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Railroad Company Comparables AnalysisBNI
2008200720062005200420032002
Revenues$18,018 $15,802 $14,985 $12,987 $10,946 $9,413 $8,979less: COGS12,709 11,023 10,288 8,949 8,248 6,838 6,392
Gross Profit$5,309 $4,779 $4,697 $4,038 $2,698 $2,575 $2,587
less: SG&A0 0 0 0 0 0 0
EBITDA$5,309 $4,779 $4,697 $4,038 $2,698 $2,575 $2,587
less: D&A1,397 1,293 1,176 1,111 1,012 910 931less: Operating Leases686 706 665 565 496 462 448
EBIT$3,226 $2,780 $2,856 $2,362 $1,190 $1,203 $1,208
less: Taxes1,253 1,128 1,107 919 482 454 456
NOPAT$1,973 $1,652 $1,749 $1,443 $708 $749 $752
Total Debt$9,555 $8,146 $7,385 $7,154 $6,516 $6,684 $6,814PV of Operating Leases6,980 7,498 7,496 6,143 5,412 5,346 5,537Total Preferred Stock0 0 0 0 0 0 0Total Equity11,131 11,144 10,528 9,508 9,311 8,495 7,932
Total Capital$27,666 $26,788 $25,409 $22,805 $21,239 $20,525 $20,283ROIC7.4%6.5%7.7%6.8%3.4%3.7%3.8%Gross Margin29.5%30.2%31.3%31.1%24.6%27.4%28.8%EBITDA Margin29.5%30.2%31.3%31.1%24.6%27.4%28.8%EBIT Margin17.9%17.6%19.1%18.2%10.9%12.8%13.5%NOPAT Margin11.0%10.5%11.7%11.1%6.5%8.0%8.4%Debt/EBITDA1.80x1.70x1.57x1.77x2.42x2.60x2.63xDebt/Total Capital34.5%30.4%29.1%31.4%30.7%32.6%33.6%CFO
$3,977 $3,492 $3,189 $2,706 $2,377 $2,285 $2,106Capex3,116 2,248 2,014 1,750 1,527 1,726 1,358
FCF$861 $1,244 $1,175 $956 $850 $559 $748CFO / Revs22.1%22.1%21.3%20.8%21.7%24.3%23.5%Capex / Revs17.3%14.2%13.4%13.5%14.0%18.3%15.1%FCF / Revs4.8%7.9%7.8%7.4%7.8%5.9%8.3%
Total Assets$36,403 $33,583 $31,797 $30,304 $28,925 $26,947 $25,767
Asset Turnover0.49x0.47x0.47x0.43x0.38x0.35x0.35x
Issuance of Stock$0 $0 $0 $0 $0 $0 $0Repurchase of Stock(1,147)(1,265)(730)(1,399)(376)(217)(353)
Net Repurchases$1,147 $1,265 $730 $1,399 $376 $217 $353
Dividends(471)(380)(310)(267)(231)(191)(183)
Return of Capital$1,618 $1,645 $1,040 $1,666 $607 $408 $536RoC/CFO40.7%47.1%32.6%61.6%25.5%17.9%25.5%
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