	Don’t Buy	Don’t Buy