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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": "Includes a specific valuation bridge/table showing potential stock price doubling.",
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      "text": "New leadership at UNP would create significant value for shareholders and benefit other key constituents. We believe a leadership change could potentially create ~$67bn of incremental shareholder value over the next two years",
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      "kind": "callout",
      "text": "Soroban is completely committed to seeing that these changes be expeditiously implemented",
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      "text": "Under new leadership, we believe UNP's stock price has the potential to double over the next two years",
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      "text": "Under Lance Fritz's eight-year tenure as CEO, UNP has repeatedly and significantly failed to reach its potential. The Board needs to hold Lance Fritz accountable for UNP's failures and replace him\nUltimately, the need to replace Lance Fritz is not personal but about elevating the interests of the Company and its key constituents above those of management. UNP deserves better leadership. It is time for the Board to act\nExperienced operational leadership is critical for unleashing UNP's potential...\n...fortunately, there is no need to start from scratch. We believe Jim Vena would be keen to return to UNP in a new leadership role",
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      "text": "Total Shareholder Return: $390",
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      "text": "Note: as of 2/22/2023. (1) Average blended 12-month forward P/E multiple of UNP's Canadian railroad peers.",
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      "text": "2025E EPS, NTM EPS Multiple, Implied Share Price, Cumulative Dividends, Total Shareholder Return, Upside, IRR, Market Cap, Market Cap Created",
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