CANADIAN NATIONAL RAILWAY CO (CNI)

Railroads, Line-Haul Operating

Latest Price

$127.13

TTM P/E

16.77

Normalized P/E

16.77

Div Yield

2.79%

Book Value

P/B Ratio

Valuation metrics

EPS: $7.57

Book value / share: $35.17

Formula: √(22.5 × EPS × BVPS)

Graham Number

$77.39

39% downside

Norm. op. income: $5.9B (median of 4yr)

Tax rate: 23%

Discount rate: 10%

Growth assumption: zero (EPV is a no-growth value)

Earnings Power Value

$40.17

68% downside

Base FCF: $3.2B (median of recent 4yr)

Growth: 8%/yr (median YOY, capped at 25%)

Discount rate: 10%

Terminal growth: 3%

Projection horizon: 10 years

DCF Fair Value

$75.17

41% downside

EPS: $7.57

Target P/E: 15×

Formula: EPS × P/E

P/E Fair Value

$113.55

11% downside

56.3% held by institutions

Institution	Shares	Value	Ownership %	Change	Filing Date
GATES FOUNDATION TRUST	51.83M	$5.33B	8.45%	--	2026-03-31
1832 Asset Management L.P.	18.68M	$1.92B	3.05%	-64.5K	2026-03-31
FIL Ltd	16.84M	$1.73B	2.75%	+1.10M	2026-03-31
VANGUARD CAPITAL MANAGEMENT LLC	15.80M	$1.63B	2.58%	--	2026-03-31
BANK OF MONTREAL /CAN/	14.07M	$1.45B	2.29%	-115.2K	2026-03-31
TD Asset Management Inc	12.13M	$1.24B	1.98%	+756.9K	2026-03-31
WELLINGTON MANAGEMENT GROUP LLP	11.52M	$1.18B	1.88%	+2.21M	2026-03-31
TCI FUND MANAGEMENT LTD	9.85M	$1.01B	1.61%	--	2026-03-31
LAZARD ASSET MANAGEMENT LLC	9.08M	$934.0M	1.48%	+173.9K	2026-03-31
MACKENZIE FINANCIAL CORP	8.78M	$903.0M	1.43%	-118.6K	2026-03-31