Rational Investing

	Total Market Capitalization of All Firms	$593,749 mm
	Average Market Capitalization	$31,250 mm
	Average Market to Model Ratio Weighted by Log of Market Cap	1.2
	Standard Deviation of MM Ratio	0.5
	Average Beta	1.0
	Average EV To Revenue	5.1
	Average EV To EBITDAM	25.0
	Average Price To Free Cash Flow	26.5

Ticker	Company Name	Market To Model	Market Cap ($ mm)	EV to Revenue	Price To FCF	EV/EBITDAM	% Growth	Beta	As Of
UNP	Union Pacific Corp	2.14	147,886	8.8	27.0	21.7	2	1.1	Mar 21
GET.PA	Getlink	2.03	8,474	16.2	13	35.4	2	0.9	Dec 20
CSX	Csx Corp	1.79	73,687	8.5	28.9	19.5	0	1.1	Mar 21
CNI	Canadian National Railway Co.	1.74	78,616	8.0	30.1	21.3	8	0.7	Mar 21
9022	Central Japan Railway Company	1.73	32,208	4.7	99	36.1	33	1.1	Mar 21
CNR.TO	Canadian National Railway Comp	1.27	78,410	6.4	28.7	19.1	4	0.7	Mar 21
NSC	Norfolk Southern Corp	1.27	67,945	8.0	28.2	18.5	3	1.3	Mar 21
9020	East Japan Railway Company	1.12	28,738	2.5	99	40	20	1.0	Mar 21
GSH	Guangshen Railway Co. Ltd.	1.05	1,302	0.7	9.2	40	-12	1.0	Jun 20
CP	Canadian Pacific Railway Ltd.	1.04	10,738	3.0	6.9	6.6	7	0.7	Mar 21
KSU	Kansas City Southern	0.99	26,584	11.5	35.2	23.2	1	1.1	Mar 21
9042	Hankyu Hanshin Holdings Inc.	0.98	8,188	1.6	21.5	21.8	21	0.8	Mar 21
SGC.L	Stagecoach Group Plc	0.89	689	1.4	2	40	3	2.1	Oct 20
AZJ.AX	Aurizon Holdings Ltd	0.88	5,527	2.9	3.9	9.5	4	0.7	Dec 20
9003	Sotetsu Holdings Inc	0.76	2,014	1.3	35.1	32.1	6	0.8	Dec 20
CP.TO	Canadian Pacific Railway Ltd	0.75	10,726	2.7	7.4	7.4	2	0.7	Mar 21
2633.TW	Taiwan High Speed Rail Corpora	0.72	6,026	7.0	9.3	18.5	4	0.6	Mar 21
9048	Nagoya Railroad Co., Ltd.	0.47	3,982	0.8	16.4	23.8	-6	0.5	Dec 20
NEX.L	National Express Group Plc	0.46	2,008	1.3	2.8	40	36	1.8	Dec 20