Epstein Files Search

EFTA01415820Set 10

2017-10-31222p30,137w

reflecting mix as well as market share gains during CP's implementation of Precision Railroading. The combination of CNI's slower prospective earnings growth and high capex (20% of sales ... PACIFIC (CP): Shifting Gears; Initiate Buy/$209 PT Following its multi-year implementation of Precision Railroading, CP is shifting gears from cost take-out to top-line growth. As such ... transitional time for CP as the focus was largely on the implementation of Precision Railroading which likely pushed freight onto other transportation modes as well. As you can see below

https://www.justice.gov/epstein/files/DataSet%2010/EFTA01415820.pdf

EFTA01371089Set 10

2017-10-311p519w

transitional time for CP as the focus was largely on the implementation of Precision Railroading which likely pushed freight onto other transportation modes as well. As you can see below ... cost advantage over CP (as measured by operating ratio) before CP began implementing Precision Railroading in 2012. This advantage has largely been erased, and we expect just a 200bps difference

https://www.justice.gov/epstein/files/DataSet%2010/EFTA01371089.pdf

EFTA01371087Set 10

2017-10-311p539w

Pacific (CP.N4USD1 / 4 /4 Buy as market share gains during CP's implementation of Precision Railroading. The Canadian National (CHI.14).USD81 21 Sell combination of CNI's slower prospective earnings ... PACIFIC (CP). Shifting Gears: Initiate Buy:$209 PT Following its multi-year implementation of Precision Railroading, CP is shifting gears from cost take-out to top-line growth. As such

https://www.justice.gov/epstein/files/DataSet%2010/EFTA01371087.pdf

EFTA01371118Set 10

2017-10-311p444w

figure below) when the operating ratio improved 1,600bps from 2012-2016. Harrison's Precision Railroading model helped transform CP through a relentless focus on asset optimization, network connectivity ... years by removing older units from circulation and running heavier/longer trains. Another aspect of Precision Railroading involves the replacement of hump yards with flat-switching. This change helped CP improve

https://www.justice.gov/epstein/files/DataSet%2010/EFTA01371118.pdf

EFTA01371101Set 10

2017-10-311p435w

issues as CP. Many of the changes brought about as part of Harrison's Precision Railroading plan at various railroads have led to tense relations between employees and mgmt. Fuel

https://www.justice.gov/epstein/files/DataSet%2010/EFTA01371101.pdf

EFTA01371111Set 10

2017-10-311p507w

Initiate Buy/$209 price Puctfprice NAetivu target Aairi Following its multi-year implementation of Precision Railroading, CP is shifting viv^1.-ytiwee gears from cost take-out to top-line

https://www.justice.gov/epstein/files/DataSet%2010/EFTA01371111.pdf

EFTA01371096Set 10

2017-10-311p287w

rail operating ratios (opex as a of revenue) 2010-2019E Hunter Harrison's Precision Railroading model has helped CP and CN1achieve beau 85% in-class operating ratios

https://www.justice.gov/epstein/files/DataSet%2010/EFTA01371096.pdf

EFTA01371108Set 10

2017-10-311p318w

class volume growth, and removed costs through the implementation of Hunter Harrison's Precision Railroading model. {Figure 73: The rails solidly outperformed the S&P 500 from 2000-2008 with

https://www.justice.gov/epstein/files/DataSet%2010/EFTA01371108.pdf

EFTA01371097Set 10

2018-01-011p300w

relative to the other rails. We believe a large driver behind this is the Precision Railroading model implemented by Hunter Harrison at both CP and CNI (we go into more

https://www.justice.gov/epstein/files/DataSet%2010/EFTA01371097.pdf