Rational Investing

	Total Market Capitalization of All Firms	$362,457 mm
	Average Market Capitalization	$25,890 mm
	Average Market to Model Ratio Weighted by Log of Market Cap	1.1
	Standard Deviation of MM Ratio	0.3
	Average Beta	0.9
	Average EV To Revenue	3.1
	Average EV To EBITDAM	21.3
	Average Price To Free Cash Flow	79.9

Ticker	Company Name	Market To Model	Market Cap ($ mm)	EV to Revenue	Price To FCF	EV/EBITDAM	% Growth	Beta	As Of
9003	Sotetsu Holdings Inc	1.78	2,354	1.3	14.5	30.2	4	0.6	Dec 19
9042	Hankyu Hanshin Holdings Inc.	1.46	8,171	1.2	20.6	29.2	4	0.5	Dec 19
CNI	Canadian National Railway Co.	1.46	55,010	5.7	45.5	27.0	3	1.0	Dec 19
CP	Canadian Pacific Railway Ltd.	1.45	29,758	5.9	24.6	18.0	7	1.3	Dec 19
AZJ.AX	Aurizon Holdings Ltd	1.18	5,449	2.9	16.7	11.4	3	0.7	Jun 19
KSU	Kansas City Southern	1.15	12,373	5.2	25.5	18.5	4	1.0	Dec 19
9048	Nagoya Railroad Co., Ltd.	1.12	5,499	0.7	34.7	31.2	4	0.2	Dec 19
NSC	Norfolk Southern Corp	1.11	37,853	4.3	18.0	17.5	2	1.4	Dec 19
GSH	Guangshen Railway Co. Ltd.	1.05	1,432	0.7	-6.3	30	2	1.1	Dec 19
UNP	Union Pacific Corp	0.90	98,085	5.7	19.0	14.6	0	1.1	Dec 19
9020	East Japan Railway Company	0.89	27,463	1.2	13.4	13.5	3	0.8	Dec 19
CSX	Csx Corp	0.82	45,936	5.2	12.6	11.8	1	1.2	Dec 19
9022	Central Japan Railway Company	0.72	31,910	2.7	12.0	14.9	3	0.6	Dec 19
NEX.L	National Express Group Plc	0.45	1,165	0.9	782.2	30	19	1.4	Dec 19