Union Pacific (UNP) analysis

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Health is the network's debt, not of a route nobody else can lay. Quality separates the bulk margin from containers. Growth follows hauls collected, not a year of heavy traffic. P/E is read against that year, not against that peak. Shareholder return is the dividend, checked against cash. Do not read it as the railroad that cannot be replaced.

The P/E of a year of heavy traffic is not the earnings if the shipper moves to trucks or to the other network. EV/EBITDA is read with fuel and the idle car inside. Do not use Canadian Pacific's multiple, which crosses other countries, as if the western United States and that corridor were the same book. A dash if the UNP cache is cold.

Limits of this report

Not advice on Union Pacific. Vaultflake does not count the network and does not describe the train. Read the filings. A past dividend is not a right. The table is a snapshot, not a target price.

Questions from this report