Intrinsic value of CSX - CSX

Previous Close

$69.46

  Intrinsic Value

$14.62

stock screener

  Rating & Target

str. sell

-79%

Previous close

$69.46

 
Intrinsic value

$14.62

 
Up/down potential

-79%

 
Rating

str. sell

We calculate the intrinsic value of CSX 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 2017), $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 63.3

 

FINANCIAL STATEMENTS FORECAST and PRESENT VALUE CALCULATION

Fiscal year
   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
   2047

INCOME STATEMENT

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Revenue growth rate, %
  3.10
  3.29
  3.46
  3.61
  3.75
  3.88
  3.99
  4.09
  4.18
  4.26
  4.34
  4.40
  4.46
  4.52
  4.57
  4.61
  4.65
  4.68
  4.71
  4.74
  4.77
  4.79
  4.81
  4.83
  4.85
  4.86
  4.88
  4.89
  4.90
  4.91
Revenue, $m
  11,762
  12,149
  12,569
  13,023
  13,512
  14,036
  14,596
  15,194
  15,829
  16,504
  17,220
  17,978
  18,780
  19,629
  20,525
  21,471
  22,469
  23,521
  24,630
  25,798
  27,029
  28,324
  29,687
  31,121
  32,630
  34,217
  35,886
  37,641
  39,485
  41,424
Variable operating expenses, $m
  7,986
  8,249
  8,534
  8,843
  9,175
  9,531
  9,911
  10,316
  10,748
  11,206
  11,692
  12,207
  12,752
  13,328
  13,936
  14,579
  15,256
  15,971
  16,724
  17,517
  18,352
  19,232
  20,158
  21,131
  22,156
  23,234
  24,367
  25,558
  26,811
  28,127
Fixed operating expenses, $m
  224
  229
  234
  239
  244
  250
  255
  261
  266
  272
  278
  284
  291
  297
  304
  310
  317
  324
  331
  338
  346
  353
  361
  369
  377
  386
  394
  403
  412
  421
Total operating expenses, $m
  8,210
  8,478
  8,768
  9,082
  9,419
  9,781
  10,166
  10,577
  11,014
  11,478
  11,970
  12,491
  13,043
  13,625
  14,240
  14,889
  15,573
  16,295
  17,055
  17,855
  18,698
  19,585
  20,519
  21,500
  22,533
  23,620
  24,761
  25,961
  27,223
  28,548
Operating income, $m
  3,552
  3,671
  3,801
  3,942
  4,093
  4,256
  4,430
  4,616
  4,815
  5,025
  5,249
  5,487
  5,738
  6,004
  6,285
  6,582
  6,895
  7,226
  7,575
  7,943
  8,330
  8,738
  9,168
  9,621
  10,097
  10,598
  11,125
  11,680
  12,263
  12,877
EBITDA, $m
  6,794
  7,020
  7,266
  7,532
  7,819
  8,126
  8,455
  8,805
  9,179
  9,576
  9,997
  10,443
  10,916
  11,415
  11,944
  12,501
  13,090
  13,711
  14,366
  15,055
  15,782
  16,547
  17,353
  18,201
  19,093
  20,032
  21,019
  22,058
  23,149
  24,297
Interest expense (income), $m
  606
  638
  673
  712
  754
  799
  848
  900
  956
  1,015
  1,078
  1,145
  1,217
  1,292
  1,372
  1,456
  1,546
  1,640
  1,739
  1,844
  1,954
  2,071
  2,193
  2,322
  2,458
  2,600
  2,751
  2,909
  3,075
  3,249
  3,433
Earnings before tax, $m
  2,914
  2,998
  3,089
  3,188
  3,294
  3,408
  3,531
  3,661
  3,800
  3,947
  4,104
  4,270
  4,446
  4,632
  4,828
  5,036
  5,256
  5,487
  5,731
  5,989
  6,260
  6,545
  6,846
  7,163
  7,497
  7,848
  8,217
  8,605
  9,014
  9,444
Tax expense, $m
  787
  809
  834
  861
  889
  920
  953
  988
  1,026
  1,066
  1,108
  1,153
  1,200
  1,251
  1,304
  1,360
  1,419
  1,482
  1,547
  1,617
  1,690
  1,767
  1,849
  1,934
  2,024
  2,119
  2,219
  2,323
  2,434
  2,550
Net income, $m
  2,127
  2,188
  2,255
  2,327
  2,405
  2,488
  2,577
  2,672
  2,774
  2,881
  2,996
  3,117
  3,245
  3,381
  3,525
  3,676
  3,837
  4,006
  4,184
  4,372
  4,570
  4,778
  4,998
  5,229
  5,473
  5,729
  5,998
  6,282
  6,580
  6,894

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $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 assets, $m
  36,870
  38,083
  39,401
  40,826
  42,358
  44,001
  45,757
  47,629
  49,620
  51,736
  53,980
  56,357
  58,873
  61,532
  64,341
  67,307
  70,435
  73,734
  77,210
  80,872
  84,729
  88,790
  93,063
  97,559
  102,289
  107,264
  112,496
  117,996
  123,779
  129,857
Adjusted assets (=assets-cash), $m
  36,870
  38,083
  39,401
  40,826
  42,358
  44,001
  45,757
  47,629
  49,620
  51,736
  53,980
  56,357
  58,873
  61,532
  64,341
  67,307
  70,435
  73,734
  77,210
  80,872
  84,729
  88,790
  93,063
  97,559
  102,289
  107,264
  112,496
  117,996
  123,779
  129,857
Revenue / Adjusted assets
  0.319
  0.319
  0.319
  0.319
  0.319
  0.319
  0.319
  0.319
  0.319
  0.319
  0.319
  0.319
  0.319
  0.319
  0.319
  0.319
  0.319
  0.319
  0.319
  0.319
  0.319
  0.319
  0.319
  0.319
  0.319
  0.319
  0.319
  0.319
  0.319
  0.319
Average production assets, $m
  32,427
  33,494
  34,653
  35,906
  37,253
  38,698
  40,242
  41,889
  43,640
  45,501
  47,475
  49,565
  51,778
  54,117
  56,587
  59,195
  61,947
  64,848
  67,905
  71,126
  74,518
  78,089
  81,847
  85,802
  89,962
  94,337
  98,938
  103,776
  108,861
  114,207
Working capital, $m
  -494
  -510
  -528
  -547
  -568
  -590
  -613
  -638
  -665
  -693
  -723
  -755
  -789
  -824
  -862
  -902
  -944
  -988
  -1,034
  -1,084
  -1,135
  -1,190
  -1,247
  -1,307
  -1,370
  -1,437
  -1,507
  -1,581
  -1,658
  -1,740
Total debt, $m
  12,471
  13,184
  13,959
  14,797
  15,698
  16,663
  17,696
  18,797
  19,968
  21,212
  22,531
  23,929
  25,408
  26,972
  28,624
  30,367
  32,207
  34,146
  36,191
  38,344
  40,612
  42,999
  45,512
  48,156
  50,937
  53,862
  56,939
  60,173
  63,573
  67,147
Total liabilities, $m
  21,680
  22,393
  23,168
  24,006
  24,907
  25,872
  26,905
  28,006
  29,177
  30,421
  31,740
  33,138
  34,617
  36,181
  37,833
  39,576
  41,416
  43,355
  45,400
  47,553
  49,821
  52,208
  54,721
  57,365
  60,146
  63,071
  66,148
  69,382
  72,782
  76,356
Total equity, $m
  15,191
  15,690
  16,233
  16,820
  17,452
  18,128
  18,852
  19,623
  20,444
  21,315
  22,240
  23,219
  24,256
  25,351
  26,509
  27,730
  29,019
  30,378
  31,811
  33,319
  34,908
  36,581
  38,342
  40,194
  42,143
  44,193
  46,348
  48,615
  50,997
  53,501
Total liabilities and equity, $m
  36,871
  38,083
  39,401
  40,826
  42,359
  44,000
  45,757
  47,629
  49,621
  51,736
  53,980
  56,357
  58,873
  61,532
  64,342
  67,306
  70,435
  73,733
  77,211
  80,872
  84,729
  88,789
  93,063
  97,559
  102,289
  107,264
  112,496
  117,997
  123,779
  129,857
Debt-to-equity ratio
  0.820
  0.840
  0.860
  0.880
  0.900
  0.920
  0.940
  0.960
  0.980
  1.000
  1.010
  1.030
  1.050
  1.060
  1.080
  1.100
  1.110
  1.120
  1.140
  1.150
  1.160
  1.180
  1.190
  1.200
  1.210
  1.220
  1.230
  1.240
  1.250
  1.260
Adjusted equity ratio
  0.412
  0.412
  0.412
  0.412
  0.412
  0.412
  0.412
  0.412
  0.412
  0.412
  0.412
  0.412
  0.412
  0.412
  0.412
  0.412
  0.412
  0.412
  0.412
  0.412
  0.412
  0.412
  0.412
  0.412
  0.412
  0.412
  0.412
  0.412
  0.412
  0.412

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  2,127
  2,188
  2,255
  2,327
  2,405
  2,488
  2,577
  2,672
  2,774
  2,881
  2,996
  3,117
  3,245
  3,381
  3,525
  3,676
  3,837
  4,006
  4,184
  4,372
  4,570
  4,778
  4,998
  5,229
  5,473
  5,729
  5,998
  6,282
  6,580
  6,894
Depreciation, amort., depletion, $m
  3,243
  3,349
  3,465
  3,591
  3,725
  3,870
  4,024
  4,189
  4,364
  4,550
  4,747
  4,957
  5,178
  5,412
  5,659
  5,920
  6,195
  6,485
  6,790
  7,113
  7,452
  7,809
  8,185
  8,580
  8,996
  9,434
  9,894
  10,378
  10,886
  11,421
Funds from operations, $m
  5,370
  5,538
  5,720
  5,918
  6,130
  6,358
  6,602
  6,861
  7,138
  7,432
  7,743
  8,074
  8,423
  8,793
  9,184
  9,596
  10,031
  10,490
  10,974
  11,484
  12,021
  12,587
  13,183
  13,809
  14,469
  15,162
  15,892
  16,659
  17,466
  18,315
Change in working capital, $m
  -15
  -16
  -18
  -19
  -21
  -22
  -24
  -25
  -27
  -28
  -30
  -32
  -34
  -36
  -38
  -40
  -42
  -44
  -47
  -49
  -52
  -54
  -57
  -60
  -63
  -67
  -70
  -74
  -77
  -81
Cash from operations, $m
  5,385
  5,554
  5,738
  5,937
  6,151
  6,380
  6,625
  6,886
  7,164
  7,460
  7,773
  8,105
  8,457
  8,828
  9,221
  9,636
  10,073
  10,535
  11,021
  11,533
  12,073
  12,641
  13,240
  13,870
  14,532
  15,229
  15,962
  16,733
  17,544
  18,396
Maintenance CAPEX, $m
  -3,146
  -3,243
  -3,349
  -3,465
  -3,591
  -3,725
  -3,870
  -4,024
  -4,189
  -4,364
  -4,550
  -4,747
  -4,957
  -5,178
  -5,412
  -5,659
  -5,920
  -6,195
  -6,485
  -6,790
  -7,113
  -7,452
  -7,809
  -8,185
  -8,580
  -8,996
  -9,434
  -9,894
  -10,378
  -10,886
New CAPEX, $m
  -970
  -1,067
  -1,159
  -1,253
  -1,348
  -1,445
  -1,544
  -1,646
  -1,752
  -1,861
  -1,974
  -2,091
  -2,212
  -2,339
  -2,471
  -2,608
  -2,751
  -2,901
  -3,057
  -3,221
  -3,392
  -3,571
  -3,758
  -3,955
  -4,160
  -4,375
  -4,601
  -4,838
  -5,086
  -5,346
Cash from investing activities, $m
  -4,116
  -4,310
  -4,508
  -4,718
  -4,939
  -5,170
  -5,414
  -5,670
  -5,941
  -6,225
  -6,524
  -6,838
  -7,169
  -7,517
  -7,883
  -8,267
  -8,671
  -9,096
  -9,542
  -10,011
  -10,505
  -11,023
  -11,567
  -12,140
  -12,740
  -13,371
  -14,035
  -14,732
  -15,464
  -16,232
Free cash flow, $m
  1,269
  1,244
  1,229
  1,219
  1,212
  1,210
  1,211
  1,216
  1,224
  1,235
  1,250
  1,267
  1,288
  1,312
  1,339
  1,369
  1,402
  1,439
  1,479
  1,522
  1,568
  1,619
  1,673
  1,730
  1,792
  1,858
  1,927
  2,002
  2,081
  2,164
Issuance/(repayment) of debt, $m
  662
  713
  775
  838
  901
  966
  1,032
  1,101
  1,171
  1,244
  1,320
  1,398
  1,479
  1,564
  1,652
  1,744
  1,839
  1,940
  2,044
  2,153
  2,268
  2,387
  2,513
  2,644
  2,781
  2,925
  3,076
  3,234
  3,400
  3,574
Issuance/(repurchase) of shares, $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 from financing (excl. dividends), $m  
  662
  713
  775
  838
  901
  966
  1,032
  1,101
  1,171
  1,244
  1,320
  1,398
  1,479
  1,564
  1,652
  1,744
  1,839
  1,940
  2,044
  2,153
  2,268
  2,387
  2,513
  2,644
  2,781
  2,925
  3,076
  3,234
  3,400
  3,574
Total cash flow (excl. dividends), $m
  1,931
  1,958
  2,004
  2,056
  2,113
  2,176
  2,243
  2,317
  2,395
  2,479
  2,569
  2,665
  2,767
  2,876
  2,991
  3,113
  3,242
  3,378
  3,523
  3,675
  3,836
  4,006
  4,185
  4,374
  4,573
  4,783
  5,004
  5,236
  5,481
  5,738
Retained Cash Flow (-), $m
  -470
  -500
  -543
  -587
  -631
  -677
  -723
  -771
  -821
  -872
  -925
  -979
  -1,036
  -1,096
  -1,157
  -1,222
  -1,289
  -1,359
  -1,432
  -1,509
  -1,589
  -1,673
  -1,761
  -1,853
  -1,949
  -2,050
  -2,155
  -2,266
  -2,382
  -2,504
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
  1,461
  1,458
  1,461
  1,469
  1,482
  1,499
  1,520
  1,545
  1,574
  1,608
  1,645
  1,686
  1,731
  1,780
  1,833
  1,891
  1,953
  2,019
  2,090
  2,166
  2,247
  2,333
  2,425
  2,522
  2,624
  2,733
  2,848
  2,970
  3,098
  3,234
Discount rate, %
  6.30
  6.62
  6.95
  7.29
  7.66
  8.04
  8.44
  8.86
  9.31
  9.77
  10.26
  10.78
  11.31
  11.88
  12.47
  13.10
  13.75
  14.44
  15.16
  15.92
  16.72
  17.55
  18.43
  19.35
  20.32
  21.33
  22.40
  23.52
  24.70
  25.93
PV of cash for distribution, $m
  1,375
  1,283
  1,195
  1,109
  1,025
  943
  862
  783
  707
  633
  562
  494
  430
  370
  314
  264
  218
  178
  143
  113
  87
  67
  50
  36
  26
  18
  12
  8
  5
  3
Current shareholders' claim on cash, %
  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

CSX Corporation is a transportation company. The Company provides rail-based freight transportation services, including traditional rail service and transport of intermodal containers and trailers, as well as other transportation services, such as rail-to-truck transfers and bulk commodity operations. The Company categorizes its products into three primary lines of business: merchandise, intermodal and coal. The Company's intermodal business links customers to railroads through trucks and terminals. The Company's merchandise business consists of shipments in markets, such as agricultural and food products, fertilizers, chemicals, automotive, metals and equipment, minerals and forest products. The Company's coal business transports domestic coal, coke and iron ore to electricity-generating power plants, steel manufacturers and industrial plants, as well as export coal to deep-water port facilities.

FINANCIAL RATIOS  of  CSX (CSX)

Valuation Ratios
P/E Ratio 37.6
Price to Sales 5.8
Price to Book 5.5
Price to Tangible Book
Price to Cash Flow 21.2
Price to Free Cash Flow 100.3
Growth Rates
Sales Growth Rate -6.3%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate -6.4%
Cap. Spend. - 3 Yr. Gr. Rate 0.7%
Financial Strength
Quick Ratio 3
Current Ratio 0.1
LT Debt to Equity 93.9%
Total Debt to Equity 96.7%
Interest Coverage 6
Management Effectiveness
Return On Assets 6%
Ret/ On Assets - 3 Yr. Avg. 6.6%
Return On Total Capital 7.6%
Ret/ On T. Cap. - 3 Yr. Avg. 8.7%
Return On Equity 14.7%
Return On Equity - 3 Yr. Avg. 16.6%
Asset Turnover 0.3
Profitability Ratios
Gross Margin 63.1%
Gross Margin - 3 Yr. Avg. 61.2%
EBITDA Margin 42%
EBITDA Margin - 3 Yr. Avg. 40.4%
Operating Margin 29.6%
Oper. Margin - 3 Yr. Avg. 29.5%
Pre-Tax Margin 24.8%
Pre-Tax Margin - 3 Yr. Avg. 25.1%
Net Profit Margin 15.5%
Net Profit Margin - 3 Yr. Avg. 15.8%
Effective Tax Rate 37.5%
Eff/ Tax Rate - 3 Yr. Avg. 37.1%
Payout Ratio 39.7%

CSX stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the CSX stock intrinsic value calculation we used $11408 million for the last fiscal year's total revenue generated by CSX. The default revenue input number comes from 2017 income statement of CSX. 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 CSX stock valuation model: a) initial revenue growth rate of 3.1% 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 6.3%, whose default value for CSX is calculated based on our internal credit rating of CSX, 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 CSX.
    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 CSX stock the variable cost ratio is equal to 67.9%.

Fixed operating expenses is just that - expenses that are not dependant on the volume of production. They are set to $219 million in the base year in the intrinsic value calculation for CSX 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 5.4% for CSX.

Corporate tax rate of 27% is the nominal tax rate for CSX. 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 CSX 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 CSX are equal to 275.7%.

Life of production assets of 10 years is the average useful life of capital assets used in CSX 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 CSX is equal to -4.2%. 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 - $14721 million for CSX - 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 911 million for CSX 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 CSX at the current share price and the inputted number of shares is $63.3 billion.

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COMPANY NEWS

▶ [$$] Charting the Market   [Jul-21-18 12:01AM  Barrons.com]
▶ Atlanta clears a new path (Interactive map)   [Jul-20-18 04:00AM  American City Business Journals]
▶ CSX CEO talks record-breaking quarter, addresses skeptics   [10:51AM  American City Business Journals]
▶ Full Steam Ahead for CSX   [02:44PM  TheStreet.com]
▶ [$$] CSX Reports Jump in Profit   [Jul-17-18 07:36PM  The Wall Street Journal]
▶ CSX Rises on Earnings, Revenue Beat   [05:12PM  TheStreet.com]
▶ CSX stock rises after earnings beat   [04:23PM  MarketWatch]
▶ Will CSX Continue to Impress Investors this Quarter?   [Jul-16-18 04:15PM  Motley Fool]
▶ Five revelations from the fatal Amtrak, CSX crash investigation   [Jul-13-18 09:10AM  American City Business Journals]
▶ Brightline hires CSX exec as Orlando-to-Tampa high-speed rail plans heat up   [Jul-12-18 12:52PM  American City Business Journals]
▶ Federal investigators review CSX, Amtrak collision   [Jul-10-18 01:17PM  American City Business Journals]
▶ CSX Announces Senior Executive Changes   [Jul-09-18 02:00PM  GlobeNewswire]
▶ CSX to reopen shuttered Nashville yard, quashing oft-teased transit dream   [Jul-03-18 11:51AM  American City Business Journals]
▶ CSX to reopen shuttered Nashville yard, quashing oft-teased transit dream   [Jul-02-18 03:33PM  American City Business Journals]
▶ CSX revives eastern N.C. intermodal terminal plans - with $118M from DOT   [Jun-28-18 10:05AM  American City Business Journals]
▶ Industrial stocks close lower amid trade tensions   [Jun-25-18 04:22PM  CNBC Videos]
▶ The proposed Gulch-SoBro pedestrian bridge is still stuck in the station   [Jun-18-18 12:45PM  American City Business Journals]
▶ CSX train derails, catches fire in Indiana   [07:46AM  American City Business Journals]
▶ CSX to pay $3 million in sex discrimination settlement   [Jun-13-18 02:37PM  American City Business Journals]
▶ Americas Boxcar Pool Has a Leak in CSX   [Jun-10-18 07:43PM  The Wall Street Journal]
▶ America's Boxcar Pool Has a Leak in CSX   [08:00AM  The Wall Street Journal]
▶ CSX is selling 650 miles of track   [Jun-07-18 07:55AM  American City Business Journals]
▶ CSX Solicits Bids on Six Additional Rail Segments   [Jun-06-18 03:00PM  GlobeNewswire]
▶ CSX Names James Schwichtenberg Chief Safety Officer   [May-30-18 02:39PM  GlobeNewswire]
▶ Meet Jacksonville logistics legend Jim Hertwig   [May-29-18 01:35PM  American City Business Journals]
▶ CSX Advances Efforts to Assess Operational Safety   [May-25-18 02:49PM  GlobeNewswire]
▶ Jim Cramer: Taming the Inflation Beast   [May-24-18 07:01PM  TheStreet.com]
▶ Why NC landowners are suing CSX   [08:49AM  American City Business Journals]
▶ Developer poised to make major multifamily play near Nationals Park   [May-23-18 02:39PM  American City Business Journals]
▶ CSX Corporation Declares Quarterly Dividend   [May-18-18 01:00PM  GlobeNewswire]
▶ CSX announces new safety steps, discusses workforce plans   [12:17PM  American City Business Journals]
▶ CSX shareholders gather in Jax, here's what they're deciding   [08:49AM  American City Business Journals]
▶ Clear Tracks Ahead For CSX   [May-16-18 01:32PM  TheStreet.com]
▶ Short on workers, CSX again warns employees about time-off policies   [08:00AM  American City Business Journals]
▶ Union Pacific Struggles to Lift Productivity   [May-09-18 07:07PM  Motley Fool]
▶ 6 Stocks That Can Soar With The Dollar   [02:30PM  Investopedia]
▶ CSX shareholders divided on how much former CEO is owed   [08:20AM  American City Business Journals]
▶ Stock Picks to Bet on a Stronger Dollar   [May-07-18 12:33PM  Barrons.com]
▶ CSX Announces Operating Management Changes   [Apr-23-18 04:00PM  GlobeNewswire]
▶ CSX confirms 'talks continue' with North Carolina over Rocky Mount terminal   [Apr-20-18 08:28AM  American City Business Journals]
▶ CSX Looks for a Railroad Renaissance   [Apr-18-18 08:01PM  Motley Fool]
▶ Analyst excited by strong quarter at CSX   [01:49PM  American City Business Journals]
▶ [$$] CSX shares chug their way to record high   [Apr-17-18 11:13PM  Financial Times]
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