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  "documentTitle": "Union Pacific Corporation (UNP)",
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  "authorName": "Eric Mandelblatt",
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  "presentationDate": "2023-02-22 00:00:00",
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  "notes": "Includes a line chart showing historical NTM P/E and a table showing peer group multiples.",
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      "text": "If volume growth accelerates to UNP's potential, we believe investors will reward this higher growth with a valuation more in line with UNP's Canadian peers and other high-quality US industrial companies",
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      "text": "Rail Multiples (NTM P/E)",
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      "text": "NTM P/E: 25.6x",
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      "text": "Source: Bloomberg as of 2/22/2023. Multiples represent blended forward twelve months. (1) Conservatively assumes UNP only recaptures half the volume underperformance vs. US railroad peers that UNP experienced under current leadership.",
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      "text": "High-Quality Industrial Company Multiples (NTM P/E)",
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      "kind": "title",
      "text": "UNP under best-in-class leadership has significant multiple re-rate potential",
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