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- MarketLine Department
Canadian National Railway Co - Company Profile and SWOT Analysis
Summary Canadian National Railway Co - Company Profile and SWOT Analysis, is a source of comprehensive company data and information. The report covers the company's structure, operation, SWOT analysis, product and service offerings and corporate actions, providing a 360˚ view of the company. Key Highlights Canadian National Railway Company (CN) is a provider of freight transportation services. The company provides rail, trucking, intermodal, freight forwarding, warehousing and distribution se...
- Liberum Research Team
- Liberum Research Team
- Liberum Research Team
- Liberum Research Team
- Liberum Research Team
- Liberum Research Team
- Gerald Khoo
LIBERUM: National Express - Unchanged outlook, but working harder to m...
Strong revenue growth in Q1 across all divisions reflected pandemic recovery benefits against a weak comparative. Management’s FY outlook is unchanged. However, a new £25m productivity and cost saving drive hints at the need to work harder to meet expectations. We raise our SOTP-based target price to 125p from 115p to reflect revised onerous contract provision assumptions, but our recommendation remains HOLD.
- Liberum Research Team
- Liberum Research Team
- Liberum Research Team
- Liberum Research Team
- Gerald Khoo
LIBERUM: National Express - Risks and rewards better balanced
The recent share price fall (16% since we downgraded our recommendation last week) has brought the valuation to a more reasonable level. We still harbour concerns about high underlying leverage levels, the slow pace of debt reduction, and negative earnings momentum. However, we believe these are now adequately priced in. Our 115p SOTP-based target price is unchanged, but we upgrade our recommendation to HOLD from Sell.
- Liberum Research Team
- Liberum Research Team
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- Gerald Khoo
LIBERUM: National Express - No easy solution to high leverage
Leverage remains our key concern about National Express. Covenant basis gearing is high but has reasonable headroom. However, the covenant calculation excludes many sources of quasi debt that add to effective leverage for equity shareholders. We had seen the disposal of most or all of the North American business as a route to rapid deleveraging. Unfortunately, a weaker than expected performance has eroded the potential value and debt reduction potential. We cut our SOTP-based target price to 115...
- Liberum Research Team
- Liberum Research Team
- Gerald Khoo
LIBERUM: National Express - FY results in line but substantial excepti...
The results were largely as expected overall, but with significant divisional differences versus our estimates. The shortfall in North America is concerning given the challenge of school bus driver shortages and the flattering of the pre-exceptional performance through onerous contract provisions. The restoration of the dividend suggests management is less concerned about leverage than we are. There is headroom on a covenant basis, but true leverage is much higher once the hybrid and other items...
- Liberum Research Team
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