Source: Bridgepoint Investment Banking, Capital IQ
Selected Recent Industry Transactions
Selected Public Comparables
TRUCKING & LOGISTICS INDUSTRY UPDATE
bridgepointib.comQ3 2019
BRIDGEPOINT INSIGHTS
3
($ in millions, except per share data) 10/11/2019 Equity
Enterprise P / E TEV / Revenue TEV / EBITDA TEV / EBIT
Company Name Country Share Price Value Value LTM LTM LTM LTM
ArcBest Corporation United States $28.81 $735.2 $790.9 9.0x
0.26x 3.6x 6.9x
Covenant Transportation Group, Inc. United States $15.85 $292.6
$587.0 7.6x 0.62x 4.1x 9.1x
Heartland Express, Inc. United States $21.64 $1,774.0 $1,568.3
22.1x 2.70x 9.1x 20.5x
J.B. Hunt Transport Services, Inc. United States $110.35
$11,781.9 $13,270.5 25.6x 1.49x 11.6x 19.6x
Knight-Swift Transportation Holdings Inc. United States $36.12
$6,158.9 $7,238.5 14.8x 1.40x 7.2x 13.0x
Landstar System, Inc. United States $114.03 $4,519.0 $4,384.9
17.8x 0.98x 11.6x 13.1x
Marten Transport, Ltd. United States $21.21 $1,158.8 $1,077.0
19.6x 1.32x 6.7x 15.3x
Old Dominion Freight Line, Inc. United States $171.00 $13,681.1
$13,565.6 21.7x 3.28x 12.3x 15.8x
P.A.M. Transportation Services, Inc. United States $64.98 $374.1
$572.9 12.1x 1.06x 5.6x 11.5x
Patriot Transportation Holding, Inc. United States $17.91 $60.0
$39.5 27.2x 0.35x 4.4x 147.9x
Roadrunner Transportation Systems, Inc. United States $9.96
$374.9 $762.9 NM 0.37x NM NM
Saia, Inc. United States $95.56 $2,452.1 $2,704.4 22.3x 1.58x
10.3x 17.8x
Schneider National, Inc. United States $22.15 $3,923.1 $4,003.0
17.3x 0.80x 6.2x 11.3x
TFI International Inc. Canada $30.81 $2,542.4 $4,244.2 11.0x
1.08x 7.7x 12.3x
Universal Logistics Holdings, Inc. United States $24.15 $658.9
$1,094.6 11.2x 0.72x 6.4x 10.1x
USA Truck, Inc. United States $7.94 $66.1 $258.7 6.6x 0.48x 5.1x
13.4x
Werner Enterprises, Inc. United States $35.21 $2,436.4 $2,788.1
13.8x 1.12x 5.9x 11.8x
XPO Logistics, Inc. United States $74.04 $6,825.1 $14,401.1
26.0x 0.84x 9.2x 17.0x
YRC Worldwide Inc. United States $3.58 $129.9 $1,222.5 NM 0.24x
6.0x 23.1xTotal
P / E TEV / Revenue TEV / EBITDA TEV / EBIT
High 28.3x 3.17x 11.9x 157.2x
Mean 16.3x 1.06x 7.2x 21.8x
Median 16.7x 0.95x 6.3x 13.0x
Low 6.4x 0.24x 3.5x 9.8x
Sub-$1bn TEV
P / E TEV / Revenue TEV / EBITDA TEV / EBIT
High 28.3x 1.25x 6.3x 157.2x
Mean 13.1x 0.62x 5.2x 30.6x
Median 10.7x 0.48x 5.3x 12.3x
Low 6.4x 0.24x 3.5x 6.7x
DateAnnounced Target Acquiror08/30/2019 Twin Eagle Transport
Badlands Tank Lines08/26/2019 Mills Transfer, Inc. Heartland
Express, Inc. (NASDAQ:HTLD)07/31/2019 Wayne T. Fellows, Inc. /
Fellows Truck Brothers, Inc. Kottke Trucking, Inc.07/29/2019 Piston
Tank Corporation TFI International Inc. (TSX:TFII)07/22/2019
Logicorp Enterprises, LLC Outwest Express, LLC07/11/2019 Carlisle
Carrier Corporation Cowan Systems, LLC05/13/2019 Jetco Delivery,
Inc. The GTI Group05/04/2019 Maverick USA, Inc. KLLM Transport
Services, Inc.04/25/2019 Brookfield RPS Limited Relo Group, Inc.
(TSE:8876)04/22/2019 Michael's Cartage, Inc. Mason Dixon
Intermodal, Inc.04/02/2019 Sterling Transport Co, Inc. Grammer
Industries, Inc.04/01/2019 Aulick Leasing TFI International Inc.
(TSX:TFII)02/28/2019 Riechmann Transport, Inc. PS Logistics,
LLC02/25/2019 Schilli Corporation TFI International Inc.
(TSX:TFII)01/21/2019 Reliable Source Logistics LLC Fitzmark,
Inc.01/21/2019 J&B Express LLC Kuhlhaus Logistics
Systems01/09/2019 All Assets of Joseph Cory Warehouses, Inc. J.B.
Hunt Transport, Inc.12/07/2018 Deco Logistics, Inc./Oaktree
Logistics, Inc. Mason Dixon Intermodal, Inc.11/05/2018 CaseStack,
Inc. Hub Group, Inc. (NasdaqGS:HUBG)10/25/2018 J & B Services,
Inc. Milan Supply Chain Solutions10/24/2018 Martin Transport, Inc.
Martin Operating Partnership L.P.
10/18/2018 Davis Transfer Company Inc./Davis Transfer Logistics
Inc./B & G Leasing, L.L.C. USA Truck, Inc. (NasdaqGS:USAK)
10/18/2018 American Fast Freight, Inc. Odyssey Logistics &
Technology Corporation
08/10/2018 Southern Counties Express, Inc./Aquarius Financial,
Inc. Mason Dixon Intermodal, Inc.
08/08/2018 Capstan Hauling Ltd. ENTREC Corporation
(TSX:ENT)07/25/2018 Dacota Freight Services Ltd. Hi-Way 9 Group of
Companies
06/07/2018 Thunder Ridge Transport, Inc. EVO Transportation
& Energy Services, Inc. (OTCPK:EVOA)02/07/2018 Marshall
Trucking Inc. Mullen Trucking Corp.02/02/2018 Fore Transportation,
Inc. Universal Logistics Holdings, Inc. (NasdaqGS:ULH)
77%
23%
Strategic
Financial / Private Equity
Transactions by Acquiror Type
YTD 2019
Moon Graph
Complete Nutrition Competitor Comparison
CompanyLTM Sales (mm)LTM EBITDA (mm)LTM Net Income (mm)Share
PriceMarket cap (mm)Total debt (mm)TEV (mm)Weight LossSports
NutritionGeneral HealthOtherBusiness ModelOverallTEV / SalesTEV /
EBITDATierValueMoon
Complete
Nutrition0.000.000.00$0.00$0.000.00$0.000.000.000.000.000.000.000.0x0.0x011.00
FitLife Brands,
Inc.0.000.000.00$0.00$0.000.00$0.000.000.000.000.000.000.000.0x0.0x00.750.75
Pacifichealth Laboratories
Inc.0.000.000.00$0.00$0.000.00$0.000.000.000.000.000.000.000.0x0.0x00.50.50
Creative Edge Nutrition,
Inc.0.000.000.00$0.00$0.000.00$0.000.000.000.000.000.000.000.0x0.0x00.250.25
Culture Medium Holdings
Corp.0.000.000.00$0.00$0.000.00$0.000.000.000.000.000.000.000.0x0.0x000.00
Inergetics,
Inc.0.000.000.00$0.00$0.000.00$0.000.000.000.000.000.000.000.0x0.0x0
MYOS
Corporation0.000.000.00$0.00$0.000.00$0.000.000.000.000.000.000.000.0x0.0x0
Avidus Management Group
Inc.0.000.000.00$0.00$0.000.00$0.000.000.000.000.000.000.000.0x0.0x0
Strike Axe,
Inc.0.000.000.00$0.00$0.000.00$0.000.000.000.000.000.000.000.0x0.0x0
Naturade,
Inc.0.000.000.00$0.00$0.000.00$0.000.000.000.000.000.000.000.0x0.0x0
RBC Life Sciences
Inc.0.000.000.00$0.00$0.000.00$0.000.000.000.000.000.000.000.0x0.0x0
Health Sciences Group,
Inc.0.000.000.00$0.00$0.000.00$0.000.000.000.000.000.000.000.0x0.0x0
Mannatech,
Incorporated0.000.000.00$0.00$0.000.00$0.000.000.000.000.000.000.000.0x0.0x0
Reliv International,
Inc.0.000.000.00$0.00$0.000.00$0.000.000.000.000.000.000.000.0x0.0x0
Muscle Pharm
Corp.0.000.000.00$0.00$0.000.00$0.000.000.000.000.000.000.000.0x0.0x0
Natural Alternatives International
Inc.0.000.000.00$0.00$0.000.00$0.000.000.000.000.000.000.000.0x0.0x0
GNC Holdings
Inc.0.000.000.00$0.00$0.000.00$0.000.000.000.000.000.000.000.0x0.0x0
LifeQuest World
Corporation0.000.000.00$0.00$0.000.00$0.000.000.000.000.000.000.000.0x0.0x0
ForU Holdings,
Inc.0.000.000.00$0.00$0.000.00$0.000.000.000.000.000.000.000.0x0.0x0
Nutroganics,
Inc.0.000.000.00$0.00$0.000.00$0.000.000.000.000.000.000.000.0x0.0x0
ChromaDex
Corporation0.000.000.00$0.00$0.000.00$0.000.000.000.000.000.000.000.0x0.0x0
Vitamin Shoppe,
Inc.0.000.000.00$0.00$0.000.00$0.000.000.000.000.000.000.000.0x0.0x0
Blyth,
Inc.0.000.000.00$0.00$0.000.00$0.000.000.000.000.000.000.000.0x0.0x0
Nutraceutical International
Corporation0.000.000.00$0.00$0.000.00$0.000.000.000.000.000.000.000.0x0.0x0
Integrated Biopharma
Inc.0.000.000.00$0.00$0.000.00$0.000.000.000.000.000.000.000.0x0.0x0
USANA Health Sciences
Inc.0.000.000.00$0.00$0.000.00$0.000.000.000.000.000.000.000.0x0.0x0
Medifast
Inc.0.000.000.00$0.00$0.000.00$0.000.000.000.000.000.000.000.0x0.0x0
Boulder Brands,
Inc.0.000.000.00$0.00$0.000.00$0.000.000.000.000.000.000.000.0x0.0x0
Herbalife
Ltd.0.000.000.00$0.00$0.000.00$0.000.000.000.000.000.000.000.0x0.0x0
Omega Protein
Corporation0.000.000.00$0.00$0.000.00$0.000.000.000.000.000.000.000.0x0.0x0
&R&G
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jcDAAAABjEwMDMwNwQAAAABMwYAAAABMAcAAAACMjcIAAAAATAJAAAAATEKAAAAATALAAAACzExNTQ5NTM4ODM2DAAAAAExDQAAAAkUUdTOlBBVEkuSVFfVEVWX0VCSVREQS4yMDAwLjgvMTkvMjAxOQEAAACFLyUQAgAAAAg0LjAyODQ5NQEHAAAABQAAAAExAQAAAAoxOTc2NzUxNDg0AwAAAAEwAgAAAAYxMDAwMzAEAAAAATAHAAAACTgvMTYvMjAxOQgAAAAJOC8xNi8yMDE5IaAYxI8k1whTzWLEjyTXCC1DSVEuVFNYOlRGSUkuSVFfVEVWX0VCSVREQV9GV0QuMTAwMS44LzEAAAKMTAwMjcyNTA4NwMAAAAGMTAwMzA4BAAAAAEyBgAAAAEwBwAAAAMxNjAIAAAAATAJAAAAATEKAAAAATALAAAACzExNTM1ODgwNTUwDAAAAAExDQAAAAk4LzIwLzIwMTnkthnEjyTXCBz6Z8SPJNcILENJUS5QVFNJLklRX1RFVl9UT1RBTF9SRVZfRldELjEwMDIuOC8xOS8yMDE5AQAAAEF+BAACAAAAETAuODM1MzMxODg2NTE0NDQ5AQ0Q0lRLlJSVFMuSVFfQ09NUEFOWV9OQU1FAQAAAEj/zQIDAAAAJ1JvYWRydW5uZXIgVHJhbnNwb3J0YXRpb24gU3lzdGVtcywgSW5jLgDkthnEjyTXCHcpYsSPJNcIGENJUS5PREZMLklRX0NPTVBBTllfTkFNRQEAAACs3wQAAwAAAB9PbGQgRG9taW5pb24gRnJlaWdodCBMaW5lLCBJbmMuAOS2GcSPJNcICsZkxI8k1wgoQ0lRLlVMSC5JUV9AAABMQEAAAAKMTk3NTMxMDkzNQMAAAABMAIAAAAGMTAwMDMxBAAAAAEwBwAAAAk4LzE2LzIwMTkIAAAACTgvMTYvMjAxOSb5GMSPJNcIRAlfxI8k1wglQ0lRLlJSVFMuSVFfVEVWX0VCSVREQS4yMDAwLjgvMTkvMjAxOQEAAABI/80CAwAAAAJOTQEHAAAABQAAAAExAQAAAAoxOTc0MTc1MTQ1AwAAAAEwAgAAAAYxMDAwMzAEAAAAATAHAAALklRX1RFVl9FQklUREFfRldELjEwMDEuOC8xOS8yMDE5AQAAACuLMAACAAAAEDguMjQ1NzkzNTkyNTU0OTEBDQAAAAUAAAABOQEAAAAIMjc1MjY0NDMCAAAACjEwMDIwMTI5NjgDAAAABjEwMDMwOAQAAAABMgYAAAABMAcAAAADMTYwCAAAAAEwCQAAAAExCgAAAAEwCwAAAAsxMTU3NDYwNDk5NAwAAAABMQ0AAAAJOC8yMC8yMDE5BksaxI8AAABMAkAAAABMQoAAAABMAsAAAALMTE1NjU1MzI3NzIMAAAAATENAAAACTgvMjAvMjAxOQZLGsSPJNcIPixhxI8k1wgpQ0lRLkFSQ0IuSVFfVEVWX0VCSVREQV9GV0QuMTAwMS44LzE5LzIwMTkBAAAA52EAAAIAAAAQMy42MTcyNjMyNzI2NTkzNwENAAAABQAAAAE5AQAAAAcyNTkwODIxAgAAAAoxMDAyNjEyODcyAwAAAAYxMDAzMDgEAAARAEAAAAwQAQAAgAAAAU5OS45MwAm+RjEjyTXCHA8Z8SPJNcIJUNJUS5MU1RSLklRX1RFVl9FQklUREEuMjAwMC44LzE5LzIwMTkBAAAA03cAAAIAAAAJMTAuOTA5Njk0AQcAAAAFAAAAATEBAAAACjE5NzM1NzY0MTUDAAAAATACAAAABjEwMDAzMAQAAAABMAcAAAAJOC8xNi8yMDE5CAAAAAk4LzE2LzIwMTkAARjEjyTXCJp8ZcSPJNcIGENxI8k1wgoQ0lRLlNORFIuSVFfVEVWX1RPVEFMX1JFVi4yMDAwLjgvMTkvMjAxOQEAAAB2XAMAAgAAAAgwLjY4MjU0MQEHAAAABQAAAAExAQAAAAoxOTczNjAwMjA2AwAAAAEwAgAAAAYxMDAwMzIEAAAAATAHAAAACTgvMTYvMjAxOQgAAAAJOC8xNi8yMDE5d9AYxI8k1wg+pWDEjyTXCCVDSVEuUFRTSS5JUV9URVZfRUJJVERBLjIwMDAuOC8MQEAAAAKMTk3NTE3ODM4NgMAAAABMAIAAAAGMTAwMDMxBAAAAAEwBwAAAAk4LzE2LzIwMTkIAAAACTgvMTYvMjAxOQABGMSPJNcIsG9oxI8k1wgiQ0lRLk1SVE4uSVFfUEVfRVhDTC4yMDAwLjgvMTkvMjAxOQEAAAB6XwQAAgAAAAgxNy45MjYzOQEHAAAABQAAAAExAQAAAAoxOTc0ODY5MDY3AwAAAAEwAgAAAAYxMDAwMjcEAAAAATAHAAANTUDAAAAATACAAAABjEwMDAyNwQAAAABMAcAAAAJOC8xNi8yMDE5CAAAAAk4LzE2LzIwMTl30BjEjyTXCD4sYcSPJNcIKUNJUS5ZUkNXLklRX1RFVl9FQklUREFfRldELjEwMDEuOC8xOS8yMDE5AQAAAFnuAgACAAAADzUuNjM0NjE3MzkxOTc2NgENAAAABQAAAAE5AQAAAAgyNTMxNTI3NAIAAAAKMTAwMTkwMjA4MAMAAAAGMTAwMzA4BAAMTkvMjAxOQEAAADnYQAAAgAAAAgwLjI1MjkxOQEHAAAABQAAAAExAQAAAAoxOTc1MTc4Mzg2AwAAAAEwAgAAAAYxMDAwMzIEAAAAATAHAAAACTgvMTYvMjAxOQgAAAAJOC8xNi8yMDE5AAEYxI8k1wjwy2jEjyTXCCFDSVEuVUxILklRX1BFX0VYQ0wuMjAwMC44LzE5LzIwMTkBAAAAO8HAAAIAAAAIOS4yNjQwMjYBBwAAAAUAAAABMQEAAAAJNcILENJUS5BUkNCLklRX1RFVl9UT1RBTF9SRVZfRldELjEwMDIuOC8xOS8yMDE5AQAAAOdhAAACAAAAETAuMjQ4NDk2ODMwMzExODU1AQ0AAAAFAAAAATkBAAAABzI1OTA4MjECAAAACjEwMDI2MTI4NzMDAAAABjEwMDMwNwQAAAABMgYAAAABMAcAAAADMTYwCAAAAAEwCQAAAAExCgAAAAEwCwAAAAsxMTU3NjAyMzY5NwwAAAABMQ0AAAARldELjEwMDEuOC8xOS8yMDE5AQAAADz8LgACAAAAEDguMzQ3ODU2MjIzMDc0MjIBDQAAAAUAAAABOQEAAAAIMjgzMjE0ODYCAAAACjEwMDIwNjU3MTIDAAAABjEwMDMwOAQAAAABMgYAAAABMAcAAAADMTYwCAAAAAEwCQAAAAExCgAAAAEwCwAAAAsxMTU2NTUyNTY2OQwAAAABMQ0AAAAJOC8yMC8yMDE5BksaxI8k1wg+LGHEjyTXCDBDSVEAAAABQAAAAE5AQAAAAcyNjE4MTMzAgAAAAoxMDAyMTU0MjM2AwAAAAYxMDAzMDcEAAAAATIGAAAAATAHAAAAAzE2MAgAAAABMAkAAAABMQoAAAABMAsAAAALMTE1NTQyNjU3MTgMAAAAATENAAAACTgvMjAvMjAxOeS2GcSPJNcI8bFnxI8k1wgpQ0lRLlJSVFMuSVFfVEVWX0VCSVREQV9GV0QuMTAwMS44LzE5LzIwMTkBAAAASP/NAgIAAAAAwAAAAYxMDAzMDgEAAAAATIGAAAAATAHAAAAAzE2MAgAAAABMAkAAAABMQoAAAABMAsAAAALMTE1NDgxODAzNzYMAAAAATENAAAACTgvMjAvMjAxOTkkGsSPJNcImnxlxI8k1wgqQ0lRLlNBSUEuSVFfTEFTVFNBTEVQUklDRS44LzE5LzIwMTkuLi4uVVNEAQAAADz8LgACAAAABTgyLjkzAPKPGcSPJNcIPixhxI8k1wguQ0lRLlRTWDpURkljyTXCCJDSVEuQ1ZUSS5JUV9QRV9FWENMLjIwMDAuOC8xOS8yMDE5AQAAAKQiBQACAAAACDYuNzY2NDQxAQcAAAAFAAAAATEBAAAACjE5NzUyODU1NTEDAAAAATACAAAABjEwMDAyNwQAAAABMAcAAAAJOC8xNi8yMDE5CAAAAAk4LzE2LzIwMTkAARjEjyTXCLBvaMSPJNcIF0NJUS5YUE8uSVFfQ09VTlRSWV9OQU1FAQAAACuLMAADAAAADVVTkFTREFRR1M6UEFUSS5JUV9NQVJLRVRDQVAuOC8xOS8yMDE5Li4uLlVTRAEAAACFLyUQAgAAAAk1Ni4yMzUxMjcBBgAAAAUAAAABMQEAAAAKMTk3Njc0NjQyMgMAAAADMTYwAgAAAAYxMDAwNTQEAAAAATAHAAAACTgvMTYvMjAxOSb5GMSPJNcITPRixI8k1wgrQ0lRLktOWC5JUV9URVZfVE9UQUxfUkVWX0ZXRC4xMDAxLjgvMTkvMjAxOQEDAAAAAExDQAAAAk4LzIwLzIwMTnkthnEjyTXCPGxZ8SPJNcIGENJUS5PREZMLklRX0NPVU5UUllfTkFNRQEAAACs3wQAAwAAAA1Vbml0ZWQgU3RhdGVzAOS2GcSPJNcIjStkxI8k1wgYQ0lRLkNWVEkuSVFfQ09NUEFOWV9OQU1FAQAAAKQiBQADAAAAI0NvdmVuYW50IFRyYW5zcG9ydGF0aW9uIEdyb3VwLCBJbmMuAPKPGcSPJNcI/X1oxI8LzE2LzIwMTkAARjEjyTXCPGxZ8SPJNcILENJUS5KQkhULklRX1RFVl9UT1RBTF9SRVZfRldELjEwMDEuOC8xOS8yMDE5AQAAADBABAACAAAAEDEuMzA2MTQ3ODgzNjkxODkBDQAAAAUAAAABOQEAAAAHMjYxOTM0MAIAAAAKMTAwMTM3Njc0MwMAAAAGMTAwMzA3BAAAAAEyBgAAAAEwBwAAAAMxNjAIAAAAATAJAAAAATEKAAAAATALAAAACzEX1RFVl9UT1RBTF9SRVZfRldELjEwMDEuOC8xOS8yMDE5AQAAAEF+BAACAAAAETAuODU3MzU0NTUwNjc3NDA4AQ0AAAAFAAAAATkBAAAABzI2MzY1ODcCAAAACjEwMDM2MTY5NDQDAAAABjEwMDMwNwQAAAABMgYAAAABMAcAAAADMTYwCAAAAAEwCQAAAAExCgAAAAEwCwAAAAsxMTQ4ODEyMDAxNAwAAAABMQ0AAAAJOC8yMC8yMDE5OSQaxI8CAAAAAk4LzE2LzIwMTkAARjEjyTXCIEVZ8SPJNcIHUNJUS5PREZMLklRX1RFVi44LzE5LzIwMTkuVVNEAQAAAKzfBAACAAAADDEzMTQwLjcyNTE5NQEGAAAABQAAAAExAQAAAAoxOTc0NzMwOTk2AwAAAAMxNjACAAAABjEwMDA2MAQAAAABMAcAAAAJOC8xNi8yMDE5JvkYxI8k1wiNK2TEjyTXCClDSVEuVUxILklRX0xBU1RTQUxFUFJJQ0UAAAABQAAAAE5AQAAAAcyNjYwMDE1AgAAAAoxMDAzNjE0NzczAwAAAAYxMDAzMDgEAAAAATIGAAAAATAHAAAAAzE2MAgAAAABMAkAAAABMQoAAAABMAsAAAALMTE1NDIwMjY4ODIMAAAAATENAAAACTgvMjAvMjAxOQZLGsSPJNcInHxexI8k1wgmQ0lRLk1SVE4uSVFfTUFSS0VUQ0FQLjgvMTkvMjAxOS4uLi5VU0QBAAAAel8EAAIAAAALMTAAAoxMDAyNTIzNTYzAwAAAAYxMDAzMDcEAAAAATIGAAAAATAHAAAAAzE2MAgAAAABMAkAAAABMQoAAAABMAsAAAALMTE1NjkxMTQzOTgMAAAAATENAAAACTgvMjAvMjAxOeS2GcSPJNcIzjhmxI8k1wgmQ0lRLk9ERkwuSVFfTUFSS0VUQ0FQLjgvMTkvMjAxOS4uLi5VU0QBAAAArN8EAAIAAAAMMTMyNTYuMjQxMTk2AQYAAAAFAAAAATEBAAAMjAxOeS2GcSPJNcIiQBnxI8k1wgqQ0lRLkFSQ0IuSVFfTEFTVFNBTEVQUklDRS44LzE5LzIwMTkuLi4uVVNEAQAAAOdhAAACAAAABTI5LjM4ACb5GMSPJNcIzRlpxI8k1wgdQ0lRLkFSQ0IuSVFfVEVWLjgvMTkvMjAxOS5VU0QBAAAA52EAAAIAAAAKNzc5Ljk0NTIyNwEGAAAABQAAAAExAQAAAAoxOTc1MTU5MzIzAwAAAAMxNjACAAAABjESUNFLjgvMTkvMjAxOS4uLi5VU0QBAAAA03cAAAIAAAAGMTA4Ljk4ACb5GMSPJNcI9eplxI8k1wgmQ0lRLlNORFIuSVFfTUFSS0VUQ0FQLjgvMTkvMjAxOS4uLi5VU0QBAAAAdlwDAAIAAAALMzMzOC42MDg0MTkBBgAAAAUAAAABMQEAAAAKMTk3MzU5OTY1MQMAAAADMTYwAgAAAAYxMDAwNTQEAAAAATAHAAAACTgvMTYvMjAxOfKPGcSPJNcLzIwMTnkthnEjyTXCAGlaMSPJNcIKkNJUS5TTkRSLklRX0xBU1RTQUxFUFJJQ0UuOC8xOS8yMDE5Li4uLlVTRAEAAAB2XAMAAgAAAAUxOS41MQDyjxnEjyTXCCgFYcSPJNcIK0NJUS5OQVNEQVFHUzpQQVRJLklRX1BFX0VYQ0wuMjAwMC44LzE5LzIwMTkBAAAAhS8lEAIAAAAJMjUuNDk4MTI0AQcAAAAFAAAAATEBAAAACjE5NzY3NTE0ODQMgYAAAABMAcAAAADMTYwCAAAAAEwCQAAAAExCgAAAAEwCwAAAAsxMTU0ODc3NTMxMgwAAAABMQ0AAAAJOC8yMC8yMDE5BksaxI8k1whBMF/EjyTXCCpDSVEuV0VSTi5JUV9MQVNUU0FMRVBSSUNFLjgvMTkvMjAxOS4uLi5VU0QBAAAAsscEAAIAAAAFMzIuMTEA8o8ZxI8k1wimVV7EjyTXCBhDSVEuUlJUUy5JUV9DT1VOVFJZX05BTUUBAAAOQEAAAB6XwQAAgAAAAg2LjA2MDU4OQEHAAAABQAAAAExAQAAAAoxOTc0ODY5MDY3AwAAAAEwAgAAAAYxMDAwMzAEAAAAATAHAAAACTgvMTYvMjAxOQgAAAAJOC8xNi8yMDE5AAEYxI8k1wgKxmTEjyTXCBhDSVEuSFRMRC5JUV9DT01QQU5ZX05BTUUBAAAAhzsEAAMAAAAXSGVhcnRsYW5kIEV4cHJlc3MsIEluYy4A8o8ZxI8k1wgc+mfEjyTTFNUUi5JUV9URVZfVE9UQUxfUkVWX0ZXRC4xMDAyLjgvMTkvMjAxOQEAAADTdwAAAgAAABEwLjk0NzM3NzMxNzM2Mjg3MQENAAAABQAAAAE5AQAAAAcyNjI1NzU2AgAAAAoxMDAxNjE2MjcyAwAAAAYxMDAzMDcEAAAAATIGAAAAATAHAAAAAzE2MAgAAAABMAkAAAABMQoAAAABMAsAAAALMTE1NDgxODAzODIMAAAAATENAAAACTgvMjAvMjACjEwMDE5MDIwODADAAAABjEwMDMwNwQAAAABMgYAAAABMAcAAAADMTYwCAAAAAEwCQAAAAExCgAAAAEwCwAAAAsxMTU2ODU2MDExMQwAAAABMQ0AAAAJOC8yMC8yMDE5BksaxI8k1wjZRFzEjyTXCClDSVEuVFNYOlRGSUkuSVFfVEVWX0VCSVREQS4yMDAwLjgvMTkvMjAxOQEAAAAjXg0AAgAAAAg3LjQ1MzQwNAEHAAAABQAAAAExAQAAAAoAAAACTgvMTYvMjAxOQgAAAAJOC8xNi8yMDE5d9AYxI8k1wg+LGHEjyTXCCJDSVEuS05YLklRX1RFVl9FQklULjIwMDAuOC8xOS8yMDE5AQAAAJgbBQACAAAACTEyLjA2NzQ1NAEHAAAABQAAAAExAQAAAAoxOTc0NTU2Nzk4AwAAAAEwAgAAAAYxMDAwMzEEAAAAATAHAAAACTgvMTYvMjAxOQgAAAAJOC8xNi8yMDE5AAEYxI8k1wg30mXEjyTPixhxI8k1wgiQ0lRLlhQTy5JUV9URVZfRUJJVC4yMDAwLjgvMTkvMjAxOQEAAAArizAAAgAAAAkxNi4yNTYxODQBBwAAAAUAAAABMQEAAAAKMTk3MzM5OTQyMwMAAAABMAIAAAAGMTAwMDMxBAAAAAEwBwAAAAk4LzE2LzIwMTkIAAAACTgvMTYvMjAxOSb5GMSPJNcI2URcxI8k1wgsQ0lRLk1SVE4uSVFfVEVWX1RPVEFMX1JFVl9GV0QuMTAAgAAAAYxMDAwMjcEAAAAATAHAAAACTgvMTYvMjAxOQgAAAAJOC8xNi8yMDE5d9AYxI8k1wg+pWDEjyTXCCxDSVEuUlJUUy5JUV9URVZfVE9UQUxfUkVWX0ZXRC4xMDAyLjgvMTkvMjAxOQEAAABI/80CAgAAABEwLjMxOTk3OTE1ODk5MTY0MgENAAAABQAAAAE5AQAAAAg2MjMzNDEzNwIAAAAKMTAwMjE1NjcxNQMAAAAGMTAwMzA3BAAAAAEAIc7BAACAAAACzE2MTQuMTIwNjUyAQYAAAAFAAAAATEBAAAACjE5NzQ4NjI5MDIDAAAAAzE2MAIAAAAGMTAwMDU0BAAAAAEwBwAAAAk4LzE2LzIwMTkm+RjEjyTXCOfYZ8SPJNcIKUNJUS5PREZMLklRX1RFVl9FQklUREFfRldELjEwMDEuOC8xOS8yMDE5AQAAAKzfBAACAAAAEDExLjc4NDQ5ODg0MDUxMDYBDQAAAAUAAAABOQEAAAAHMjYAAAABjEwMDAzMQQAAAABMAcAAAAJOC8xNi8yMDE5CAAAAAk4LzE2LzIwMTkAARjEjyTXCPkTZcSPJNcI
Public Trading Comps
McCoy National Leasing
Selected Public Trading Comparables
($ in millions, except per share data)10/11/19EquityEnterpriseP
/ ETEV / RevenueTEV / EBITDATEV / EBIT
TickerCompany NameCountryShare
PriceValueValueLTMLTM2018E2019ELTM2018E2019ELTM
arcbArcBest CorporationUnited
States$28.81$735.2$790.99.0x0.26x0.3x0.3x3.6x3.8x3.6x6.9x
CVTICovenant Transportation Group, Inc.United
States$15.85$292.6$587.07.6x0.62x0.7x0.6x4.1x5.2x4.8x9.1x
HTLDHeartland Express, Inc.United
States$21.64$1,774.0$1,568.322.1x2.70x2.6x2.3x9.1x7.8x7.5x20.5x
JBHTJ.B. Hunt Transport Services, Inc.United
States$110.35$11,781.9$13,270.525.6x1.49x1.4x1.4x11.6x10.0x9.4x19.6x
knxKnight-Swift Transportation Holdings Inc.United
States$36.12$6,158.9$7,238.514.8x1.40x1.4x1.4x7.2x7.4x7.3x13.0x
LSTRLandstar System, Inc.United
States$114.03$4,519.0$4,384.917.8x0.98x1.1x1.0x11.6x12.1x11.8x13.1x
MRTNMarten Transport, Ltd.United
States$21.21$1,158.8$1,077.019.6x1.32x1.3x1.2x6.7x6.3x6.0x15.5x
ODFLOld Dominion Freight Line, Inc.United
States$171.00$13,681.1$13,565.621.7x3.28x3.3x3.1x12.3x12.2x11.5x15.8x
PTSIP.A.M. Transportation Services, Inc.United
States$64.98$374.1$572.912.1x1.06x1.1x1.0x5.6x5.6x5.6x11.5x
NasdaqGS:PATIPatriot Transportation Holding, Inc.United
States$17.91$60.0$39.527.2x0.35x--4.4x--147.9x
RRTSRoadrunner Transportation Systems, Inc.United
States$9.96$374.9$762.9NM0.37x0.5x0.5xNM42.4x11.2xNM
SAIASaia, Inc.United
States$95.56$2,452.1$2,704.422.3x1.58x1.5x1.4x10.3x9.6x8.7x17.8x
sndrSchneider National, Inc.United
States$22.15$3,923.1$4,003.017.3x0.80x0.8x0.8x6.2x6.4x6.2x11.3x
TSX:TFIITFI International
Inc.Canada$30.81$2,542.4$4,244.211.0x1.08x1.1x1.0x7.7x6.5x6.4x12.3x
ULHUniversal Logistics Holdings, Inc.United
States$24.15$658.9$1,094.611.2x0.72x0.7x0.7x6.4x6.4x6.1x10.1x
USAKUSA Truck, Inc.United
States$7.94$66.1$258.76.6x0.48x0.5x0.5x5.1x5.1x4.5x13.4x
WERNWerner Enterprises, Inc.United
States$35.21$2,436.4$2,788.113.8x1.12x1.1x1.1x5.9x5.9x5.9x11.8x
XPOXPO Logistics, Inc.United
States$74.04$6,825.1$14,401.126.0x0.84x0.8x0.8x9.2x8.6x8.0x17.2x
YRCWYRC Worldwide Inc.United
States$3.58$129.9$1,222.5NM0.24x0.2x0.2x6.0x6.1x4.6x23.1x
Total
P / ETEV / RevenueTEV / EBITDATEV / EBIT
High27.2x0.0x3.28x3.3x3.1x0.0x12.3x42.4x11.8x0.0x147.9x
Mean16.8x1.09x1.1x1.1x7.4x9.3x7.2x21.7x
Median17.3x0.98x1.1x1.0x6.6x6.5x6.3x13.3x
Low6.6x0.24x0.2x0.2x3.6x5.1x4.5x10.1x
Sub-$1bn TEV
P / ETEV / RevenueTEV / EBITDATEV / EBIT
High19.6x0.0x1.32x3.3x3.1x0.0x6.7x42.4x11.8x0.0x23.1x
Mean11.0x0.67x1.2x1.1x5.4x11.5x7.2x12.8x
Median10.1x0.62x1.1x1.0x5.6x6.5x6.3x11.5x
Low6.6x0.24x0.2x0.2x3.6x5.1x4.5x6.9x
Source: Capital IQ, Bridgepoint Investment Banking
Moon Graph
Complete Nutrition Competitor Comparison
CompanyLTM Sales (mm)LTM EBITDA (mm)LTM Net Income (mm)Share
PriceMarket cap (mm)Total debt (mm)TEV (mm)Weight LossSports
NutritionGeneral HealthOtherBusiness ModelOverallTEV / SalesTEV /
EBITDATierValueMoon
Complete
Nutrition0.000.000.00$0.00$0.000.00$0.000.000.000.000.000.000.000.0x0.0x011.00
FitLife Brands,
Inc.0.000.000.00$0.00$0.000.00$0.000.000.000.000.000.000.000.0x0.0x00.750.75
Pacifichealth Laboratories
Inc.0.000.000.00$0.00$0.000.00$0.000.000.000.000.000.000.000.0x0.0x00.50.50
Creative Edge Nutrition,
Inc.0.000.000.00$0.00$0.000.00$0.000.000.000.000.000.000.000.0x0.0x00.250.25
Culture Medium Holdings
Corp.0.000.000.00$0.00$0.000.00$0.000.000.000.000.000.000.000.0x0.0x000.00
Inergetics,
Inc.0.000.000.00$0.00$0.000.00$0.000.000.000.000.000.000.000.0x0.0x0
MYOS
Corporation0.000.000.00$0.00$0.000.00$0.000.000.000.000.000.000.000.0x0.0x0
Avidus Management Group
Inc.0.000.000.00$0.00$0.000.00$0.000.000.000.000.000.000.000.0x0.0x0
Strike Axe,
Inc.0.000.000.00$0.00$0.000.00$0.000.000.000.000.000.000.000.0x0.0x0
Naturade,
Inc.0.000.000.00$0.00$0.000.00$0.000.000.000.000.000.000.000.0x0.0x0
RBC Life Sciences
Inc.0.000.000.00$0.00$0.000.00$0.000.000.000.000.000.000.000.0x0.0x0
Health Sciences Group,
Inc.0.000.000.00$0.00$0.000.00$0.000.000.000.000.000.000.000.0x0.0x0
Mannatech,
Incorporated0.000.000.00$0.00$0.000.00$0.000.000.000.000.000.000.000.0x0.0x0
Reliv International,
Inc.0.000.000.00$0.00$0.000.00$0.000.000.000.000.000.000.000.0x0.0x0
Muscle Pharm
Corp.0.000.000.00$0.00$0.000.00$0.000.000.000.000.000.000.000.0x0.0x0
Natural Alternatives International
Inc.0.000.000.00$0.00$0.000.00$0.000.000.000.000.000.000.000.0x0.0x0
GNC Holdings
Inc.0.000.000.00$0.00$0.000.00$0.000.000.000.000.000.000.000.0x0.0x0
LifeQuest World
Corporation0.000.000.00$0.00$0.000.00$0.000.000.000.000.000.000.000.0x0.0x0
ForU Holdings,
Inc.0.000.000.00$0.00$0.000.00$0.000.000.000.000.000.000.000.0x0.0x0
Nutroganics,
Inc.0.000.000.00$0.00$0.000.00$0.000.000.000.000.000.000.000.0x0.0x0
ChromaDex
Corporation0.000.000.00$0.00$0.000.00$0.000.000.000.000.000.000.000.0x0.0x0
Vitamin Shoppe,
Inc.0.000.000.00$0.00$0.000.00$0.000.000.000.000.000.000.000.0x0.0x0
Blyth,
Inc.0.000.000.00$0.00$0.000.00$0.000.000.000.000.000.000.000.0x0.0x0
Nutraceutical International
Corporation0.000.000.00$0.00$0.000.00$0.000.000.000.000.000.000.000.0x0.0x0
Integrated Biopharma
Inc.0.000.000.00$0.00$0.000.00$0.000.000.000.000.000.000.000.0x0.0x0
USANA Health Sciences
Inc.0.000.000.00$0.00$0.000.00$0.000.000.000.000.000.000.000.0x0.0x0
Medifast
Inc.0.000.000.00$0.00$0.000.00$0.000.000.000.000.000.000.000.0x0.0x0
Boulder Brands,
Inc.0.000.000.00$0.00$0.000.00$0.000.000.000.000.000.000.000.0x0.0x0
Herbalife
Ltd.0.000.000.00$0.00$0.000.00$0.000.000.000.000.000.000.000.0x0.0x0
Omega Protein
Corporation0.000.000.00$0.00$0.000.00$0.000.000.000.000.000.000.000.0x0.0x0
&R&G
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
Public Trading Comps
Trucking Industry
Selected Public Trading Comparables
($ in millions, except per share data)10/10/19EquityEnterpriseP
/ ETEV / RevenueTEV / EBITDATEV / EBIT
TickerCompany NameCountryShare
PriceValueValueLTMLTM2018E2019ELTM2018E2019ELTM
arcbArcBest CorporationUnited
States$27.99$714.3$770.08.7x0.25x0.3x0.2x3.5x3.7x3.5x6.7x
CVTICovenant Transportation Group, Inc.United
States$15.06$278.0$572.57.2x0.60x0.6x0.6x4.0x5.1x4.7x8.9x
HTLDHeartland Express, Inc.United
States$21.43$1,756.4$1,550.721.8x2.67x2.6x2.3x9.0x7.7x7.4x20.3x
JBHTJ.B. Hunt Transport Services, Inc.United
States$107.58$11,486.1$12,974.825.0x1.46x1.4x1.3x11.3x9.8x9.2x19.1x
knxKnight-Swift Transportation Holdings Inc.United
States$34.79$5,932.1$7,011.714.3x1.35x1.4x1.4x7.0x7.2x7.0x12.6x
LSTRLandstar System, Inc.United
States$110.85$4,393.0$4,258.917.3x0.95x1.0x1.0x11.3x11.8x11.5x12.8x
MRTNMarten Transport, Ltd.United
States$20.16$1,101.4$1,019.718.7x1.25x1.2x1.2x6.4x5.9x5.7x14.6x
ODFLOld Dominion Freight Line, Inc.United
States$166.71$13,337.8$13,222.321.2x3.20x3.2x3.0x12.0x11.9x11.2x15.4x
PTSIP.A.M. Transportation Services, Inc.United
States$63.19$363.8$562.611.8x1.04x1.1x1.0x5.5x5.5x5.5x11.3x
NasdaqGS:PATIPatriot Transportation Holding, Inc.United
States$17.91$60.0$39.527.2x0.35x--4.4x--147.9x
RRTSRoadrunner Transportation Systems, Inc.United
States$9.70$365.1$753.1NM0.36x0.5x0.5xNM41.8x11.1xNM
SAIASaia, Inc.United
States$93.34$2,395.2$2,647.421.8x1.55x1.5x1.4x10.1x9.4x8.5x17.4x
sndrSchneider National, Inc.United
States$21.43$3,795.6$3,875.516.7x0.77x0.8x0.8x6.0x6.2x6.0x11.0x
TSX:TFIITFI International
Inc.Canada$29.88$2,465.4$4,152.810.7x1.07x1.1x1.0x7.6x6.4x6.3x12.1x
ULHUniversal Logistics Holdings, Inc.United
States$23.30$635.7$1,071.410.8x0.70x0.7x0.7x6.2x6.1x5.8x9.9x
USAKUSA Truck, Inc.United
States$7.86$65.5$258.06.5x0.48x0.5x0.5x5.1x5.0x4.5x13.4x
WERNWerner Enterprises, Inc.United
States$34.64$2,396.9$2,748.713.6x1.10x1.1x1.1x5.8x5.8x5.8x11.6x
XPOXPO Logistics, Inc.United
States$71.04$6,548.6$14,124.625.0x0.83x0.8x0.8x9.0x8.5x7.9x16.9x
YRCWYRC Worldwide Inc.United
States$3.41$123.7$1,216.3NM0.24x0.2x0.2x6.0x6.0x4.5x23.0x
Total
P / ETEV / RevenueTEV / EBITDATEV / EBIT
High27.2x0.0x3.20x3.2x3.0x0.0x12.0x41.8x11.5x0.0x147.9x
Mean16.4x1.07x1.1x1.1x7.2x9.1x7.0x21.4x
Median16.7x0.95x1.0x1.0x6.3x6.3x6.2x13.1x
Low6.5x0.24x0.2x0.2x3.5x5.0x4.5x9.9x
Sub-$1bn TEV
P / ETEV / RevenueTEV / EBITDATEV / EBIT
High27.2x0.0x1.25x3.2x3.0x0.0x6.4x41.8x11.5x0.0x147.9x
Mean13.0x0.62x1.1x1.1x5.1x11.3x7.0x29.5x
Median10.8x0.48x1.0x1.0x5.3x6.3x6.1x12.4x
Low6.5x0.24x0.2x0.2x3.5x5.0x4.5x6.7x
Source: Capital IQ, Bridgepoint Investment Banking
Moon Graph
Complete Nutrition Competitor Comparison
CompanyLTM Sales (mm)LTM EBITDA (mm)LTM Net Income (mm)Share
PriceMarket cap (mm)Total debt (mm)TEV (mm)Weight LossSports
NutritionGeneral HealthOtherBusiness ModelOverallTEV / SalesTEV /
EBITDATierValueMoon
Complete
Nutrition0.000.000.00$0.00$0.000.00$0.000.000.000.000.000.000.000.0x0.0x011.00
FitLife Brands,
Inc.0.000.000.00$0.00$0.000.00$0.000.000.000.000.000.000.000.0x0.0x00.750.75
Pacifichealth Laboratories
Inc.0.000.000.00$0.00$0.000.00$0.000.000.000.000.000.000.000.0x0.0x00.50.50
Creative Edge Nutrition,
Inc.0.000.000.00$0.00$0.000.00$0.000.000.000.000.000.000.000.0x0.0x00.250.25
Culture Medium Holdings
Corp.0.000.000.00$0.00$0.000.00$0.000.000.000.000.000.000.000.0x0.0x000.00
Inergetics,
Inc.0.000.000.00$0.00$0.000.00$0.000.000.000.000.000.000.000.0x0.0x0
MYOS
Corporation0.000.000.00$0.00$0.000.00$0.000.000.000.000.000.000.000.0x0.0x0
Avidus Management Group
Inc.0.000.000.00$0.00$0.000.00$0.000.000.000.000.000.000.000.0x0.0x0
Strike Axe,
Inc.0.000.000.00$0.00$0.000.00$0.000.000.000.000.000.000.000.0x0.0x0
Naturade,
Inc.0.000.000.00$0.00$0.000.00$0.000.000.000.000.000.000.000.0x0.0x0
RBC Life Sciences
Inc.0.000.000.00$0.00$0.000.00$0.000.000.000.000.000.000.000.0x0.0x0
Health Sciences Group,
Inc.0.000.000.00$0.00$0.000.00$0.000.000.000.000.000.000.000.0x0.0x0
Mannatech,
Incorporated0.000.000.00$0.00$0.000.00$0.000.000.000.000.000.000.000.0x0.0x0
Reliv International,
Inc.0.000.000.00$0.00$0.000.00$0.000.000.000.000.000.000.000.0x0.0x0
Muscle Pharm
Corp.0.000.000.00$0.00$0.000.00$0.000.000.000.000.000.000.000.0x0.0x0
Natural Alternatives International
Inc.0.000.000.00$0.00$0.000.00$0.000.000.000.000.000.000.000.0x0.0x0
GNC Holdings
Inc.0.000.000.00$0.00$0.000.00$0.000.000.000.000.000.000.000.0x0.0x0
LifeQuest World
Corporation0.000.000.00$0.00$0.000.00$0.000.000.000.000.000.000.000.0x0.0x0
ForU Holdings,
Inc.0.000.000.00$0.00$0.000.00$0.000.000.000.000.000.000.000.0x0.0x0
Nutroganics,
Inc.0.000.000.00$0.00$0.000.00$0.000.000.000.000.000.000.000.0x0.0x0
ChromaDex
Corporation0.000.000.00$0.00$0.000.00$0.000.000.000.000.000.000.000.0x0.0x0
Vitamin Shoppe,
Inc.0.000.000.00$0.00$0.000.00$0.000.000.000.000.000.000.000.0x0.0x0
Blyth,
Inc.0.000.000.00$0.00$0.000.00$0.000.000.000.000.000.000.000.0x0.0x0
Nutraceutical International
Corporation0.000.000.00$0.00$0.000.00$0.000.000.000.000.000.000.000.0x0.0x0
Integrated Biopharma
Inc.0.000.000.00$0.00$0.000.00$0.000.000.000.000.000.000.000.0x0.0x0
USANA Health Sciences
Inc.0.000.000.00$0.00$0.000.00$0.000.000.000.000.000.000.000.0x0.0x0
Medifast
Inc.0.000.000.00$0.00$0.000.00$0.000.000.000.000.000.000.000.0x0.0x0
Boulder Brands,
Inc.0.000.000.00$0.00$0.000.00$0.000.000.000.000.000.000.000.0x0.0x0
Herbalife
Ltd.0.000.000.00$0.00$0.000.00$0.000.000.000.000.000.000.000.0x0.0x0
Omega Protein
Corporation0.000.000.00$0.00$0.000.00$0.000.000.000.000.000.000.000.0x0.0x0
&R&G
_CIQHiddenCacheSheet
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
Public Trading Comps
Trucking Industry
Selected Public Trading Comparables
($ in millions, except per share data)10/10/19EquityEnterpriseP
/ ETEV / RevenueTEV / EBITDATEV / EBIT
TickerCompany NameCountryShare
PriceValueValueLTMLTM2018E2019ELTM2018E2019ELTM
arcbArcBest CorporationUnited
States$27.99$714.3$770.08.7x0.25x0.3x0.2x3.5x3.7x3.5x6.7x
CVTICovenant Transportation Group, Inc.United
States$15.06$278.0$572.57.2x0.60x0.6x0.6x4.0x5.1x4.7x8.9x
HTLDHeartland Express, Inc.United
States$21.43$1,756.4$1,550.721.8x2.67x2.6x2.3x9.0x7.7x7.4x20.3x
JBHTJ.B. Hunt Transport Services, Inc.United
States$107.58$11,486.1$12,974.825.0x1.46x1.4x1.3x11.3x9.8x9.2x19.1x
knxKnight-Swift Transportation Holdings Inc.United
States$34.79$5,932.1$7,011.714.3x1.35x1.4x1.4x7.0x7.2x7.0x12.6x
LSTRLandstar System, Inc.United
States$110.85$4,393.0$4,258.917.3x0.95x1.0x1.0x11.3x11.8x11.5x12.8x
MRTNMarten Transport, Ltd.United
States$20.16$1,101.4$1,019.718.7x1.25x1.2x1.2x6.4x5.9x5.7x14.6x
ODFLOld Dominion Freight Line, Inc.United
States$166.71$13,337.8$13,222.321.2x3.20x3.2x3.0x12.0x11.9x11.2x15.4x
PTSIP.A.M. Transportation Services, Inc.United
States$63.19$363.8$562.611.8x1.04x1.1x1.0x5.5x5.5x5.5x11.3x
NasdaqGS:PATIPatriot Transportation Holding, Inc.United
States$17.91$60.0$39.527.2x0.35x--4.4x--147.9x
RRTSRoadrunner Transportation Systems, Inc.United
States$9.70$365.1$753.1NM0.36x0.5x0.5xNM41.8x11.1xNM
SAIASaia, Inc.United
States$93.34$2,395.2$2,647.421.8x1.55x1.5x1.4x10.1x9.4x8.5x17.4x
sndrSchneider National, Inc.United
States$21.43$3,795.6$3,875.516.7x0.77x0.8x0.8x6.0x6.2x6.0x11.0x
TSX:TFIITFI International
Inc.Canada$29.88$2,465.4$4,152.810.7x1.07x1.1x1.0x7.6x6.4x6.3x12.1x
ULHUniversal Logistics Holdings, Inc.United
States$23.30$635.7$1,071.410.8x0.70x0.7x0.7x6.2x6.1x5.8x9.9x
USAKUSA Truck, Inc.United
States$7.86$65.5$258.06.5x0.48x0.5x0.5x5.1x5.0x4.5x13.4x
WERNWerner Enterprises, Inc.United
States$34.64$2,396.9$2,748.713.6x1.10x1.1x1.1x5.8x5.8x5.8x11.6x
XPOXPO Logistics, Inc.United
States$71.04$6,548.6$14,124.625.0x0.83x0.8x0.8x9.0x8.5x7.9x16.9x
YRCWYRC Worldwide Inc.United
States$3.41$123.7$1,216.3NM0.24x0.2x0.2x6.0x6.0x4.5x23.0x
Total
P / ETEV / RevenueTEV / EBITDATEV / EBIT
High27.2x0.0x3.20x3.2x3.0x0.0x12.0x41.8x11.5x0.0x147.9x
Mean16.4x1.07x1.1x1.1x7.2x9.1x7.0x21.4x
Median16.7x0.95x1.0x1.0x6.3x6.3x6.2x13.1x
Low6.5x0.24x0.2x0.2x3.5x5.0x4.5x9.9x
Sub-$1bn TEV
P / ETEV / RevenueTEV / EBITDATEV / EBIT
High27.2x0.0x1.25x3.2x3.0x0.0x6.4x41.8x11.5x0.0x147.9x
Mean13.0x0.62x1.1x1.1x5.1x11.3x7.0x29.5x
Median10.8x0.48x1.0x1.0x5.3x6.3x6.1x12.4x
Low6.5x0.24x0.2x0.2x3.5x5.0x4.5x6.7x
Source: Capital IQ, Bridgepoint Investment Banking