Intrinsic value of Genesee&Wyoming Cl A - GWR

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$67.19

  Intrinsic Value

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  Rating & Target

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  Value-price divergence*

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Previous close

$67.19

 
Intrinsic value

$73.56

 
Up/down potential

+9%

 
Rating

hold

 
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*Intrinsic value change (in %) minus stock price change (in %) in the past 12 months.

We calculate the intrinsic value of GWR stock by summing up the current values of future distributable cash flows generated by the company and dividing the sum by the number of outstanding shares. As such, the intrinsic value calculation depends entirely on projections. The more accurate your projections of the company's performance are - the more reliable is the intrinsic value calculation result. Please make sure to check the stock valuation input data below and adjust it if necessary. The quality of the output (intrinsic valuation result) is only as good as the quality of the input. See also DISCLAIMERS.

STOCK VALUATION INPUT DATA

Revenue (in 2016), $M
Initial revenue growth rate, %
Terminal revenue growth rate, %
Revenue decline factor
Initial discount rate, %
Discount rate multiplier
Variable cost ratio, %
Fixed operating expenses, $M
Interest rate on debt, %
Effective corporate tax rate, %
Production assets / Revenue, %
Life of production assets, yrs
Working capital / Revenue, %
Revenue / Adjusted assets
Adjusted equity ratio
Cash flow adjustment, % of Revenue
Book value of equity, $M
Shares outstanding, mln
Market capitalization, $bln 4.2

 

FINANCIAL STATEMENTS FORECAST and PRESENT VALUE CALCULATION

Fiscal year
2016(a)
   2017
   2018
   2019
   2020
   2021
   2022
   2023
   2024
   2025
   2026
   2027
   2028
   2029
   2030
   2031
   2032
   2033
   2034
   2035
   2036
   2037
   2038
   2039
   2040
   2041
   2042
   2043
   2044
   2045
   2046

INCOME STATEMENT

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Revenue growth rate, %
  0.10
  2.00
  2.30
  2.57
  2.81
  3.03
  3.23
  3.41
  3.57
  3.71
  3.84
  3.95
  4.06
  4.15
  4.24
  4.31
  4.38
  4.44
  4.50
  4.55
  4.59
  4.64
  4.67
  4.70
  4.73
  4.76
  4.78
  4.81
  4.83
  4.84
  4.86
Revenue, $m
  2,002
  2,042
  2,089
  2,143
  2,203
  2,270
  2,343
  2,423
  2,509
  2,602
  2,702
  2,809
  2,923
  3,044
  3,173
  3,310
  3,455
  3,609
  3,771
  3,943
  4,124
  4,315
  4,517
  4,729
  4,953
  5,189
  5,437
  5,699
  5,974
  6,263
  6,567
Variable operating expenses, $m
 
  1,668
  1,704
  1,745
  1,791
  1,842
  1,897
  1,958
  2,024
  2,095
  2,171
  2,140
  2,227
  2,319
  2,417
  2,522
  2,632
  2,749
  2,873
  3,003
  3,141
  3,287
  3,441
  3,603
  3,773
  3,953
  4,142
  4,341
  4,550
  4,771
  5,003
Fixed operating expenses, $m
 
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Total operating expenses, $m
  1,712
  1,668
  1,704
  1,745
  1,791
  1,842
  1,897
  1,958
  2,024
  2,095
  2,171
  2,140
  2,227
  2,319
  2,417
  2,522
  2,632
  2,749
  2,873
  3,003
  3,141
  3,287
  3,441
  3,603
  3,773
  3,953
  4,142
  4,341
  4,550
  4,771
  5,003
Operating income, $m
  290
  374
  385
  398
  412
  428
  446
  465
  485
  507
  531
  669
  696
  725
  756
  789
  823
  860
  898
  939
  983
  1,028
  1,076
  1,127
  1,180
  1,236
  1,295
  1,358
  1,423
  1,492
  1,565
EBITDA, $m
  495
  650
  665
  682
  702
  723
  746
  772
  799
  829
  861
  895
  931
  970
  1,011
  1,054
  1,101
  1,149
  1,201
  1,256
  1,314
  1,374
  1,439
  1,506
  1,578
  1,653
  1,732
  1,815
  1,903
  1,995
  2,092
Interest expense (income), $m
  66
  81
  85
  89
  93
  98
  104
  110
  116
  123
  131
  139
  148
  157
  167
  178
  189
  201
  214
  227
  241
  256
  272
  289
  306
  325
  344
  365
  386
  409
  433
Earnings before tax, $m
  215
  292
  300
  309
  319
  330
  342
  355
  369
  384
  400
  530
  548
  568
  589
  611
  634
  658
  685
  712
  741
  772
  804
  838
  874
  912
  951
  993
  1,037
  1,083
  1,132
Tax expense, $m
  74
  79
  81
  83
  86
  89
  92
  96
  100
  104
  108
  143
  148
  153
  159
  165
  171
  178
  185
  192
  200
  208
  217
  226
  236
  246
  257
  268
  280
  293
  306
Net income, $m
  141
  213
  219
  226
  233
  241
  250
  259
  269
  280
  292
  387
  400
  415
  430
  446
  463
  481
  500
  520
  541
  563
  587
  612
  638
  665
  694
  725
  757
  791
  826

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  32
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Total assets, $m
  7,635
  7,764
  7,943
  8,147
  8,376
  8,630
  8,909
  9,212
  9,541
  9,895
  10,274
  10,681
  11,114
  11,576
  12,066
  12,587
  13,138
  13,722
  14,339
  14,992
  15,681
  16,407
  17,174
  17,982
  18,833
  19,730
  20,674
  21,667
  22,713
  23,813
  24,970
Adjusted assets (=assets-cash), $m
  7,603
  7,764
  7,943
  8,147
  8,376
  8,630
  8,909
  9,212
  9,541
  9,895
  10,274
  10,681
  11,114
  11,576
  12,066
  12,587
  13,138
  13,722
  14,339
  14,992
  15,681
  16,407
  17,174
  17,982
  18,833
  19,730
  20,674
  21,667
  22,713
  23,813
  24,970
Revenue / Adjusted assets
  0.263
  0.263
  0.263
  0.263
  0.263
  0.263
  0.263
  0.263
  0.263
  0.263
  0.263
  0.263
  0.263
  0.263
  0.263
  0.263
  0.263
  0.263
  0.263
  0.263
  0.263
  0.263
  0.263
  0.263
  0.263
  0.263
  0.263
  0.263
  0.263
  0.263
  0.263
Average production assets, $m
  3,553
  3,623
  3,706
  3,801
  3,908
  4,027
  4,157
  4,298
  4,451
  4,616
  4,794
  4,983
  5,185
  5,401
  5,630
  5,872
  6,130
  6,402
  6,690
  6,995
  7,316
  7,655
  8,013
  8,390
  8,787
  9,205
  9,646
  10,109
  10,597
  11,110
  11,650
Working capital, $m
  6
  27
  27
  28
  29
  30
  30
  31
  33
  34
  35
  37
  38
  40
  41
  43
  45
  47
  49
  51
  54
  56
  59
  61
  64
  67
  71
  74
  78
  81
  85
Total debt, $m
  2,359
  2,425
  2,536
  2,662
  2,804
  2,961
  3,134
  3,321
  3,525
  3,744
  3,979
  4,230
  4,499
  4,784
  5,088
  5,410
  5,751
  6,113
  6,495
  6,899
  7,325
  7,775
  8,250
  8,750
  9,277
  9,832
  10,416
  11,031
  11,678
  12,359
  13,075
Total liabilities, $m
  4,740
  4,806
  4,917
  5,043
  5,185
  5,342
  5,515
  5,702
  5,906
  6,125
  6,360
  6,611
  6,880
  7,165
  7,469
  7,791
  8,132
  8,494
  8,876
  9,280
  9,706
  10,156
  10,631
  11,131
  11,658
  12,213
  12,797
  13,412
  14,059
  14,740
  15,456
Total equity, $m
  2,895
  2,958
  3,026
  3,104
  3,191
  3,288
  3,394
  3,510
  3,635
  3,770
  3,914
  4,069
  4,234
  4,410
  4,597
  4,795
  5,006
  5,228
  5,463
  5,712
  5,974
  6,251
  6,543
  6,851
  7,175
  7,517
  7,877
  8,255
  8,654
  9,073
  9,514
Total liabilities and equity, $m
  7,635
  7,764
  7,943
  8,147
  8,376
  8,630
  8,909
  9,212
  9,541
  9,895
  10,274
  10,680
  11,114
  11,575
  12,066
  12,586
  13,138
  13,722
  14,339
  14,992
  15,680
  16,407
  17,174
  17,982
  18,833
  19,730
  20,674
  21,667
  22,713
  23,813
  24,970
Debt-to-equity ratio
  0.815
  0.820
  0.840
  0.860
  0.880
  0.900
  0.920
  0.950
  0.970
  0.990
  1.020
  1.040
  1.060
  1.080
  1.110
  1.130
  1.150
  1.170
  1.190
  1.210
  1.230
  1.240
  1.260
  1.280
  1.290
  1.310
  1.320
  1.340
  1.350
  1.360
  1.370
Adjusted equity ratio
  0.377
  0.381
  0.381
  0.381
  0.381
  0.381
  0.381
  0.381
  0.381
  0.381
  0.381
  0.381
  0.381
  0.381
  0.381
  0.381
  0.381
  0.381
  0.381
  0.381
  0.381
  0.381
  0.381
  0.381
  0.381
  0.381
  0.381
  0.381
  0.381
  0.381
  0.381

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  141
  213
  219
  226
  233
  241
  250
  259
  269
  280
  292
  387
  400
  415
  430
  446
  463
  481
  500
  520
  541
  563
  587
  612
  638
  665
  694
  725
  757
  791
  826
Depreciation, amort., depletion, $m
  205
  277
  280
  285
  289
  295
  301
  307
  314
  321
  330
  225
  235
  244
  255
  266
  277
  290
  303
  316
  331
  346
  363
  380
  398
  417
  436
  457
  480
  503
  527
Funds from operations, $m
  384
  490
  499
  510
  522
  536
  550
  566
  583
  602
  622
  612
  635
  659
  684
  711
  740
  770
  802
  836
  872
  910
  949
  991
  1,035
  1,082
  1,131
  1,182
  1,237
  1,294
  1,354
Change in working capital, $m
  -23
  1
  1
  1
  1
  1
  1
  1
  1
  1
  1
  1
  1
  2
  2
  2
  2
  2
  2
  2
  2
  2
  3
  3
  3
  3
  3
  3
  4
  4
  4
Cash from operations, $m
  407
  2,913
  499
  510
  522
  535
  549
  565
  582
  601
  620
  611
  633
  657
  683
  710
  738
  768
  800
  834
  870
  907
  947
  989
  1,033
  1,079
  1,128
  1,179
  1,233
  1,290
  1,350
Maintenance CAPEX, $m
  0
  -161
  -164
  -168
  -172
  -177
  -182
  -188
  -194
  -201
  -209
  -217
  -225
  -235
  -244
  -255
  -266
  -277
  -290
  -303
  -316
  -331
  -346
  -363
  -380
  -398
  -417
  -436
  -457
  -480
  -503
New CAPEX, $m
  -220
  -70
  -83
  -95
  -107
  -118
  -130
  -142
  -153
  -165
  -177
  -190
  -202
  -215
  -229
  -243
  -257
  -272
  -288
  -304
  -321
  -339
  -358
  -377
  -397
  -418
  -440
  -464
  -488
  -513
  -540
Cash from investing activities, $m
  -1,135
  -231
  -247
  -263
  -279
  -295
  -312
  -330
  -347
  -366
  -386
  -407
  -427
  -450
  -473
  -498
  -523
  -549
  -578
  -607
  -637
  -670
  -704
  -740
  -777
  -816
  -857
  -900
  -945
  -993
  -1,043
Free cash flow, $m
  -728
  2,682
  252
  247
  243
  240
  237
  236
  235
  234
  234
  205
  206
  207
  209
  212
  215
  219
  223
  227
  232
  237
  243
  249
  256
  263
  271
  279
  288
  297
  307
Issuance/(repayment) of debt, $m
  -30
  98
  111
  126
  142
  157
  172
  188
  203
  219
  235
  251
  268
  286
  304
  322
  341
  361
  382
  404
  426
  450
  474
  500
  527
  555
  584
  615
  647
  681
  716
Issuance/(repurchase) of shares, $m
  291
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Cash from financing (excl. dividends), $m  
  720
  98
  111
  126
  142
  157
  172
  188
  203
  219
  235
  251
  268
  286
  304
  322
  341
  361
  382
  404
  426
  450
  474
  500
  527
  555
  584
  615
  647
  681
  716
Total cash flow (excl. dividends), $m
  -4
  2,780
  362
  373
  385
  397
  410
  423
  438
  453
  469
  456
  474
  493
  513
  534
  557
  580
  605
  631
  658
  687
  717
  749
  783
  818
  855
  894
  935
  978
  1,023
Retained Cash Flow (-), $m
  -376
  -63
  -68
  -78
  -87
  -97
  -106
  -116
  -125
  -135
  -145
  -155
  -165
  -176
  -187
  -198
  -210
  -222
  -235
  -249
  -262
  -277
  -292
  -308
  -324
  -342
  -360
  -379
  -398
  -419
  -441
Prev. year cash balance distribution, $m
 
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Cash flow adjustment, $m
 
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Cash available for distribution, $m
 
  2,717
  294
  295
  297
  300
  303
  308
  313
  318
  325
  301
  309
  317
  326
  336
  346
  358
  370
  382
  396
  410
  425
  441
  458
  476
  495
  515
  537
  559
  582
Discount rate, %
 
  7.60
  7.98
  8.38
  8.80
  9.24
  9.70
  10.18
  10.69
  11.23
  11.79
  12.38
  13.00
  13.65
  14.33
  15.05
  15.80
  16.59
  17.42
  18.29
  19.20
  20.17
  21.17
  22.23
  23.34
  24.51
  25.74
  27.02
  28.37
  29.79
  31.28
PV of cash for distribution, $m
 
  2,525
  252
  232
  212
  193
  174
  156
  139
  122
  107
  83
  71
  60
  50
  41
  33
  26
  21
  16
  12
  9
  6
  4
  3
  2
  1
  1
  0
  0
  0
Current shareholders' claim on cash, %
  100
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0

Genesee & Wyoming Inc. owns and operates short line and regional freight railroads, and provides railcar switching and other rail-related services. It operates through three segments: North American Operations, Australian Operations, and U.K./European Operations. The company transports various commodities, including agricultural products, autos and auto parts, chemicals and plastics, coal and coke, food and kindred products, lumber and forest products, metallic ores, metals, minerals and stone, pulp and paper, and other commodities. It owns or leases 120 freight railroads, including 103 short line railroads and 2 regional freight railroads located in the United States, 8 short line railroads located in Canada, 3 railroads located in Australia, 1 railroad located in the United Kingdom, 1 railroad in Poland, and 2 railroads in the Netherlands with a total of approximately 15,600 miles of track. The company also operates 1,400-mile Tarcoola-to-Darwin rail line in South Australia; and approximately 5,700 additional miles of track that is owned or leased by others. In addition, it operates deep sea maritime containers and provides bulk haulage, including coal, aggregates, cement, and infrastructure services. Further, the company provides rail service, coal loading, and railcar switching services; demurrage, storage, car hire, track access rights, transloading, and crewing and traction services; and railcar and locomotive repairs, property rentals, railroad construction, and other ancillary services for short line and regional railroads and industrial customers. Genesee & Wyoming Inc. was founded in 1899 and is headquartered in Darien, Connecticut.

FINANCIAL RATIOS  of  Genesee&Wyoming Cl A (GWR)

Valuation Ratios
P/E Ratio 29.6
Price to Sales 2.1
Price to Book 1.4
Price to Tangible Book
Price to Cash Flow 10.3
Price to Free Cash Flow 22.3
Growth Rates
Sales Growth Rate 0.1%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate -40.9%
Cap. Spend. - 3 Yr. Gr. Rate -2.4%
Financial Strength
Quick Ratio 1
Current Ratio 0
LT Debt to Equity 79.7%
Total Debt to Equity 81.5%
Interest Coverage 4
Management Effectiveness
Return On Assets 2.6%
Ret/ On Assets - 3 Yr. Avg. 3.9%
Return On Total Capital 2.8%
Ret/ On T. Cap. - 3 Yr. Avg. 4.9%
Return On Equity 5.2%
Return On Equity - 3 Yr. Avg. 8.7%
Asset Turnover 0.3
Profitability Ratios
Gross Margin 72.1%
Gross Margin - 3 Yr. Avg. 73%
EBITDA Margin 24.3%
EBITDA Margin - 3 Yr. Avg. 27.9%
Operating Margin 14.5%
Oper. Margin - 3 Yr. Avg. 19.5%
Pre-Tax Margin 10.7%
Pre-Tax Margin - 3 Yr. Avg. 16.1%
Net Profit Margin 7%
Net Profit Margin - 3 Yr. Avg. 11.4%
Effective Tax Rate 34.4%
Eff/ Tax Rate - 3 Yr. Avg. 29.6%
Payout Ratio 0%

GWR stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the GWR stock intrinsic value calculation we used $2002 million for the last fiscal year's total revenue generated by Genesee&Wyoming Cl A. The default revenue input number comes from 2016 income statement of Genesee&Wyoming Cl A. You may change it if you feel that it should be adjusted for some unusual circumstances that are not expected to be repeated in the future or if you already know (from interim financial statements, for example) that this year's revenue is going to be quite different.

Revenue growth rate. Forecasted future revenue growth rate is the most important input parameter for the intrinsic value calculation. Unlike other input parameters that are reasonably expected to be in line with their historic averages or their historic trends, the revenue growth rate by and large is a wild card: nobody really knows what the company's revenue will be in the future. Of course, the level of unpredictability is different for different industries (utility companies being the most predictable and, thus, less risky).
    We use three input parameters to forecast the revenue growth rate in our GWR stock valuation model: a) initial revenue growth rate of 2% whose default value is the revenue growth rate in the most recent quarter compared to the quarterly revenue a year ago; b) terminal revenue growth rate of 5% whose default value is chosen to be close to the average nominal (i.e. not adjusted for inflation) GDP growth rate; and c) revenue decline factor of 0.9, which stipulates that revenue growth rate in each forecasted year will be equal to the difference of the revenue growth rate in the preceding year and the terminal revenue growth rate multiplied by this revenue decline factor (with the passage of time the revenue growth rate will be approaching the terminal revenue growth rate, but not quite reaching it - though the difference could be infinitesimally small).
    At the revenue decline factor of 1, the future revenue growth rate is forecasted to be constant and equal to the initial revenue growth rate. The smaller the revenue decline factor, the faster the revenue growth rate will approach the terminal revenue growth.

Discount rate. The discount rate is used for determining the present value of future cash flows: future cash flows are "discounted" as at normal conditions (that translate into positive expected return on investment) one dollar today is worth more than the same dollar in the future. Unlike all other valuation models, we use variable discount rate, i.e. it increases for each consecutive year. This is done to account for higher risk of cash flows coming in further in the future.
    The initial discount rate of 7.6%, whose default value for GWR is calculated based on our internal credit rating of Genesee&Wyoming Cl A, is applied to the cash flow expected to be received a year from now (well, actually, to be precise, in the financial year following the base year - the last year for which we have financial statements). For each consecutive year the discount rate is multiplied by the discount rate multiplier of 1.05, e.i. each year it increases by 5%. Feel free to change this number to correspond to your level of risk assessment of Genesee&Wyoming Cl A.
    By the way, it is easy to set the discount rate to be constant (this would make comparison with other valuation models easier): just set the discount rate multiplier equal to 1 and chose the magnitude of the initial discount rate to your liking.

Variable cost ratio is the ratio of variable costs (i.e. costs that fluctuate with fluctuation of the volume of production) to the revenue expressed as a percentage. In the calculation of intrinsic value of GWR stock the variable cost ratio is equal to 81.8%.

Fixed operating expenses is just that - expenses that are not dependant on the volume of production. They are set to $0 million in the base year in the intrinsic value calculation for GWR stock. These expenses increase with the level of inflation in subsequent years.

Interest rate on debt is the average all-in rate of interest paid by the company on its debt. It is set at 3.5% for Genesee&Wyoming Cl A.

Corporate tax rate of 27% is the nominal tax rate for Genesee&Wyoming Cl A. In reality, companies find ways to pay much less taxes than that or not to pay them at all.

Cash flow adjustment could be used for any adjustment the investor deems necessary. Most commonly we use this field to account for stock options-related effects in excess of what is reported on the company's income statement. The cash flow adjustment is expressed as a percentage of the revenue, and in the current valuation of the GWR stock is equal to 0%.

Production assets are the company's assets used for manufacturing products or provision of services. In the valuation model input table they are expressed as a percentage of revenue and for GWR are equal to 177.4%.

Life of production assets of 22.1 years is the average useful life of capital assets used in Genesee&Wyoming Cl A operations. It is used to calculate yearly capital expenditures needed to keep these assets in good order - we call it the maintenance CAPEX.

Working capital is the difference between the company's current assets and liabilities. In the model we use the ratio of working capital to revenue, which for GWR is equal to 1.3%. A negative number means that the company is apt at using financial resources of its suppliers and customers; a large positive number, on the other hand, means that it either provides in-kind financing to others or is not good at managing its inventories.

Book value of equity - $2895 million for Genesee&Wyoming Cl A - is used in calculation of the "floor" for intrinsic valuation based on the discounted cash flow (DCF) method. Even if the prospects are very bad for a company, its assets could always be sold now for their current fair market value.

Shares outstanding of 61.892 million for Genesee&Wyoming Cl A is needed to calculate the intrinsic value of one share.

Market capitalization is used here only for reference purposes and as a quick check that the share price and the number of shares outstanding numbers are correct - something especially to be cognizant about at stock splits. So, the market capitalization of Genesee&Wyoming Cl A at the current share price and the inputted number of shares is $4.2 billion.


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COMPANY NEWS

▶ Analyzing Genesee & Wyomings European Carloads in March 2017   [Apr-20-17 09:06AM  Market Realist]
▶ Comparing CSXs Intermodal Volumes in Week 14 of 2017   [Apr-19-17 07:37AM  Market Realist]
▶ Canadian Pacific Railway: Overall Freight Traffic in Week 14   [Apr-18-17 02:15PM  Market Realist]
▶ How CSXs Intermodal Volumes Compared in Week 13 of 2017   [Apr-10-17 03:34PM  Market Realist]
▶ Did CSXs Intermodal Volumes Fall in Line in Week 11?   [Mar-28-17 12:11PM  Market Realist]
▶ Analyzing GWRs European Carloads in February 2017   [Mar-22-17 10:36AM  Market Realist]
▶ How Were CSXs Intermodal Volumes in the 10th Week?   [Mar-21-17 10:37AM  Market Realist]
▶ Genesee & Wyoming Reports Traffic for February 2017   [Mar-13-17 04:30PM  Business Wire]
▶ How Did GWRs North American Carloads Add Up in January 2016?   [Feb-23-17 10:36AM  Market Realist]
▶ Inside GWRs European Carload Rise in January   [Feb-22-17 09:06AM  Market Realist]
▶ Genesee & Wyoming Reports Traffic for January 2017   [Feb-13-17 05:02PM  Business Wire]
▶ Is Genesee & Wyoming Inc (GWR) a Good Stock to Buy?   [Dec-12-16 06:42PM  at Insider Monkey]
▶ Genesee & Wyoming Reports Traffic for November 2016   [Dec-09-16 06:30AM  Business Wire]
Stock chart of GWR Financial statements of GWR
Valuation of Stocks

The paper VALUATION OF STOCKS: The Quest for Intrinsic Value provides a detailed description of our valuation model and discloses the calculation algorithm.

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