Intrinsic value of C.H. Robinson Worldwide - CHRW

Previous Close

$90.09

  Intrinsic Value

$128.16

stock screener

  Rating & Target

buy

+42%

Previous close

$90.09

 
Intrinsic value

$128.16

 
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

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, %
  -2.46
  12.80
  12.02
  11.32
  10.69
  10.12
  9.61
  9.15
  8.73
  8.36
  8.02
  7.72
  7.45
  7.20
  6.98
  6.78
  6.61
  6.45
  6.30
  6.17
  6.05
  5.95
  5.85
  5.77
  5.69
  5.62
  5.56
  5.50
  5.45
  5.41
  5.37
Revenue, $m
  13,144
  14,826
  16,609
  18,488
  20,464
  22,534
  24,699
  26,958
  29,312
  31,761
  34,309
  36,958
  39,710
  42,571
  45,543
  48,633
  51,846
  55,187
  58,664
  62,284
  66,055
  69,984
  74,081
  78,354
  82,813
  87,469
  92,332
  97,414
  102,727
  108,282
  114,094
Variable operating expenses, $m
 
  13,432
  15,031
  16,719
  18,492
  20,351
  22,294
  24,321
  26,434
  28,633
  30,920
  33,174
  35,645
  38,212
  40,880
  43,654
  46,538
  49,537
  52,658
  55,908
  59,292
  62,819
  66,496
  70,332
  74,335
  78,514
  82,879
  87,441
  92,209
  97,196
  102,413
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
  13,814
  15,423
  17,121
  18,904
  20,773
  22,727
  24,764
  26,888
  29,099
  31,397
  33,663
  36,147
  38,726
  41,407
  44,194
  47,092
  50,105
  53,240
  56,504
  59,903
  63,445
  67,138
  70,990
  75,010
  79,206
  83,588
  88,168
  92,954
  97,959
  103,195
Operating income, $m
  863
  1,012
  1,185
  1,368
  1,560
  1,762
  1,973
  2,193
  2,423
  2,663
  2,912
  3,294
  3,564
  3,844
  4,136
  4,439
  4,754
  5,083
  5,424
  5,780
  6,152
  6,539
  6,942
  7,364
  7,804
  8,264
  8,744
  9,247
  9,773
  10,323
  10,899
EBITDA, $m
  938
  1,155
  1,330
  1,516
  1,710
  1,915
  2,129
  2,352
  2,585
  2,828
  3,081
  3,343
  3,616
  3,901
  4,196
  4,503
  4,823
  5,156
  5,502
  5,863
  6,239
  6,631
  7,040
  7,467
  7,913
  8,379
  8,866
  9,376
  9,908
  10,466
  11,050
Interest expense (income), $m
  29
  38
  47
  58
  69
  80
  92
  105
  118
  131
  146
  160
  176
  192
  208
  226
  244
  262
  282
  302
  323
  345
  368
  391
  416
  442
  469
  497
  527
  558
  590
Earnings before tax, $m
  812
  975
  1,138
  1,310
  1,492
  1,682
  1,881
  2,089
  2,305
  2,531
  2,766
  3,134
  3,388
  3,652
  3,927
  4,213
  4,511
  4,820
  5,143
  5,479
  5,829
  6,194
  6,575
  6,972
  7,388
  7,821
  8,275
  8,749
  9,246
  9,765
  10,309
Tax expense, $m
  299
  263
  307
  354
  403
  454
  508
  564
  622
  683
  747
  846
  915
  986
  1,060
  1,138
  1,218
  1,301
  1,389
  1,479
  1,574
  1,672
  1,775
  1,883
  1,995
  2,112
  2,234
  2,362
  2,496
  2,637
  2,783
Net income, $m
  513
  712
  831
  956
  1,089
  1,228
  1,373
  1,525
  1,683
  1,848
  2,019
  2,288
  2,473
  2,666
  2,867
  3,076
  3,293
  3,519
  3,754
  3,999
  4,255
  4,521
  4,799
  5,090
  5,393
  5,710
  6,041
  6,387
  6,749
  7,128
  7,525

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
  3,880
  4,347
  4,839
  5,356
  5,898
  6,464
  7,055
  7,671
  8,312
  8,979
  9,672
  10,393
  11,141
  11,919
  12,728
  13,569
  14,443
  15,353
  16,301
  17,287
  18,316
  19,388
  20,506
  21,673
  22,892
  24,164
  25,494
  26,885
  28,339
  29,860
Adjusted assets (=assets-cash), $m
  3,440
  3,880
  4,347
  4,839
  5,356
  5,898
  6,464
  7,055
  7,671
  8,312
  8,979
  9,672
  10,393
  11,141
  11,919
  12,728
  13,569
  14,443
  15,353
  16,301
  17,287
  18,316
  19,388
  20,506
  21,673
  22,892
  24,164
  25,494
  26,885
  28,339
  29,860
Revenue / Adjusted assets
  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
  3.821
  3.821
Average production assets, $m
  356
  400
  448
  499
  553
  608
  667
  728
  791
  858
  926
  998
  1,072
  1,149
  1,230
  1,313
  1,400
  1,490
  1,584
  1,682
  1,783
  1,890
  2,000
  2,116
  2,236
  2,362
  2,493
  2,630
  2,774
  2,924
  3,081
Working capital, $m
  162
  830
  930
  1,035
  1,146
  1,262
  1,383
  1,510
  1,641
  1,779
  1,921
  2,070
  2,224
  2,384
  2,550
  2,723
  2,903
  3,090
  3,285
  3,488
  3,699
  3,919
  4,149
  4,388
  4,638
  4,898
  5,171
  5,455
  5,753
  6,064
  6,389
Total debt, $m
  1,322
  1,352
  1,648
  1,960
  2,287
  2,631
  2,990
  3,365
  3,756
  4,162
  4,585
  5,024
  5,481
  5,956
  6,449
  6,961
  7,494
  8,049
  8,626
  9,227
  9,852
  10,504
  11,184
  11,893
  12,633
  13,405
  14,212
  15,055
  15,937
  16,859
  17,823
Total liabilities, $m
  2,430
  2,460
  2,756
  3,068
  3,395
  3,739
  4,098
  4,473
  4,864
  5,270
  5,693
  6,132
  6,589
  7,064
  7,557
  8,069
  8,602
  9,157
  9,734
  10,335
  10,960
  11,612
  12,292
  13,001
  13,741
  14,513
  15,320
  16,163
  17,045
  17,967
  18,931
Total equity, $m
  1,258
  1,420
  1,591
  1,771
  1,960
  2,158
  2,366
  2,582
  2,808
  3,042
  3,286
  3,540
  3,804
  4,078
  4,362
  4,658
  4,966
  5,286
  5,619
  5,966
  6,327
  6,704
  7,096
  7,505
  7,932
  8,378
  8,844
  9,331
  9,840
  10,372
  10,929
Total liabilities and equity, $m
  3,688
  3,880
  4,347
  4,839
  5,355
  5,897
  6,464
  7,055
  7,672
  8,312
  8,979
  9,672
  10,393
  11,142
  11,919
  12,727
  13,568
  14,443
  15,353
  16,301
  17,287
  18,316
  19,388
  20,506
  21,673
  22,891
  24,164
  25,494
  26,885
  28,339
  29,860
Debt-to-equity ratio
  1.051
  0.950
  1.040
  1.110
  1.170
  1.220
  1.260
  1.300
  1.340
  1.370
  1.400
  1.420
  1.440
  1.460
  1.480
  1.490
  1.510
  1.520
  1.540
  1.550
  1.560
  1.570
  1.580
  1.580
  1.590
  1.600
  1.610
  1.610
  1.620
  1.630
  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
  712
  831
  956
  1,089
  1,228
  1,373
  1,525
  1,683
  1,848
  2,019
  2,288
  2,473
  2,666
  2,867
  3,076
  3,293
  3,519
  3,754
  3,999
  4,255
  4,521
  4,799
  5,090
  5,393
  5,710
  6,041
  6,387
  6,749
  7,128
  7,525
Depreciation, amort., depletion, $m
  75
  143
  145
  148
  150
  153
  156
  159
  162
  165
  169
  49
  53
  56
  60
  64
  69
  73
  78
  82
  87
  93
  98
  104
  110
  116
  122
  129
  136
  143
  151
Funds from operations, $m
  411
  854
  976
  1,104
  1,239
  1,381
  1,529
  1,684
  1,845
  2,013
  2,188
  2,337
  2,526
  2,723
  2,927
  3,140
  3,361
  3,592
  3,832
  4,082
  4,342
  4,614
  4,898
  5,193
  5,503
  5,825
  6,163
  6,516
  6,885
  7,272
  7,676
Change in working capital, $m
  -118
  94
  100
  105
  111
  116
  121
  126
  132
  137
  143
  148
  154
  160
  166
  173
  180
  187
  195
  203
  211
  220
  229
  239
  250
  261
  272
  285
  298
  311
  325
Cash from operations, $m
  529
  760
  876
  999
  1,129
  1,265
  1,408
  1,557
  1,713
  1,876
  2,045
  2,188
  2,372
  2,562
  2,761
  2,967
  3,181
  3,405
  3,637
  3,879
  4,131
  4,394
  4,668
  4,954
  5,253
  5,565
  5,891
  6,231
  6,588
  6,961
  7,351
Maintenance CAPEX, $m
  0
  -17
  -20
  -22
  -24
  -27
  -30
  -33
  -36
  -39
  -42
  -45
  -49
  -53
  -56
  -60
  -64
  -69
  -73
  -78
  -82
  -87
  -93
  -98
  -104
  -110
  -116
  -122
  -129
  -136
  -143
New CAPEX, $m
  -91
  -44
  -48
  -51
  -53
  -56
  -58
  -61
  -64
  -66
  -69
  -72
  -74
  -77
  -80
  -83
  -87
  -90
  -94
  -98
  -102
  -106
  -111
  -115
  -120
  -126
  -131
  -137
  -143
  -150
  -157
Cash from investing activities, $m
  -313
  -61
  -68
  -73
  -77
  -83
  -88
  -94
  -100
  -105
  -111
  -117
  -123
  -130
  -136
  -143
  -151
  -159
  -167
  -176
  -184
  -193
  -204
  -213
  -224
  -236
  -247
  -259
  -272
  -286
  -300
Free cash flow, $m
  216
  698
  808
  926
  1,051
  1,182
  1,319
  1,464
  1,614
  1,771
  1,934
  2,071
  2,248
  2,433
  2,624
  2,823
  3,030
  3,246
  3,470
  3,704
  3,947
  4,200
  4,465
  4,741
  5,029
  5,329
  5,644
  5,972
  6,315
  6,675
  7,051
Issuance/(repayment) of debt, $m
  290
  278
  296
  312
  328
  344
  359
  375
  391
  406
  423
  439
  457
  475
  493
  513
  533
  554
  577
  601
  626
  652
  680
  709
  740
  773
  807
  843
  881
  922
  964
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
  278
  296
  312
  328
  344
  359
  375
  391
  406
  423
  439
  457
  475
  493
  513
  533
  554
  577
  601
  626
  652
  680
  709
  740
  773
  807
  843
  881
  922
  964
Total cash flow (excl. dividends), $m
  324
  977
  1,104
  1,238
  1,379
  1,525
  1,679
  1,838
  2,005
  2,177
  2,357
  2,511
  2,705
  2,907
  3,117
  3,336
  3,563
  3,800
  4,047
  4,304
  4,573
  4,852
  5,145
  5,450
  5,769
  6,102
  6,450
  6,815
  7,197
  7,596
  8,015
Retained Cash Flow (-), $m
  -108
  -162
  -171
  -180
  -189
  -198
  -207
  -216
  -225
  -235
  -244
  -254
  -264
  -274
  -285
  -296
  -308
  -320
  -333
  -347
  -361
  -376
  -392
  -409
  -427
  -446
  -466
  -487
  -509
  -532
  -557
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
 
  814
  933
  1,058
  1,189
  1,327
  1,471
  1,622
  1,779
  1,943
  2,113
  2,257
  2,442
  2,633
  2,833
  3,040
  3,256
  3,480
  3,714
  3,958
  4,211
  4,476
  4,752
  5,040
  5,341
  5,656
  5,985
  6,328
  6,688
  7,064
  7,458
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
 
  776
  843
  901
  950
  988
  1,015
  1,030
  1,033
  1,023
  1,001
  954
  912
  861
  802
  738
  669
  598
  527
  457
  390
  327
  270
  218
  173
  135
  103
  76
  55
  39
  27
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 24.8
Price to Sales 1
Price to Book 10.1
Price to Tangible Book
Price to Cash Flow 24.1
Price to Free Cash Flow 29.1
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 12.8% 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 139.971 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 $12.6 billion.

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COMPANY NEWS

▶ NYSE Favorite Transport Dividend Stocks   [Feb-22-18 08:02AM  Simply Wall St.]
▶ Transports Could Bounce at Major Support   [Feb-13-18 09:54AM  Investopedia]
▶ Freight Brokers See Profits Surge on Shipping Rush   [Feb-09-18 10:00AM  The Wall Street Journal]
▶ C.H. Robinson Worldwide Declares Quarterly Cash Dividend   [Feb-08-18 04:15PM  Business Wire]
▶ Healthy Volumes at C.H. Robinson Pace a Strong Quarter   [Jan-31-18 02:20PM  Motley Fool]
▶ C.H. Robinson beats Street 4Q forecasts   [Jan-30-18 04:39PM  Associated Press]
▶ C.H. Robinson Reports Fourth Quarter Results   [04:15PM  Business Wire]
▶ 2 More Stocks on the MFM Team's Radar This Week   [Jan-10-18 08:30PM  Motley Fool]
▶ CH Robinson Worldwide Meets 80-Plus Relative Strength Rating Benchmark   [Dec-26-17 03:00AM  Investor's Business Daily]
▶ 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]
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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