Rational Investing

	Total Market Capitalization of All Firms	$645,808 mm
	Average Market Capitalization	$33,990 mm
	Average Market to Model Ratio Weighted by Log of Market Cap	1.3
	Standard Deviation of MM Ratio	0.5
	Average Beta	1.0
	Average EV To Revenue	5.7
	Average EV To EBITDAM	25.2
	Average Price To Free Cash Flow	34.1

Ticker	Company Name	Market To Model	Market Cap ($ mm)	EV to Revenue	Price To FCF	EV/EBITDAM	% Growth	Beta	As Of
GET.PA	Getlink	2.66	8,717	14.3	13	21.5	-11	1.0	Jun 20
CP	Canadian Pacific Railway Ltd.	1.83	47,435	9.3	37.5	20.2	0	0.7	Sep 20
CP.TO	Canadian Pacific Railway Ltd	1.81	46,620	7.1	27.8	16.3	1	0.7	Sep 20
9003	Sotetsu Holdings Inc	1.50	2,291	1.7	58.0	30	-18	0.7	Sep 20
9022	Central Japan Railway Company	1.50	29,064	7.5	99	30	-61	1.0	Sep 20
NEX.L	National Express Group Plc	1.38	1,793	1.5	2.6	30	-6	1.8	Jun 20
SGC.L	Stagecoach Group Plc	1.37	580	1.2	2	30	1	2.0	Oct 20
CNR.TO	Canadian National Railway Comp	1.32	76,569	6.6	46.5	27.4	-7	0.7	Sep 20
9020	East Japan Railway Company	1.31	24,900	2.3	41.2	30	-44	0.9	Sep 20
9042	Hankyu Hanshin Holdings Inc.	1.21	8,156	1.7	99	30	-24	0.9	Sep 20
UNP	Union Pacific Corp	1.18	146,615	8.7	28.4	20.9	-9	1.1	Sep 20
GSH	Guangshen Railway Co. Ltd.	1.05	1,302	0.7	9.2	30	-12	1.0	Jun 20
CNI	Canadian National Railway Co.	1.04	77,092	8.6	56.6	31.6	-9	0.7	Sep 20
NSC	Norfolk Southern Corp	0.97	64,955	8.5	32.0	20.8	-19	1.3	Sep 20
AZJ.AX	Aurizon Holdings Ltd	0.95	5,985	3.0	3.9	11.0	6	0.7	Jun 20
9048	Nagoya Railroad Co., Ltd.	0.83	5,068	0.9	26.5	35.1	-21	0.5	Sep 20
CSX	Csx Corp	0.82	70,915	8.8	24.1	20.3	-17	1.1	Sep 20
2633.TW	Taiwan High Speed Rail Corpora	0.79	5,866	7.3	9.8	20.2	-16	0.6	Sep 20
KSU	Kansas City Southern	0.56	21,886	9.3	30.8	23.1	-5	1.0	Sep 20