Rational Investing

	Total Market Capitalization of All Firms	$477,886 mm
	Average Market Capitalization	$31,859 mm
	Average Market to Model Ratio Weighted by Log of Market Cap	1.3
	Standard Deviation of MM Ratio	0
	Average Beta	0.9
	Average EV To Revenue	3.6
	Average Price To Free Cash Flow	153.8

Ticker	Company Name	Market To Model	Market Cap ($ mm)	EV to Revenue	Price To FCF	% Growth	Beta	As Of
UNP	Union Pacific Corp	1.92	130,243	7.1	24.5	1	1.1	Dec 19
KSU	Kansas City Southern	1.86	17,466	6.9	28.4	5	0.9	Dec 19
CNI	Canadian National Railway Co.	1.81	67,916	6.8	50.0	3	0.9	Dec 19
CP	Canadian Pacific Railway Ltd.	1.73	37,884	7.4	34.2	4	1.3	Dec 19
9020	East Japan Railway Company	1.61	32,735	1.2	15.5	4	0.8	Dec 19
NSC	Norfolk Southern Corp	1.54	55,681	5.9	25.0	2	1.3	Dec 19
AZJ.AX	Aurizon Holdings Ltd	1.43	7,342	3.6	16.7	3	0.7	Jun 19
CSX	Csx Corp	1.11	64,401	6.7	17.0	1	1.2	Dec 19
9003	Sotetsu Holdings Inc	1.08	2,488	1.2	11.3	15	0.6	Sep 19
SGC.L	Stagecoach Group Plc	1.08	1,015	0.9	755.2	1	1.0	Oct 19
9048	Nagoya Railroad Co., Ltd.	0.99	5,644	0.7	25.7	5	0.3	Dec 19
9022	Central Japan Railway Company	0.92	40,719	2.7	13.7	2	0.7	Dec 19
NEX.L	National Express Group Plc	0.92	2,921	1.5	1264.9	12	0.7	Jun 19
GSH	Guangshen Railway Co. Ltd.	0.64	1,904	0.6	9.1	4	1.3	Jun 19
9042	Hankyu Hanshin Holdings Inc.	0.56	9,528	1.0	15.2	21	0.6	Sep 19