Intrinsic value of C.H. Robinson Worldwide - CHRW

Previous Close

$87.97

  Intrinsic Value

$124.69

stock screener

  Rating & Target

buy

+42%

Previous close

$87.97

 
Intrinsic value

$124.69

 
Up/down potential

+42%

 
Rating

buy

We calculate the intrinsic value of CHRW 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 12.3

 

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, %
  -2.46
  12.40
  11.66
  10.99
  10.39
  9.86
  9.37
  8.93
  8.54
  8.19
  7.87
  7.58
  7.32
  7.09
  6.88
  6.69
  6.52
  6.37
  6.23
  6.11
  6.00
  5.90
  5.81
  5.73
  5.66
  5.59
  5.53
  5.48
  5.43
  5.39
  5.35
Revenue, $m
  13,144
  14,774
  16,496
  18,310
  20,213
  22,205
  24,286
  26,455
  28,715
  31,065
  33,509
  36,049
  38,688
  41,431
  44,282
  47,246
  50,328
  53,535
  56,872
  60,347
  63,968
  67,742
  71,678
  75,784
  80,070
  84,546
  89,223
  94,110
  99,221
  104,566
  110,159
Variable operating expenses, $m
 
  13,385
  14,931
  16,559
  18,267
  20,055
  21,923
  23,870
  25,898
  28,008
  30,201
  32,358
  34,727
  37,190
  39,749
  42,409
  45,176
  48,054
  51,049
  54,169
  57,419
  60,806
  64,339
  68,025
  71,872
  75,890
  80,088
  84,475
  89,062
  93,860
  98,881
Fixed operating expenses, $m
 
  382
  392
  402
  412
  422
  433
  443
  454
  466
  477
  489
  502
  514
  527
  540
  554
  568
  582
  596
  611
  626
  642
  658
  675
  692
  709
  727
  745
  763
  782
Total operating expenses, $m
  12,281
  13,767
  15,323
  16,961
  18,679
  20,477
  22,356
  24,313
  26,352
  28,474
  30,678
  32,847
  35,229
  37,704
  40,276
  42,949
  45,730
  48,622
  51,631
  54,765
  58,030
  61,432
  64,981
  68,683
  72,547
  76,582
  80,797
  85,202
  89,807
  94,623
  99,663
Operating income, $m
  863
  1,007
  1,174
  1,350
  1,534
  1,728
  1,931
  2,142
  2,362
  2,591
  2,830
  3,201
  3,459
  3,728
  4,007
  4,297
  4,599
  4,913
  5,241
  5,582
  5,938
  6,309
  6,696
  7,101
  7,523
  7,964
  8,426
  8,909
  9,414
  9,942
  10,496
EBITDA, $m
  938
  1,150
  1,319
  1,497
  1,684
  1,881
  2,086
  2,300
  2,523
  2,756
  2,998
  3,249
  3,511
  3,782
  4,065
  4,359
  4,666
  4,984
  5,316
  5,662
  6,023
  6,399
  6,791
  7,201
  7,629
  8,076
  8,544
  9,033
  9,545
  10,081
  10,642
Interest expense (income), $m
  29
  38
  47
  57
  68
  79
  90
  102
  115
  128
  142
  156
  171
  186
  202
  218
  236
  253
  272
  291
  312
  333
  355
  377
  401
  426
  452
  479
  508
  537
  568
Earnings before tax, $m
  812
  969
  1,127
  1,293
  1,467
  1,649
  1,840
  2,040
  2,247
  2,463
  2,688
  3,045
  3,289
  3,542
  3,805
  4,078
  4,363
  4,660
  4,969
  5,291
  5,626
  5,976
  6,342
  6,723
  7,122
  7,538
  7,974
  8,429
  8,906
  9,405
  9,927
Tax expense, $m
  299
  262
  304
  349
  396
  445
  497
  551
  607
  665
  726
  822
  888
  956
  1,027
  1,101
  1,178
  1,258
  1,342
  1,428
  1,519
  1,614
  1,712
  1,815
  1,923
  2,035
  2,153
  2,276
  2,405
  2,539
  2,680
Net income, $m
  513
  708
  823
  944
  1,071
  1,204
  1,343
  1,489
  1,640
  1,798
  1,962
  2,223
  2,401
  2,585
  2,777
  2,977
  3,185
  3,402
  3,627
  3,862
  4,107
  4,363
  4,629
  4,908
  5,199
  5,503
  5,821
  6,153
  6,501
  6,866
  7,247

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  248
  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
  3,688
  3,866
  4,317
  4,792
  5,290
  5,811
  6,356
  6,924
  7,515
  8,130
  8,770
  9,434
  10,125
  10,843
  11,589
  12,365
  13,171
  14,011
  14,884
  15,794
  16,741
  17,729
  18,759
  19,833
  20,955
  22,127
  23,351
  24,630
  25,967
  27,366
  28,830
Adjusted assets (=assets-cash), $m
  3,440
  3,866
  4,317
  4,792
  5,290
  5,811
  6,356
  6,924
  7,515
  8,130
  8,770
  9,434
  10,125
  10,843
  11,589
  12,365
  13,171
  14,011
  14,884
  15,794
  16,741
  17,729
  18,759
  19,833
  20,955
  22,127
  23,351
  24,630
  25,967
  27,366
  28,830
Revenue / Adjusted assets
  3.821
  3.822
  3.821
  3.821
  3.821
  3.821
  3.821
  3.821
  3.821
  3.821
  3.821
  3.821
  3.821
  3.821
  3.821
  3.821
  3.821
  3.821
  3.821
  3.821
  3.821
  3.821
  3.821
  3.821
  3.821
  3.821
  3.821
  3.821
  3.821
  3.821
  3.821
Average production assets, $m
  356
  399
  445
  494
  546
  600
  656
  714
  775
  839
  905
  973
  1,045
  1,119
  1,196
  1,276
  1,359
  1,445
  1,536
  1,629
  1,727
  1,829
  1,935
  2,046
  2,162
  2,283
  2,409
  2,541
  2,679
  2,823
  2,974
Working capital, $m
  162
  827
  924
  1,025
  1,132
  1,244
  1,360
  1,482
  1,608
  1,740
  1,876
  2,019
  2,167
  2,320
  2,480
  2,646
  2,818
  2,998
  3,185
  3,379
  3,582
  3,794
  4,014
  4,244
  4,484
  4,735
  4,996
  5,270
  5,556
  5,856
  6,169
Total debt, $m
  1,322
  1,343
  1,629
  1,930
  2,246
  2,576
  2,922
  3,282
  3,656
  4,046
  4,452
  4,873
  5,311
  5,767
  6,240
  6,731
  7,243
  7,775
  8,329
  8,905
  9,506
  10,132
  10,785
  11,466
  12,178
  12,920
  13,696
  14,507
  15,355
  16,242
  17,170
Total liabilities, $m
  2,430
  2,451
  2,737
  3,038
  3,354
  3,684
  4,030
  4,390
  4,764
  5,154
  5,560
  5,981
  6,419
  6,875
  7,348
  7,839
  8,351
  8,883
  9,437
  10,013
  10,614
  11,240
  11,893
  12,574
  13,286
  14,028
  14,804
  15,615
  16,463
  17,350
  18,278
Total equity, $m
  1,258
  1,415
  1,580
  1,754
  1,936
  2,127
  2,326
  2,534
  2,750
  2,976
  3,210
  3,453
  3,706
  3,969
  4,242
  4,526
  4,821
  5,128
  5,448
  5,780
  6,127
  6,489
  6,866
  7,259
  7,670
  8,098
  8,546
  9,014
  9,504
  10,016
  10,552
Total liabilities and equity, $m
  3,688
  3,866
  4,317
  4,792
  5,290
  5,811
  6,356
  6,924
  7,514
  8,130
  8,770
  9,434
  10,125
  10,844
  11,590
  12,365
  13,172
  14,011
  14,885
  15,793
  16,741
  17,729
  18,759
  19,833
  20,956
  22,126
  23,350
  24,629
  25,967
  27,366
  28,830
Debt-to-equity ratio
  1.051
  0.950
  1.030
  1.100
  1.160
  1.210
  1.260
  1.290
  1.330
  1.360
  1.390
  1.410
  1.430
  1.450
  1.470
  1.490
  1.500
  1.520
  1.530
  1.540
  1.550
  1.560
  1.570
  1.580
  1.590
  1.600
  1.600
  1.610
  1.620
  1.620
  1.630
Adjusted equity ratio
  0.317
  0.366
  0.366
  0.366
  0.366
  0.366
  0.366
  0.366
  0.366
  0.366
  0.366
  0.366
  0.366
  0.366
  0.366
  0.366
  0.366
  0.366
  0.366
  0.366
  0.366
  0.366
  0.366
  0.366
  0.366
  0.366
  0.366
  0.366
  0.366
  0.366
  0.366

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  513
  708
  823
  944
  1,071
  1,204
  1,343
  1,489
  1,640
  1,798
  1,962
  2,223
  2,401
  2,585
  2,777
  2,977
  3,185
  3,402
  3,627
  3,862
  4,107
  4,363
  4,629
  4,908
  5,199
  5,503
  5,821
  6,153
  6,501
  6,866
  7,247
Depreciation, amort., depletion, $m
  75
  143
  145
  148
  150
  153
  155
  158
  161
  164
  168
  48
  51
  55
  59
  63
  67
  71
  75
  80
  85
  90
  95
  100
  106
  112
  118
  125
  131
  138
  146
Funds from operations, $m
  411
  850
  968
  1,091
  1,221
  1,357
  1,499
  1,647
  1,802
  1,963
  2,130
  2,271
  2,452
  2,640
  2,836
  3,040
  3,252
  3,473
  3,702
  3,942
  4,192
  4,452
  4,724
  5,008
  5,305
  5,615
  5,939
  6,278
  6,633
  7,004
  7,393
Change in working capital, $m
  -118
  91
  96
  102
  107
  112
  117
  121
  127
  132
  137
  142
  148
  154
  160
  166
  173
  180
  187
  195
  203
  211
  220
  230
  240
  251
  262
  274
  286
  299
  313
Cash from operations, $m
  529
  759
  871
  990
  1,114
  1,245
  1,382
  1,526
  1,675
  1,831
  1,993
  2,129
  2,304
  2,487
  2,676
  2,874
  3,079
  3,293
  3,516
  3,747
  3,989
  4,241
  4,504
  4,778
  5,065
  5,364
  5,677
  6,004
  6,346
  6,705
  7,080
Maintenance CAPEX, $m
  0
  -17
  -20
  -22
  -24
  -27
  -29
  -32
  -35
  -38
  -41
  -44
  -48
  -51
  -55
  -59
  -63
  -67
  -71
  -75
  -80
  -85
  -90
  -95
  -100
  -106
  -112
  -118
  -125
  -131
  -138
New CAPEX, $m
  -91
  -43
  -47
  -49
  -51
  -54
  -56
  -59
  -61
  -63
  -66
  -69
  -71
  -74
  -77
  -80
  -83
  -87
  -90
  -94
  -98
  -102
  -106
  -111
  -116
  -121
  -126
  -132
  -138
  -144
  -151
Cash from investing activities, $m
  -313
  -60
  -67
  -71
  -75
  -81
  -85
  -91
  -96
  -101
  -107
  -113
  -119
  -125
  -132
  -139
  -146
  -154
  -161
  -169
  -178
  -187
  -196
  -206
  -216
  -227
  -238
  -250
  -263
  -275
  -289
Free cash flow, $m
  216
  699
  805
  919
  1,039
  1,165
  1,297
  1,435
  1,579
  1,730
  1,886
  2,016
  2,185
  2,361
  2,545
  2,735
  2,933
  3,140
  3,355
  3,578
  3,811
  4,054
  4,308
  4,572
  4,849
  5,137
  5,439
  5,754
  6,084
  6,429
  6,790
Issuance/(repayment) of debt, $m
  290
  269
  286
  301
  316
  331
  345
  360
  375
  390
  405
  421
  438
  455
  473
  492
  511
  532
  554
  577
  601
  626
  653
  681
  711
  743
  776
  811
  848
  887
  928
Issuance/(repurchase) of shares, $m
  -154
  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  
  118
  269
  286
  301
  316
  331
  345
  360
  375
  390
  405
  421
  438
  455
  473
  492
  511
  532
  554
  577
  601
  626
  653
  681
  711
  743
  776
  811
  848
  887
  928
Total cash flow (excl. dividends), $m
  324
  968
  1,091
  1,220
  1,354
  1,495
  1,642
  1,795
  1,954
  2,120
  2,292
  2,437
  2,623
  2,817
  3,018
  3,227
  3,445
  3,672
  3,908
  4,155
  4,412
  4,681
  4,961
  5,254
  5,560
  5,880
  6,215
  6,565
  6,932
  7,316
  7,718
Retained Cash Flow (-), $m
  -108
  -157
  -165
  -174
  -182
  -191
  -199
  -208
  -216
  -225
  -234
  -243
  -253
  -263
  -273
  -284
  -295
  -307
  -320
  -333
  -347
  -361
  -377
  -393
  -411
  -429
  -448
  -468
  -490
  -512
  -536
Prev. year cash balance distribution, $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 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
 
  811
  926
  1,046
  1,172
  1,304
  1,443
  1,587
  1,738
  1,894
  2,058
  2,194
  2,370
  2,554
  2,745
  2,943
  3,150
  3,365
  3,589
  3,822
  4,065
  4,319
  4,584
  4,860
  5,149
  5,451
  5,767
  6,097
  6,442
  6,804
  7,182
Discount rate, %
 
  5.00
  5.25
  5.51
  5.79
  6.08
  6.38
  6.70
  7.04
  7.39
  7.76
  8.14
  8.55
  8.98
  9.43
  9.90
  10.39
  10.91
  11.46
  12.03
  12.63
  13.27
  13.93
  14.63
  15.36
  16.13
  16.93
  17.78
  18.67
  19.60
  20.58
PV of cash for distribution, $m
 
  772
  836
  890
  936
  971
  995
  1,008
  1,009
  997
  975
  927
  885
  835
  777
  714
  647
  578
  509
  441
  376
  316
  260
  210
  167
  130
  99
  74
  53
  38
  26
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

C.H. Robinson Worldwide, Inc. is a provider of transportation services and logistics solutions through a network of offices operating in North America, Europe, Asia, Australia, New Zealand and South America. The Company's segments include North American Surface Transportation (NAST), Global Forwarding, Robinson Fresh, and All Other and Corporate. The NAST segment provides freight transportation services across North America through a network of offices in the United States, Canada and Mexico. The primary services provided by Global Forwarding segment include ocean freight services, air freight services, and customs brokerage. The Robinson Fresh segment provides sourcing under the trade name Robinson Fresh. The All Other and Corporate segment primarily consists of Managed Services and Other Surface Transportation outside of North America. It develops global transportation and distribution networks to provide transportation and supply chain services throughout the world.

FINANCIAL RATIOS  of  C.H. Robinson Worldwide (CHRW)

Valuation Ratios
P/E Ratio 24.2
Price to Sales 0.9
Price to Book 9.9
Price to Tangible Book
Price to Cash Flow 23.5
Price to Free Cash Flow 28.4
Growth Rates
Sales Growth Rate -2.5%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate 102.2%
Cap. Spend. - 3 Yr. Gr. Rate 13.6%
Financial Strength
Quick Ratio 0
Current Ratio 0
LT Debt to Equity 39.7%
Total Debt to Equity 105.1%
Interest Coverage 29
Management Effectiveness
Return On Assets 15.5%
Ret/ On Assets - 3 Yr. Avg. 15.8%
Return On Total Capital 21.5%
Ret/ On T. Cap. - 3 Yr. Avg. 22.2%
Return On Equity 42.6%
Return On Equity - 3 Yr. Avg. 44.8%
Asset Turnover 3.8
Profitability Ratios
Gross Margin 17.3%
Gross Margin - 3 Yr. Avg. 16.4%
EBITDA Margin 7%
EBITDA Margin - 3 Yr. Avg. 6.6%
Operating Margin 6.6%
Oper. Margin - 3 Yr. Avg. 6.3%
Pre-Tax Margin 6.2%
Pre-Tax Margin - 3 Yr. Avg. 5.9%
Net Profit Margin 3.9%
Net Profit Margin - 3 Yr. Avg. 3.7%
Effective Tax Rate 36.8%
Eff/ Tax Rate - 3 Yr. Avg. 37.5%
Payout Ratio 47.8%

CHRW stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the CHRW stock intrinsic value calculation we used $13144 million for the last fiscal year's total revenue generated by C.H. Robinson Worldwide. The default revenue input number comes from 2016 income statement of C.H. Robinson Worldwide. 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 CHRW stock valuation model: a) initial revenue growth rate of 12.4% 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 5%, whose default value for CHRW is calculated based on our internal credit rating of C.H. Robinson Worldwide, 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 C.H. Robinson Worldwide.
    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 CHRW stock the variable cost ratio is equal to 90.7%.

Fixed operating expenses is just that - expenses that are not dependant on the volume of production. They are set to $373 million in the base year in the intrinsic value calculation for CHRW 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 C.H. Robinson Worldwide.

Corporate tax rate of 27% is the nominal tax rate for C.H. Robinson Worldwide. 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 CHRW 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 CHRW are equal to 2.7%.

Life of production assets of 20.4 years is the average useful life of capital assets used in C.H. Robinson Worldwide 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 CHRW is equal to 5.6%. 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 - $1258 million for C.H. Robinson Worldwide - 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 140.358 million for C.H. Robinson Worldwide 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 C.H. Robinson Worldwide at the current share price and the inputted number of shares is $12.3 billion.

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COMPANY NEWS

▶ How does Gatorade get to the Super Bowl? It calls C.H. Robinson   [03:08PM  American City Business Journals]
▶ CH Robinson Worldwide Sees IBD RS Rating Rise To 74   [03:00AM  Investor's Business Daily]
▶ Ford Motor And Other Great Transport Income Stocks   [Nov-22-17 08:02AM  Simply Wall St.]
▶ CH Robinson Worldwide Sees RS Rating Rise To 75   [Nov-08-17 03:00AM  Investor's Business Daily]
▶ C.H. Robinson tops Street 3Q forecasts   [Oct-31-17 04:25PM  Associated Press]
▶ C.H. Robinson Reports Third Quarter Results   [04:15PM  Business Wire]
▶ Stocks With Rising Relative Strength: CH Robinson Worldwide   [03:00AM  Investor's Business Daily]
▶ 5 Top-Ranked DuPont-Verified Quality Stocks   [Oct-25-17 06:51AM  Zacks]
▶ C.H. Robinson Names New Board Member   [Oct-18-17 04:15PM  Business Wire]
▶ Bulls hit the road with this transport stock   [Oct-05-17 01:40PM  CNBC Videos]
▶ How FedEx Stock Has Fared ahead of Its Fiscal 1Q18 Results   [Sep-15-17 08:07AM  Market Realist]
▶ Earnings movers & an upgrade for two trucking stocks   [Aug-30-17 01:18PM  CNBC Videos]
▶ 3 Top Dividend Stocks in Logistics   [Aug-29-17 05:15PM  Motley Fool]
▶ List Leaders: The largest logistics firms in the metro   [07:13AM  American City Business Journals]
▶ C.H. Robinson Worldwide Declares Quarterly Cash Dividend   [Aug-10-17 04:15PM  Business Wire]
▶ XPO Logistics 2Q17 Earnings Missed Estimate   [Aug-09-17 02:36PM  Market Realist]
Financial statements of CHRW
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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