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Canadian National Railway Co. Q3-2021 Earnings, Price Target Update

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CN (CNR-TSX) is in the rail and related transportation business. CN's network of 19,600 miles of track spans Canada and mid-America, from the Atlantic and Pacific oceans to the Gulf of Mexico, serving the cities and ports of Vancouver, Prince Rupert, Montreal, Halifax, New Orleans and Mobile, and the metropolitan areas of Toronto, Edmonton, Winnipeg, Calgary, Chicago, Memphis, Detroit, Duluth (Minnesota)/Superior (Wisconsin) and Jackson (Mississippi), with connections to all points in North America. CN's extensive network and connections to all Class I railroads provide CN customers access to Canada, the U.S. and Mexico. CN handles over $250B worth of goods annually and carries over 300M tons of cargo, serving exporters, importers, retailers, farmers and manufacturers. CN's freight revenues are derived from seven commodity groups with no group contributing more than 25% of total revenues. Geographically, 15% of revenues relate to U.S. domestic traffic, 34% transborder traffic, 17% Canadian domestic traffic and 34% overseas traffic. The acquisition of Kansas Southern was terminated with CN receiving approximately $1.4B in break fees (before tax) $33B is pending regulatory approval.

Revenues of $13.8B(Cdn) for 2020 were from hauling intermodal containers (28%), petroleum and chemicals (20%), grain and fertilizers (20%), forest products (13%), metals and mining (10%), automotive shipments (5%) and coal (4%).

They are the originating carrier for over 85%, and the originating and terminating carrier for over 65%, of traffic moving along its network. Total assets as of Dec-30-2020 were $44.8B, term debt was $12.3B. This compares to CP(CP-TSX) with assets of $23.5B and term debt of $9.5B, and annual revenues of $7.7B.

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