Intrinsic value of ArcBest - ARCB

Previous Close

$33.05

  Intrinsic Value

$30.46

stock screener

  Rating & Target

hold

-8%

Previous close

$33.05

 
Intrinsic value

$30.46

 
Up/down potential

-8%

 
Rating

hold

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

Initial revenue growth rate, %
Terminal revenue growth rate, %
Revenue decline factor
Initial discount rate, %
Discount rate multiplier
Shares outstanding, mln

 

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
  4.20
  4.28
  4.35
  4.42
  4.48
  4.53
  4.57
  4.62
  4.66
  4.69
  4.72
  4.75
  4.77
  4.80
  4.82
  4.84
  4.85
  4.87
  4.88
  4.89
  4.90
  4.91
  4.92
  4.93
  4.94
  4.94
  4.95
  4.95
  4.96
  4.96
Revenue, $m
  2,700
  2,813
  2,934
  3,061
  3,197
  3,340
  3,491
  3,651
  3,819
  3,997
  4,185
  4,382
  4,590
  4,809
  5,040
  5,283
  5,538
  5,807
  6,090
  6,387
  6,699
  7,028
  7,373
  7,736
  8,117
  8,518
  8,939
  9,381
  9,846
  10,334
  10,847
Variable operating expenses, $m
 
  2,731
  2,848
  2,971
  3,102
  3,240
  3,387
  3,541
  3,704
  3,876
  4,057
  4,237
  4,439
  4,650
  4,874
  5,108
  5,355
  5,615
  5,888
  6,176
  6,478
  6,795
  7,129
  7,480
  7,849
  8,236
  8,643
  9,071
  9,520
  9,992
  10,488
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
  2,731
  2,848
  2,971
  3,102
  3,240
  3,387
  3,541
  3,704
  3,876
  4,057
  4,237
  4,439
  4,650
  4,874
  5,108
  5,355
  5,615
  5,888
  6,176
  6,478
  6,795
  7,129
  7,480
  7,849
  8,236
  8,643
  9,071
  9,520
  9,992
  10,488
Operating income, $m
  29
  82
  86
  90
  95
  99
  104
  110
  115
  121
  127
  145
  152
  159
  167
  175
  183
  192
  201
  211
  221
  232
  244
  256
  268
  281
  295
  310
  325
  341
  358
EBITDA, $m
  132
  184
  192
  200
  209
  219
  228
  239
  250
  262
  274
  287
  300
  315
  330
  346
  362
  380
  398
  418
  438
  460
  482
  506
  531
  557
  585
  614
  644
  676
  710
Interest expense (income), $m
  0
  6
  7
  8
  9
  10
  11
  13
  14
  15
  17
  18
  20
  21
  23
  25
  27
  29
  31
  33
  36
  38
  41
  44
  47
  50
  53
  56
  60
  64
  68
Earnings before tax, $m
  28
  76
  79
  82
  86
  89
  93
  97
  101
  106
  111
  127
  132
  137
  143
  149
  156
  163
  170
  178
  185
  194
  203
  212
  221
  232
  242
  254
  265
  278
  291
Tax expense, $m
  9
  20
  21
  22
  23
  24
  25
  26
  27
  29
  30
  34
  36
  37
  39
  40
  42
  44
  46
  48
  50
  52
  55
  57
  60
  63
  65
  68
  72
  75
  79
Net income, $m
  19
  55
  58
  60
  62
  65
  68
  71
  74
  77
  81
  92
  96
  100
  105
  109
  114
  119
  124
  130
  135
  141
  148
  155
  162
  169
  177
  185
  194
  203
  212

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
  1,158
  1,207
  1,260
  1,316
  1,374
  1,437
  1,502
  1,572
  1,645
  1,722
  1,803
  1,889
  1,979
  2,074
  2,174
  2,279
  2,390
  2,506
  2,628
  2,757
  2,892
  3,034
  3,183
  3,340
  3,505
  3,678
  3,860
  4,052
  4,253
  4,464
Adjusted assets (=assets-cash), $m
  1,111
  1,158
  1,207
  1,260
  1,316
  1,374
  1,437
  1,502
  1,572
  1,645
  1,722
  1,803
  1,889
  1,979
  2,074
  2,174
  2,279
  2,390
  2,506
  2,628
  2,757
  2,892
  3,034
  3,183
  3,340
  3,505
  3,678
  3,860
  4,052
  4,253
  4,464
Revenue / Adjusted assets
  2.430
  2.429
  2.431
  2.429
  2.429
  2.431
  2.429
  2.431
  2.429
  2.430
  2.430
  2.430
  2.430
  2.430
  2.430
  2.430
  2.430
  2.430
  2.430
  2.430
  2.430
  2.430
  2.430
  2.430
  2.430
  2.430
  2.430
  2.430
  2.430
  2.430
  2.430
Average production assets, $m
  587
  611
  637
  664
  694
  725
  758
  792
  829
  867
  908
  951
  996
  1,044
  1,094
  1,146
  1,202
  1,260
  1,321
  1,386
  1,454
  1,525
  1,600
  1,679
  1,761
  1,848
  1,940
  2,036
  2,136
  2,242
  2,354
Working capital, $m
  95
  -11
  -12
  -12
  -13
  -13
  -14
  -15
  -15
  -16
  -17
  -18
  -18
  -19
  -20
  -21
  -22
  -23
  -24
  -26
  -27
  -28
  -29
  -31
  -32
  -34
  -36
  -38
  -39
  -41
  -43
Total debt, $m
  244
  206
  233
  263
  294
  327
  361
  398
  436
  477
  520
  565
  613
  663
  716
  772
  830
  892
  957
  1,025
  1,097
  1,172
  1,251
  1,334
  1,422
  1,513
  1,610
  1,711
  1,818
  1,930
  2,047
Total liabilities, $m
  683
  645
  672
  702
  733
  766
  800
  837
  875
  916
  959
  1,004
  1,052
  1,102
  1,155
  1,211
  1,269
  1,331
  1,396
  1,464
  1,536
  1,611
  1,690
  1,773
  1,861
  1,952
  2,049
  2,150
  2,257
  2,369
  2,486
Total equity, $m
  599
  513
  535
  558
  583
  609
  636
  666
  696
  729
  763
  799
  837
  877
  919
  963
  1,010
  1,059
  1,110
  1,164
  1,221
  1,281
  1,344
  1,410
  1,480
  1,553
  1,630
  1,710
  1,795
  1,884
  1,977
Total liabilities and equity, $m
  1,282
  1,158
  1,207
  1,260
  1,316
  1,375
  1,436
  1,503
  1,571
  1,645
  1,722
  1,803
  1,889
  1,979
  2,074
  2,174
  2,279
  2,390
  2,506
  2,628
  2,757
  2,892
  3,034
  3,183
  3,341
  3,505
  3,679
  3,860
  4,052
  4,253
  4,463
Debt-to-equity ratio
  0.407
  0.400
  0.440
  0.470
  0.500
  0.540
  0.570
  0.600
  0.630
  0.650
  0.680
  0.710
  0.730
  0.760
  0.780
  0.800
  0.820
  0.840
  0.860
  0.880
  0.900
  0.910
  0.930
  0.950
  0.960
  0.970
  0.990
  1.000
  1.010
  1.020
  1.040
Adjusted equity ratio
  0.385
  0.443
  0.443
  0.443
  0.443
  0.443
  0.443
  0.443
  0.443
  0.443
  0.443
  0.443
  0.443
  0.443
  0.443
  0.443
  0.443
  0.443
  0.443
  0.443
  0.443
  0.443
  0.443
  0.443
  0.443
  0.443
  0.443
  0.443
  0.443
  0.443
  0.443

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  19
  55
  58
  60
  62
  65
  68
  71
  74
  77
  81
  92
  96
  100
  105
  109
  114
  119
  124
  130
  135
  141
  148
  155
  162
  169
  177
  185
  194
  203
  212
Depreciation, amort., depletion, $m
  103
  102
  106
  110
  114
  119
  124
  129
  135
  140
  146
  142
  149
  156
  163
  171
  179
  188
  197
  207
  217
  228
  239
  251
  263
  276
  290
  304
  319
  335
  351
Funds from operations, $m
  74
  157
  163
  170
  177
  184
  192
  200
  209
  218
  227
  234
  245
  256
  268
  280
  293
  307
  321
  336
  352
  369
  387
  405
  425
  445
  466
  489
  513
  537
  564
Change in working capital, $m
  -36
  0
  0
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -2
  -2
  -2
  -2
  -2
  -2
  -2
Cash from operations, $m
  110
  158
  164
  170
  177
  185
  192
  201
  209
  218
  228
  235
  246
  257
  269
  281
  294
  308
  322
  338
  354
  370
  388
  407
  426
  447
  468
  491
  514
  539
  566
Maintenance CAPEX, $m
  0
  -88
  -91
  -95
  -99
  -104
  -108
  -113
  -118
  -124
  -129
  -136
  -142
  -149
  -156
  -163
  -171
  -179
  -188
  -197
  -207
  -217
  -228
  -239
  -251
  -263
  -276
  -290
  -304
  -319
  -335
New CAPEX, $m
  -79
  -24
  -26
  -28
  -29
  -31
  -33
  -35
  -37
  -39
  -41
  -43
  -45
  -48
  -50
  -53
  -55
  -58
  -61
  -64
  -68
  -71
  -75
  -79
  -83
  -87
  -91
  -96
  -101
  -106
  -111
Cash from investing activities, $m
  -87
  -112
  -117
  -123
  -128
  -135
  -141
  -148
  -155
  -163
  -170
  -179
  -187
  -197
  -206
  -216
  -226
  -237
  -249
  -261
  -275
  -288
  -303
  -318
  -334
  -350
  -367
  -386
  -405
  -425
  -446
Free cash flow, $m
  23
  47
  47
  48
  49
  50
  51
  53
  54
  56
  58
  57
  59
  61
  63
  65
  68
  70
  73
  76
  79
  82
  86
  89
  93
  97
  101
  105
  110
  115
  120
Issuance/(repayment) of debt, $m
  -56
  26
  28
  29
  31
  33
  35
  37
  39
  41
  43
  45
  48
  50
  53
  56
  59
  62
  65
  68
  72
  75
  79
  83
  87
  92
  96
  101
  107
  112
  118
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
  26
  28
  29
  31
  33
  35
  37
  39
  41
  43
  45
  48
  50
  53
  56
  59
  62
  65
  68
  72
  75
  79
  83
  87
  92
  96
  101
  107
  112
  118
Total cash flow (excl. dividends), $m
  -43
  73
  74
  77
  80
  83
  86
  90
  93
  97
  101
  102
  106
  111
  116
  121
  126
  132
  138
  144
  151
  157
  165
  172
  180
  189
  197
  207
  216
  227
  237
Retained Cash Flow (-), $m
  -10
  -21
  -22
  -23
  -25
  -26
  -28
  -29
  -31
  -32
  -34
  -36
  -38
  -40
  -42
  -44
  -47
  -49
  -52
  -54
  -57
  -60
  -63
  -66
  -70
  -73
  -77
  -81
  -85
  -89
  -93
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
 
  159
  52
  54
  55
  57
  59
  60
  62
  64
  67
  66
  68
  71
  74
  77
  80
  83
  86
  90
  94
  98
  102
  106
  111
  116
  121
  126
  132
  138
  144
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
 
  152
  48
  47
  45
  44
  43
  41
  39
  37
  35
  31
  29
  27
  25
  23
  20
  18
  16
  14
  12
  10
  8
  7
  6
  4
  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 is a holding company of businesses providing integrated logistics solutions. The Company operates through three segments: Asset-Based, which consists of ABF Freight System, Inc. and other subsidiaries; ArcBest, which represents the consolidation of the operations of the Premium Logistics, Transportation Management and Household Goods Moving Services segments, and FleetNet, which includes the results of operations of FleetNet America, Inc. (FleetNet). Its Asset-Based operations offer transportation of general commodities through standard, time-critical, expedited and guaranteed LTL services-nationally and regionally. Its ArcBest segment includes truckload, expedite, international, warehousing, freight transportation, management services and moving services. Its FleetNet segment provides roadside assistance and maintenance management services for commercial vehicles to customers in the United States and Canada through a network of third-party service providers.

FINANCIAL RATIOS  of  ArcBest (ARCB)

Valuation Ratios
P/E Ratio 44.5
Price to Sales 0.3
Price to Book 1.4
Price to Tangible Book
Price to Cash Flow 7.7
Price to Free Cash Flow 27.3
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 4.2% 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 -0.4%. 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 26.067 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 $0.9 billion.

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COMPANY NEWS

▶ ArcBest Employee Training Program Recognized   [Feb-20-18 03:45PM  PR Newswire]
▶ ArcBest Corporation to Host Earnings Call   [Jan-31-18 07:45AM  ACCESSWIRE]
▶ ArcBest tops 4Q profit forecasts   [06:28AM  Associated Press]
▶ ArcBest® Declares an $0.08/Share Quarterly Dividend   [Jan-26-18 03:57PM  PR Newswire]
▶ ArcBest Carrier ABF Freight Announces 2018 Load Team   [Jan-11-18 11:00AM  PR Newswire]
▶ ArcBest Carrier ABF Freight Receives Pro Patria Award   [Dec-13-17 03:30PM  PR Newswire]
▶ ETFs with exposure to ArcBest Corp. : November 14, 2017   [Nov-14-17 01:55PM  Capital Cube]
▶ ArcBest beats 3Q profit forecasts   [Nov-06-17 05:37AM  Associated Press]
▶ FleetNet America Honors Three Vendor Partners   [Nov-01-17 02:00PM  PR Newswire]
▶ ArcBest® Declares an $0.08/Share Quarterly Dividend   [Oct-31-17 05:00PM  PR Newswire]
▶ ArcBest Receives 2017 Prism Award   [Oct-18-17 11:00AM  PR Newswire]
▶ U-Pack Celebrates 20 Years of Residential Moving   [Oct-12-17 11:00AM  PR Newswire]
▶ New Strong Buy Stocks for October 2nd   [Oct-02-17 11:31AM  Zacks]
▶ ETFs with exposure to ArcBest Corp. : September 28, 2017   [Sep-28-17 10:09AM  Capital Cube]
▶ ETFs with exposure to ArcBest Corp. : September 12, 2017   [Sep-11-17 08:48PM  Capital Cube]
▶ ArcBest Honored with Four Quest for Quality Awards   [Aug-09-17 04:15PM  PR Newswire]
▶ ArcBest Among 2017 Top 50 3PLs   [Aug-03-17 03:00PM  PR Newswire]
▶ ArcBest beats Street 2Q forecasts   [Jul-28-17 08:22PM  Associated Press]
▶ ArcBest Declares an $0.08/Share Quarterly Dividend   [Jul-25-17 03:37PM  PR Newswire]
▶ ABF Freight Named 2017 Great Supply Chain Partner   [Jul-10-17 11:00AM  PR Newswire]
▶ ETFs with exposure to ArcBest Corp. : July 3, 2017   [Jul-03-17 02:51PM  Capital Cube]
▶ ETFs with exposure to ArcBest Corp. : June 22, 2017   [Jun-22-17 03:20PM  Capital Cube]
▶ ArcBest Moves Up on Fortune 1000 List   [Jun-15-17 04:05PM  PR Newswire]
▶ 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]
Financial statements 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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