Intrinsic value of Genesee&Wyoming Cl A - GWR

Previous Close

$77.42

  Intrinsic Value

$36.41

stock screener

  Rating & Target

str. sell

-53%

Previous close

$77.42

 
Intrinsic value

$36.41

 
Up/down potential

-53%

 
Rating

str. sell

*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 4.8

 

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
  7.80
  7.52
  7.27
  7.04
  6.84
  6.65
  6.49
  6.34
  6.21
  6.08
  5.98
  5.88
  5.79
  5.71
  5.64
  5.58
  5.52
  5.47
  5.42
  5.38
  5.34
  5.31
  5.28
  5.25
  5.22
  5.20
  5.18
  5.16
  5.15
  5.13
Revenue, $m
  2,002
  2,158
  2,320
  2,489
  2,664
  2,847
  3,036
  3,233
  3,438
  3,651
  3,873
  4,105
  4,346
  4,598
  4,860
  5,135
  5,421
  5,720
  6,033
  6,360
  6,702
  7,060
  7,434
  7,827
  8,237
  8,668
  9,118
  9,591
  10,086
  10,605
  11,149
Variable operating expenses, $m
 
  1,757
  1,880
  2,009
  2,142
  2,281
  2,425
  2,575
  2,731
  2,894
  3,063
  3,127
  3,311
  3,502
  3,702
  3,911
  4,129
  4,357
  4,595
  4,845
  5,105
  5,378
  5,663
  5,962
  6,275
  6,603
  6,946
  7,306
  7,683
  8,078
  8,493
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
  1,757
  1,880
  2,009
  2,142
  2,281
  2,425
  2,575
  2,731
  2,894
  3,063
  3,127
  3,311
  3,502
  3,702
  3,911
  4,129
  4,357
  4,595
  4,845
  5,105
  5,378
  5,663
  5,962
  6,275
  6,603
  6,946
  7,306
  7,683
  8,078
  8,493
Operating income, $m
  290
  402
  440
  480
  522
  566
  611
  658
  706
  757
  810
  978
  1,035
  1,095
  1,158
  1,223
  1,291
  1,363
  1,437
  1,515
  1,597
  1,682
  1,771
  1,865
  1,962
  2,065
  2,172
  2,285
  2,403
  2,527
  2,656
EBITDA, $m
  495
  687
  739
  793
  849
  907
  967
  1,030
  1,095
  1,163
  1,234
  1,307
  1,384
  1,464
  1,548
  1,635
  1,727
  1,822
  1,922
  2,026
  2,135
  2,249
  2,368
  2,493
  2,624
  2,761
  2,904
  3,055
  3,213
  3,378
  3,551
Interest expense (income), $m
  66
  81
  94
  108
  122
  136
  151
  167
  183
  200
  217
  236
  255
  275
  295
  317
  340
  363
  388
  414
  441
  469
  498
  529
  561
  595
  631
  668
  707
  748
  790
Earnings before tax, $m
  215
  320
  346
  373
  400
  429
  460
  491
  523
  557
  593
  742
  781
  821
  863
  906
  952
  1,000
  1,049
  1,102
  1,156
  1,213
  1,273
  1,336
  1,401
  1,470
  1,542
  1,617
  1,696
  1,779
  1,866
Tax expense, $m
  74
  86
  93
  101
  108
  116
  124
  133
  141
  150
  160
  200
  211
  222
  233
  245
  257
  270
  283
  297
  312
  328
  344
  361
  378
  397
  416
  437
  458
  480
  504
Net income, $m
  141
  234
  252
  272
  292
  313
  335
  358
  382
  407
  433
  542
  570
  599
  630
  662
  695
  730
  766
  804
  844
  886
  929
  975
  1,023
  1,073
  1,125
  1,181
  1,238
  1,299
  1,362

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
  8,206
  8,823
  9,464
  10,131
  10,823
  11,543
  12,292
  13,072
  13,883
  14,727
  15,608
  16,525
  17,482
  18,481
  19,523
  20,612
  21,749
  22,938
  24,182
  25,482
  26,843
  28,267
  29,759
  31,320
  32,956
  34,670
  36,467
  38,349
  40,323
  42,392
Adjusted assets (=assets-cash), $m
  7,603
  8,206
  8,823
  9,464
  10,131
  10,823
  11,543
  12,292
  13,072
  13,883
  14,727
  15,608
  16,525
  17,482
  18,481
  19,523
  20,612
  21,749
  22,938
  24,182
  25,482
  26,843
  28,267
  29,759
  31,320
  32,956
  34,670
  36,467
  38,349
  40,323
  42,392
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
  3,829
  4,116
  4,416
  4,727
  5,050
  5,386
  5,735
  6,099
  6,477
  6,871
  7,282
  7,710
  8,156
  8,622
  9,109
  9,617
  10,147
  10,702
  11,282
  11,889
  12,524
  13,188
  13,884
  14,613
  15,376
  16,176
  17,014
  17,892
  18,813
  19,779
Working capital, $m
  6
  28
  30
  32
  35
  37
  39
  42
  45
  47
  50
  53
  56
  60
  63
  67
  70
  74
  78
  83
  87
  92
  97
  102
  107
  113
  119
  125
  131
  138
  145
Total debt, $m
  2,359
  2,698
  3,080
  3,477
  3,890
  4,319
  4,764
  5,228
  5,710
  6,212
  6,735
  7,280
  7,848
  8,440
  9,058
  9,704
  10,378
  11,082
  11,818
  12,587
  13,392
  14,235
  15,116
  16,040
  17,006
  18,019
  19,080
  20,192
  21,357
  22,579
  23,860
Total liabilities, $m
  4,740
  5,079
  5,461
  5,858
  6,271
  6,700
  7,145
  7,609
  8,091
  8,593
  9,116
  9,661
  10,229
  10,821
  11,439
  12,085
  12,759
  13,463
  14,199
  14,968
  15,773
  16,616
  17,497
  18,421
  19,387
  20,400
  21,461
  22,573
  23,738
  24,960
  26,241
Total equity, $m
  2,895
  3,126
  3,362
  3,606
  3,860
  4,124
  4,398
  4,683
  4,980
  5,289
  5,611
  5,947
  6,296
  6,661
  7,041
  7,438
  7,853
  8,286
  8,739
  9,213
  9,709
  10,227
  10,770
  11,338
  11,933
  12,556
  13,209
  13,894
  14,611
  15,363
  16,152
Total liabilities and equity, $m
  7,635
  8,205
  8,823
  9,464
  10,131
  10,824
  11,543
  12,292
  13,071
  13,882
  14,727
  15,608
  16,525
  17,482
  18,480
  19,523
  20,612
  21,749
  22,938
  24,181
  25,482
  26,843
  28,267
  29,759
  31,320
  32,956
  34,670
  36,467
  38,349
  40,323
  42,393
Debt-to-equity ratio
  0.815
  0.860
  0.920
  0.960
  1.010
  1.050
  1.080
  1.120
  1.150
  1.170
  1.200
  1.220
  1.250
  1.270
  1.290
  1.300
  1.320
  1.340
  1.350
  1.370
  1.380
  1.390
  1.400
  1.410
  1.430
  1.440
  1.440
  1.450
  1.460
  1.470
  1.480
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
  234
  252
  272
  292
  313
  335
  358
  382
  407
  433
  542
  570
  599
  630
  662
  695
  730
  766
  804
  844
  886
  929
  975
  1,023
  1,073
  1,125
  1,181
  1,238
  1,299
  1,362
Depreciation, amort., depletion, $m
  205
  286
  299
  312
  326
  341
  356
  372
  389
  406
  424
  329
  349
  369
  390
  412
  435
  459
  484
  511
  538
  567
  597
  628
  661
  696
  732
  770
  810
  851
  895
Funds from operations, $m
  384
  520
  551
  584
  619
  655
  692
  730
  771
  813
  856
  871
  919
  968
  1,020
  1,074
  1,130
  1,189
  1,250
  1,315
  1,382
  1,452
  1,526
  1,603
  1,684
  1,769
  1,857
  1,950
  2,048
  2,150
  2,257
Change in working capital, $m
  -23
  2
  2
  2
  2
  2
  2
  3
  3
  3
  3
  3
  3
  3
  3
  4
  4
  4
  4
  4
  4
  5
  5
  5
  5
  6
  6
  6
  6
  7
  7
Cash from operations, $m
  407
  517
  549
  582
  617
  652
  689
  728
  768
  810
  853
  868
  916
  965
  1,016
  1,070
  1,126
  1,185
  1,246
  1,310
  1,377
  1,448
  1,521
  1,598
  1,679
  1,763
  1,852
  1,944
  2,041
  2,143
  2,250
Maintenance CAPEX, $m
  0
  -161
  -173
  -186
  -200
  -214
  -228
  -244
  -260
  -276
  -293
  -311
  -329
  -349
  -369
  -390
  -412
  -435
  -459
  -484
  -511
  -538
  -567
  -597
  -628
  -661
  -696
  -732
  -770
  -810
  -851
New CAPEX, $m
  -220
  -276
  -288
  -299
  -311
  -323
  -336
  -349
  -364
  -378
  -394
  -411
  -428
  -446
  -466
  -486
  -508
  -531
  -555
  -580
  -607
  -635
  -665
  -696
  -729
  -763
  -800
  -838
  -878
  -921
  -965
Cash from investing activities, $m
  -1,135
  -437
  -461
  -485
  -511
  -537
  -564
  -593
  -624
  -654
  -687
  -722
  -757
  -795
  -835
  -876
  -920
  -966
  -1,014
  -1,064
  -1,118
  -1,173
  -1,232
  -1,293
  -1,357
  -1,424
  -1,496
  -1,570
  -1,648
  -1,731
  -1,816
Free cash flow, $m
  -728
  81
  88
  97
  106
  115
  125
  135
  145
  155
  166
  147
  158
  170
  181
  194
  206
  219
  232
  246
  260
  275
  290
  306
  322
  339
  356
  374
  393
  413
  433
Issuance/(repayment) of debt, $m
  -30
  371
  382
  397
  412
  429
  446
  464
  482
  502
  523
  545
  568
  592
  618
  645
  674
  704
  736
  770
  805
  842
  882
  923
  967
  1,013
  1,061
  1,112
  1,165
  1,222
  1,281
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
  371
  382
  397
  412
  429
  446
  464
  482
  502
  523
  545
  568
  592
  618
  645
  674
  704
  736
  770
  805
  842
  882
  923
  967
  1,013
  1,061
  1,112
  1,165
  1,222
  1,281
Total cash flow (excl. dividends), $m
  -4
  452
  470
  494
  518
  544
  571
  598
  627
  658
  689
  692
  726
  762
  800
  839
  880
  923
  968
  1,016
  1,065
  1,117
  1,172
  1,229
  1,289
  1,351
  1,417
  1,486
  1,559
  1,634
  1,714
Retained Cash Flow (-), $m
  -376
  -231
  -235
  -244
  -254
  -264
  -274
  -285
  -297
  -309
  -322
  -335
  -350
  -365
  -380
  -397
  -415
  -433
  -453
  -474
  -496
  -518
  -543
  -568
  -595
  -623
  -653
  -684
  -717
  -752
  -788
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
 
  221
  235
  249
  264
  280
  296
  313
  330
  348
  367
  356
  376
  397
  419
  442
  465
  490
  515
  542
  570
  599
  629
  660
  693
  728
  764
  802
  841
  883
  926
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
 
  205
  201
  196
  189
  180
  170
  159
  147
  134
  120
  99
  87
  75
  64
  54
  45
  36
  29
  22
  17
  13
  9
  7
  5
  3
  2
  1
  1
  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 freight railroads across the world. As of December 31, 2016, the Company owned or leased 122 freight railroads worldwide that are organized in 10 operating regions. The Company operates through three segments, which include North American Operations, Australian Operations and U.K./European Operations. In North America, the Company has operations in eight regions, such as Central, Coastal (which includes industrial switching and port operations), Midwest, Mountain West (which includes industrial switching operations), Northeast, Pacific, Southern and Canada. Outside the United States, the Company has operations in two regions: Australia and the United Kingdom/Europe (which consists of operations in the United Kingdom, Belgium, Germany, the Netherlands and Poland, as well as the provision of management and technical support through Freightliner to Saudi Arabia Railway Company).

FINANCIAL RATIOS  of  Genesee&Wyoming Cl A (GWR)

Valuation Ratios
P/E Ratio 34.1
Price to Sales 2.4
Price to Book 1.7
Price to Tangible Book
Price to Cash Flow 11.8
Price to Free Cash Flow 25.7
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 7.8% 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 62.328 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 $4.8 billion.

RELATED COMPANIES Price Int.Val. Rating
KSU Kansas City So 110.96 9.70  str.sell
UNP Union Pacific 130.60 63.02  sell
NSC Norfolk Southe 141.11 27.17  str.sell
CSX CSX 52.93 15.71  str.sell
CP Canadian Pacif 178.68 54.93  str.sell
CNI Canadian Natio 80.35 21.09  str.sell

COMPANY NEWS

▶ Genesee & Wyoming Sees Relative Strength Rating Rise To 74   [Dec-14-17 03:00AM  Investor's Business Daily]
▶ Genesee & Wyoming Reports Traffic for November 2017   [Dec-13-17 06:30AM  Business Wire]
▶ Genesee & Wyoming Getting Closer To Key Technical Measure   [03:00AM  Investor's Business Daily]
▶ Revenue Growth among the Major US Railroads in 3Q17   [Nov-30-17 09:04AM  Market Realist]
▶ Genesee & Wyoming Reports Traffic for October 2017   [Nov-13-17 06:30AM  Business Wire]
▶ Coal Production Fell during the Week Ending October 28   [Nov-09-17 07:32AM  Market Realist]
▶ Genesee & Wyoming on the Street after Its 3Q17 Results   [Nov-08-17 09:01AM  Market Realist]
▶ Behind Genesee & Wyomings Rising European Revenues in 3Q17   [Nov-07-17 10:32AM  Market Realist]
▶ Genesee & Wyomings 3Q17 Earnings Miss and Stock Climb   [Nov-06-17 05:24PM  Market Realist]
▶ Genesee & Wyoming misses Street 3Q forecasts   [06:12AM  Associated Press]
▶ Coal Production Fell Marginally Last Week   [Oct-26-17 09:10AM  Market Realist]
▶ New Strong Sell Stocks for October 23rd   [Oct-23-17 08:10AM  Zacks]
▶ Genesee & Wyoming to Host Investor Day   [Oct-16-17 04:05PM  Business Wire]
▶ GWRs European Freight Volumes Fell in September 2017   [Oct-13-17 03:07PM  Market Realist]
▶ Genesee & Wyoming Reports Traffic for September 2017   [Oct-12-17 04:30PM  Business Wire]
▶ Why Genesee & Wyomings North American Volumes Fell in August   [Sep-19-17 08:08AM  Market Realist]
▶ Which US Railroad Saw Highest Revenue Growth in 2Q17?   [Sep-14-17 08:08AM  Market Realist]
▶ How Genesee and Wyomings Volumes Trended in July 2017   [Aug-23-17 11:53AM  Market Realist]
▶ Genesee & Wyomings European Revenues in 2Q17   [08:08AM  Market Realist]
▶ Genesee & Wyomings North American Revenues in 2Q17   [Aug-07-17 11:05AM  Market Realist]
▶ Genesee & Wyoming tops 2Q profit forecasts   [Aug-01-17 10:54PM  Associated Press]
▶ Yahoo Finance Live: Midday Movers   [09:40AM  Yahoo Finance Video]
▶ Inside Genesee and Wyomings European Volumes in June 2017   [Jul-25-17 10:37AM  Market Realist]
▶ What Led to the Solid Jump in CSXs Coal Revenues in 2Q17?   [Jul-20-17 01:35PM  Market Realist]
▶ Genesee & Wyoming: Behind Its European Volumes in May 2017   [Jun-23-17 09:05AM  Market Realist]
▶ Comparing CSXs Intermodal Volumes with NSC in Week 23   [Jun-21-17 09:07AM  Market Realist]
▶ [$$] Riding Genesee & Wyoming   [Jun-17-17 12:01AM  Barrons.com]
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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