Norfolk Southern Corporation (0K8M.L)

Industry: General Transportation 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
0L8F.L	1	Southwest Airlines	27,551	46.14	46.14	9.13	9.13	144.23	64.10
0HQW.L	2	C.H. Robinson Worl	16,505	26.56	25.16	17.71	16.59	19.59	20.52
0HRJ.L	3	CSX Corporation	14,996	22.97	22.80	13.53	13.28	19.99	18.22
0OPN.L	4	Compagnie de l'Ode	14,235	7.73	6.33	5.06	6.00	6.91	7.15
0K8M.L	5	Norfolk Southern C	12,230	22.76	21.06	13.83	12.91	20.18	19.12
0HK4.L	6	Avis Budget Group,	11,698	-	-	14.26	14.36	11.89	27.88
0NY3.L	7	STEF S.a.	11,200	6.39	5.49	3.65	3.06	13.94	6.49
0M1O.L	8	XPO Logistics, Inc	8,066	44.96	25.36	15.79	15.46	22.64	23.99
0QAG.L	9	ID Logistics Group	7,622	26.50	20.70	9.38	7.22	17.02	28.04
O3P.DE	10	Österreichische P	3,647	15.80	15.34	4.10	3.86	7.13	6.54
AEBI	11	Aebi Schmidt Hol	1,518	99.85	99.85	12.41	12.41	14.56	16.37
0RHU.L	12	Flughafen Wien AG	1,278	20.20	15.87	9.69	8.55	11.65	13.45
0R88.L	13	Allane SE	724	-	-	9.82	9.99	87.76	-
0QNG.L	14	Jungfraubahn Holdi	591	8.31	7.12	5.04	4.51	6.41	4.79
0N0B.L	15	Wallenius Wilhelms	523	3.13	3.13	2.51	2.02	2.92	2.17
ARII	16	American Railcar I	495	5.97	5.38	9.21	9.59	27.02	22.94

Line Item	Trailing P/E	Forward P/E	Trailing EV/EBITDA	Forward EV/EBITDA	Trailing EV/EBIT	Forward EV/EBIT
Winsorized Median Multiple	15.80	15.34	9.21	8.55	13.94	14.91
Full Range Median Multiple	20.20	15.87	9.38	9.13	14.56	17.29
Industry Multiple	25.73	22.98	9.42	9.07	27.58	18.76
Market Implied Multiple	22.09	20.44	13.50	12.61	19.70	18.66
Company (0K8M.L) Multiple	22.76	21.06	13.83	12.91	20.18	19.12
(*) Net Income / EBITDA / Revenue	2,962	3,201	6,006	6,433	4,116	4,345
Winsorized Enterprise Value	N/A	N/A	55,327	55,020	57,364	64,775
Full Range Median Enterprise Value	N/A	N/A	56,349	58,726	59,941	75,149
(-) Net Debt	15,665	15,665	15,665	15,665	15,665	15,665
Winsorized Equity Value	46,812	49,119	39,662	39,355	41,699	49,110
Full Range Median Equity Value	59,828	50,802	40,684	43,061	44,276	59,484
(/) Shares Outstanding	224	224	224	224	224	224
Winsorized Fair Value	$208.61	$218.89	$176.75	$175.38	$185.82	$218.85
Full Range Median Fair Value	$266.61	$226.39	$181.30	$191.89	$197.31	$265.08
Current Price	$291.58	$291.58	$291.58	$291.58	$291.58	$291.58
Upside / Downside	-28.46%	-24.93%	-39.38%	-39.85%	-36.27%	-24.94%
Safety Margin	30.0%	30.0%	30.0%	30.0%	30.0%	30.0%
Buy Price	$146.03	$153.22	$123.72	$122.77	$130.08	$153.20
Buy / Don't Buy	Don’t Buy	Don’t Buy	Don’t Buy	Don’t Buy	Don’t Buy	Don’t Buy