Intrinsic value of Kansas City Southern - KSU

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$101.86

  Intrinsic Value

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  Value-price divergence*

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$101.86

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

We calculate the intrinsic value of KSU 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 10.9

 

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, %
  -3.51
  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
  2,334
  2,381
  2,435
  2,498
  2,568
  2,646
  2,732
  2,825
  2,925
  3,034
  3,150
  3,275
  3,408
  3,549
  3,700
  3,859
  4,028
  4,207
  4,397
  4,597
  4,808
  5,031
  5,266
  5,514
  5,775
  6,049
  6,339
  6,644
  6,964
  7,301
  7,656
Variable operating expenses, $m
 
  1,597
  1,634
  1,676
  1,723
  1,776
  1,833
  1,895
  1,963
  2,036
  2,114
  2,197
  2,287
  2,382
  2,482
  2,590
  2,703
  2,823
  2,950
  3,084
  3,226
  3,376
  3,533
  3,700
  3,875
  4,059
  4,253
  4,458
  4,673
  4,899
  5,137
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
  1,516
  1,597
  1,634
  1,676
  1,723
  1,776
  1,833
  1,895
  1,963
  2,036
  2,114
  2,197
  2,287
  2,382
  2,482
  2,590
  2,703
  2,823
  2,950
  3,084
  3,226
  3,376
  3,533
  3,700
  3,875
  4,059
  4,253
  4,458
  4,673
  4,899
  5,137
Operating income, $m
  819
  783
  801
  822
  845
  871
  899
  929
  962
  998
  1,036
  1,077
  1,121
  1,168
  1,217
  1,270
  1,325
  1,384
  1,447
  1,512
  1,582
  1,655
  1,732
  1,814
  1,900
  1,990
  2,085
  2,186
  2,291
  2,402
  2,519
EBITDA, $m
  1,124
  1,094
  1,119
  1,148
  1,180
  1,216
  1,255
  1,298
  1,344
  1,394
  1,448
  1,505
  1,566
  1,631
  1,700
  1,773
  1,851
  1,933
  2,020
  2,112
  2,209
  2,312
  2,420
  2,533
  2,653
  2,780
  2,913
  3,053
  3,200
  3,355
  3,518
Interest expense (income), $m
  84
  81
  84
  88
  92
  97
  102
  108
  114
  121
  129
  136
  145
  154
  164
  174
  185
  196
  209
  222
  235
  250
  265
  281
  298
  316
  335
  354
  375
  397
  420
Earnings before tax, $m
  663
  702
  717
  734
  753
  774
  797
  821
  848
  877
  908
  941
  976
  1,014
  1,053
  1,096
  1,140
  1,188
  1,238
  1,291
  1,347
  1,405
  1,468
  1,533
  1,602
  1,675
  1,751
  1,831
  1,916
  2,005
  2,099
Tax expense, $m
  183
  190
  194
  198
  203
  209
  215
  222
  229
  237
  245
  254
  264
  274
  284
  296
  308
  321
  334
  348
  364
  379
  396
  414
  433
  452
  473
  494
  517
  541
  567
Net income, $m
  478
  513
  524
  536
  550
  565
  582
  600
  619
  640
  663
  687
  713
  740
  769
  800
  833
  867
  904
  942
  983
  1,026
  1,071
  1,119
  1,169
  1,222
  1,278
  1,337
  1,399
  1,464
  1,532

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  171
  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
  8,818
  8,817
  9,020
  9,252
  9,512
  9,801
  10,117
  10,462
  10,835
  11,236
  11,668
  12,129
  12,621
  13,145
  13,702
  14,293
  14,920
  15,583
  16,284
  17,025
  17,807
  18,632
  19,503
  20,420
  21,387
  22,405
  23,477
  24,606
  25,793
  27,042
  28,356
Adjusted assets (=assets-cash), $m
  8,647
  8,817
  9,020
  9,252
  9,512
  9,801
  10,117
  10,462
  10,835
  11,236
  11,668
  12,129
  12,621
  13,145
  13,702
  14,293
  14,920
  15,583
  16,284
  17,025
  17,807
  18,632
  19,503
  20,420
  21,387
  22,405
  23,477
  24,606
  25,793
  27,042
  28,356
Revenue / Adjusted assets
  0.270
  0.270
  0.270
  0.270
  0.270
  0.270
  0.270
  0.270
  0.270
  0.270
  0.270
  0.270
  0.270
  0.270
  0.270
  0.270
  0.270
  0.270
  0.270
  0.270
  0.270
  0.270
  0.270
  0.270
  0.270
  0.270
  0.270
  0.270
  0.270
  0.270
  0.270
Average production assets, $m
  7,888
  8,047
  8,232
  8,443
  8,681
  8,944
  9,233
  9,547
  9,888
  10,254
  10,648
  11,069
  11,518
  11,996
  12,505
  13,044
  13,616
  14,221
  14,861
  15,537
  16,251
  17,004
  17,798
  18,636
  19,518
  20,447
  21,425
  22,455
  23,539
  24,679
  25,878
Working capital, $m
  -96
  -62
  -63
  -65
  -67
  -69
  -71
  -73
  -76
  -79
  -82
  -85
  -89
  -92
  -96
  -100
  -105
  -109
  -114
  -120
  -125
  -131
  -137
  -143
  -150
  -157
  -165
  -173
  -181
  -190
  -199
Total debt, $m
  2,478
  2,397
  2,504
  2,626
  2,763
  2,915
  3,082
  3,263
  3,460
  3,672
  3,899
  4,142
  4,401
  4,678
  4,971
  5,283
  5,613
  5,962
  6,332
  6,722
  7,134
  7,569
  8,028
  8,512
  9,021
  9,558
  10,123
  10,717
  11,343
  12,001
  12,694
Total liabilities, $m
  4,728
  4,647
  4,754
  4,876
  5,013
  5,165
  5,332
  5,513
  5,710
  5,922
  6,149
  6,392
  6,651
  6,928
  7,221
  7,533
  7,863
  8,212
  8,582
  8,972
  9,384
  9,819
  10,278
  10,762
  11,271
  11,808
  12,373
  12,967
  13,593
  14,251
  14,944
Total equity, $m
  4,090
  4,171
  4,267
  4,376
  4,499
  4,636
  4,785
  4,948
  5,125
  5,315
  5,519
  5,737
  5,970
  6,218
  6,481
  6,761
  7,057
  7,371
  7,702
  8,053
  8,423
  8,813
  9,225
  9,659
  10,116
  10,598
  11,105
  11,639
  12,200
  12,791
  13,412
Total liabilities and equity, $m
  8,818
  8,818
  9,021
  9,252
  9,512
  9,801
  10,117
  10,461
  10,835
  11,237
  11,668
  12,129
  12,621
  13,146
  13,702
  14,294
  14,920
  15,583
  16,284
  17,025
  17,807
  18,632
  19,503
  20,421
  21,387
  22,406
  23,478
  24,606
  25,793
  27,042
  28,356
Debt-to-equity ratio
  0.606
  0.570
  0.590
  0.600
  0.610
  0.630
  0.640
  0.660
  0.680
  0.690
  0.710
  0.720
  0.740
  0.750
  0.770
  0.780
  0.800
  0.810
  0.820
  0.830
  0.850
  0.860
  0.870
  0.880
  0.890
  0.900
  0.910
  0.920
  0.930
  0.940
  0.950
Adjusted equity ratio
  0.473
  0.473
  0.473
  0.473
  0.473
  0.473
  0.473
  0.473
  0.473
  0.473
  0.473
  0.473
  0.473
  0.473
  0.473
  0.473
  0.473
  0.473
  0.473
  0.473
  0.473
  0.473
  0.473
  0.473
  0.473
  0.473
  0.473
  0.473
  0.473
  0.473
  0.473

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  478
  513
  524
  536
  550
  565
  582
  600
  619
  640
  663
  687
  713
  740
  769
  800
  833
  867
  904
  942
  983
  1,026
  1,071
  1,119
  1,169
  1,222
  1,278
  1,337
  1,399
  1,464
  1,532
Depreciation, amort., depletion, $m
  305
  311
  318
  326
  335
  345
  356
  369
  382
  396
  411
  427
  445
  463
  483
  504
  526
  549
  574
  600
  627
  657
  687
  720
  754
  789
  827
  867
  909
  953
  999
Funds from operations, $m
  946
  824
  842
  862
  885
  910
  938
  968
  1,001
  1,036
  1,074
  1,114
  1,157
  1,203
  1,252
  1,303
  1,358
  1,416
  1,477
  1,542
  1,610
  1,682
  1,758
  1,839
  1,923
  2,012
  2,105
  2,204
  2,308
  2,417
  2,531
Change in working capital, $m
  33
  -1
  -1
  -2
  -2
  -2
  -2
  -2
  -3
  -3
  -3
  -3
  -3
  -4
  -4
  -4
  -4
  -5
  -5
  -5
  -5
  -6
  -6
  -6
  -7
  -7
  -8
  -8
  -8
  -9
  -9
Cash from operations, $m
  913
  1,007
  843
  864
  887
  912
  940
  971
  1,004
  1,039
  1,077
  1,117
  1,161
  1,207
  1,256
  1,308
  1,363
  1,421
  1,482
  1,547
  1,616
  1,688
  1,765
  1,845
  1,930
  2,019
  2,113
  2,212
  2,316
  2,425
  2,541
Maintenance CAPEX, $m
  0
  -305
  -311
  -318
  -326
  -335
  -345
  -356
  -369
  -382
  -396
  -411
  -427
  -445
  -463
  -483
  -504
  -526
  -549
  -574
  -600
  -627
  -657
  -687
  -720
  -754
  -789
  -827
  -867
  -909
  -953
New CAPEX, $m
  -591
  -159
  -185
  -212
  -238
  -263
  -289
  -314
  -340
  -367
  -394
  -421
  -449
  -478
  -508
  -539
  -572
  -605
  -640
  -676
  -714
  -753
  -794
  -837
  -882
  -929
  -978
  -1,030
  -1,084
  -1,140
  -1,199
Cash from investing activities, $m
  -628
  -464
  -496
  -530
  -564
  -598
  -634
  -670
  -709
  -749
  -790
  -832
  -876
  -923
  -971
  -1,022
  -1,076
  -1,131
  -1,189
  -1,250
  -1,314
  -1,380
  -1,451
  -1,524
  -1,602
  -1,683
  -1,767
  -1,857
  -1,951
  -2,049
  -2,152
Free cash flow, $m
  285
  543
  347
  334
  323
  314
  306
  300
  295
  291
  287
  285
  284
  284
  284
  285
  287
  290
  293
  297
  302
  308
  314
  321
  328
  336
  345
  355
  365
  377
  389
Issuance/(repayment) of debt, $m
  73
  90
  107
  122
  137
  152
  167
  182
  197
  212
  227
  243
  259
  276
  294
  311
  330
  349
  370
  390
  412
  435
  459
  484
  509
  537
  565
  595
  626
  658
  692
Issuance/(repurchase) of shares, $m
  -185
  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  
  -108
  90
  107
  122
  137
  152
  167
  182
  197
  212
  227
  243
  259
  276
  294
  311
  330
  349
  370
  390
  412
  435
  459
  484
  509
  537
  565
  595
  626
  658
  692
Total cash flow (excl. dividends), $m
  177
  633
  454
  456
  460
  466
  473
  481
  491
  502
  515
  528
  544
  560
  578
  597
  617
  639
  663
  688
  714
  743
  772
  804
  837
  873
  910
  950
  991
  1,035
  1,081
Retained Cash Flow (-), $m
  -176
  -81
  -96
  -110
  -123
  -136
  -150
  -163
  -176
  -190
  -204
  -218
  -233
  -248
  -263
  -280
  -296
  -314
  -332
  -350
  -370
  -390
  -412
  -434
  -457
  -482
  -507
  -534
  -562
  -591
  -621
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
 
  553
  358
  347
  337
  330
  323
  318
  315
  312
  311
  310
  311
  312
  314
  317
  321
  326
  331
  337
  344
  352
  361
  370
  380
  391
  403
  416
  429
  444
  460
Discount rate, %
 
  5.70
  5.99
  6.28
  6.60
  6.93
  7.27
  7.64
  8.02
  8.42
  8.84
  9.28
  9.75
  10.24
  10.75
  11.29
  11.85
  12.44
  13.06
  13.72
  14.40
  15.12
  15.88
  16.67
  17.51
  18.38
  19.30
  20.27
  21.28
  22.34
  23.46
PV of cash for distribution, $m
 
  523
  319
  289
  261
  236
  212
  190
  170
  151
  133
  117
  102
  88
  75
  64
  54
  44
  36
  29
  23
  18
  14
  11
  8
  6
  4
  3
  2
  1
  1
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

Kansas City Southern, through its subsidiaries, provides freight rail transportation services. The company operates north/south rail route between Kansas City, Missouri, and various ports along the Gulf of Mexico in Alabama, Louisiana, Mississippi, and Texas. It also operates direct rail passageway between Mexico City and Laredo, Texas serving Mexico’s industrial cities and three of its seaports; and owns a 157-mile rail line extending from Laredo, Texas to the port city of Corpus Christi, Texas. In addition, the company owns the northern half of the rail bridge at Laredo, Texas. Its coordinated rail network includes approximately 6,600 route miles extending from the Midwest and Southeast portions of the United States south into Mexico and connects with other Class I railroads. The company serves the chemical and petroleum, industrial and consumer products, agriculture and minerals, energy, intermodal, and automotive markets. Kansas City Southern was founded in 1887 and is headquartered in Kansas City, Missouri.

FINANCIAL RATIOS  of  Kansas City Southern (KSU)

Valuation Ratios
P/E Ratio 22.7
Price to Sales 4.7
Price to Book 2.7
Price to Tangible Book
Price to Cash Flow 11.9
Price to Free Cash Flow 33.7
Growth Rates
Sales Growth Rate -3.5%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate -29%
Cap. Spend. - 3 Yr. Gr. Rate -6%
Financial Strength
Quick Ratio 1
Current Ratio 0
LT Debt to Equity 55.6%
Total Debt to Equity 60.6%
Interest Coverage 9
Management Effectiveness
Return On Assets 6.3%
Ret/ On Assets - 3 Yr. Avg. 8.9%
Return On Total Capital 7.4%
Ret/ On T. Cap. - 3 Yr. Avg. 10.6%
Return On Equity 11.9%
Return On Equity - 3 Yr. Avg. 17.1%
Asset Turnover 0.3
Profitability Ratios
Gross Margin 65.3%
Gross Margin - 3 Yr. Avg. 63.4%
EBITDA Margin 45.1%
EBITDA Margin - 3 Yr. Avg. 42.8%
Operating Margin 35%
Oper. Margin - 3 Yr. Avg. 33%
Pre-Tax Margin 28.4%
Pre-Tax Margin - 3 Yr. Avg. 28%
Net Profit Margin 20.5%
Net Profit Margin - 3 Yr. Avg. 20%
Effective Tax Rate 27.6%
Eff/ Tax Rate - 3 Yr. Avg. 28.3%
Payout Ratio 29.9%

KSU stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the KSU stock intrinsic value calculation we used $2334 million for the last fiscal year's total revenue generated by Kansas City Southern. The default revenue input number comes from 2016 income statement of Kansas City Southern. 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 KSU 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 5.7%, whose default value for KSU is calculated based on our internal credit rating of Kansas City Southern, 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 Kansas City Southern.
    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 KSU stock the variable cost ratio is equal to 67.1%.

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 KSU 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 Kansas City Southern.

Corporate tax rate of 27% is the nominal tax rate for Kansas City Southern. 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 KSU 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 KSU are equal to 338%.

Life of production assets of 25.9 years is the average useful life of capital assets used in Kansas City Southern 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 KSU is equal to -2.6%. 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 - $4090 million for Kansas City Southern - 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 106.882 million for Kansas City Southern 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 Kansas City Southern at the current share price and the inputted number of shares is $10.9 billion.


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COMPANY NEWS

▶ Kansas City Southern: Its Intermodal Volumes in Week 23   [Jun-22-17 07:36AM  Market Realist]
▶ 5 Companies Reach 52-Week Highs   [01:14PM  GuruFocus.com]
▶ US Freight Rail Traffic on the Right Track in Week 23   [Jun-20-17 07:37AM  Market Realist]
▶ Fast Money final trades: KSU, SNAP, and more   [Jun-08-17 05:59PM  CNBC Videos]
▶ One of Canadas largest banks will soon plant a flag in KC   [03:00PM  American City Business Journals]
▶ "Fast Money" final trades: FSLR, FDX, and more   [Jun-07-17 05:59PM  CNBC Videos]
▶ Railroads Are Running Strong   [May-26-17 01:42PM  TheStreet.com]
▶ How GWRs North American Carloads Trended in April 2017   [May-25-17 10:36AM  Market Realist]
▶ What Commodities Led Kansas City Southerns Rise in Week 19?   [May-24-17 10:37AM  Market Realist]
▶ Canadian US Freight Rail Traffic Rose in Week 19   [May-23-17 04:10PM  Market Realist]
▶ Kansas City Southern: A Look at Its Intermodal Traffic   [May-10-17 07:36AM  Market Realist]
▶ What Boosted Kansas City Southerns Carloads in Week 17?   [May-09-17 07:38AM  Market Realist]
▶ Growth in US Freight Rail Traffic in Week 17   [May-08-17 03:35PM  Market Realist]
▶ Trump Tweets Nafta's Negotiable: Peso, Cemex & KSU Rise   [Apr-27-17 12:37PM  Barrons.com]
▶ NAFTA withdrawal: Impact on autos   [Apr-26-17 12:21PM  CNBC Videos]
▶ Why Kansas City Southerns Energy Revenue Rose 64% in 1Q17   [Apr-25-17 10:37AM  Market Realist]
▶ Kansas City Southern: Why Industrial Revenue Slid in 1Q17   [Apr-24-17 02:05PM  Market Realist]
▶ Is the Railroad Industry Out of the Woods Yet?   [Apr-21-17 04:52PM  Zacks]
▶ Story Stocks from Briefing.com   [11:06AM  Briefing.com]
▶ Kansas City Southern meets 1Q profit forecasts   [08:13AM  Associated Press]
▶ KC Southern CEO: A lot at stake if there's a 'bad outcome' on NAFTA   [03:10PM  American City Business Journals]
▶ Kansas City Southern: Coal Pushed Volumes Up in Week 14   [Apr-18-17 05:35PM  Market Realist]
▶ US Freight Rail Volumes SurgeIs a Recovery in Sight?   [Apr-10-17 03:34PM  Market Realist]
▶ US Freight Rail Traffic Grew in Double Digits Last Week   [Mar-31-17 03:38PM  Market Realist]
▶ Decoding Kansas City Southerns Carload Growth Story   [Mar-28-17 03:35PM  Market Realist]
▶ These Sectors Should Reward Shorts   [Mar-23-17 12:31PM  at Investopedia]
▶ How Kansas City Southerns Intermodal Volumes Fared   [Mar-22-17 09:06AM  Market Realist]
▶ Mexico Threatens to Derail Kansas City Southern   [Mar-17-17 09:27AM  at Investopedia]
Stock chart of KSU Financial statements of KSU Annual reports of KSU
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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