Research Library
Below is our research library, listed in reverse chronological order. Please use the search box to look for research on a specific company or topic, or use the Calendar, Archives, or Sector links at left to browse for research from a specific time period or sector. If you are a Wolfe Trahan client and can not access any of the links in our library, please contact ITSupport@WolfeResearch.com to request our PDF decryption plug-in.
CP: Upside Pre-Report
CP guided to 1Q EPS of C$0.80-C$0.83 vs. prior Cons. of C$0.66 and our prior C$0.75 estimate. This implies more than 300% EPS growth after earnings dropped 67% in 1Q a year ago due to severe weather and fuel headwinds. CP’s pre-report implies a 2-year EPS CAGR of 16%, towards the low end among the rails (see Exhibit 2 below). CP will report 1Q EPS before the market on Apr. 20. With its upcoming proxy vote, CP mgmt is highly motivated to report strong 1Q results and it realized by far the greatest improvements in service metrics and vols among the rails in 1Q:12. Notably, CP’s higher-margin coal vols grew 28% y/y vs. an 11% decline on avg. for the other large-cap rails in 1Q. And while all the rails should benefit from favorable weather comps, CP should see the biggest benefit as it experienced the worst weather conditions a year ago. We expect more in-line reports from the other rails in 1Q.
Research Library
- Coverage List
- Consolidated Research Library
- Airfreight & Surface Transportation Library
- Portfolio Strategy & Quantitative Analysis Library
- Accounting & Tax Policy Library
- Auto & Truck Manufacturing Library
- Airlines Library
- Conference Calls
- Interactive Doh! Models
- Ed Wolfe Bi-Weekly Freight Update