Intrinsic value of Expeditors International of Washington - EXPD

Previous Close

$58.87

  Intrinsic Value

$66.89

stock screener

  Rating & Target

hold

+14%

  Value-price divergence*

+66%

Previous close

$58.87

 
Intrinsic value

$66.89

 
Up/down potential

+14%

 
Rating

hold

 
Value-price divergence*

+66%

*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 10.7

 

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, %
  -7.84
  13.40
  12.56
  11.80
  11.12
  10.51
  9.96
  9.46
  9.02
  8.62
  8.25
  7.93
  7.64
  7.37
  7.14
  6.92
  6.73
  6.56
  6.40
  6.26
  6.13
  6.02
  5.92
  5.83
  5.74
  5.67
  5.60
  5.54
  5.49
  5.44
  5.40
Revenue, $m
  6,098
  6,915
  7,784
  8,702
  9,670
  10,687
  11,751
  12,864
  14,024
  15,232
  16,489
  17,797
  19,155
  20,568
  22,035
  23,560
  25,146
  26,795
  28,510
  30,295
  32,153
  34,089
  36,107
  38,211
  40,406
  42,697
  45,089
  47,589
  50,200
  52,931
  55,787
Variable operating expenses, $m
 
  6,161
  6,935
  7,754
  8,616
  9,521
  10,470
  11,461
  12,494
  13,570
  14,690
  15,854
  17,065
  18,323
  19,630
  20,989
  22,402
  23,870
  25,398
  26,989
  28,644
  30,369
  32,167
  34,041
  35,996
  38,037
  40,169
  42,395
  44,722
  47,155
  49,699
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
  6,161
  6,935
  7,754
  8,616
  9,521
  10,470
  11,461
  12,494
  13,570
  14,690
  15,854
  17,065
  18,323
  19,630
  20,989
  22,402
  23,870
  25,398
  26,989
  28,644
  30,369
  32,167
  34,041
  35,996
  38,037
  40,169
  42,395
  44,722
  47,155
  49,699
Operating income, $m
  670
  754
  849
  949
  1,055
  1,165
  1,282
  1,403
  1,530
  1,661
  1,799
  1,942
  2,090
  2,245
  2,405
  2,571
  2,744
  2,924
  3,111
  3,306
  3,509
  3,720
  3,940
  4,170
  4,410
  4,660
  4,921
  5,193
  5,478
  5,776
  6,088
EBITDA, $m
  717
  807
  908
  1,016
  1,129
  1,247
  1,371
  1,501
  1,637
  1,777
  1,924
  2,077
  2,235
  2,400
  2,571
  2,749
  2,934
  3,127
  3,327
  3,535
  3,752
  3,978
  4,214
  4,459
  4,715
  4,983
  5,262
  5,553
  5,858
  6,177
  6,510
Interest expense (income), $m
  0
  0
  4
  9
  14
  19
  25
  31
  37
  43
  50
  56
  64
  71
  79
  87
  95
  104
  112
  122
  131
  142
  152
  163
  175
  186
  199
  212
  225
  240
  254
Earnings before tax, $m
  687
  754
  844
  940
  1,040
  1,146
  1,257
  1,372
  1,493
  1,618
  1,749
  1,886
  2,027
  2,174
  2,326
  2,485
  2,649
  2,821
  2,999
  3,184
  3,377
  3,579
  3,788
  4,007
  4,235
  4,473
  4,722
  4,982
  5,253
  5,537
  5,834
Tax expense, $m
  254
  204
  228
  254
  281
  309
  339
  371
  403
  437
  472
  509
  547
  587
  628
  671
  715
  762
  810
  860
  912
  966
  1,023
  1,082
  1,143
  1,208
  1,275
  1,345
  1,418
  1,495
  1,575
Net income, $m
  431
  550
  616
  686
  759
  837
  917
  1,002
  1,090
  1,181
  1,277
  1,377
  1,480
  1,587
  1,698
  1,814
  1,934
  2,059
  2,189
  2,325
  2,466
  2,612
  2,765
  2,925
  3,092
  3,265
  3,447
  3,637
  3,835
  4,042
  4,259

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
  2,061
  2,319
  2,593
  2,882
  3,184
  3,502
  3,833
  4,179
  4,539
  4,913
  5,303
  5,708
  6,129
  6,566
  7,020
  7,493
  7,984
  8,495
  9,027
  9,581
  10,158
  10,759
  11,386
  12,040
  12,723
  13,435
  14,180
  14,958
  15,772
  16,623
Adjusted assets (=assets-cash), $m
  1,817
  2,061
  2,319
  2,593
  2,882
  3,184
  3,502
  3,833
  4,179
  4,539
  4,913
  5,303
  5,708
  6,129
  6,566
  7,020
  7,493
  7,984
  8,495
  9,027
  9,581
  10,158
  10,759
  11,386
  12,040
  12,723
  13,435
  14,180
  14,958
  15,772
  16,623
Revenue / Adjusted assets
  3.356
  3.355
  3.357
  3.356
  3.355
  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
  3.356
  3.356
  3.356
  3.356
  3.356
Average production assets, $m
  531
  602
  677
  757
  841
  930
  1,022
  1,119
  1,220
  1,325
  1,435
  1,548
  1,667
  1,789
  1,917
  2,050
  2,188
  2,331
  2,480
  2,636
  2,797
  2,966
  3,141
  3,324
  3,515
  3,715
  3,923
  4,140
  4,367
  4,605
  4,853
Working capital, $m
  1,289
  360
  405
  453
  503
  556
  611
  669
  729
  792
  857
  925
  996
  1,070
  1,146
  1,225
  1,308
  1,393
  1,483
  1,575
  1,672
  1,773
  1,878
  1,987
  2,101
  2,220
  2,345
  2,475
  2,610
  2,752
  2,901
Total debt, $m
  0
  128
  262
  405
  555
  713
  878
  1,051
  1,231
  1,419
  1,614
  1,817
  2,028
  2,247
  2,475
  2,712
  2,958
  3,214
  3,480
  3,757
  4,046
  4,346
  4,659
  4,986
  5,327
  5,682
  6,054
  6,442
  6,847
  7,271
  7,715
Total liabilities, $m
  946
  1,074
  1,208
  1,351
  1,501
  1,659
  1,824
  1,997
  2,177
  2,365
  2,560
  2,763
  2,974
  3,193
  3,421
  3,658
  3,904
  4,160
  4,426
  4,703
  4,992
  5,292
  5,605
  5,932
  6,273
  6,628
  7,000
  7,388
  7,793
  8,217
  8,661
Total equity, $m
  1,845
  987
  1,111
  1,242
  1,380
  1,525
  1,677
  1,836
  2,002
  2,174
  2,353
  2,540
  2,734
  2,936
  3,145
  3,363
  3,589
  3,824
  4,069
  4,324
  4,589
  4,866
  5,154
  5,454
  5,767
  6,094
  6,436
  6,792
  7,165
  7,555
  7,962
Total liabilities and equity, $m
  2,791
  2,061
  2,319
  2,593
  2,881
  3,184
  3,501
  3,833
  4,179
  4,539
  4,913
  5,303
  5,708
  6,129
  6,566
  7,021
  7,493
  7,984
  8,495
  9,027
  9,581
  10,158
  10,759
  11,386
  12,040
  12,722
  13,436
  14,180
  14,958
  15,772
  16,623
Debt-to-equity ratio
  0.000
  0.130
  0.240
  0.330
  0.400
  0.470
  0.520
  0.570
  0.620
  0.650
  0.690
  0.720
  0.740
  0.770
  0.790
  0.810
  0.820
  0.840
  0.860
  0.870
  0.880
  0.890
  0.900
  0.910
  0.920
  0.930
  0.940
  0.950
  0.960
  0.960
  0.970
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
  550
  616
  686
  759
  837
  917
  1,002
  1,090
  1,181
  1,277
  1,377
  1,480
  1,587
  1,698
  1,814
  1,934
  2,059
  2,189
  2,325
  2,466
  2,612
  2,765
  2,925
  3,092
  3,265
  3,447
  3,637
  3,835
  4,042
  4,259
Depreciation, amort., depletion, $m
  47
  53
  60
  67
  74
  82
  90
  98
  107
  116
  126
  135
  145
  156
  167
  178
  190
  203
  216
  229
  243
  258
  273
  289
  306
  323
  341
  360
  380
  400
  422
Funds from operations, $m
  519
  603
  676
  753
  833
  918
  1,007
  1,100
  1,197
  1,297
  1,402
  1,511
  1,625
  1,742
  1,865
  1,992
  2,124
  2,262
  2,405
  2,554
  2,709
  2,870
  3,039
  3,214
  3,397
  3,588
  3,788
  3,997
  4,214
  4,442
  4,681
Change in working capital, $m
  -10
  42
  45
  48
  50
  53
  55
  58
  60
  63
  65
  68
  71
  73
  76
  79
  82
  86
  89
  93
  97
  101
  105
  109
  114
  119
  124
  130
  136
  142
  149
Cash from operations, $m
  529
  561
  631
  705
  783
  865
  952
  1,042
  1,136
  1,235
  1,337
  1,443
  1,554
  1,669
  1,788
  1,913
  2,042
  2,176
  2,316
  2,461
  2,612
  2,770
  2,934
  3,105
  3,283
  3,469
  3,664
  3,867
  4,079
  4,300
  4,532
Maintenance CAPEX, $m
  0
  -46
  -52
  -59
  -66
  -73
  -81
  -89
  -97
  -106
  -115
  -125
  -135
  -145
  -156
  -167
  -178
  -190
  -203
  -216
  -229
  -243
  -258
  -273
  -289
  -306
  -323
  -341
  -360
  -380
  -400
New CAPEX, $m
  -59
  -71
  -76
  -80
  -84
  -88
  -93
  -97
  -101
  -105
  -109
  -114
  -118
  -123
  -128
  -133
  -138
  -143
  -149
  -155
  -162
  -168
  -176
  -183
  -191
  -199
  -208
  -217
  -227
  -238
  -248
Cash from investing activities, $m
  -53
  -117
  -128
  -139
  -150
  -161
  -174
  -186
  -198
  -211
  -224
  -239
  -253
  -268
  -284
  -300
  -316
  -333
  -352
  -371
  -391
  -411
  -434
  -456
  -480
  -505
  -531
  -558
  -587
  -618
  -648
Free cash flow, $m
  476
  444
  503
  566
  633
  704
  778
  856
  938
  1,023
  1,112
  1,205
  1,301
  1,401
  1,505
  1,613
  1,726
  1,842
  1,964
  2,090
  2,221
  2,358
  2,500
  2,649
  2,803
  2,964
  3,132
  3,308
  3,491
  3,683
  3,883
Issuance/(repayment) of debt, $m
  0
  128
  135
  143
  150
  158
  165
  173
  180
  188
  195
  203
  211
  219
  228
  237
  246
  256
  266
  277
  289
  301
  313
  327
  341
  356
  371
  388
  405
  424
  443
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
  128
  135
  143
  150
  158
  165
  173
  180
  188
  195
  203
  211
  219
  228
  237
  246
  256
  266
  277
  289
  301
  313
  327
  341
  356
  371
  388
  405
  424
  443
Total cash flow (excl. dividends), $m
  312
  571
  638
  709
  783
  862
  944
  1,029
  1,118
  1,211
  1,308
  1,408
  1,512
  1,620
  1,733
  1,850
  1,972
  2,098
  2,230
  2,367
  2,510
  2,658
  2,813
  2,975
  3,144
  3,320
  3,504
  3,696
  3,897
  4,107
  4,327
Retained Cash Flow (-), $m
  -153
  -116
  -124
  -131
  -138
  -145
  -152
  -159
  -166
  -172
  -179
  -187
  -194
  -202
  -209
  -218
  -226
  -235
  -245
  -255
  -265
  -276
  -288
  -300
  -313
  -327
  -341
  -357
  -373
  -390
  -408
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
 
  1,429
  514
  578
  645
  717
  792
  870
  953
  1,039
  1,128
  1,221
  1,318
  1,419
  1,524
  1,632
  1,745
  1,863
  1,985
  2,112
  2,244
  2,382
  2,525
  2,675
  2,831
  2,993
  3,162
  3,339
  3,524
  3,717
  3,919
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
 
  1,370
  470
  503
  531
  555
  574
  588
  595
  597
  591
  580
  562
  539
  511
  479
  444
  405
  366
  325
  285
  246
  210
  175
  144
  116
  92
  72
  55
  41
  30
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. is a logistics company. The Company is a third-party logistics provider, and purchases cargo space from carriers, including airlines and ocean shipping lines on a volume basis and resells that space to its customers. The Company provides a range of customer solutions, such as order management, time-definite transportation, warehousing and distribution, temperature-controlled transit, cargo insurance and customized logistics solutions. In addition, the Company's Project Cargo unit handles special project shipments that move through a single method or combination of air, ocean, and/or ground transportation. The Company's services include airfreight services, ocean freight and ocean services, and customs brokerage and other services. The Company operates along five geographic areas: the Americas; North Asia; South Asia; Europe, and the Middle East, Africa and India.

FINANCIAL RATIOS  of  Expeditors International of Washington (EXPD)

Valuation Ratios
P/E Ratio 24.6
Price to Sales 1.7
Price to Book 5.7
Price to Tangible Book
Price to Cash Flow 20
Price to Free Cash Flow 22.5
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 13.4% 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 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 181.108 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 $10.7 billion.

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COMPANY NEWS

▶ Harvey will hit these industries toonot just oil & gas: NYSE trader   [Aug-30-17 01:35PM  Yahoo Finance Video]
▶ 3 Top Dividend Stocks in Logistics   [Aug-29-17 05:15PM  Motley Fool]
▶ 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]
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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