Intrinsic value of Kansas City Southern - KSU

Previous Close

$98.22

  Intrinsic Value

$31.48

stock screener

  Rating & Target

str. sell

-68%

Previous close

$98.22

 
Intrinsic value

$31.48

 
Up/down potential

-68%

 
Rating

str. sell

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 0001), $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 10.0

 

FINANCIAL STATEMENTS FORECAST and PRESENT VALUE CALCULATION

Fiscal year
   2
   3
   4
   5
   6
   7
   8
   9
   10
   11
   12
   13
   14
   15
   16
   17
   18
   19
   20
   21
   22
   23
   24
   25
   26
   27
   28
   29
   30
   31

INCOME STATEMENT

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Revenue growth rate, %
  4.00
  4.10
  4.19
  4.27
  4.34
  4.41
  4.47
  4.52
  4.57
  4.61
  4.65
  4.69
  4.72
  4.75
  4.77
  4.79
  4.81
  4.83
  4.85
  4.86
  4.88
  4.89
  4.90
  4.91
  4.92
  4.93
  4.94
  4.94
  4.95
  4.95
Revenue, $m
  2,686
  2,796
  2,914
  3,038
  3,170
  3,310
  3,458
  3,614
  3,779
  3,953
  4,137
  4,331
  4,535
  4,751
  4,977
  5,216
  5,467
  5,731
  6,009
  6,302
  6,609
  6,932
  7,272
  7,629
  8,005
  8,399
  8,814
  9,249
  9,707
  10,188
Variable operating expenses, $m
  1,571
  1,636
  1,704
  1,777
  1,854
  1,936
  2,023
  2,114
  2,211
  2,313
  2,420
  2,534
  2,653
  2,779
  2,912
  3,051
  3,198
  3,353
  3,515
  3,686
  3,866
  4,055
  4,254
  4,463
  4,683
  4,914
  5,156
  5,411
  5,679
  5,960
Fixed operating expenses, $m
  156
  160
  163
  167
  171
  174
  178
  182
  186
  190
  194
  199
  203
  207
  212
  217
  221
  226
  231
  236
  242
  247
  252
  258
  264
  269
  275
  281
  288
  294
Total operating expenses, $m
  1,727
  1,796
  1,867
  1,944
  2,025
  2,110
  2,201
  2,296
  2,397
  2,503
  2,614
  2,733
  2,856
  2,986
  3,124
  3,268
  3,419
  3,579
  3,746
  3,922
  4,108
  4,302
  4,506
  4,721
  4,947
  5,183
  5,431
  5,692
  5,967
  6,254
Operating income, $m
  958
  1,001
  1,046
  1,094
  1,145
  1,199
  1,257
  1,318
  1,382
  1,450
  1,523
  1,599
  1,679
  1,764
  1,854
  1,948
  2,047
  2,152
  2,263
  2,379
  2,501
  2,630
  2,766
  2,908
  3,058
  3,216
  3,382
  3,557
  3,741
  3,934
EBITDA, $m
  1,292
  1,348
  1,407
  1,471
  1,538
  1,610
  1,686
  1,766
  1,851
  1,941
  2,036
  2,136
  2,242
  2,354
  2,471
  2,595
  2,726
  2,863
  3,008
  3,161
  3,321
  3,490
  3,668
  3,855
  4,052
  4,258
  4,476
  4,705
  4,945
  5,198
Interest expense (income), $m
  84
  141
  151
  162
  173
  185
  198
  212
  226
  241
  257
  274
  292
  311
  331
  351
  373
  397
  421
  447
  474
  502
  532
  563
  596
  631
  667
  705
  746
  788
  832
Earnings before tax, $m
  817
  850
  884
  921
  960
  1,001
  1,045
  1,092
  1,141
  1,193
  1,249
  1,307
  1,369
  1,434
  1,502
  1,575
  1,651
  1,731
  1,816
  1,905
  1,999
  2,098
  2,202
  2,312
  2,428
  2,549
  2,677
  2,811
  2,953
  3,102
Tax expense, $m
  221
  229
  239
  249
  259
  270
  282
  295
  308
  322
  337
  353
  369
  387
  406
  425
  446
  467
  490
  514
  540
  567
  595
  624
  655
  688
  723
  759
  797
  837
Net income, $m
  596
  620
  645
  672
  701
  731
  763
  797
  833
  871
  911
  954
  999
  1,046
  1,097
  1,149
  1,205
  1,264
  1,326
  1,391
  1,459
  1,532
  1,608
  1,688
  1,772
  1,861
  1,954
  2,052
  2,156
  2,264

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
  9,559
  9,951
  10,368
  10,811
  11,281
  11,778
  12,305
  12,861
  13,449
  14,069
  14,723
  15,413
  16,140
  16,906
  17,713
  18,562
  19,456
  20,396
  21,386
  22,426
  23,520
  24,670
  25,880
  27,151
  28,486
  29,890
  31,366
  32,916
  34,544
  36,255
Adjusted assets (=assets-cash), $m
  9,559
  9,951
  10,368
  10,811
  11,281
  11,778
  12,305
  12,861
  13,449
  14,069
  14,723
  15,413
  16,140
  16,906
  17,713
  18,562
  19,456
  20,396
  21,386
  22,426
  23,520
  24,670
  25,880
  27,151
  28,486
  29,890
  31,366
  32,916
  34,544
  36,255
Revenue / Adjusted assets
  0.281
  0.281
  0.281
  0.281
  0.281
  0.281
  0.281
  0.281
  0.281
  0.281
  0.281
  0.281
  0.281
  0.281
  0.281
  0.281
  0.281
  0.281
  0.281
  0.281
  0.281
  0.281
  0.281
  0.281
  0.281
  0.281
  0.281
  0.281
  0.281
  0.281
Average production assets, $m
  8,566
  8,918
  9,291
  9,688
  10,109
  10,555
  11,026
  11,525
  12,051
  12,607
  13,194
  13,812
  14,464
  15,150
  15,873
  16,634
  17,435
  18,277
  19,164
  20,096
  21,077
  22,107
  23,191
  24,330
  25,527
  26,785
  28,107
  29,496
  30,955
  32,488
Working capital, $m
  -43
  -45
  -47
  -49
  -51
  -53
  -55
  -58
  -60
  -63
  -66
  -69
  -73
  -76
  -80
  -83
  -87
  -92
  -96
  -101
  -106
  -111
  -116
  -122
  -128
  -134
  -141
  -148
  -155
  -163
Total debt, $m
  2,797
  2,995
  3,206
  3,429
  3,666
  3,918
  4,183
  4,464
  4,761
  5,074
  5,405
  5,753
  6,121
  6,507
  6,915
  7,344
  7,795
  8,270
  8,769
  9,295
  9,847
  10,428
  11,039
  11,681
  12,355
  13,064
  13,809
  14,592
  15,414
  16,278
Total liabilities, $m
  4,828
  5,025
  5,236
  5,460
  5,697
  5,948
  6,214
  6,495
  6,792
  7,105
  7,435
  7,784
  8,151
  8,538
  8,945
  9,374
  9,825
  10,300
  10,800
  11,325
  11,878
  12,459
  13,069
  13,711
  14,386
  15,095
  15,840
  16,622
  17,445
  18,309
Total equity, $m
  4,732
  4,926
  5,132
  5,352
  5,584
  5,830
  6,091
  6,366
  6,657
  6,964
  7,288
  7,630
  7,990
  8,369
  8,768
  9,188
  9,631
  10,096
  10,586
  11,101
  11,642
  12,212
  12,810
  13,440
  14,101
  14,796
  15,526
  16,293
  17,099
  17,946
Total liabilities and equity, $m
  9,560
  9,951
  10,368
  10,812
  11,281
  11,778
  12,305
  12,861
  13,449
  14,069
  14,723
  15,414
  16,141
  16,907
  17,713
  18,562
  19,456
  20,396
  21,386
  22,426
  23,520
  24,671
  25,879
  27,151
  28,487
  29,891
  31,366
  32,915
  34,544
  36,255
Debt-to-equity ratio
  0.590
  0.610
  0.620
  0.640
  0.660
  0.670
  0.690
  0.700
  0.720
  0.730
  0.740
  0.750
  0.770
  0.780
  0.790
  0.800
  0.810
  0.820
  0.830
  0.840
  0.850
  0.850
  0.860
  0.870
  0.880
  0.880
  0.890
  0.900
  0.900
  0.910
Adjusted equity ratio
  0.495
  0.495
  0.495
  0.495
  0.495
  0.495
  0.495
  0.495
  0.495
  0.495
  0.495
  0.495
  0.495
  0.495
  0.495
  0.495
  0.495
  0.495
  0.495
  0.495
  0.495
  0.495
  0.495
  0.495
  0.495
  0.495
  0.495
  0.495
  0.495
  0.495

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  596
  620
  645
  672
  701
  731
  763
  797
  833
  871
  911
  954
  999
  1,046
  1,097
  1,149
  1,205
  1,264
  1,326
  1,391
  1,459
  1,532
  1,608
  1,688
  1,772
  1,861
  1,954
  2,052
  2,156
  2,264
Depreciation, amort., depletion, $m
  333
  347
  362
  377
  393
  411
  429
  448
  469
  491
  513
  537
  563
  589
  618
  647
  678
  711
  746
  782
  820
  860
  902
  947
  993
  1,042
  1,094
  1,148
  1,204
  1,264
Funds from operations, $m
  930
  967
  1,007
  1,049
  1,094
  1,142
  1,192
  1,245
  1,302
  1,362
  1,425
  1,491
  1,562
  1,636
  1,714
  1,797
  1,883
  1,975
  2,071
  2,173
  2,280
  2,392
  2,510
  2,635
  2,765
  2,903
  3,048
  3,200
  3,360
  3,528
Change in working capital, $m
  -2
  -2
  -2
  -2
  -2
  -2
  -2
  -3
  -3
  -3
  -3
  -3
  -3
  -3
  -4
  -4
  -4
  -4
  -4
  -5
  -5
  -5
  -5
  -6
  -6
  -6
  -7
  -7
  -7
  -8
Cash from operations, $m
  931
  969
  1,009
  1,051
  1,096
  1,144
  1,194
  1,248
  1,305
  1,364
  1,428
  1,495
  1,565
  1,639
  1,718
  1,800
  1,888
  1,979
  2,076
  2,177
  2,284
  2,397
  2,516
  2,640
  2,771
  2,909
  3,054
  3,207
  3,367
  3,536
Maintenance CAPEX, $m
  -320
  -333
  -347
  -362
  -377
  -393
  -411
  -429
  -448
  -469
  -491
  -513
  -537
  -563
  -589
  -618
  -647
  -678
  -711
  -746
  -782
  -820
  -860
  -902
  -947
  -993
  -1,042
  -1,094
  -1,148
  -1,204
New CAPEX, $m
  -330
  -351
  -374
  -397
  -421
  -446
  -472
  -499
  -527
  -556
  -586
  -618
  -652
  -686
  -723
  -761
  -801
  -843
  -886
  -932
  -980
  -1,031
  -1,084
  -1,139
  -1,197
  -1,258
  -1,322
  -1,389
  -1,459
  -1,533
Cash from investing activities, $m
  -650
  -684
  -721
  -759
  -798
  -839
  -883
  -928
  -975
  -1,025
  -1,077
  -1,131
  -1,189
  -1,249
  -1,312
  -1,379
  -1,448
  -1,521
  -1,597
  -1,678
  -1,762
  -1,851
  -1,944
  -2,041
  -2,144
  -2,251
  -2,364
  -2,483
  -2,607
  -2,737
Free cash flow, $m
  281
  284
  288
  293
  298
  305
  312
  320
  330
  340
  351
  363
  376
  390
  405
  422
  439
  458
  478
  499
  522
  546
  572
  599
  628
  658
  690
  724
  760
  798
Issuance/(repayment) of debt, $m
  178
  198
  211
  224
  237
  251
  266
  281
  297
  313
  330
  348
  367
  387
  407
  429
  451
  475
  500
  525
  552
  581
  611
  642
  675
  709
  745
  783
  822
  864
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  
  178
  198
  211
  224
  237
  251
  266
  281
  297
  313
  330
  348
  367
  387
  407
  429
  451
  475
  500
  525
  552
  581
  611
  642
  675
  709
  745
  783
  822
  864
Total cash flow (excl. dividends), $m
  459
  482
  499
  516
  535
  556
  578
  601
  626
  653
  681
  711
  743
  777
  813
  851
  891
  933
  978
  1,025
  1,075
  1,127
  1,182
  1,241
  1,302
  1,367
  1,435
  1,507
  1,583
  1,662
Retained Cash Flow (-), $m
  -183
  -194
  -206
  -219
  -232
  -246
  -261
  -275
  -291
  -307
  -324
  -342
  -360
  -379
  -399
  -420
  -442
  -465
  -490
  -515
  -542
  -569
  -599
  -629
  -661
  -695
  -730
  -767
  -806
  -847
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
  276
  288
  292
  297
  303
  310
  317
  326
  335
  346
  357
  370
  383
  398
  414
  430
  448
  468
  488
  510
  533
  558
  584
  612
  641
  672
  705
  740
  777
  815
Discount rate, %
  5.20
  5.46
  5.73
  6.02
  6.32
  6.64
  6.97
  7.32
  7.68
  8.07
  8.47
  8.89
  9.34
  9.81
  10.30
  10.81
  11.35
  11.92
  12.51
  13.14
  13.80
  14.49
  15.21
  15.97
  16.77
  17.61
  18.49
  19.41
  20.38
  21.40
PV of cash for distribution, $m
  262
  259
  247
  235
  223
  211
  198
  185
  172
  159
  146
  133
  120
  107
  95
  83
  72
  62
  52
  43
  35
  28
  22
  17
  13
  10
  7
  5
  4
  2
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

Kansas City Southern (KCS) is a holding company. The Company has domestic and international rail operations in North America that are focused on the north/south freight corridor connecting commercial and industrial markets in the central United States with industrial cities in Mexico. The Company's subsidiaries include The Kansas City Southern Railway Company (KCSR) and Kansas City Southern de Mexico, S.A. de C.V. (KCSM). KCSR serves a 10-state region in the midwest and southeast regions of the United States and has the north/south rail route between Kansas City, Missouri and various ports along the Gulf of Mexico in Alabama, Louisiana, Mississippi and Texas. KCSM operates a corridor of the Mexican railroad system. KCSM's rail lines provide rail access to the United States and Mexico border crossing at Nuevo Laredo, Tamaulipas. KCSM also provides rail access to the Port of Lazaro Cardenas on the Pacific Ocean.

FINANCIAL RATIOS  of  Kansas City Southern (KSU)

Valuation Ratios
P/E Ratio 21.9
Price to Sales 4.5
Price to Book 2.6
Price to Tangible Book
Price to Cash Flow 11.5
Price to Free Cash Flow 32.5
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. 6.7%
Return On Total Capital 7.4%
Ret/ On T. Cap. - 3 Yr. Avg. 8%
Return On Equity 11.9%
Return On Equity - 3 Yr. Avg. 12.9%
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 $2582.9 million for the last fiscal year's total revenue generated by Kansas City Southern. The default revenue input number comes from 0001 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 4% 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 5.2%, 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 58.5%.

Fixed operating expenses is just that - expenses that are not dependant on the volume of production. They are set to $153 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 5.4% 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 318.9%.

Life of production assets of 25.7 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 -1.6%. 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 - $4548.9 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 102.159 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 $10.0 billion.

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COMPANY NEWS

▶ Hedge Funds Are Dumping Kansas City Southern (KSU)   [Dec-11-18 11:07AM  Insider Monkey]
▶ Election Makes Road Rougher for Nafta Replacement   [Nov-08-18 09:40AM  Barrons.com]
▶ 6 Poorly Performing Stocks in Gurus' Portfolios   [Oct-26-18 04:53PM  GuruFocus.com]
▶ Earnings Season At Full Throttle   [10:35AM  Zacks]
▶ Kansas City Southern: 3Q Earnings Snapshot   [08:07AM  Associated Press]
▶ Q3 Earnings Outlook For Kansas City Southern   [Oct-18-18 04:12PM  Benzinga]
▶ Impala Asset Managements Performance, AUM, and Holdings   [Sep-25-18 08:20PM  Insider Monkey]
▶ Lots of Erratic Price Movement on Kansas City Southern   [Sep-14-18 03:26PM  TheStreet.com]
▶ GE receives order for dozens of locomotives, work to be done in Fort Worth   [Sep-05-18 11:53AM  American City Business Journals]
▶ Wall Street in Red Thursday Morning   [Aug-30-18 03:53PM  GuruFocus.com]
▶ What's driving railroad stocks? Analyst explains   [Aug-09-18 01:38PM  CNBC Videos]
▶ Transport ETFs Riding High on Solid Q2 Earnings   [Aug-03-18 11:40AM  Zacks]
▶ Kansas City Southern: 2Q Earnings Snapshot   [09:16AM  Associated Press]
▶ GE earnings What you need to know in markets on Friday   [Jul-19-18 05:39PM  Yahoo Finance]
▶ General Electric (GE) Secures Order for 50 New Locomotives   [Jun-22-18 02:45PM  InvestorPlace]
▶ GE secures new locomotive order, work coming to Fort Worth   [Jun-21-18 11:16AM  American City Business Journals]
▶ 3 Sectors to Sell Short in a Trade War   [Jun-20-18 09:44AM  Investopedia]
▶ 4 Stocks: Planes, Trains, Energy & Tech   [Jun-08-18 01:50PM  CNBC Videos]
▶ A Trade War Could End Transport Bull Market   [May-30-18 09:45AM  Investopedia]
▶ Kansas City Southern Announces Pricing of New Senior Notes   [Apr-30-18 05:30PM  Business Wire]
▶ Kansas City Southern Joins Blockchain in Transport Alliance   [Apr-27-18 09:00AM  Business Wire]

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