Jul. 25 at 1:43 AM
Class I carloads were up +4% y/y in Week 29 (including carloads originated & received), w/ intermodal up +5% & carloads ex-intermodal up +4%
Class I carloads are up +3% y/y to-date in 3Q25 (including carloads originated & received), w/ intermodal up +4% & carloads ex-intermodal up +2%
As of July 23, the rails were trading at an avg multiple of 19.3x based on a blend of P/2025E EPS & P/2026E EPS (consensus), which is ~0.5x below the high end of the group's historical valuation range of 14.1x-19.8x (avg of 17.0x +/- 1 standard deviation)
$NSC 20.9x
$CP 20.7x
$UNP 19.6x
$CSX 18.9x
$CNI 16.5x