Financials CSX Corporation

Equities

CSX

US1264081035

Ground Freight & Logistics

Market Closed - Nasdaq Other stock markets 04:00:00 2024-04-26 pm EDT			5-day change	1st Jan Change
33.99 ^USD	-0.12%		-1.02%	-1.96%

Apr. 22	Redburn Atlantic Trims Price Target on CSX to $41 From $42	MT
Apr. 18	UBS Cuts CSX Price Target to $44 From $46, Maintains Buy Rating	MT

Valuation

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Capitalization ¹	56,270	69,403	83,396	65,133	68,512	66,448	-	-
Enterprise Value (EV) ¹	70,554	82,977	97,446	81,710	85,609	83,603	83,291	80,884
P/E ratio	17.4 x	25.2 x	22.4 x	15.9 x	18.7 x	17.5 x	15.6 x	14.4 x
Yield	1.33%	1.15%	0.99%	1.29%	-	1.37%	1.48%	1.57%
Capitalization / Revenue	4.71 x	6.56 x	6.66 x	4.39 x	4.67 x	4.43 x	4.25 x	4.12 x
EV / Revenue	5.91 x	7.84 x	7.78 x	5.5 x	5.84 x	5.58 x	5.33 x	5.02 x
EV / EBITDA	11.2 x	14.4 x	13.9 x	11.1 x	11.9 x	11.3 x	10.6 x	9.92 x
EV / FCF	22.1 x	31.5 x	29.5 x	23.4 x	26.2 x	28.7 x	23.8 x	22.3 x
FCF Yield	4.53%	3.18%	3.39%	4.27%	3.82%	3.48%	4.19%	4.48%
Price to Book	4.87 x	5.32 x	6.28 x	5.26 x	5.75 x	5.33 x	5.08 x	4.66 x
Nbr of stocks (in thousands)	2,332,933	2,294,325	2,217,983	2,102,409	1,976,131	1,954,927	-	-
Reference price ²	24.12	30.25	37.60	30.98	34.67	33.99	33.99	33.99
Announcement Date	1/16/20	1/21/21	1/20/22	1/25/23	1/24/24	-	-	-

¹USD in Million²USD

Estimates

Income Statement Evolution (Annual data)

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net sales ¹	11,937	10,583	12,522	14,853	14,657	14,988	15,621	16,120
EBITDA ¹	6,314	5,745	7,014	7,379	7,172	7,378	7,827	8,155
EBIT ¹	4,965	4,362	5,594	5,879	5,561	5,678	6,080	6,334
Operating Margin	41.59%	41.22%	44.67%	39.58%	37.94%	37.88%	38.93%	39.29%
Earnings before Tax (EBT) ¹	4,316	3,627	4,951	5,414	4,891	5,000	5,418	5,747
Net income ¹	3,330	2,765	3,781	4,166	3,715	3,765	4,052	4,228
Net margin	27.9%	26.13%	30.19%	28.05%	25.35%	25.12%	25.94%	26.23%
EPS ²	1.390	1.200	1.680	1.950	1.850	1.945	2.181	2.355
Free Cash Flow ¹	3,193	2,637	3,308	3,486	3,268	2,912	3,493	3,622
FCF margin	26.75%	24.92%	26.42%	23.47%	22.3%	19.43%	22.36%	22.47%
FCF Conversion (EBITDA)	50.57%	45.9%	47.16%	47.24%	45.57%	39.46%	44.62%	44.42%
FCF Conversion (Net income)	95.89%	95.37%	87.49%	83.68%	87.97%	77.34%	86.18%	85.67%
Dividend per Share ²	0.3200	0.3467	0.3720	0.4000	-	0.4661	0.5019	0.5346
Announcement Date	1/16/20	1/21/21	1/20/22	1/25/23	1/24/24	-	-	-

¹USD in Million²USD

Estimates

Income Statement Evolution (Quarterly data)

Fiscal Period: December	2021 Q4	2022 Q1	2022 Q2	2022 Q3	2022 Q4	2023 Q1	2023 Q2	2023 Q3	2023 Q4	2024 Q1	2024 Q2	2024 Q3	2024 Q4	2025 Q1	2025 Q2
Net sales ¹	3,427	3,413	3,815	3,895	3,730	3,706	3,699	3,572	3,680	3,681	3,708	3,756	3,839	3,828	3,936
EBITDA ¹	1,726	1,642	1,968	1,957	1,850	1,857	1,884	1,694	1,737	1,764	1,837	1,861	1,896	1,851	1,988
EBIT ¹	1,370	1,282	1,599	1,579	1,457	1,464	1,482	1,295	1,320	1,354	1,410	1,434	1,466	1,433	1,554
Operating Margin	39.98%	37.56%	41.91%	40.54%	39.06%	39.5%	40.06%	36.25%	35.87%	36.78%	38.03%	38.18%	38.19%	37.45%	39.49%
Earnings before Tax (EBT) ¹	1,205	1,129	1,558	1,423	1,304	1,304	1,312	1,126	1,149	1,185	1,243	1,263	1,296	1,262	1,390
Net income ¹	934	859	1,178	1,110	1,018	987	996	846	886	893	935.1	953.1	975.9	957.4	1,057
Net margin	27.25%	25.17%	30.88%	28.5%	27.29%	26.63%	26.93%	23.68%	24.08%	24.26%	25.22%	25.37%	25.42%	25.01%	26.84%
EPS ²	0.4200	0.3900	0.5400	0.5200	0.4900	0.4800	0.4900	0.4200	0.4500	0.4600	0.4811	0.4952	0.5118	0.5062	0.5543
Dividend per Share ²	0.0930	0.1000	0.1000	0.1000	0.1000	0.1100	0.1100	0.1100	-	-	0.1194	0.1194	0.1194	0.1257	0.1257
Announcement Date	1/20/22	4/20/22	7/20/22	10/20/22	1/25/23	4/20/23	7/20/23	10/19/23	1/24/24	4/17/24	-	-	-	-	-

¹USD in Million²USD

Estimates

Balance Sheet Analysis

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net Debt ¹	14,284	13,574	14,050	16,577	17,097	17,155	16,843	14,436
Net Cash position ¹	-	-	-	-	-	-	-	-
Leverage (Debt/EBITDA)	2.262 x	2.363 x	2.003 x	2.247 x	2.384 x	2.325 x	2.152 x	1.77 x
Free Cash Flow ¹	3,193	2,637	3,308	3,486	3,268	2,912	3,493	3,622
ROE (net income / shareholders' equity)	27.3%	22.1%	28.4%	31.9%	30%	30.2%	32.1%	30.7%
ROA (Net income/ Total Assets)	8.88%	7.09%	9.41%	10.1%	8.81%	8.83%	9.46%	9.9%
Assets ¹	37,482	39,025	40,164	41,221	42,160	42,660	42,835	42,708
Book Value Per Share ²	4.960	5.690	5.990	5.890	6.030	6.370	6.690	7.290
Cash Flow per Share ²	2.030	1.850	2.260	2.620	2.760	2.870	3.190	-
Capex ¹	1,657	1,626	1,791	2,133	2,281	2,436	2,392	2,411
Capex / Sales	13.88%	15.36%	14.3%	14.36%	15.56%	16.25%	15.31%	14.96%
Announcement Date	1/16/20	1/21/21	1/20/22	1/25/23	1/24/24	-	-	-

¹USD in Million²USD

Estimates

EPS & Dividend

Year-on-year evolution of the PER

Year-on-year evolution of the Yield

Change in Enterprise Value/EBITDA

Ratings for CSX Corporation

Trading Rating

Investor Rating

ESG Refinitiv

C+

More Ratings

Analysts' Consensus

Sell

Buy

Mean consensus

BUY

Number of Analysts

Last Close Price

33.99 USD

Average target price

39.41 USD

Spread / Average Target

+15.96%

Consensus

EPS Revisions

Estimates Revisions

Quarterly earnings - Rate of surprise

Company calendar

Sector Railway Freight Operators

	1st Jan change	Capi.
CSX CORPORATION	-1.96%	66.45B
NORFOLK SOUTHERN CORPORATION	+1.51%	54.21B
DAQIN RAILWAY CO., LTD.	+3.19%	18.04B
GMÉXICO TRANSPORTES, S.A.B. DE C.V.	-2.75%	9.46B
CONTAINER CORPORATION OF INDIA LIMITED	+24.24%	7.8B
CHINA RAILWAY MATERIALS COMPANY LIMITED	-2.62%	2.17B
MRS LOGÍSTICA S.A.	+8.31%	1.78B
CHINA RAILWAY TIELONG CONTAINER LOGISTICS CO., LTD	-1.82%	1.07B
NINGXIA WESTERN VENTURE INDUSTRIAL CO.,LTD.	-8.90%	886M
FTAI INFRASTRUCTURE INC.	+87.92%	743M

Railway Freight Operators