31 October 2017 Railroads Canadian Rails Model updated: 24 October 2017 Punning Mo number+ North America Canada Railroads Canadian Pacific Reuters: CP.N Bloomberg: CP US Buy Price (30 Oct 17) Target Price 52 Week range L. . Market cap (m) USD 174.7 USD 209.0 USD 139.33 - 177.61 656M 25,418 EURm 21,861 Company Praik, Canaden Pacife. headquerared in Calgary. Canada, movides rei and intern/Wel freight tramocetabon sermes one 12.800 route Wes 'comma se Prcgimes in Canada and 13 states m the U.S. he netnork consists of too primary corridors Western. Eastern, Central, and Ihe Mayes. Ursa. Stan In 2016. me company generated a6 2bn el revenue and C526bn of EDT. Prmf Pitif mutant( 200 175 - .pkar, 150 k irler-a llerke 125 V ew Inn 75 Jar;'16 *4' 16 Joni/ 4.1'11 - Caudal e•t4a 1S4 Composes lat0•w4 Moulin Troadr. 60 55 50 45 10 35 30 14 15 16 18E 41a1T0A1Ydn t ■a7T lasein 19E Giowlh 6 Prortitigity -5 10 nil 14 15 is 17E DE 19E ID sew secamemU111 ♦ ROt 00410 36 30 25 20 16 Solvent), 200 150 160 5o 0 14 16 16 Mt MI menewity (UtS1 Soldon Cbiko. CFA +1 212 250-5959 wienr-ommm inmm I II 11 II I II II a III 17E 16E 19E ♦ Me ante.e avow1MM seklon clarkee484on Deutsche Bank Securities Inc a 7 6 Fool year end 31.Dec Finrin‘x9 Summitry C43 EPS (CC) Reporled EPS (CAD) DPS (CAD) SUPS (CAD) -....-...- Valut0 Ica Men( s Pnee/Selse (x) PE (08) (x) PIE (RePoeter0 (x) MTN 0) FCF pad (%) Dwdend owe Ix) EVISoks EWEENTD.4 EWEEST incoirw, Siam/nee! (CADni) Sales ELUTO. EDT Proux proft Net income I Cmth Flow (CA On l) Cash Wm from operations Net Cam. Free cash flow Equity ransigbougM tock) Oedema pad Net inerkleo in botremrps 01110( ItiveStIngThIlafteni rah 0,063 Net cash flaw Change in working tepee j Beianixi Sheet (CADn0 Cash and OW eguMillentS Properly, pima ins4Pron Goodwill Outer ass Total oases Debt Other Imbibes Total batdime Total shareholders' (gut