Canadian National Railway Company

TSX:CNR Stock Report

Market Cap: CA$93.7b

Canadian National Railway Valuation

Is CNR undervalued compared to its fair value, analyst forecasts and its price relative to the market?

Valuation Score

4/6

Valuation Score 4/6

  • Below Fair Value

  • Significantly Below Fair Value

  • Price-To-Earnings vs Peers

  • Price-To-Earnings vs Industry

  • Price-To-Earnings vs Fair Ratio

  • Analyst Forecast

Share Price vs Fair Value

What is the Fair Price of CNR when looking at its future cash flows? For this estimate we use a Discounted Cash Flow model.

Below Fair Value: CNR (CA$149.43) is trading below our estimate of fair value (CA$159.08)

Significantly Below Fair Value: CNR is trading below fair value, but not by a significant amount.

Key Valuation Metric

Which metric is best to use when looking at relative valuation for CNR?

Key metric: As CNR is profitable we use its Price-To-Earnings Ratio for relative valuation analysis.

The above table shows the Price to Earnings ratio for CNR. This is calculated by dividing CNR's market cap by their current earnings.
What is CNR's PE Ratio?
PE Ratio17.3x
EarningsCA$5.43b
Market CapCA$93.74b

Price to Earnings Ratio vs Peers

How does CNR's PE Ratio compare to its peers?

The above table shows the PE ratio for CNR vs its peers. Here we also display the market cap and forecasted growth for additional consideration.
CompanyForward PEEstimated GrowthMarket Cap
Peer Average23.9x
CP Canadian Pacific Kansas City
27.1x14.1%CA$96.2b
TFII TFI International
26x23.2%CA$16.9b
CSX CSX
18.2x5.7%US$66.7b
NSC Norfolk Southern
24.3x12.9%US$58.8b
CNR Canadian National Railway
17.3x3.9%CA$93.7b

Price-To-Earnings vs Peers: CNR is good value based on its Price-To-Earnings Ratio (17.3x) compared to the peer average (23.9x).

Price to Earnings Ratio vs Industry

How does CNR's PE Ratio compare vs other companies in the North American Transportation Industry?

0 CompaniesPrice / EarningsEstimated GrowthMarket Cap
CNR 17.3xIndustry Avg. 28.1xNo. of Companies5PE01632486480+
0 CompaniesEstimated GrowthMarket Cap
No more companies

Price-To-Earnings vs Industry: CNR is good value based on its Price-To-Earnings Ratio (17.3x) compared to the North American Transportation industry average (28.1x).

Price to Earnings Ratio vs Fair Ratio

What is CNR's PE Ratio compared to its Fair PE Ratio? This is the expected PE Ratio taking into account the company's forecast earnings growth, profit margins and other risk factors.

CNR PE Ratio vs Fair Ratio.
Fair Ratio
Current PE Ratio17.3x
Fair PE Ratio19.3x

Price-To-Earnings vs Fair Ratio: CNR is good value based on its Price-To-Earnings Ratio (17.3x) compared to the estimated Fair Price-To-Earnings Ratio (19.3x).

Analyst Price Targets

What is the analyst 12-month forecast and do we have any statistical confidence in the consensus price target?

The above table shows the analyst CNR forecast and predictions for the stock price in 12 month’s time.
DateShare PriceAverage 1Y Price TargetDispersionHighLow1Y Actual priceAnalysts
CurrentCA$149.43
CA$173.00
+15.8%
5.8%CA$200.00CA$159.00n/a21
Nov ’25CA$150.98
CA$173.00
+14.6%
5.8%CA$200.00CA$159.00n/a21
Oct ’25CA$158.03
CA$175.62
+11.1%
6.7%CA$210.00CA$158.00n/a21
Sep ’25CA$158.79
CA$178.95
+12.7%
6.2%CA$210.00CA$158.00n/a21
Aug ’25CA$157.05
CA$178.95
+13.9%
6.2%CA$210.00CA$158.00n/a21
Jul ’25CA$161.66
CA$183.54
+13.5%
6.2%CA$210.00CA$158.00n/a22
Jun ’25CA$173.50
CA$183.86
+6.0%
6.3%CA$210.00CA$158.00n/a22
May ’25CA$166.50
CA$183.26
+10.1%
6.7%CA$210.00CA$158.00n/a22
Apr ’25CA$178.51
CA$178.99
+0.3%
7.5%CA$210.00CA$155.00n/a22
Mar ’25CA$176.69
CA$176.13
-0.3%
6.7%CA$210.00CA$155.00n/a22
Feb ’25CA$169.95
CA$175.22
+3.1%
6.9%CA$210.00CA$155.00n/a22
Jan ’25CA$166.55
CA$166.37
-0.1%
6.2%CA$195.00CA$152.00n/a22
Dec ’24CA$160.23
CA$166.05
+3.6%
6.1%CA$195.00CA$152.00n/a22
Nov ’24CA$147.93
CA$166.29
+12.4%
6.1%CA$195.00CA$151.00CA$150.9822
Oct ’24CA$147.09
CA$170.02
+15.6%
6.4%CA$199.00CA$151.00CA$158.0322
Sep ’24CA$153.91
CA$170.43
+10.7%
6.5%CA$199.00CA$151.00CA$158.7921
Aug ’24CA$158.74
CA$169.95
+7.1%
6.8%CA$199.00CA$151.00CA$157.0521
Jul ’24CA$160.42
CA$174.71
+8.9%
6.9%CA$200.00CA$151.00CA$161.6621
Jun ’24CA$154.77
CA$175.38
+13.3%
7.2%CA$200.00CA$151.00CA$173.5021
May ’24CA$162.35
CA$173.35
+6.8%
6.8%CA$192.00CA$151.00CA$166.5020
Apr ’24CA$159.47
CA$169.85
+6.5%
7.2%CA$190.00CA$149.00CA$178.5120
Mar ’24CA$157.21
CA$170.10
+8.2%
7.4%CA$190.00CA$145.00CA$176.6920
Feb ’24CA$158.61
CA$170.10
+7.2%
7.4%CA$190.00CA$145.00CA$169.9520
Jan ’24CA$160.84
CA$170.47
+6.0%
7.0%CA$190.00CA$145.00CA$166.5519
Dec ’23CA$172.67
CA$167.78
-2.8%
6.1%CA$184.00CA$145.00CA$160.2318
Nov ’23CA$160.76
CA$167.78
+4.4%
6.1%CA$184.00CA$145.00CA$147.9318

Analyst Forecast: Target price is less than 20% higher than the current share price.

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