CANADIAN NATIONAL RAILWAY CO (CNI)

Railroads, Line-Haul Operating

Latest Price

$122.25

TTM P/E

16.13

Normalized P/E

16.13

Div Yield

2.90%

Book Value

P/B Ratio

Valuation metrics

EPS: $7.57

Book value / share: $35.17

Formula: √(22.5 × EPS × BVPS)

Graham Number

$77.39

37% 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

67% 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

39% downside

EPS: $7.57

Target P/E: 15×

Formula: EPS × P/E

P/E Fair Value

$113.55

7% downside

57.5% held by institutions

Institution	Shares	Value	Ownership %	Change	Filing Date
GATES FOUNDATION TRUST	51.83M	$6.18B	8.45%	--	2026-06-30
FIL Ltd	19.13M	$2.28B	3.12%	+2.29M	2026-06-30
1832 Asset Management L.P.	16.52M	$1.97B	2.69%	-2.16M	2026-06-30
VANGUARD CAPITAL MANAGEMENT LLC	15.92M	$1.90B	2.60%	+120.1K	2026-06-30
BANK OF MONTREAL /CAN/	14.86M	$1.77B	2.42%	+789.9K	2026-06-30
TD Asset Management Inc	9.91M	$1.18B	1.62%	-2.22M	2026-06-30
TCI FUND MANAGEMENT LTD	9.43M	$1.12B	1.54%	-416.5K	2026-06-30
MACKENZIE FINANCIAL CORP	8.94M	$1.51B	1.46%	+163.0K	2026-06-30
WELLINGTON MANAGEMENT GROUP LLP	8.54M	$1.02B	1.39%	-2.99M	2026-06-30
CIBC Asset Management Inc	6.86M	$819.0M	1.12%	+3.19M	2026-06-30