Bridgepoint Merchant Banking releases an update on the trucking industry, including reporting and insights on valuation cycles and key business considerations.
Bridgepoint Merchant Banking releases a mid-year update on the trucking industry. Reporting and insights on valuation and key business considerations are included.
Bridgepoint Merchant Banking releases an update on the trucking industry, including reporting and insights on valuation cycles and key business considerations.
A glimpse into the state of freight heading into bid season 2018.
The CFA Institute Research Challenge is a global competition that tests the equity research and valuation, investment report writing, and presentation skills of university students. The following report was submitted by a team of university students as part of this annual educational initiative and should not be considered a professional report.
CFA is a registered trademark owned by the Chartered Financial Analyst Institute.
Bridgepoint Merchant Banking releases a mid-year update on the trucking industry. Reporting and insights on valuation and key business considerations are included.
Bridgepoint Merchant Banking releases an update on the trucking industry, including reporting and insights on valuation cycles and key business considerations.
A glimpse into the state of freight heading into bid season 2018.
The CFA Institute Research Challenge is a global competition that tests the equity research and valuation, investment report writing, and presentation skills of university students. The following report was submitted by a team of university students as part of this annual educational initiative and should not be considered a professional report.
CFA is a registered trademark owned by the Chartered Financial Analyst Institute.
LogiSYM Magazine covers all the latest developments in the logistics and supply chain fields with regular news updates, industry features and one on one interviews providing detailed and up to the minute information enabling the reader to keep abreast with the ever evolving business scene.
Buying Transportation and 3rd Party Logistics Services-Part IIThomas Tanel
This executive briefing will help purchasing and supply professionals better understand their transportation and 3rd party logistics needs and develop sourcing strategies to fulfill those needs. Part II of two parts.
The session will focus on three topics. First, the terminology and economic basics of transportation and 3rd party logistics will be discussed. Next, alternate transportation/3rd party logistics strategies will be discussed. This topic will include a discussion of the advantages and disadvantages of private and for-hire alternatives. The final topic will identify and discuss alternative sourcing strategies when using for-hire transportation and 3rd party logistics services.
Bridgepoint Merchant Banking's newest industry update on the physical therapy industry, including reporting and insights on current market trends and selected industry transactions.
Stock Pitch For Logistics Services PowerPoint Presentation PPT Slide TemplateSlideTeam
Our Stock Pitch For Logistics Services PowerPoint Presentation PPT Slide Template is the perfect way to pitch your stock. We have researched thousands of stock pitches and designed the most impactful way to convince your investors to invest in your equity. https://bit.ly/2UCHS2w
Strategic Plan Part 2: SWOT Analysis Paper
Jon Thompson
BUS/475
November 14, 2016
Michael Portillo
Running head: STRATEGIC PLAN PART 2: SWOT ANALYSIS PAPER
1
STRATEGIC PLAN PART 2: SWOT ANALYSIS PAPER
9
Strategic Plan Part 2: SWOT Analysis Paper
Organizations in-charge of shipment and ferrying of goods have increasingly become concerned due to the widespread changes in the economy, the installations of new regulations, and the current initiatives on highway funding. It is of importance to note that some changes progress faster than others. Soon, this is expected to take place in the trucking industry. The shortage of drivers, which has become a universal norm, will ensure that the trucking companies are bewildered so as to be able to attract and ensure that their professionals remain (Trends to Track in 2016 - Article - TruckingInfo.com. 2016). The economic state has taken a back seat, but the direction it has taken is a huge blow for all of the stakeholders in the trucking sector. The following are some of the forces and trends that are expected to reshape the transportation industry in the future.
The United States' economy is one of the fastest growing economies in the world today with about 2.5% annual growth rate. The pace is expected to escalate in the next coming years. The major influencers of the economy are the solid momentum in the domestic market as opposed to a cautious approach to investment in the global environment, which is very emaciated. However, businesses in the country have shown to be conservative on the current elective environment. They continue in spite of lacking a strong dollar and are waiting for growth in the economy that has led to the opportunities of exportation being slim (Regulation & Legislation: Truckers Get the Message - Inbound Logistics. (2016).
Further, weakness is showing by reduced investment levels and productivity; the American economy is expected to resume normality, resulting in labor shortages which might pressurize wages and hence eat into the profits earned by the corporate firms. To curb this, Swift Transportation Company has the objective of remaining active and hence, extending the above average growth for a longer period. The plan by the organization will be of great help because the economic components are continuing at levels that are not sustainable. The current economic variables make the group predict the economic growth rate to be at a staggering 2.8% for this fiscal year (Trends to Track in 2016 - Article - TruckingInfo.com. 2016).
More concerns threaten the annual economic gains for the organization in the financial year. The risks are associated with the slowing down in the domestic economies overseas. The economies continued slowing is considered a threat because it can constrain the projected growth rate at a mere 1%. When this happens, then, there are very high possibilities that those financial markets at the global level will be hugely affected and this will tran.
Term ProjectFinancial Statement Analysis of Autonation and.docxbradburgess22840
Term Project
Financial Statement Analysis of Autonation and Lithia Motors Inc.
Prepared by
Monica Galindo
For
Professor C.E. Reese
in partial fulfillment of the requirement for
ACC 770 – Managerial Accounting
School of Business/Graduate Studies
St. Thomas University
Miami Garden, Fla.
Term A2/Spring, 2017
May 11, 2017
Table of Contents
Introduction 1
Business history and future 2
Financial analysis 6
Liquidity analysis 12
Activity analysis 14
Solvency analysis 15
Profitability analysis 16
Comparative analysis 18
Summary and Conclusions 21
Appendices 22
References 29
3
Term Project
Financial Statement Analysis of Autonation and Lithia Motors Inc. 2014 - 2016
Prepared by
Carlos Flores
For
Professor C.E. Reese
in partial fulfillment of the requirement for
FIN 751 – Managerial Accounting
School of Business/Graduate Studies
St. Thomas University
Miami Garden, Fla.
Term A2/Spring, 2017
May 11, 2017
Table of Contents
Introduction 2
Business history and future 3
Financial analysis 7
Liquidity analysis 14
Activity analysis 15
Solvency analysis 16
Profitability analysis 18
Comparative analysis 19
Summary and Conclusions 22
Appendices 24
References 31
Introduction
a. Objective
This paper conducts a comparative financial analysis on AutoNation and Lithia Motors with the objective to assess the financial health of the companies. Financial analyses provide objective answers and gives companies support for making informed decisions. By reviewing past and current financial statements and comparing them to the automobile industry, future predictions can be made to ensure that the companies can be profitable. Financial analyses thus allows companies to discover areas that must be improve to ensure that creditors look favorable upon the companies and drive profit potential (Asongu, 2015).
b. Scope
This financial analysis is conducted to understand key business ratios to understand AutoNation and Lithia Motors stability and compare business's financial performance to competitors and the industry as a whole. In the end, creditworthiness is assessed for both companies to determine if credit should be extended as well as the recommendations for both companies after all of the data has been analyzed and interpreted.
c. Methodology
The information from balance sheet, income statement and other financial statements will be used to calculate the relevant ratios to complete these analyses. The relevant ratios that will be used are the liquidity, activity, solvency and profitability ratios. The financial statements will then be used to conduct vertical and horizontal analyses to indicate any changes in the companies’ accounts and evaluate which accounts uses much of the companies' money. The various computations and websites references will be employed to analyze the data and make sound interpretations, recommendations and conclusions.
Business History and Future
a.Industry
The automobile industry is made up of several companies in US.
The BGSA Supply Chain Index tracks a basket of publicly-traded companies in transportation, logistics, and the supply chain arena. This presentation shows performance as of August 1, 2019.
LogiSYM Magazine covers all the latest developments in the logistics and supply chain fields with regular news updates, industry features and one on one interviews providing detailed and up to the minute information enabling the reader to keep abreast with the ever evolving business scene.
Buying Transportation and 3rd Party Logistics Services-Part IIThomas Tanel
This executive briefing will help purchasing and supply professionals better understand their transportation and 3rd party logistics needs and develop sourcing strategies to fulfill those needs. Part II of two parts.
The session will focus on three topics. First, the terminology and economic basics of transportation and 3rd party logistics will be discussed. Next, alternate transportation/3rd party logistics strategies will be discussed. This topic will include a discussion of the advantages and disadvantages of private and for-hire alternatives. The final topic will identify and discuss alternative sourcing strategies when using for-hire transportation and 3rd party logistics services.
Bridgepoint Merchant Banking's newest industry update on the physical therapy industry, including reporting and insights on current market trends and selected industry transactions.
Stock Pitch For Logistics Services PowerPoint Presentation PPT Slide TemplateSlideTeam
Our Stock Pitch For Logistics Services PowerPoint Presentation PPT Slide Template is the perfect way to pitch your stock. We have researched thousands of stock pitches and designed the most impactful way to convince your investors to invest in your equity. https://bit.ly/2UCHS2w
Strategic Plan Part 2: SWOT Analysis Paper
Jon Thompson
BUS/475
November 14, 2016
Michael Portillo
Running head: STRATEGIC PLAN PART 2: SWOT ANALYSIS PAPER
1
STRATEGIC PLAN PART 2: SWOT ANALYSIS PAPER
9
Strategic Plan Part 2: SWOT Analysis Paper
Organizations in-charge of shipment and ferrying of goods have increasingly become concerned due to the widespread changes in the economy, the installations of new regulations, and the current initiatives on highway funding. It is of importance to note that some changes progress faster than others. Soon, this is expected to take place in the trucking industry. The shortage of drivers, which has become a universal norm, will ensure that the trucking companies are bewildered so as to be able to attract and ensure that their professionals remain (Trends to Track in 2016 - Article - TruckingInfo.com. 2016). The economic state has taken a back seat, but the direction it has taken is a huge blow for all of the stakeholders in the trucking sector. The following are some of the forces and trends that are expected to reshape the transportation industry in the future.
The United States' economy is one of the fastest growing economies in the world today with about 2.5% annual growth rate. The pace is expected to escalate in the next coming years. The major influencers of the economy are the solid momentum in the domestic market as opposed to a cautious approach to investment in the global environment, which is very emaciated. However, businesses in the country have shown to be conservative on the current elective environment. They continue in spite of lacking a strong dollar and are waiting for growth in the economy that has led to the opportunities of exportation being slim (Regulation & Legislation: Truckers Get the Message - Inbound Logistics. (2016).
Further, weakness is showing by reduced investment levels and productivity; the American economy is expected to resume normality, resulting in labor shortages which might pressurize wages and hence eat into the profits earned by the corporate firms. To curb this, Swift Transportation Company has the objective of remaining active and hence, extending the above average growth for a longer period. The plan by the organization will be of great help because the economic components are continuing at levels that are not sustainable. The current economic variables make the group predict the economic growth rate to be at a staggering 2.8% for this fiscal year (Trends to Track in 2016 - Article - TruckingInfo.com. 2016).
More concerns threaten the annual economic gains for the organization in the financial year. The risks are associated with the slowing down in the domestic economies overseas. The economies continued slowing is considered a threat because it can constrain the projected growth rate at a mere 1%. When this happens, then, there are very high possibilities that those financial markets at the global level will be hugely affected and this will tran.
Term ProjectFinancial Statement Analysis of Autonation and.docxbradburgess22840
Term Project
Financial Statement Analysis of Autonation and Lithia Motors Inc.
Prepared by
Monica Galindo
For
Professor C.E. Reese
in partial fulfillment of the requirement for
ACC 770 – Managerial Accounting
School of Business/Graduate Studies
St. Thomas University
Miami Garden, Fla.
Term A2/Spring, 2017
May 11, 2017
Table of Contents
Introduction 1
Business history and future 2
Financial analysis 6
Liquidity analysis 12
Activity analysis 14
Solvency analysis 15
Profitability analysis 16
Comparative analysis 18
Summary and Conclusions 21
Appendices 22
References 29
3
Term Project
Financial Statement Analysis of Autonation and Lithia Motors Inc. 2014 - 2016
Prepared by
Carlos Flores
For
Professor C.E. Reese
in partial fulfillment of the requirement for
FIN 751 – Managerial Accounting
School of Business/Graduate Studies
St. Thomas University
Miami Garden, Fla.
Term A2/Spring, 2017
May 11, 2017
Table of Contents
Introduction 2
Business history and future 3
Financial analysis 7
Liquidity analysis 14
Activity analysis 15
Solvency analysis 16
Profitability analysis 18
Comparative analysis 19
Summary and Conclusions 22
Appendices 24
References 31
Introduction
a. Objective
This paper conducts a comparative financial analysis on AutoNation and Lithia Motors with the objective to assess the financial health of the companies. Financial analyses provide objective answers and gives companies support for making informed decisions. By reviewing past and current financial statements and comparing them to the automobile industry, future predictions can be made to ensure that the companies can be profitable. Financial analyses thus allows companies to discover areas that must be improve to ensure that creditors look favorable upon the companies and drive profit potential (Asongu, 2015).
b. Scope
This financial analysis is conducted to understand key business ratios to understand AutoNation and Lithia Motors stability and compare business's financial performance to competitors and the industry as a whole. In the end, creditworthiness is assessed for both companies to determine if credit should be extended as well as the recommendations for both companies after all of the data has been analyzed and interpreted.
c. Methodology
The information from balance sheet, income statement and other financial statements will be used to calculate the relevant ratios to complete these analyses. The relevant ratios that will be used are the liquidity, activity, solvency and profitability ratios. The financial statements will then be used to conduct vertical and horizontal analyses to indicate any changes in the companies’ accounts and evaluate which accounts uses much of the companies' money. The various computations and websites references will be employed to analyze the data and make sound interpretations, recommendations and conclusions.
Business History and Future
a.Industry
The automobile industry is made up of several companies in US.
The BGSA Supply Chain Index tracks a basket of publicly-traded companies in transportation, logistics, and the supply chain arena. This presentation shows performance as of August 1, 2019.
Similar to Bridgepoint Insights: Trucking Industry Update, January 2017 (20)
Private Equity and Venture Capital volume stays depressed while valuations remain high during the second quarter of 2017. Read Bridgepoint Merchant Banking's latest Midwest Capital Raise Update, measuring private equity and venture capital throughout the Midwest.
Private Equity and Venture Capital volume is depressed amid uncertainty and a changing capital environment during the first quarter of 2017. Read Bridgepoint Merchant Banking's latest Midwest Capital Raise Update, measuring private equity and venture capital throughout the Midwest.
The official market update presented at the 2017 Faegre Baker Daniels M&A Conference, including data and insights from industry leaders on current deal activity, valuations and future predictions.
Bridgepoint Merchant Banking releases an update on the Midwest banking industry, including commentary on selected industry transactions. Reporting and insights on valuation cycles, efficiency ratios and the US bank loan landscape are also covered.
It's a sellers' market at the beginning of 2017. Bridgepoint Merchant Banking releases the latest Midwest M&A Index, measuring corporate mergers & acquisition activity in the region. Insight is provided on the current market status and statistics on selected Midwest transactions.
Bridgepoint Merchant Banking releases an update on the Agriculture Technology industry with industry background, financial performance, valuation trends and corporate strategy considerations. The Principals of Bridgepoint has over $104 billion in transaction experience.
Bridgepoint Merchant Banking releases an update on the trucking industry with industry background, financial performance, valuation trends and corporate strategy considerations. The Principals of Bridgepoint has over $41 billion in vehicular transaction experience
Bridgepoint Merchant Banking releases an insight on the building products industry with industry background, financial performance, valuation trends and corporate strategy considerations. The Principals of Bridgepoint has over $104 billion in transaction experience.
Bridgepoint Merchant Banking releases an update on the trucking industry with industry background, financial performance, valuation trends and corporate strategy considerations. The Principals of Bridgepoint has over $41 billion in vehicular transaction experience
Financial Assets: Debit vs Equity Securities.pptxWrito-Finance
financial assets represent claim for future benefit or cash. Financial assets are formed by establishing contracts between participants. These financial assets are used for collection of huge amounts of money for business purposes.
Two major Types: Debt Securities and Equity Securities.
Debt Securities are Also known as fixed-income securities or instruments. The type of assets is formed by establishing contracts between investor and issuer of the asset.
• The first type of Debit securities is BONDS. Bonds are issued by corporations and government (both local and national government).
• The second important type of Debit security is NOTES. Apart from similarities associated with notes and bonds, notes have shorter term maturity.
• The 3rd important type of Debit security is TRESURY BILLS. These securities have short-term ranging from three months, six months, and one year. Issuer of such securities are governments.
• Above discussed debit securities are mostly issued by governments and corporations. CERTIFICATE OF DEPOSITS CDs are issued by Banks and Financial Institutions. Risk factor associated with CDs gets reduced when issued by reputable institutions or Banks.
Following are the risk attached with debt securities: Credit risk, interest rate risk and currency risk
There are no fixed maturity dates in such securities, and asset’s value is determined by company’s performance. There are two major types of equity securities: common stock and preferred stock.
Common Stock: These are simple equity securities and bear no complexities which the preferred stock bears. Holders of such securities or instrument have the voting rights when it comes to select the company’s board of director or the business decisions to be made.
Preferred Stock: Preferred stocks are sometime referred to as hybrid securities, because it contains elements of both debit security and equity security. Preferred stock confers ownership rights to security holder that is why it is equity instrument
<a href="https://www.writofinance.com/equity-securities-features-types-risk/" >Equity securities </a> as a whole is used for capital funding for companies. Companies have multiple expenses to cover. Potential growth of company is required in competitive market. So, these securities are used for capital generation, and then uses it for company’s growth.
Concluding remarks
Both are employed in business. Businesses are often established through debit securities, then what is the need for equity securities. Companies have to cover multiple expenses and expansion of business. They can also use equity instruments for repayment of debits. So, there are multiple uses for securities. As an investor, you need tools for analysis. Investment decisions are made by carefully analyzing the market. For better analysis of the stock market, investors often employ financial analysis of companies.
BYD SWOT Analysis and In-Depth Insights 2024.pptxmikemetalprod
Indepth analysis of the BYD 2024
BYD (Build Your Dreams) is a Chinese automaker and battery manufacturer that has snowballed over the past two decades to become a significant player in electric vehicles and global clean energy technology.
This SWOT analysis examines BYD's strengths, weaknesses, opportunities, and threats as it competes in the fast-changing automotive and energy storage industries.
Founded in 1995 and headquartered in Shenzhen, BYD started as a battery company before expanding into automobiles in the early 2000s.
Initially manufacturing gasoline-powered vehicles, BYD focused on plug-in hybrid and fully electric vehicles, leveraging its expertise in battery technology.
Today, BYD is the world’s largest electric vehicle manufacturer, delivering over 1.2 million electric cars globally. The company also produces electric buses, trucks, forklifts, and rail transit.
On the energy side, BYD is a major supplier of rechargeable batteries for cell phones, laptops, electric vehicles, and energy storage systems.
What website can I sell pi coins securely.DOT TECH
Currently there are no website or exchange that allow buying or selling of pi coins..
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Who is a pi merchant?
A pi merchant is someone who buys pi coins from miners and resell to these crypto whales and holders of pi..
This is because pi network is not doing any pre-sale. The only way exchanges can get pi is by buying from miners and pi merchants stands in between the miners and the exchanges.
How can I sell my pi coins?
Selling pi coins is really easy, but first you need to migrate to mainnet wallet before you can do that. I will leave the what'sapp contact of my personal pi merchant to trade with.
+12349014282
The secret way to sell pi coins effortlessly.DOT TECH
Well as we all know pi isn't launched yet. But you can still sell your pi coins effortlessly because some whales in China are interested in holding massive pi coins. And they are willing to pay good money for it. If you are interested in selling I will leave a contact for you. Just what'sapp this number below. I sold about 3000 pi coins to him and he paid me immediately.
+12349014282
Seminar: Gender Board Diversity through Ownership NetworksGRAPE
Seminar on gender diversity spillovers through ownership networks at FAME|GRAPE. Presenting novel research. Studies in economics and management using econometrics methods.
when will pi network coin be available on crypto exchange.DOT TECH
There is no set date for when Pi coins will enter the market.
However, the developers are working hard to get them released as soon as possible.
Once they are available, users will be able to exchange other cryptocurrencies for Pi coins on designated exchanges.
But for now the only way to sell your pi coins is through verified pi vendor.
Here is the what'sapp contact of my personal pi vendor
+12349014282
This presentation poster infographic delves into the multifaceted impacts of globalization through the lens of Nike, a prominent global brand. It explores how globalization has reshaped Nike's supply chain, marketing strategies, and cultural influence worldwide, examining both the benefits and challenges associated with its global expansion.
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Cotton in Nike Apparel
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Nike Logistics and Transport
Bridgepoint Insights: Trucking Industry Update, January 2017
1. $0.0
$0.2
$0.4
$0.6
$0.8
$1.0
$1.2
$1.4
$1.6
$1.8
$2.0
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4.0x
6.0x
8.0x
10.0x
12.0x
TEV TEV / LTM EBITDA Historical Median
1bridgepointmb.com
Note: Composite composed of selected public comparables as listed on page 3.
Sources: Bridgepoint Merchant Banking, Capital IQ, PitchBook
Industry Valuation Multiples Again Exceed Historical Median
January 2017
Trucking
Industry Update
Trucking Valuation Cycle
Bridgepoint Insights
Bridgepoint Merchant Banking is a division of Bridgepoint Holdings, LLC. Securities offered through an unaffiliated entity, M&A Securities Group, Inc., member
FINRA/SIPC
TEV/LTMEBITDA
TEV($billions)
Executive Summary
Trucking company valuation multiples are currently 7.4x,
up 45.3% from the most recent cycle trough of 5.1x in
January 2016; current multiples are now above the
historical median for the first time since August 2015
Industry valuations are still low historically relative to the
S&P 500, trading at 63.6% of the broad market, well
below the historical median of 82.8%; however, this is
up from last cycle trough of 47.1% in July 2016
The ATA tonnage index jumped 8.2% in November
2016 to 142.4; approaching the all-time high of 144.0
reached in February 2016
WTI crude reached $52.64 on January 17, 2017, an
increase from the most recent low of $26.19 reached in
February 2016 but well below highs of $100+ in 2014
Key Takeaways
Trucking company valuations and earnings are highly
cyclical due to the nature of the industry and general
macroeconomic factors as well as specific business
characteristics; cycle timing is critical to maximize
transaction value
Understanding and appropriately communicating the
Company’s unique business mix is critical to a successful
process and value maximization
Industry valuations slightly above historical levels for the
first time in nearly 18 months; the near-term cycle window
for sellers beginning to open
Bridgepoint Merchant Banking advises trucking company
owners seeking liquidity that timing is attractive to consider
exploring monetization, financing and other strategic options
TEV / LTM EBITDA
Current Median 7.4x
Historical Median 7.3x
Trough Median 4.1x
2. 40.0%
50.0%
60.0%
70.0%
80.0%
90.0%
100.0%
110.0%
120.0%
TEV / LTM EBITDA Trucking vs. S&P 500 Historical Median
Trucking Industry Update – January 2017
2bridgepointmb.com
Sources: Bridgepoint Merchant Banking, Capital IQ, PitchBook
TEV / LTM EBITDA – Trucking Sector vs. S&P 500
Key Business Considerations
Framing Discussions = Maximizing Value
Deliver strong and diverse customer base complementary to
acquiror’s existing end market exposure
Customer Mix and Related
End Markets
Minimize the impact of variable fuel costs to the Company’s
operations (flat fee, mileage based, etc.)
Fuel Cost Allocation
Industry-wide driver shortage heightens focus on quality of
drivers, driver retention rates and safety history
Driver Retention and Fleet
Optimization
Scale of operations and number of company drivers vs.
independent contractors to determine strategic fit
Size of Fleet and Driver
Type
ELD will be mandated in the near-term, representing a real
value-add for companies who have transitioned; potential
value adjustment for non-converted companies
Adoption of ELD
Technology
Enhance acquiror footprint with new lines and / or optimize
existing routes to limit / eliminate empty loads (backhaul)
Geographic Footprint and
Existing Lines
Drive synergistic value through complementary or diversifying
service offerings and / or economies of scale through
consolidation
Services Provided /
Type of Freight Hauled
Business Characteristics
Current 63.6%
Historical Median 82.8%
Premium (Discount) -19.2%
3. Trucking Industry Update – January 2017
3bridgepointmb.com
Selected Recent Industry Transactions
Selected Public Comparables
Sources: Bridgepoint Merchant Banking, Capital IQ, PitchBook
Date
Announced Target Country Acquiror Country
01/17/2017 Worldwide Express Operations, LLC United States Ridgemont Equity Partners United States
01/05/2017 C & S Carpet Distribution, Inc. United States Best Logistics Group, Inc. United States
12/29/2016 National Fast Freight Inc. Canada TFI International Inc. (TSX:TFII) Canada
12/22/2016 Blue Sky Logistics LLC and Interide Transport LC United States KM Capital LLC United States
12/29/2016 National Fast Freight Inc. Canada TFI International Inc. (TSX:TFII) Canada
12/15/2016 Marine Transport, Inc. United States Maverick USA, Inc. United States
12/08/2016 enVista, LLC, Capacity Solutions Brokerage Division United States R² Freight & Logistics, Inc. United States
12/08/2016 Best Courier and Delivery Services and JS Logistics United States USPack Logistics Corp. United States
11/04/2016 Caito Food Service, Inc. and Blue Ribbon Transport United States SpartanNash Company (NasdaqGS:SPTN) United States
10/31/2016 Northwest Furniture Express, Inc. United States SunBelt Furniture Xpress, Inc. United States
10/27/2016 Transportation Resources, Inc. United States TFI International Inc. (TSX:TFII) Canada
10/17/2016 R² Freight & Logistics, Inc. United States - -
10/04/2016 Atlantic Logistics, Inc. United States Epes Logistics Services, Inc. United States
10/01/2016 Sunco Carriers, Inc. United States KJM Capital United States
09/19/2016 Agri-Carriers Group, Inc. United States The Kenan Advantage Group, Inc. United States
09/13/2016 C & V Trucking Co Inc. United States RoadOne, Inc. United States
08/29/2016 Triumph Transport, Inc. and Triumph Repair Service United States Central States Trucking Co. United States
08/18/2016 Global Frozen Trucking, Inc. United States BT-Twiss Transport LLC United States
08/15/2016 KFS, Inc. United States Business Intelligence Group, LLC United States
08/08/2016 United Express Service, Inc United States NFI Global, LLC United States
07/27/2016 Gulf Transportation Group Canada BT-Twiss Transport LLC United States
07/26/2016 Apex Freight Services, Inc. United States Scott Logistics Corp. United States
07/18/2016 Span-Alaska Transportation, Inc. United States Matson Logistics, Inc. United States
07/06/2016 Progressive Transportation Service, Inc. United States IMC Companies LLC United States
07/05/2016 Jones Motor Group, Inc. United States Transport Investments, Inc. United States
($ in millions, except per share data) 12/30/2016 Equity Enterprise P / E TEV / Revenue TEV / EBITDA TEV / EBIT
Company Name Country Share Price Value Value 2017E LTM 2017E 2018E LTM 2017E 2018E 2017E
ArcBest Corporation United States $27.65 $708.5 $757.9 30.8x 0.3x 0.3x 0.3x 5.7x 5.7x 4.5x 17.8x
Celadon Group, Inc. United States 7.15 201.7 640.2 NM 0.6x 0.6x 0.6x 6.6x 7.2x 5.9x 50.7x
Covenant Transportation Group, Inc. United States 19.34 351.9 570.0 21.0x 0.8x 0.9x 0.8x 4.8x 5.4x 4.9x 17.4x
Heartland Express, Inc. United States 20.36 1,695.7 1,595.4 30.5x 2.5x 2.6x 2.5x 8.6x 8.4x 8.3x 18.9x
J.B. Hunt Transport Services, Inc. United States 97.07 10,889.8 11,828.0 25.7x 1.8x 1.8x 1.7x 11.0x 11.0x 10.2x 16.5x
Knight Transportation, Inc. United States 33.05 2,645.1 2,695.2 27.9x 2.4x 2.4x 2.3x 10.3x 10.0x 9.4x 17.5x
Landstar System, Inc. United States 85.30 3,563.8 3,499.7 26.8x 1.1x 1.1x 1.1x 13.8x 13.8x 13.0x 16.0x
Marten Transport, Ltd. United States 23.30 758.9 767.3 22.8x 1.1x 1.2x 1.1x 5.9x 5.6x 5.4x 13.9x
Old Dominion Freight Line, Inc. United States 85.79 7,072.5 7,250.6 23.9x 2.4x 2.4x 2.3x 10.9x 10.7x 9.8x 14.9x
P.A.M. Transportation Services, Inc. United States 25.98 166.5 306.6 14.4x 0.7x 0.7x 0.7x 5.5x 5.0x 4.6x 13.4x
Patriot Transportation Holding, Inc. United States 21.93 72.1 66.1 - 0.6x - - 4.3x - - -
Roadrunner Transportation Systems, Inc. United States 10.39 398.4 797.7 15.6x 0.4x 0.4x 0.4x 7.9x 8.3x 7.0x 13.9x
Saia, Inc. United States 44.15 1,105.5 1,198.9 23.2x 1.0x 1.0x 0.9x 7.8x 7.7x 6.9x 15.0x
Swift Transportation Company United States 24.36 3,224.6 4,345.5 19.9x 1.1x 1.1x 1.0x 7.9x 8.0x 7.4x 16.9x
Universal Logistics Holdings, Inc. United States 16.35 464.5 698.4 16.9x 0.6x 0.6x 0.6x 7.4x 8.0x 7.8x 13.4x
USA Truck, Inc. United States 8.71 69.5 220.4 NM 0.5x 0.5x 0.5x 5.9x 6.4x 5.5x 59.6x
Werner Enterprises, Inc. United States 26.95 1,942.0 2,078.3 25.8x 1.0x 1.0x 1.0x 6.2x 6.3x 5.9x 17.1x
XPO Logistics, Inc. United States 43.16 4,784.9 10,267.6 43.9x 0.7x 0.7x 0.7x 9.3x 8.3x 7.6x 17.7x
YRC Worldwide Inc. United States 13.28 441.8 1,205.9 21.1x 0.3x 0.3x 0.2x 4.9x 4.1x 3.7x 9.4x
High 43.9x 2.5x 2.6x 2.5x 13.8x 13.8x 13.0x 59.6x
Mean 24.4x 1.1x 1.1x 1.0x 7.6x 7.8x 7.1x 20.0x
Median 23.6x 0.8x 0.9x 0.9x 7.4x 7.8x 6.9x 16.7x
Low 14.4x 0.3x 0.3x 0.2x 4.3x 4.1x 3.7x 9.4x
4. Trucking Industry Update – January 2017
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