Intrinsic value of Expeditors International of Washington - EXPD

Previous Close

$55.72

  Intrinsic Value

$55.60

stock screener

  Rating & Target

hold

-0%

  Value-price divergence*

+41%

Previous close

$55.72

 
Intrinsic value

$55.60

 
Up/down potential

-0%

 
Rating

hold

 
Value-price divergence*

+41%

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

We calculate the intrinsic value of EXPD 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 10.0

 

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, %
  -7.84
  9.00
  8.60
  8.24
  7.92
  7.62
  7.36
  7.13
  6.91
  6.72
  6.55
  6.39
  6.26
  6.13
  6.02
  5.92
  5.82
  5.74
  5.67
  5.60
  5.54
  5.49
  5.44
  5.39
  5.35
  5.32
  5.29
  5.26
  5.23
  5.21
  5.19
Revenue, $m
  6,098
  6,647
  7,218
  7,813
  8,432
  9,075
  9,743
  10,437
  11,158
  11,909
  12,688
  13,500
  14,344
  15,224
  16,140
  17,094
  18,090
  19,128
  20,212
  21,344
  22,527
  23,763
  25,055
  26,406
  27,820
  29,300
  30,849
  32,471
  34,170
  35,950
  37,816
Variable operating expenses, $m
 
  5,922
  6,431
  6,961
  7,512
  8,085
  8,680
  9,299
  9,942
  10,610
  11,305
  12,027
  12,779
  13,562
  14,378
  15,229
  16,116
  17,041
  18,006
  19,015
  20,068
  21,169
  22,321
  23,525
  24,784
  26,102
  27,482
  28,928
  30,441
  32,027
  33,689
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
  5,428
  5,922
  6,431
  6,961
  7,512
  8,085
  8,680
  9,299
  9,942
  10,610
  11,305
  12,027
  12,779
  13,562
  14,378
  15,229
  16,116
  17,041
  18,006
  19,015
  20,068
  21,169
  22,321
  23,525
  24,784
  26,102
  27,482
  28,928
  30,441
  32,027
  33,689
Operating income, $m
  670
  725
  787
  852
  919
  990
  1,062
  1,138
  1,217
  1,299
  1,384
  1,473
  1,565
  1,661
  1,761
  1,866
  1,974
  2,087
  2,206
  2,329
  2,458
  2,593
  2,734
  2,882
  3,036
  3,198
  3,367
  3,544
  3,729
  3,923
  4,127
EBITDA, $m
  717
  776
  842
  912
  984
  1,059
  1,137
  1,218
  1,302
  1,390
  1,481
  1,575
  1,674
  1,777
  1,883
  1,995
  2,111
  2,232
  2,359
  2,491
  2,629
  2,773
  2,924
  3,082
  3,247
  3,419
  3,600
  3,789
  3,988
  4,195
  4,413
Interest expense (income), $m
  0
  0
  3
  6
  9
  13
  16
  20
  24
  28
  32
  36
  40
  45
  50
  55
  60
  65
  71
  77
  83
  89
  96
  103
  110
  118
  126
  135
  143
  153
  162
Earnings before tax, $m
  687
  725
  784
  846
  910
  977
  1,046
  1,118
  1,193
  1,271
  1,352
  1,437
  1,525
  1,617
  1,712
  1,811
  1,914
  2,022
  2,135
  2,253
  2,376
  2,504
  2,638
  2,779
  2,926
  3,079
  3,241
  3,409
  3,586
  3,771
  3,965
Tax expense, $m
  254
  196
  212
  228
  246
  264
  282
  302
  322
  343
  365
  388
  412
  436
  462
  489
  517
  546
  576
  608
  641
  676
  712
  750
  790
  831
  875
  920
  968
  1,018
  1,070
Net income, $m
  431
  529
  572
  617
  664
  713
  764
  816
  871
  928
  987
  1,049
  1,113
  1,180
  1,250
  1,322
  1,397
  1,476
  1,559
  1,644
  1,734
  1,828
  1,926
  2,028
  2,136
  2,248
  2,366
  2,489
  2,618
  2,753
  2,894

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  974
  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
  2,791
  1,981
  2,151
  2,328
  2,512
  2,704
  2,903
  3,110
  3,325
  3,548
  3,781
  4,023
  4,274
  4,536
  4,809
  5,094
  5,390
  5,700
  6,023
  6,360
  6,712
  7,081
  7,466
  7,868
  8,290
  8,731
  9,192
  9,676
  10,182
  10,712
  11,268
Adjusted assets (=assets-cash), $m
  1,817
  1,981
  2,151
  2,328
  2,512
  2,704
  2,903
  3,110
  3,325
  3,548
  3,781
  4,023
  4,274
  4,536
  4,809
  5,094
  5,390
  5,700
  6,023
  6,360
  6,712
  7,081
  7,466
  7,868
  8,290
  8,731
  9,192
  9,676
  10,182
  10,712
  11,268
Revenue / Adjusted assets
  3.356
  3.355
  3.356
  3.356
  3.357
  3.356
  3.356
  3.356
  3.356
  3.357
  3.356
  3.356
  3.356
  3.356
  3.356
  3.356
  3.356
  3.356
  3.356
  3.356
  3.356
  3.356
  3.356
  3.356
  3.356
  3.356
  3.356
  3.356
  3.356
  3.356
  3.356
Average production assets, $m
  531
  578
  628
  680
  734
  789
  848
  908
  971
  1,036
  1,104
  1,174
  1,248
  1,324
  1,404
  1,487
  1,574
  1,664
  1,758
  1,857
  1,960
  2,067
  2,180
  2,297
  2,420
  2,549
  2,684
  2,825
  2,973
  3,128
  3,290
Working capital, $m
  1,289
  346
  375
  406
  438
  472
  507
  543
  580
  619
  660
  702
  746
  792
  839
  889
  941
  995
  1,051
  1,110
  1,171
  1,236
  1,303
  1,373
  1,447
  1,524
  1,604
  1,689
  1,777
  1,869
  1,966
Total debt, $m
  0
  86
  175
  267
  363
  463
  566
  674
  786
  903
  1,024
  1,150
  1,281
  1,417
  1,560
  1,708
  1,862
  2,024
  2,192
  2,368
  2,551
  2,743
  2,944
  3,153
  3,373
  3,603
  3,843
  4,095
  4,359
  4,635
  4,925
Total liabilities, $m
  946
  1,032
  1,121
  1,213
  1,309
  1,409
  1,512
  1,620
  1,732
  1,849
  1,970
  2,096
  2,227
  2,363
  2,506
  2,654
  2,808
  2,970
  3,138
  3,314
  3,497
  3,689
  3,890
  4,099
  4,319
  4,549
  4,789
  5,041
  5,305
  5,581
  5,871
Total equity, $m
  1,845
  949
  1,030
  1,115
  1,203
  1,295
  1,391
  1,490
  1,593
  1,700
  1,811
  1,927
  2,047
  2,173
  2,304
  2,440
  2,582
  2,730
  2,885
  3,046
  3,215
  3,392
  3,576
  3,769
  3,971
  4,182
  4,403
  4,635
  4,877
  5,131
  5,397
Total liabilities and equity, $m
  2,791
  1,981
  2,151
  2,328
  2,512
  2,704
  2,903
  3,110
  3,325
  3,549
  3,781
  4,023
  4,274
  4,536
  4,810
  5,094
  5,390
  5,700
  6,023
  6,360
  6,712
  7,081
  7,466
  7,868
  8,290
  8,731
  9,192
  9,676
  10,182
  10,712
  11,268
Debt-to-equity ratio
  0.000
  0.090
  0.170
  0.240
  0.300
  0.360
  0.410
  0.450
  0.490
  0.530
  0.570
  0.600
  0.630
  0.650
  0.680
  0.700
  0.720
  0.740
  0.760
  0.780
  0.790
  0.810
  0.820
  0.840
  0.850
  0.860
  0.870
  0.880
  0.890
  0.900
  0.910
Adjusted equity ratio
  0.479
  0.479
  0.479
  0.479
  0.479
  0.479
  0.479
  0.479
  0.479
  0.479
  0.479
  0.479
  0.479
  0.479
  0.479
  0.479
  0.479
  0.479
  0.479
  0.479
  0.479
  0.479
  0.479
  0.479
  0.479
  0.479
  0.479
  0.479
  0.479
  0.479
  0.479

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  431
  529
  572
  617
  664
  713
  764
  816
  871
  928
  987
  1,049
  1,113
  1,180
  1,250
  1,322
  1,397
  1,476
  1,559
  1,644
  1,734
  1,828
  1,926
  2,028
  2,136
  2,248
  2,366
  2,489
  2,618
  2,753
  2,894
Depreciation, amort., depletion, $m
  47
  51
  55
  60
  65
  69
  75
  80
  85
  91
  97
  102
  109
  115
  122
  129
  137
  145
  153
  161
  170
  180
  190
  200
  210
  222
  233
  246
  259
  272
  286
Funds from operations, $m
  519
  580
  628
  677
  729
  783
  838
  896
  956
  1,019
  1,084
  1,151
  1,222
  1,295
  1,372
  1,451
  1,534
  1,621
  1,711
  1,806
  1,905
  2,008
  2,115
  2,228
  2,346
  2,470
  2,599
  2,734
  2,876
  3,025
  3,180
Change in working capital, $m
  -10
  29
  30
  31
  32
  33
  35
  36
  38
  39
  41
  42
  44
  46
  48
  50
  52
  54
  56
  59
  61
  64
  67
  70
  74
  77
  81
  84
  88
  93
  97
Cash from operations, $m
  529
  551
  598
  646
  697
  749
  804
  860
  919
  980
  1,043
  1,109
  1,178
  1,250
  1,324
  1,402
  1,483
  1,567
  1,655
  1,747
  1,843
  1,943
  2,048
  2,158
  2,273
  2,393
  2,518
  2,650
  2,788
  2,932
  3,083
Maintenance CAPEX, $m
  0
  -46
  -50
  -55
  -59
  -64
  -69
  -74
  -79
  -84
  -90
  -96
  -102
  -109
  -115
  -122
  -129
  -137
  -145
  -153
  -161
  -170
  -180
  -190
  -200
  -210
  -222
  -233
  -246
  -259
  -272
New CAPEX, $m
  -59
  -48
  -50
  -52
  -54
  -56
  -58
  -60
  -63
  -65
  -68
  -71
  -73
  -76
  -80
  -83
  -87
  -90
  -94
  -98
  -103
  -108
  -112
  -118
  -123
  -129
  -135
  -141
  -148
  -155
  -162
Cash from investing activities, $m
  -53
  -94
  -100
  -107
  -113
  -120
  -127
  -134
  -142
  -149
  -158
  -167
  -175
  -185
  -195
  -205
  -216
  -227
  -239
  -251
  -264
  -278
  -292
  -308
  -323
  -339
  -357
  -374
  -394
  -414
  -434
Free cash flow, $m
  476
  458
  498
  540
  584
  629
  677
  726
  777
  830
  885
  943
  1,002
  1,065
  1,129
  1,196
  1,267
  1,340
  1,416
  1,496
  1,579
  1,665
  1,756
  1,851
  1,950
  2,054
  2,162
  2,275
  2,394
  2,519
  2,649
Issuance/(repayment) of debt, $m
  0
  86
  89
  92
  96
  100
  104
  108
  112
  116
  121
  126
  131
  137
  142
  148
  155
  161
  168
  176
  184
  192
  201
  210
  220
  230
  240
  252
  264
  276
  290
Issuance/(repurchase) of shares, $m
  -152
  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  
  -153
  86
  89
  92
  96
  100
  104
  108
  112
  116
  121
  126
  131
  137
  142
  148
  155
  161
  168
  176
  184
  192
  201
  210
  220
  230
  240
  252
  264
  276
  290
Total cash flow (excl. dividends), $m
  312
  543
  587
  632
  680
  729
  780
  834
  889
  947
  1,007
  1,069
  1,133
  1,201
  1,271
  1,345
  1,421
  1,501
  1,584
  1,671
  1,762
  1,857
  1,957
  2,061
  2,169
  2,283
  2,402
  2,527
  2,658
  2,795
  2,939
Retained Cash Flow (-), $m
  -153
  -78
  -82
  -85
  -88
  -92
  -95
  -99
  -103
  -107
  -111
  -116
  -121
  -125
  -131
  -136
  -142
  -148
  -155
  -162
  -169
  -176
  -184
  -193
  -202
  -211
  -221
  -232
  -243
  -254
  -266
Prev. year cash balance distribution, $m
 
  974
  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
 
  1,440
  505
  547
  592
  637
  685
  735
  786
  840
  895
  953
  1,013
  1,076
  1,141
  1,208
  1,279
  1,353
  1,430
  1,510
  1,593
  1,681
  1,772
  1,868
  1,968
  2,072
  2,181
  2,296
  2,416
  2,541
  2,672
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
 
  1,380
  462
  476
  487
  494
  497
  496
  491
  482
  469
  452
  432
  409
  383
  355
  325
  294
  263
  232
  202
  174
  147
  122
  100
  81
  64
  49
  37
  28
  20
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

Expeditors International of Washington, Inc. provides logistics services. The company offers airfreight services, including air freight consolidation and forwarding; ocean freight and ocean services comprising ocean freight consolidation, direct ocean forwarding, and order management; customs brokerage, intra-continental ground transportation and delivery, and warehousing and distribution services; and customs clearance, purchase order management, vendor consolidation, time-definite transportation services, cargo insurance, and other logistics solutions. It acts as a freight consolidator or as an agent for the airline, which carries the shipment. The company also provides ancillary services that include preparation of shipping and customs documentation, packing, crating, insurance services, negotiation of letters of credit, and the preparation of documentation to comply with local export laws. Its customers include retailing and wholesaling, electronics, and industrial and manufacturing companies. The company has operations in the Americas, North Asia, South Asia, Europe, the Middle East, Africa, and India. Expeditors International of Washington, Inc. was founded in 1979 and is headquartered in Seattle, Washington.

FINANCIAL RATIOS  of  Expeditors International of Washington (EXPD)

Valuation Ratios
P/E Ratio 23.3
Price to Sales 1.6
Price to Book 5.4
Price to Tangible Book
Price to Cash Flow 18.9
Price to Free Cash Flow 21.3
Growth Rates
Sales Growth Rate -7.8%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate 34.1%
Cap. Spend. - 3 Yr. Gr. Rate 2.2%
Financial Strength
Quick Ratio NaN
Current Ratio 0.1
LT Debt to Equity 0%
Total Debt to Equity 0%
Interest Coverage 0
Management Effectiveness
Return On Assets 16.1%
Ret/ On Assets - 3 Yr. Avg. 15.2%
Return On Total Capital 24.4%
Ret/ On T. Cap. - 3 Yr. Avg. 23%
Return On Equity 24.4%
Return On Equity - 3 Yr. Avg. 23%
Asset Turnover 2.3
Profitability Ratios
Gross Margin 35.5%
Gross Margin - 3 Yr. Avg. 32.9%
EBITDA Margin 12%
EBITDA Margin - 3 Yr. Avg. 11.3%
Operating Margin 11%
Oper. Margin - 3 Yr. Avg. 10.3%
Pre-Tax Margin 11.3%
Pre-Tax Margin - 3 Yr. Avg. 10.6%
Net Profit Margin 7.1%
Net Profit Margin - 3 Yr. Avg. 6.6%
Effective Tax Rate 37%
Eff/ Tax Rate - 3 Yr. Avg. 37.5%
Payout Ratio 33.6%

EXPD stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the EXPD stock intrinsic value calculation we used $6098 million for the last fiscal year's total revenue generated by Expeditors International of Washington. The default revenue input number comes from 2016 income statement of Expeditors International of Washington. 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 EXPD stock valuation model: a) initial revenue growth rate of 9% 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 EXPD is calculated based on our internal credit rating of Expeditors International of Washington, 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 Expeditors International of Washington.
    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 EXPD stock the variable cost ratio is equal to 89.1%.

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 EXPD 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 Expeditors International of Washington.

Corporate tax rate of 27% is the nominal tax rate for Expeditors International of Washington. 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 EXPD 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 EXPD are equal to 8.7%.

Life of production assets of 11.5 years is the average useful life of capital assets used in Expeditors International of Washington 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 EXPD is equal to 5.2%. 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 - $1845 million for Expeditors International of Washington - 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 178.946 million for Expeditors International of Washington 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 Expeditors International of Washington at the current share price and the inputted number of shares is $10.0 billion.

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COMPANY NEWS

▶ Why EXPDs Operating Margins Declined in 2Q17   [Aug-16-17 10:36AM  Market Realist]
▶ Why EXPDs Airfreight Segments Revenues Climbed in 2Q17   [Aug-15-17 04:05PM  Market Realist]
▶ Expeditors International posts 2Q profit   [Aug-08-17 11:47PM  Associated Press]
▶ Why FedEx Beat Analysts Earnings Estimates in Fiscal 4Q17   [Jun-22-17 04:11PM  Market Realist]
▶ New Strong Sell Stocks for May 18th   [May-18-17 08:06AM  Zacks]
▶ Expeditors Announces Semi-Annual Cash Dividend of $0.42   [May-03-17 08:30AM  GlobeNewswire]
▶ Expeditors International posts 1Q profit   [08:41AM  Associated Press]
▶ United Parcel Service Nears Key Resistance Level   [Apr-26-17 01:00PM  Investopedia]
▶ Bull Of The Day: Radiant Logistics (RLGT)   [Apr-10-17 05:36AM  Zacks]
▶ Expeditors International is Pointed Higher   [Mar-08-17 02:49PM  TheStreet.com]
▶ Expeditors International posts 4Q profit   [09:07AM  Associated Press]
▶ Top 5 Dividend Stocks for 2017   [Feb-18-17 12:01PM  TheStreet.com]
▶ Post Earnings Coverage as UPS Revenue Grew 5.5%   [Feb-10-17 08:15AM  Accesswire]
▶ New logistics park tenants to create 100 jobs in Miami-Dade County   [Dec-12-16 01:40PM  at bizjournals.com]
Stock chart of EXPD Financial statements of EXPD
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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