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  "documentTitle": "Union Pacific Corporation (UNP)",
  "authorId": "15_Soroban",
  "authorName": "Eric Mandelblatt",
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  "presentationDate": "2023-02-22 00:00:00",
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  "notes": "The chart uses a bridge format to illustrate the delta between current consensus and the activist's projected upside.",
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      "kind": "callout",
      "text": "If UNP fully recaptures its volume underperformance vs. US Class I railroads by 2025",
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      "text": "EPS CAGR: ~19%",
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      "text": "We believe UNP's potential lies principally in its untapped volume growth. Combined with very high incremental margins, an efficient cost base, and a sizeable capital return plan, EPS including dividends have the potential to annually grow ~19% over the next three years.",
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      "text": "Source: consensus estimates per Bloomberg and Visible Alpha as of 2/22/2023, Soroban estimates.",
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      "text": "2022A-2025E EPS w/ Dividends CAGR Bridge: \"Consensus\" to \"Best-in-Class Management Case\"",
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