Intrinsic value of ArcBest - ARCB

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$29.05

  Intrinsic Value

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  Rating & Target

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  Value-price divergence*

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Previous close

$29.05

 
Intrinsic value

$32.57

 
Up/down potential

+12%

 
Rating

hold

 
Value-price divergence* premium content

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*Intrinsic value change (in %) minus stock price change (in %) in the past 12 months.

We calculate the intrinsic value of ARCB stock by summing up the current values of future distributable cash flows generated by the company and dividing the sum by the number of outstanding shares. As such, the intrinsic value calculation depends entirely on projections. The more accurate your projections of the company's performance are - the more reliable is the intrinsic value calculation result. Please make sure to check the stock valuation input data below and adjust it if necessary. The quality of the output (intrinsic valuation result) is only as good as the quality of the input. See also DISCLAIMERS.

STOCK VALUATION INPUT DATA

Revenue (in 2016), $M
Initial revenue growth rate, %
Terminal revenue growth rate, %
Revenue decline factor
Initial discount rate, %
Discount rate multiplier
Variable cost ratio, %
Fixed operating expenses, $M
Interest rate on debt, %
Effective corporate tax rate, %
Production assets / Revenue, %
Life of production assets, yrs
Working capital / Revenue, %
Revenue / Adjusted assets
Adjusted equity ratio
Cash flow adjustment, % of Revenue
Book value of equity, $M
Shares outstanding, mln
Market capitalization, $bln 0.7

 

FINANCIAL STATEMENTS FORECAST and PRESENT VALUE CALCULATION

Fiscal year
2016(a)
   2017
   2018
   2019
   2020
   2021
   2022
   2023
   2024
   2025
   2026
   2027
   2028
   2029
   2030
   2031
   2032
   2033
   2034
   2035
   2036
   2037
   2038
   2039
   2040
   2041
   2042
   2043
   2044
   2045
   2046

INCOME STATEMENT

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Revenue growth rate, %
  1.24
  6.20
  6.08
  5.97
  5.87
  5.79
  5.71
  5.64
  5.57
  5.52
  5.46
  5.42
  5.38
  5.34
  5.31
  5.27
  5.25
  5.22
  5.20
  5.18
  5.16
  5.15
  5.13
  5.12
  5.11
  5.10
  5.09
  5.08
  5.07
  5.06
  5.06
Revenue, $m
  2,700
  2,867
  3,042
  3,223
  3,413
  3,610
  3,816
  4,032
  4,256
  4,491
  4,736
  4,993
  5,262
  5,542
  5,836
  6,144
  6,467
  6,804
  7,158
  7,529
  7,918
  8,325
  8,752
  9,200
  9,670
  10,163
  10,680
  11,222
  11,791
  12,388
  13,014
Variable operating expenses, $m
 
  2,784
  2,952
  3,128
  3,311
  3,502
  3,701
  3,909
  4,127
  4,354
  4,591
  4,828
  5,088
  5,359
  5,644
  5,941
  6,253
  6,580
  6,922
  7,280
  7,656
  8,050
  8,463
  8,896
  9,351
  9,827
  10,327
  10,851
  11,402
  11,979
  12,584
Fixed operating expenses, $m
 
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Total operating expenses, $m
  2,671
  2,784
  2,952
  3,128
  3,311
  3,502
  3,701
  3,909
  4,127
  4,354
  4,591
  4,828
  5,088
  5,359
  5,644
  5,941
  6,253
  6,580
  6,922
  7,280
  7,656
  8,050
  8,463
  8,896
  9,351
  9,827
  10,327
  10,851
  11,402
  11,979
  12,584
Operating income, $m
  29
  84
  90
  96
  102
  108
  115
  122
  130
  137
  146
  165
  174
  183
  193
  203
  214
  225
  236
  249
  262
  275
  289
  304
  319
  336
  353
  371
  390
  409
  430
EBITDA, $m
  132
  188
  199
  211
  223
  236
  250
  264
  278
  294
  310
  327
  344
  363
  382
  402
  423
  445
  468
  493
  518
  545
  573
  602
  633
  665
  699
  734
  771
  810
  851
Interest expense (income), $m
  0
  6
  8
  9
  11
  12
  14
  16
  17
  19
  21
  23
  26
  28
  30
  33
  35
  38
  41
  44
  47
  50
  53
  57
  61
  65
  69
  73
  78
  83
  88
Earnings before tax, $m
  28
  78
  82
  86
  91
  96
  101
  107
  112
  118
  124
  142
  148
  155
  163
  170
  178
  187
  196
  205
  215
  225
  236
  247
  259
  271
  284
  298
  312
  327
  342
Tax expense, $m
  9
  21
  22
  23
  25
  26
  27
  29
  30
  32
  34
  38
  40
  42
  44
  46
  48
  50
  53
  55
  58
  61
  64
  67
  70
  73
  77
  80
  84
  88
  92
Net income, $m
  19
  57
  60
  63
  67
  70
  74
  78
  82
  86
  91
  103
  108
  113
  119
  124
  130
  136
  143
  150
  157
  164
  172
  180
  189
  198
  207
  217
  228
  239
  250

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  171
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Total assets, $m
  1,282
  1,209
  1,283
  1,360
  1,439
  1,523
  1,610
  1,700
  1,795
  1,894
  1,998
  2,106
  2,219
  2,338
  2,462
  2,591
  2,727
  2,870
  3,019
  3,175
  3,339
  3,511
  3,691
  3,880
  4,079
  4,286
  4,504
  4,733
  4,973
  5,225
  5,489
Adjusted assets (=assets-cash), $m
  1,111
  1,209
  1,283
  1,360
  1,439
  1,523
  1,610
  1,700
  1,795
  1,894
  1,998
  2,106
  2,219
  2,338
  2,462
  2,591
  2,727
  2,870
  3,019
  3,175
  3,339
  3,511
  3,691
  3,880
  4,079
  4,286
  4,504
  4,733
  4,973
  5,225
  5,489
Revenue / Adjusted assets
  2.430
  2.371
  2.371
  2.370
  2.372
  2.370
  2.370
  2.372
  2.371
  2.371
  2.370
  2.371
  2.371
  2.370
  2.370
  2.371
  2.371
  2.371
  2.371
  2.371
  2.371
  2.371
  2.371
  2.371
  2.371
  2.371
  2.371
  2.371
  2.371
  2.371
  2.371
Average production assets, $m
  587
  622
  660
  699
  741
  783
  828
  875
  924
  975
  1,028
  1,084
  1,142
  1,203
  1,267
  1,333
  1,403
  1,477
  1,553
  1,634
  1,718
  1,807
  1,899
  1,996
  2,098
  2,205
  2,318
  2,435
  2,559
  2,688
  2,824
Working capital, $m
  95
  29
  30
  32
  34
  36
  38
  40
  43
  45
  47
  50
  53
  55
  58
  61
  65
  68
  72
  75
  79
  83
  88
  92
  97
  102
  107
  112
  118
  124
  130
Total debt, $m
  244
  220
  262
  305
  351
  398
  447
  499
  553
  609
  668
  729
  793
  861
  931
  1,005
  1,082
  1,163
  1,248
  1,337
  1,430
  1,527
  1,630
  1,737
  1,850
  1,968
  2,091
  2,221
  2,358
  2,501
  2,651
Total liabilities, $m
  683
  687
  729
  772
  818
  865
  914
  966
  1,020
  1,076
  1,135
  1,196
  1,260
  1,328
  1,398
  1,472
  1,549
  1,630
  1,715
  1,804
  1,897
  1,994
  2,097
  2,204
  2,317
  2,435
  2,558
  2,688
  2,825
  2,968
  3,118
Total equity, $m
  599
  522
  554
  587
  622
  658
  695
  735
  775
  818
  863
  910
  959
  1,010
  1,063
  1,120
  1,178
  1,240
  1,304
  1,372
  1,443
  1,517
  1,595
  1,676
  1,762
  1,852
  1,946
  2,045
  2,148
  2,257
  2,371
Total liabilities and equity, $m
  1,282
  1,209
  1,283
  1,359
  1,440
  1,523
  1,609
  1,701
  1,795
  1,894
  1,998
  2,106
  2,219
  2,338
  2,461
  2,592
  2,727
  2,870
  3,019
  3,176
  3,340
  3,511
  3,692
  3,880
  4,079
  4,287
  4,504
  4,733
  4,973
  5,225
  5,489
Debt-to-equity ratio
  0.407
  0.420
  0.470
  0.520
  0.560
  0.600
  0.640
  0.680
  0.710
  0.740
  0.770
  0.800
  0.830
  0.850
  0.880
  0.900
  0.920
  0.940
  0.960
  0.970
  0.990
  1.010
  1.020
  1.040
  1.050
  1.060
  1.070
  1.090
  1.100
  1.110
  1.120
Adjusted equity ratio
  0.385
  0.432
  0.432
  0.432
  0.432
  0.432
  0.432
  0.432
  0.432
  0.432
  0.432
  0.432
  0.432
  0.432
  0.432
  0.432
  0.432
  0.432
  0.432
  0.432
  0.432
  0.432
  0.432
  0.432
  0.432
  0.432
  0.432
  0.432
  0.432
  0.432
  0.432

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  19
  57
  60
  63
  67
  70
  74
  78
  82
  86
  91
  103
  108
  113
  119
  124
  130
  136
  143
  150
  157
  164
  172
  180
  189
  198
  207
  217
  228
  239
  250
Depreciation, amort., depletion, $m
  103
  104
  109
  115
  121
  128
  135
  141
  149
  156
  164
  162
  170
  180
  189
  199
  209
  220
  232
  244
  256
  270
  283
  298
  313
  329
  346
  363
  382
  401
  422
Funds from operations, $m
  74
  160
  169
  178
  188
  198
  208
  219
  231
  243
  255
  265
  279
  293
  308
  323
  340
  357
  375
  394
  413
  434
  456
  478
  502
  527
  553
  581
  609
  640
  671
Change in working capital, $m
  -36
  2
  2
  2
  2
  2
  2
  2
  2
  2
  2
  3
  3
  3
  3
  3
  3
  3
  4
  4
  4
  4
  4
  4
  5
  5
  5
  5
  6
  6
  6
Cash from operations, $m
  110
  186
  167
  177
  186
  196
  206
  217
  228
  240
  253
  263
  276
  290
  305
  320
  337
  353
  371
  390
  409
  430
  451
  474
  497
  522
  548
  575
  604
  634
  665
Maintenance CAPEX, $m
  0
  -88
  -93
  -99
  -104
  -111
  -117
  -124
  -131
  -138
  -145
  -153
  -162
  -170
  -180
  -189
  -199
  -209
  -220
  -232
  -244
  -256
  -270
  -283
  -298
  -313
  -329
  -346
  -363
  -382
  -401
New CAPEX, $m
  -79
  -35
  -38
  -39
  -41
  -43
  -45
  -47
  -49
  -51
  -53
  -56
  -58
  -61
  -64
  -67
  -70
  -73
  -77
  -80
  -84
  -88
  -93
  -97
  -102
  -107
  -112
  -118
  -123
  -130
  -136
Cash from investing activities, $m
  -87
  -123
  -131
  -138
  -145
  -154
  -162
  -171
  -180
  -189
  -198
  -209
  -220
  -231
  -244
  -256
  -269
  -282
  -297
  -312
  -328
  -344
  -363
  -380
  -400
  -420
  -441
  -464
  -486
  -512
  -537
Free cash flow, $m
  23
  63
  37
  39
  41
  43
  45
  47
  49
  51
  54
  53
  56
  59
  62
  64
  68
  71
  74
  78
  81
  85
  89
  93
  97
  102
  107
  112
  117
  122
  128
Issuance/(repayment) of debt, $m
  -56
  40
  42
  44
  45
  47
  49
  52
  54
  56
  59
  61
  64
  67
  70
  74
  77
  81
  85
  89
  93
  98
  102
  107
  113
  118
  124
  130
  136
  143
  150
Issuance/(repurchase) of shares, $m
  -10
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Cash from financing (excl. dividends), $m  
  -66
  40
  42
  44
  45
  47
  49
  52
  54
  56
  59
  61
  64
  67
  70
  74
  77
  81
  85
  89
  93
  98
  102
  107
  113
  118
  124
  130
  136
  143
  150
Total cash flow (excl. dividends), $m
  -43
  103
  79
  82
  86
  90
  94
  98
  103
  108
  113
  115
  120
  126
  132
  138
  145
  152
  159
  166
  174
  183
  191
  200
  210
  220
  231
  242
  253
  265
  278
Retained Cash Flow (-), $m
  -10
  -30
  -32
  -33
  -35
  -36
  -38
  -39
  -41
  -43
  -45
  -47
  -49
  -51
  -54
  -56
  -59
  -62
  -64
  -68
  -71
  -74
  -78
  -82
  -86
  -90
  -94
  -99
  -104
  -109
  -114
Prev. year cash balance distribution, $m
 
  107
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Cash flow adjustment, $m
 
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Cash available for distribution, $m
 
  179
  47
  49
  51
  54
  57
  59
  62
  65
  68
  68
  71
  75
  78
  82
  86
  90
  94
  99
  103
  108
  113
  119
  124
  130
  136
  143
  150
  157
  164
Discount rate, %
 
  4.30
  4.52
  4.74
  4.98
  5.23
  5.49
  5.76
  6.05
  6.35
  6.67
  7.00
  7.35
  7.72
  8.11
  8.51
  8.94
  9.39
  9.86
  10.35
  10.87
  11.41
  11.98
  12.58
  13.21
  13.87
  14.56
  15.29
  16.05
  16.86
  17.70
PV of cash for distribution, $m
 
  172
  43
  43
  42
  42
  41
  40
  39
  37
  36
  32
  30
  28
  26
  24
  22
  20
  17
  15
  13
  11
  9
  8
  6
  5
  4
  3
  2
  2
  1
Current shareholders' claim on cash, %
  100
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0

ArcBest Corporation provides freight transportation services and integrated logistics solutions worldwide. The company’s Freight Transportation segment transports general commodities, such as food, textiles, apparel, furniture, appliances, chemicals, petroleum products, rubber, plastics, metal and metal products, wood, glass, automotive parts, machinery, and miscellaneous manufactured products through less than container load services. This segment also offers motor carrier services in Canada and Puerto Rico through arrangements with other trucking companies. Its Premium Logistics segment provides expedited freight transportation services to commercial and government customers; premium logistics services, such as deployment of specialized equipment to meet line haul requirements; and domestic and international freight transportation with air, ocean, and ground service. The company’s Transportation Management segment offers third-party transportation brokerage and management services by sourcing various capacity solutions, including dry van over the road and intermodal, flatbed, temperature-controlled, and specialized equipment. This segment also provides full container load and expedited less than container load ocean transportation services; and transportation and warehouse management services. Its Emergency & Preventative Maintenance segment offers roadside assistance and maintenance management services for commercial vehicles through third-party service providers. The company’s Household Goods Moving Services segment provides third-party transportation, warehousing, and delivery services to consumer, corporate, and military household goods moving markets. As of December 31, 2015, it operated approximately 4,200 tractors and 20,800 trailers. The company was formerly known as Arkansas Best Corporation and changed its name to ArcBest Corporation in May 2014. The company was founded in 1923 and is headquartered in Fort Smith, Arkansas.

FINANCIAL RATIOS  of  ArcBest (ARCB)

Valuation Ratios
P/E Ratio 39.2
Price to Sales 0.3
Price to Book 1.2
Price to Tangible Book
Price to Cash Flow 6.8
Price to Free Cash Flow 24
Growth Rates
Sales Growth Rate 1.2%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate -9.2%
Cap. Spend. - 3 Yr. Gr. Rate 18.4%
Financial Strength
Quick Ratio 3
Current Ratio 0
LT Debt to Equity 30.1%
Total Debt to Equity 40.7%
Interest Coverage 0
Management Effectiveness
Return On Assets 1.5%
Ret/ On Assets - 3 Yr. Avg. 3.2%
Return On Total Capital 2.3%
Ret/ On T. Cap. - 3 Yr. Avg. 5.1%
Return On Equity 3.2%
Return On Equity - 3 Yr. Avg. 6.5%
Asset Turnover 2.1
Profitability Ratios
Gross Margin 72.3%
Gross Margin - 3 Yr. Avg. 67.9%
EBITDA Margin 4.9%
EBITDA Margin - 3 Yr. Avg. 5.7%
Operating Margin 1.1%
Oper. Margin - 3 Yr. Avg. 2.2%
Pre-Tax Margin 1%
Pre-Tax Margin - 3 Yr. Avg. 2.2%
Net Profit Margin 0.7%
Net Profit Margin - 3 Yr. Avg. 1.4%
Effective Tax Rate 32.1%
Eff/ Tax Rate - 3 Yr. Avg. 35.2%
Payout Ratio 42.1%

ARCB stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the ARCB stock intrinsic value calculation we used $2700 million for the last fiscal year's total revenue generated by ArcBest. The default revenue input number comes from 2016 income statement of ArcBest. You may change it if you feel that it should be adjusted for some unusual circumstances that are not expected to be repeated in the future or if you already know (from interim financial statements, for example) that this year's revenue is going to be quite different.

Revenue growth rate. Forecasted future revenue growth rate is the most important input parameter for the intrinsic value calculation. Unlike other input parameters that are reasonably expected to be in line with their historic averages or their historic trends, the revenue growth rate by and large is a wild card: nobody really knows what the company's revenue will be in the future. Of course, the level of unpredictability is different for different industries (utility companies being the most predictable and, thus, less risky).
    We use three input parameters to forecast the revenue growth rate in our ARCB stock valuation model: a) initial revenue growth rate of 6.2% whose default value is the revenue growth rate in the most recent quarter compared to the quarterly revenue a year ago; b) terminal revenue growth rate of 5% whose default value is chosen to be close to the average nominal (i.e. not adjusted for inflation) GDP growth rate; and c) revenue decline factor of 0.9, which stipulates that revenue growth rate in each forecasted year will be equal to the difference of the revenue growth rate in the preceding year and the terminal revenue growth rate multiplied by this revenue decline factor (with the passage of time the revenue growth rate will be approaching the terminal revenue growth rate, but not quite reaching it - though the difference could be infinitesimally small).
    At the revenue decline factor of 1, the future revenue growth rate is forecasted to be constant and equal to the initial revenue growth rate. The smaller the revenue decline factor, the faster the revenue growth rate will approach the terminal revenue growth.

Discount rate. The discount rate is used for determining the present value of future cash flows: future cash flows are "discounted" as at normal conditions (that translate into positive expected return on investment) one dollar today is worth more than the same dollar in the future. Unlike all other valuation models, we use variable discount rate, i.e. it increases for each consecutive year. This is done to account for higher risk of cash flows coming in further in the future.
    The initial discount rate of 4.3%, whose default value for ARCB is calculated based on our internal credit rating of ArcBest, is applied to the cash flow expected to be received a year from now (well, actually, to be precise, in the financial year following the base year - the last year for which we have financial statements). For each consecutive year the discount rate is multiplied by the discount rate multiplier of 1.05, e.i. each year it increases by 5%. Feel free to change this number to correspond to your level of risk assessment of ArcBest.
    By the way, it is easy to set the discount rate to be constant (this would make comparison with other valuation models easier): just set the discount rate multiplier equal to 1 and chose the magnitude of the initial discount rate to your liking.

Variable cost ratio is the ratio of variable costs (i.e. costs that fluctuate with fluctuation of the volume of production) to the revenue expressed as a percentage. In the calculation of intrinsic value of ARCB stock the variable cost ratio is equal to 97.1%.

Fixed operating expenses is just that - expenses that are not dependant on the volume of production. They are set to $0 million in the base year in the intrinsic value calculation for ARCB stock. These expenses increase with the level of inflation in subsequent years.

Interest rate on debt is the average all-in rate of interest paid by the company on its debt. It is set at 3.5% for ArcBest.

Corporate tax rate of 27% is the nominal tax rate for ArcBest. In reality, companies find ways to pay much less taxes than that or not to pay them at all.

Cash flow adjustment could be used for any adjustment the investor deems necessary. Most commonly we use this field to account for stock options-related effects in excess of what is reported on the company's income statement. The cash flow adjustment is expressed as a percentage of the revenue, and in the current valuation of the ARCB stock is equal to 0%.

Production assets are the company's assets used for manufacturing products or provision of services. In the valuation model input table they are expressed as a percentage of revenue and for ARCB are equal to 21.7%.

Life of production assets of 6.7 years is the average useful life of capital assets used in ArcBest operations. It is used to calculate yearly capital expenditures needed to keep these assets in good order - we call it the maintenance CAPEX.

Working capital is the difference between the company's current assets and liabilities. In the model we use the ratio of working capital to revenue, which for ARCB is equal to 1%. A negative number means that the company is apt at using financial resources of its suppliers and customers; a large positive number, on the other hand, means that it either provides in-kind financing to others or is not good at managing its inventories.

Book value of equity - $599 million for ArcBest - is used in calculation of the "floor" for intrinsic valuation based on the discounted cash flow (DCF) method. Even if the prospects are very bad for a company, its assets could always be sold now for their current fair market value.

Shares outstanding of 25.109 million for ArcBest is needed to calculate the intrinsic value of one share.

Market capitalization is used here only for reference purposes and as a quick check that the share price and the number of shares outstanding numbers are correct - something especially to be cognizant about at stock splits. So, the market capitalization of ArcBest at the current share price and the inputted number of shares is $0.7 billion.


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COMPANY NEWS

▶ What Makes ArcBest (ARCB) a Strong Sell?   [May-19-17 08:58AM  Zacks]
▶ Why ArcBest Stock Crashed 23% on Friday   [May-05-17 03:55PM  Motley Fool]
▶ ArcBest reports 1Q loss   [06:17AM  Associated Press]
▶ ArcBest Declares an $0.08/Share Quarterly Dividend   [May-02-17 12:58PM  PR Newswire]
▶ ArcBest Corp. Value Analysis (NASDAQ:ARCB) : May 1, 2017   [May-01-17 04:46PM  Capital Cube]
▶ Four ABF Freight Service Centers Recognized   [Apr-10-17 12:00PM  PR Newswire]
▶ What's Your Stock's Price Target?   [Mar-28-17 06:16PM  Investopedia]
▶ ETFs with exposure to ArcBest Corp. : February 14, 2017   [Feb-14-17 02:26PM  Capital Cube]
▶ ArcBest Declares an $0.08/Share Quarterly Dividend   [Jan-31-17 04:42PM  PR Newswire]
▶ ArcBest Unveils Redesigned Website   [Jan-10-17 04:30PM  PR Newswire]
▶ Hedge Funds Are Betting On ArcBest Corp (ARCB)   [Dec-09-16 02:07AM  at Insider Monkey]
▶ ArcBest Recognizes Suppliers at Annual Conference   [Sep-23-16 11:30AM  PR Newswire]
▶ ArcBest Technologies CIO Honored   [Jul-07-16 03:00PM  PR Newswire]
Stock chart of ARCB Financial statements of ARCB Annual reports of ARCB
Valuation of Stocks

The paper VALUATION OF STOCKS: The Quest for Intrinsic Value provides a detailed description of our valuation model and discloses the calculation algorithm.

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