Railroad Company Comparables Analysis

BNI
2008 2007 2006 2005 2004 2003 2002
Revenues $18,018 $15,802 $14,985 $12,987 $10,946 $9,413 $8,979
less: COGS 12,709 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&A 0 0 0 0 0 0 0
EBITDA $5,309 $4,779 $4,697 $4,038 $2,698 $2,575 $2,587
less: D&A 1,397 1,293 1,176 1,111 1,012 910 931
less: Operating Leases 686 706 665 565 496 462 448
EBIT $3,226 $2,780 $2,856 $2,362 $1,190 $1,203 $1,208
less: Taxes 1,253 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 $6,814

PV of Operating Leases 6,980 7,498 7,496 6,143 5,412 5,346 5,537
Total Preferred Stock 0 0 0 0 0 0 0
Total Equity 11,131 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 $20,283

ROIC 7.4% 6.5% 7.7% 6.8% 3.4% 3.7% 3.8%

Gross Margin 29.5% 30.2% 31.3% 31.1% 24.6% 27.4% 28.8%

EBITDA Margin 29.5% 30.2% 31.3% 31.1% 24.6% 27.4% 28.8%
EBIT Margin 17.9% 17.6% 19.1% 18.2% 10.9% 12.8% 13.5%
NOPAT Margin 11.0% 10.5% 11.7% 11.1% 6.5% 8.0% 8.4%

Debt/EBITDA 1.80x 1.70x 1.57x 1.77x 2.42x 2.60x 2.63x

Debt/Total Capital 34.5% 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 $2,106

Capex 3,116 2,248 2,014 1,750 1,527 1,726 1,358
FCF $861 $1,244 $1,175 $956 $850 $559 $748

CFO / Revs 22.1% 22.1% 21.3% 20.8% 21.7% 24.3% 23.5%

Capex / Revs 17.3% 14.2% 13.4% 13.5% 14.0% 18.3% 15.1%
FCF / Revs 4.8% 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 Turnover 0.49x 0.47x 0.47x 0.43x 0.38x 0.35x 0.35x

Issuance of Stock $0 $0 $0 $0 $0 $0 $0
Repurchase 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 $536

RoC/CFO 40.7% 47.1% 32.6% 61.6% 25.5% 17.9% 25.5%

 2001 2000 1999
$9,208 $9,205 $9,195
6,549 6,202 6,093
$2,659 $3,003 $3,102
0 0 0
$2,659 $3,003 $3,102
909 895 897
443 424 435
$1,307 $1,684 $1,770
442 605 682
$865 $1,079 $1,088

$6,651 $6,846 $5,813

5,537 4,606 3,722
0 0 0
7,849 7,480 8,172
$20,037 $18,932 $17,707

4.6% 6.1% 6.1%

28.9% 32.6% 33.7%

28.9% 32.6% 33.7%
14.2% 18.3% 19.2%
9.4% 11.7% 11.8%

2.50x 2.28x 1.87x

33.2% 36.2% 32.8%

$2,197 $2,317 $2,424

1,459 1,399 1,788
$738 $918 $636

23.9% 25.2% 26.4%

15.8% 15.2% 19.4%
8.0% 10.0% 6.9%

$24,721 $24,375 $23,700

0.37x 0.38x 0.39x

$0 $0 $0
(317) (1,496) (688)
$317 $1,496 $688
(190) (206) (224)
$507 $1,702 $912

23.1% 73.5% 37.6%