CANADIAN PACIFIC RAILWAY LTD. $231.77(Toronto symbol CP; Shares outstanding: 171.0 million; Market cap: $39.4 billion; TSINetwork Rating: Average; Dividend yield: 0.6%; www.cpr.ca) has agreed to form a 50/50 joint venture with DREAM Unlimited Corp., Toronto symbol DRM.
This new business—called DREAM Van Horne Properties—will redevelop several of CP’s real estate holdings, helping the company unlock some of their hidden value.
These assets include 75-acre Schiller Park in Chicago; Obico, a 74-acre site near Toronto; the 92-acre South Edmonton Yard, close to downtown Edmonton; and Lucien L’allier, a three-acre site in Montreal.
DREAM is a leading Canadian real estate developer and property manager with over $14.7 billion of assets under management in North America and Europe.
Meanwhile, CP’s earnings per share jumped 40.3%, to $2.68 from $1.91, in the quarter ended December 31, 2014. Revenue rose 9.5%, to a record $1.76 billion from $1.61 billion.
CP continues to benefit from its plan to improve its efficiency with new locomotives, better tracks and software that optimizes train loads and speeds.
The company expects its earnings per share to rise by at least 25%, from $8.50 in 2014 to $10.63 in 2015. The stock trades at a still-reasonable 21.8 times this year’s estimate.
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