Railroad Company Comparables Analysis

BNI
Revenues
less: COGS
Gross Profit
less: SG&A
EBITDA
less: D&A
less: Operating Leases
EBIT
less: Taxes
NOPAT

2008
$18,018
12,709
$5,309
0
$5,309
1,397
686
$3,226
1,253
$1,973

2007
$15,802
11,023
$4,779
0
$4,779
1,293
706
$2,780
1,128
$1,652

2006
$14,985
10,288
$4,697
0
$4,697
1,176
665
$2,856
1,107
$1,749

2005
$12,987
8,949
$4,038
0
$4,038
1,111
565
$2,362
919
$1,443

2004
$10,946
8,248
$2,698
0
$2,698
1,012
496
$1,190
482
$708

2003
$9,413
6,838
$2,575
0
$2,575
910
462
$1,203
454
$749

2002
$8,979
6,392
$2,587
0
$2,587
931
448
$1,208
456
$752

Total Debt
PV of Operating Leases
Total Preferred Stock
Total Equity
Total Capital

$9,555
6,980
0
11,131
$27,666

$8,146
7,498
0
11,144
$26,788

$7,385
7,496
0
10,528
$25,409

$7,154
6,143
0
9,508
$22,805

$6,516
5,412
0
9,311
$21,239

$6,684
5,346
0
8,495
$20,525

$6,814
5,537
0
7,932
$20,283

7.4%

6.5%

7.7%

6.8%

3.4%

3.7%

3.8%

Gross Margin
EBITDA Margin
EBIT Margin
NOPAT Margin

29.5%
29.5%
17.9%
11.0%

30.2%
30.2%
17.6%
10.5%

31.3%
31.3%
19.1%
11.7%

31.1%
31.1%
18.2%
11.1%

24.6%
24.6%
10.9%
6.5%

27.4%
27.4%
12.8%
8.0%

28.8%
28.8%
13.5%
8.4%

Debt/EBITDA
Debt/Total Capital

1.80x
34.5%

1.70x
30.4%

1.57x
29.1%

1.77x
31.4%

2.42x
30.7%

2.60x
32.6%

2.63x
33.6%

$3,977
3,116
$861

$3,492
2,248
$1,244

$3,189
2,014
$1,175

$2,706
1,750
$956

$2,377
1,527
$850

$2,285
1,726
$559

$2,106
1,358
$748

22.1%
17.3%
4.8%

22.1%
14.2%
7.9%

21.3%
13.4%
7.8%

20.8%
13.5%
7.4%

21.7%
14.0%
7.8%

24.3%
18.3%
5.9%

23.5%
15.1%
8.3%

$36,403
0.49x

$33,583
0.47x

$31,797
0.47x

$30,304
0.43x

$28,925
0.38x

$26,947
0.35x

$25,767
0.35x

$0
(1,147)
$1,147
(471)
$1,618

$0
(1,265)
$1,265
(380)
$1,645

$0
(730)
$730
(310)
$1,040

$0
(1,399)
$1,399
(267)
$1,666

$0
(376)
$376
(231)
$607

$0
(217)
$217
(191)
$408

$0
(353)
$353
(183)
$536

40.7%

47.1%

32.6%

61.6%

25.5%

17.9%

25.5%

ROIC

CFO
Capex
FCF
CFO / Revs
Capex / Revs
FCF / Revs
Total Assets
Asset Turnover
Issuance of Stock
Repurchase of Stock
Net Repurchases
Dividends
Return of Capital
RoC/CFO

2001
$9,208
6,549
$2,659
0
$2,659
909
443
$1,307
442
$865

2000
$9,205
6,202
$3,003
0
$3,003
895
424
$1,684
605
$1,079

1999
$9,195
6,093
$3,102
0
$3,102
897
435
$1,770
682
$1,088

$6,651
5,537
0
7,849
$20,037

$6,846
4,606
0
7,480
$18,932

$5,813
3,722
0
8,172
$17,707

4.6%

6.1%

6.1%

28.9%
28.9%
14.2%
9.4%

32.6%
32.6%
18.3%
11.7%

33.7%
33.7%
19.2%
11.8%

2.50x
33.2%

2.28x
36.2%

1.87x
32.8%

$2,197
1,459
$738

$2,317
1,399
$918

$2,424
1,788
$636

23.9%
15.8%
8.0%

25.2%
15.2%
10.0%

26.4%
19.4%
6.9%

$24,721
0.37x

$24,375
0.38x

$23,700
0.39x

$0
(317)
$317
(190)
$507

$0
(1,496)
$1,496
(206)
$1,702

$0
(688)
$688
(224)
$912

23.1%

73.5%

37.6%

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