Intrinsic value of Hub Group Cl A - HUBG

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$40.30

  Intrinsic Value

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  Rating & Target

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  Value-price divergence*

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Previous close

$40.30

 
Intrinsic value

$127.43

 
Up/down potential

+216%

 
Rating

str. buy

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

We calculate the intrinsic value of HUBG 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 1.4

 

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, %
  1.33
  10.00
  9.50
  9.05
  8.64
  8.28
  7.95
  7.66
  7.39
  7.15
  6.94
  6.74
  6.57
  6.41
  6.27
  6.14
  6.03
  5.93
  5.83
  5.75
  5.68
  5.61
  5.55
  5.49
  5.44
  5.40
  5.36
  5.32
  5.29
  5.26
  5.24
Revenue, $m
  3,573
  3,930
  4,304
  4,693
  5,099
  5,521
  5,960
  6,417
  6,891
  7,384
  7,896
  8,428
  8,982
  9,558
  10,157
  10,781
  11,431
  12,109
  12,815
  13,552
  14,321
  15,125
  15,964
  16,840
  17,757
  18,716
  19,719
  20,768
  21,867
  23,018
  24,223
Variable operating expenses, $m
 
  3,342
  3,657
  3,986
  4,328
  4,684
  5,055
  5,440
  5,840
  6,256
  6,688
  7,111
  7,578
  8,064
  8,569
  9,096
  9,644
  10,216
  10,812
  11,434
  12,083
  12,760
  13,468
  14,208
  14,981
  15,790
  16,636
  17,521
  18,448
  19,419
  20,436
Fixed operating expenses, $m
 
  428
  439
  450
  461
  473
  485
  497
  509
  522
  535
  548
  562
  576
  591
  605
  621
  636
  652
  668
  685
  702
  720
  738
  756
  775
  794
  814
  835
  855
  877
Total operating expenses, $m
  3,449
  3,770
  4,096
  4,436
  4,789
  5,157
  5,540
  5,937
  6,349
  6,778
  7,223
  7,659
  8,140
  8,640
  9,160
  9,701
  10,265
  10,852
  11,464
  12,102
  12,768
  13,462
  14,188
  14,946
  15,737
  16,565
  17,430
  18,335
  19,283
  20,274
  21,313
Operating income, $m
  124
  160
  207
  257
  310
  364
  421
  480
  542
  606
  673
  769
  842
  918
  997
  1,080
  1,167
  1,257
  1,352
  1,450
  1,554
  1,662
  1,776
  1,895
  2,020
  2,151
  2,288
  2,433
  2,584
  2,743
  2,910
EBITDA, $m
  169
  216
  267
  320
  375
  433
  493
  556
  621
  689
  760
  834
  912
  992
  1,076
  1,164
  1,255
  1,351
  1,451
  1,555
  1,665
  1,780
  1,900
  2,026
  2,158
  2,296
  2,441
  2,593
  2,753
  2,921
  3,098
Interest expense (income), $m
  4
  4
  7
  9
  12
  15
  17
  20
  23
  27
  30
  33
  37
  41
  45
  49
  53
  57
  62
  66
  71
  76
  82
  87
  93
  99
  106
  113
  120
  127
  135
Earnings before tax, $m
  121
  155
  201
  248
  298
  349
  403
  460
  518
  579
  643
  736
  805
  877
  953
  1,032
  1,114
  1,200
  1,290
  1,384
  1,483
  1,586
  1,694
  1,808
  1,927
  2,051
  2,182
  2,320
  2,464
  2,616
  2,775
Tax expense, $m
  46
  42
  54
  67
  80
  94
  109
  124
  140
  156
  174
  199
  217
  237
  257
  279
  301
  324
  348
  374
  400
  428
  457
  488
  520
  554
  589
  626
  665
  706
  749
Net income, $m
  75
  113
  146
  181
  217
  255
  294
  336
  378
  423
  469
  537
  588
  640
  696
  753
  813
  876
  942
  1,010
  1,082
  1,158
  1,237
  1,320
  1,406
  1,498
  1,593
  1,694
  1,799
  1,910
  2,026

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  127
  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
  1,360
  1,356
  1,485
  1,619
  1,759
  1,905
  2,057
  2,214
  2,378
  2,548
  2,725
  2,908
  3,099
  3,298
  3,505
  3,720
  3,945
  4,178
  4,422
  4,676
  4,942
  5,219
  5,508
  5,811
  6,127
  6,458
  6,804
  7,166
  7,546
  7,943
  8,358
Adjusted assets (=assets-cash), $m
  1,233
  1,356
  1,485
  1,619
  1,759
  1,905
  2,057
  2,214
  2,378
  2,548
  2,725
  2,908
  3,099
  3,298
  3,505
  3,720
  3,945
  4,178
  4,422
  4,676
  4,942
  5,219
  5,508
  5,811
  6,127
  6,458
  6,804
  7,166
  7,546
  7,943
  8,358
Revenue / Adjusted assets
  2.898
  2.898
  2.898
  2.899
  2.899
  2.898
  2.897
  2.898
  2.898
  2.898
  2.898
  2.898
  2.898
  2.898
  2.898
  2.898
  2.898
  2.898
  2.898
  2.898
  2.898
  2.898
  2.898
  2.898
  2.898
  2.898
  2.898
  2.898
  2.898
  2.898
  2.898
Average production assets, $m
  419
  460
  504
  549
  597
  646
  697
  751
  806
  864
  924
  986
  1,051
  1,118
  1,188
  1,261
  1,337
  1,417
  1,499
  1,586
  1,676
  1,770
  1,868
  1,970
  2,078
  2,190
  2,307
  2,430
  2,558
  2,693
  2,834
Working capital, $m
  204
  138
  151
  164
  178
  193
  209
  225
  241
  258
  276
  295
  314
  335
  356
  377
  400
  424
  449
  474
  501
  529
  559
  589
  621
  655
  690
  727
  765
  806
  848
Total debt, $m
  174
  195
  266
  341
  418
  499
  583
  671
  762
  856
  954
  1,056
  1,162
  1,272
  1,387
  1,507
  1,631
  1,761
  1,896
  2,037
  2,185
  2,339
  2,499
  2,667
  2,843
  3,026
  3,218
  3,419
  3,630
  3,850
  4,081
Total liabilities, $m
  732
  753
  824
  899
  976
  1,057
  1,141
  1,229
  1,320
  1,414
  1,512
  1,614
  1,720
  1,830
  1,945
  2,065
  2,189
  2,319
  2,454
  2,595
  2,743
  2,897
  3,057
  3,225
  3,401
  3,584
  3,776
  3,977
  4,188
  4,408
  4,639
Total equity, $m
  628
  604
  661
  721
  783
  848
  915
  985
  1,058
  1,134
  1,212
  1,294
  1,379
  1,468
  1,560
  1,656
  1,755
  1,859
  1,968
  2,081
  2,199
  2,322
  2,451
  2,586
  2,727
  2,874
  3,028
  3,189
  3,358
  3,534
  3,719
Total liabilities and equity, $m
  1,360
  1,357
  1,485
  1,620
  1,759
  1,905
  2,056
  2,214
  2,378
  2,548
  2,724
  2,908
  3,099
  3,298
  3,505
  3,721
  3,944
  4,178
  4,422
  4,676
  4,942
  5,219
  5,508
  5,811
  6,128
  6,458
  6,804
  7,166
  7,546
  7,942
  8,358
Debt-to-equity ratio
  0.277
  0.320
  0.400
  0.470
  0.530
  0.590
  0.640
  0.680
  0.720
  0.760
  0.790
  0.820
  0.840
  0.870
  0.890
  0.910
  0.930
  0.950
  0.960
  0.980
  0.990
  1.010
  1.020
  1.030
  1.040
  1.050
  1.060
  1.070
  1.080
  1.090
  1.100
Adjusted equity ratio
  0.406
  0.445
  0.445
  0.445
  0.445
  0.445
  0.445
  0.445
  0.445
  0.445
  0.445
  0.445
  0.445
  0.445
  0.445
  0.445
  0.445
  0.445
  0.445
  0.445
  0.445
  0.445
  0.445
  0.445
  0.445
  0.445
  0.445
  0.445
  0.445
  0.445
  0.445

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  75
  113
  146
  181
  217
  255
  294
  336
  378
  423
  469
  537
  588
  640
  696
  753
  813
  876
  942
  1,010
  1,082
  1,158
  1,237
  1,320
  1,406
  1,498
  1,593
  1,694
  1,799
  1,910
  2,026
Depreciation, amort., depletion, $m
  45
  57
  60
  63
  66
  69
  72
  76
  80
  83
  87
  65
  70
  74
  79
  84
  89
  94
  99
  105
  111
  117
  124
  130
  138
  145
  153
  161
  169
  178
  188
Funds from operations, $m
  64
  170
  206
  244
  283
  324
  367
  411
  458
  506
  557
  602
  657
  715
  774
  837
  902
  970
  1,041
  1,115
  1,193
  1,275
  1,360
  1,450
  1,544
  1,643
  1,746
  1,854
  1,968
  2,088
  2,214
Change in working capital, $m
  -38
  13
  13
  14
  14
  15
  15
  16
  17
  17
  18
  19
  19
  20
  21
  22
  23
  24
  25
  26
  27
  28
  29
  31
  32
  34
  35
  37
  38
  40
  42
Cash from operations, $m
  102
  189
  193
  230
  269
  309
  351
  395
  441
  489
  539
  584
  638
  694
  753
  815
  879
  946
  1,016
  1,090
  1,166
  1,247
  1,331
  1,419
  1,512
  1,609
  1,711
  1,818
  1,930
  2,048
  2,171
Maintenance CAPEX, $m
  0
  -28
  -30
  -33
  -36
  -40
  -43
  -46
  -50
  -53
  -57
  -61
  -65
  -70
  -74
  -79
  -84
  -89
  -94
  -99
  -105
  -111
  -117
  -124
  -130
  -138
  -145
  -153
  -161
  -169
  -178
New CAPEX, $m
  -107
  -41
  -44
  -46
  -47
  -49
  -51
  -53
  -55
  -58
  -60
  -62
  -65
  -67
  -70
  -73
  -76
  -79
  -83
  -86
  -90
  -94
  -98
  -103
  -107
  -112
  -117
  -123
  -129
  -135
  -141
Cash from investing activities, $m
  -105
  -69
  -74
  -79
  -83
  -89
  -94
  -99
  -105
  -111
  -117
  -123
  -130
  -137
  -144
  -152
  -160
  -168
  -177
  -185
  -195
  -205
  -215
  -227
  -237
  -250
  -262
  -276
  -290
  -304
  -319
Free cash flow, $m
  -3
  120
  119
  151
  185
  220
  257
  296
  336
  378
  422
  460
  508
  557
  609
  663
  719
  778
  840
  904
  971
  1,042
  1,116
  1,193
  1,274
  1,359
  1,448
  1,542
  1,640
  1,744
  1,852
Issuance/(repayment) of debt, $m
  25
  69
  72
  75
  78
  81
  84
  87
  91
  94
  98
  102
  106
  110
  115
  120
  124
  130
  135
  141
  147
  154
  161
  168
  176
  184
  192
  201
  210
  220
  231
Issuance/(repurchase) of shares, $m
  -100
  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  
  -77
  69
  72
  75
  78
  81
  84
  87
  91
  94
  98
  102
  106
  110
  115
  120
  124
  130
  135
  141
  147
  154
  161
  168
  176
  184
  192
  201
  210
  220
  231
Total cash flow (excl. dividends), $m
  -80
  189
  190
  226
  263
  301
  341
  383
  427
  472
  520
  562
  614
  668
  724
  783
  844
  908
  975
  1,045
  1,119
  1,196
  1,276
  1,361
  1,450
  1,543
  1,641
  1,743
  1,851
  1,964
  2,083
Retained Cash Flow (-), $m
  20
  -55
  -57
  -60
  -62
  -65
  -67
  -70
  -73
  -76
  -79
  -82
  -85
  -88
  -92
  -96
  -100
  -104
  -108
  -113
  -118
  -123
  -129
  -135
  -141
  -147
  -154
  -161
  -169
  -177
  -185
Prev. year cash balance distribution, $m
 
  79
  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
 
  213
  133
  166
  200
  236
  274
  313
  354
  397
  441
  481
  529
  579
  632
  687
  744
  804
  867
  932
  1,001
  1,072
  1,148
  1,226
  1,309
  1,396
  1,487
  1,582
  1,682
  1,787
  1,898
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
 
  204
  122
  144
  165
  183
  199
  212
  221
  228
  231
  228
  226
  220
  212
  202
  189
  175
  160
  144
  127
  111
  95
  80
  67
  54
  43
  34
  26
  20
  14
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

Hub Group, Inc., an asset-light freight transportation management company, provides intermodal, truck brokerage, and logistics services in North America. The company operates through two segments, Mode and Hub. Its intermodal services include arranging for the movement of customers' freight in containers and trailers over long distances. The company contracts with railroads to provide transportation for the long-haul portion of the shipment, and with local trucking companies for pickup and delivery. Its intermodal services also comprise negotiating rail and drayage rates, electronically tracking shipments in transit, and consolidate billing and handling claims for freight loss and damage on behalf of customers. The company also offers truck brokerage services, as well as a range of transportation management services and technology solutions, including shipment optimization, load consolidation, mode selection, carrier management, load planning and execution, and Web-based shipment visibility under the Unyson Logistics name. Its multi-modal transportation includes small parcel, heavyweight, expedited, less-than-truckload, truckload, intermodal, and railcar. The company primarily serves customers in consumer products, retail, and durable goods industries. Hub Group, Inc. was founded in 1971 and is headquartered in Oak Brook, Illinois.

FINANCIAL RATIOS  of  Hub Group Cl A (HUBG)

Valuation Ratios
P/E Ratio 18.2
Price to Sales 0.4
Price to Book 2.2
Price to Tangible Book
Price to Cash Flow 13.4
Price to Free Cash Flow -272.9
Growth Rates
Sales Growth Rate 1.3%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate 28.9%
Cap. Spend. - 3 Yr. Gr. Rate -0.7%
Financial Strength
Quick Ratio 3
Current Ratio 0
LT Debt to Equity 20.1%
Total Debt to Equity 27.7%
Interest Coverage 31
Management Effectiveness
Return On Assets 5.8%
Ret/ On Assets - 3 Yr. Avg. 5.4%
Return On Total Capital 9.4%
Ret/ On T. Cap. - 3 Yr. Avg. 8.9%
Return On Equity 11.8%
Return On Equity - 3 Yr. Avg. 10.7%
Asset Turnover 2.7
Profitability Ratios
Gross Margin 12.7%
Gross Margin - 3 Yr. Avg. 11.6%
EBITDA Margin 4.8%
EBITDA Margin - 3 Yr. Avg. 4.1%
Operating Margin 3.5%
Oper. Margin - 3 Yr. Avg. 3%
Pre-Tax Margin 3.4%
Pre-Tax Margin - 3 Yr. Avg. 3%
Net Profit Margin 2.1%
Net Profit Margin - 3 Yr. Avg. 1.9%
Effective Tax Rate 38%
Eff/ Tax Rate - 3 Yr. Avg. 37.1%
Payout Ratio 0%

HUBG stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the HUBG stock intrinsic value calculation we used $3573 million for the last fiscal year's total revenue generated by Hub Group Cl A. The default revenue input number comes from 2016 income statement of Hub Group Cl A. 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 HUBG stock valuation model: a) initial revenue growth rate of 10% 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 HUBG is calculated based on our internal credit rating of Hub Group Cl A, 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 Hub Group Cl A.
    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 HUBG stock the variable cost ratio is equal to 85.1%.

Fixed operating expenses is just that - expenses that are not dependant on the volume of production. They are set to $418 million in the base year in the intrinsic value calculation for HUBG 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 Hub Group Cl A.

Corporate tax rate of 27% is the nominal tax rate for Hub Group Cl A. 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 HUBG 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 HUBG are equal to 11.7%.

Life of production assets of 15.1 years is the average useful life of capital assets used in Hub Group Cl A 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 HUBG is equal to 3.5%. 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 - $628 million for Hub Group Cl A - 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 34.267 million for Hub Group Cl A 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 Hub Group Cl A at the current share price and the inputted number of shares is $1.4 billion.


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COMPANY NEWS

▶ Glut of Vehicles, Uneven Demand Put Trucking Profits in the Crosshairs   [Apr-17-17 12:38AM  The Wall Street Journal]
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▶ Toyota Names Unyson Strategic Provider of the Year for 2016   [Mar-14-17 01:00PM  GlobeNewswire]
▶ CI Capital Partners Acquires Simplified Logistics   [Mar-06-17 08:00AM  PR Newswire]
▶ Trucking Companies Increase 'Dedicated' Fleets for Use by Clients   [Feb-23-17 01:54PM  at The Wall Street Journal]
▶ ATA Names Hub Group Trucking a Top 3 Safest Carrier   [Nov-28-16 04:15PM  GlobeNewswire]
▶ Logistics Operators C.H. Robinson, Hub Report Profit Gains   [Jul-27-16 03:38PM  at The Wall Street Journal]
▶ Hub Group Lays Out Acquisition Strategy   [Apr-27-16 03:46PM  at The Wall Street Journal]
▶ Surging Insider Buying Witnessed at These 4 Companies   [Feb-11-16 09:07AM  at Insider Monkey]
▶ Hub Group & Unyson Named Alliance Award Winners   [Feb-09-16 01:03PM  PR Newswire]
Stock chart of HUBG Financial statements of HUBG
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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