Comparing Valuation Multiples for Auto Companies in November
As of November 21, 2017, GM’s forward EV-to-EBITDA multiple was 6.4x. That was lower than its competitors Ford at 13.5x and Toyota at 9.6x.
Pacific Drilling (PACD) filed for Chapter 11 bankruptcy protection in an aim to restructure roughly $3 billion in debt.
The US offshore rig count for the week ending November 17, 2017, was 21—three higher than the previous week.
In its September Market Overview report, PotashCorp (POT) stated that the gains in phosphate prices earlier this year were reversed due to excess supply and weakness in demand from India.
During 3Q17, urea prices were stronger year-over-year. According to Agrium (AGU), urea prices were positively impacted due to growth in demand from the Indian market as well as lower exports coming out of China.
The demand for potash fertilizers remained strong year-over-year in key markets.
The imbalance in the supply-demand dynamics has unfavorably impacted the fertilizer industry.
Canadian Pacific Railway (CP) reported a 5.2% rise in railcars last week (ended November 11). CP’s railcar volumes that week rose to ~32,500 units.
CNI’s railcar volumes fell 6.9% to ~62,000 units last week (ended November 11), compared with ~67,000 units in the week ended November 12, 2016.
Kansas City Southern (KSU), the US-Mexico railway, registered a 3.1% railcar rise last week (ended November 11), the 45th week of 2017.
Jacksonville-based CSX (CSX) reported a 3.4% carload loss last week (ended November 11), the 45th week of 2017.
Last week, the 45th week of 2017, Norfolk Southern’s carloads rose 2.3% to ~68,000 units, compared with ~66,600 units in the week ended November 12, 2016.
For last week (ended November 11), the 45th week of 2017, UNP reported a minor railcar volume loss of 0.6%, compared BNSF’s 4.2% loss during the same period.
In the week ended November 11, 2017, BNSF Railway (BRK-B) posted a 4.2% loss in railcar volumes.
The overall freight traffic for US rail carriers was 1.2% higher last week (ended November 11) than during the week ended November 12, 2016.
On November 16, 2017, the average bunker fuel price was $407 per ton—compared to $417 per ton on November 9, 2017.
According to Weber’s week 46 report, VLCC rates largely remained range bound. In week 46, 16 VLCC fixtures were recorded in the Middle East market.
In week 46, which ended on November 17, 2017, the BDTI rose from 803 to 809. In week 45, it fell by 40 points.
In October 2017, Genesee & Wyoming’s (GWR) European operations reported a minor volume loss of 0.6% on a YoY (year-over-year) basis.
In October 2017, Genesee & Wyoming recorded a slight fall of 1.7% in its North American freight traffic YoY (year-over-year).