Intrinsic value of Knight Transportation - KNX

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$33.25

  Intrinsic Value

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  Rating & Target

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  Value-price divergence*

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Previous close

$33.25

 
Intrinsic value

$13.76

 
Up/down potential

-59%

 
Rating

str. sell

 
Value-price divergence* premium content

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

We calculate the intrinsic value of KNX 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 2.7

 

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, %
  -5.49
  2.00
  2.30
  2.57
  2.81
  3.03
  3.23
  3.41
  3.57
  3.71
  3.84
  3.95
  4.06
  4.15
  4.24
  4.31
  4.38
  4.44
  4.50
  4.55
  4.59
  4.64
  4.67
  4.70
  4.73
  4.76
  4.78
  4.81
  4.83
  4.84
  4.86
Revenue, $m
  1,118
  1,140
  1,167
  1,197
  1,230
  1,268
  1,308
  1,353
  1,401
  1,453
  1,509
  1,569
  1,632
  1,700
  1,772
  1,849
  1,930
  2,015
  2,106
  2,202
  2,303
  2,410
  2,522
  2,641
  2,766
  2,898
  3,036
  3,182
  3,336
  3,497
  3,667
Variable operating expenses, $m
 
  613
  627
  643
  661
  681
  703
  727
  753
  780
  810
  837
  871
  908
  946
  987
  1,030
  1,076
  1,124
  1,175
  1,229
  1,286
  1,346
  1,410
  1,477
  1,547
  1,621
  1,699
  1,781
  1,867
  1,958
Fixed operating expenses, $m
 
  386
  396
  406
  416
  427
  437
  448
  459
  471
  483
  495
  507
  520
  533
  546
  560
  574
  588
  603
  618
  633
  649
  665
  682
  699
  716
  734
  753
  771
  791
Total operating expenses, $m
  970
  999
  1,023
  1,049
  1,077
  1,108
  1,140
  1,175
  1,212
  1,251
  1,293
  1,332
  1,378
  1,428
  1,479
  1,533
  1,590
  1,650
  1,712
  1,778
  1,847
  1,919
  1,995
  2,075
  2,159
  2,246
  2,337
  2,433
  2,534
  2,638
  2,749
Operating income, $m
  148
  141
  143
  147
  153
  160
  168
  178
  189
  202
  216
  237
  254
  273
  293
  316
  340
  366
  394
  424
  456
  490
  527
  566
  608
  652
  699
  749
  803
  859
  919
EBITDA, $m
  264
  256
  261
  268
  277
  288
  300
  314
  330
  348
  368
  389
  413
  439
  466
  496
  528
  562
  599
  638
  680
  725
  773
  823
  877
  934
  995
  1,059
  1,128
  1,200
  1,276
Interest expense (income), $m
  1
  1
  1
  1
  1
  2
  2
  2
  3
  3
  4
  4
  5
  5
  6
  7
  7
  8
  9
  10
  11
  12
  13
  14
  15
  16
  17
  18
  20
  21
  23
Earnings before tax, $m
  153
  140
  142
  146
  151
  158
  166
  176
  186
  199
  212
  232
  249
  268
  287
  309
  333
  358
  385
  414
  445
  479
  514
  552
  593
  636
  682
  731
  783
  838
  896
Tax expense, $m
  58
  38
  38
  39
  41
  43
  45
  47
  50
  54
  57
  63
  67
  72
  78
  83
  90
  97
  104
  112
  120
  129
  139
  149
  160
  172
  184
  197
  211
  226
  242
Net income, $m
  94
  102
  104
  107
  110
  115
  121
  128
  136
  145
  155
  170
  182
  195
  210
  226
  243
  261
  281
  302
  325
  349
  376
  403
  433
  464
  498
  534
  572
  612
  654

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  8
  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
  1,079
  1,092
  1,117
  1,146
  1,178
  1,214
  1,253
  1,296
  1,342
  1,392
  1,445
  1,503
  1,564
  1,628
  1,697
  1,771
  1,848
  1,930
  2,017
  2,109
  2,206
  2,308
  2,416
  2,530
  2,649
  2,776
  2,908
  3,048
  3,195
  3,350
  3,513
Adjusted assets (=assets-cash), $m
  1,071
  1,092
  1,117
  1,146
  1,178
  1,214
  1,253
  1,296
  1,342
  1,392
  1,445
  1,503
  1,564
  1,628
  1,697
  1,771
  1,848
  1,930
  2,017
  2,109
  2,206
  2,308
  2,416
  2,530
  2,649
  2,776
  2,908
  3,048
  3,195
  3,350
  3,513
Revenue / Adjusted assets
  1.044
  1.044
  1.045
  1.045
  1.044
  1.044
  1.044
  1.044
  1.044
  1.044
  1.044
  1.044
  1.043
  1.044
  1.044
  1.044
  1.044
  1.044
  1.044
  1.044
  1.044
  1.044
  1.044
  1.044
  1.044
  1.044
  1.044
  1.044
  1.044
  1.044
  1.044
Average production assets, $m
  806
  822
  841
  863
  887
  914
  943
  976
  1,010
  1,048
  1,088
  1,131
  1,177
  1,226
  1,278
  1,333
  1,391
  1,453
  1,518
  1,588
  1,660
  1,737
  1,819
  1,904
  1,994
  2,089
  2,189
  2,294
  2,405
  2,522
  2,644
Working capital, $m
  111
  105
  107
  110
  113
  117
  120
  124
  129
  134
  139
  144
  150
  156
  163
  170
  178
  185
  194
  203
  212
  222
  232
  243
  254
  267
  279
  293
  307
  322
  337
Total debt, $m
  18
  24
  31
  39
  48
  58
  68
  80
  93
  106
  121
  137
  153
  171
  190
  210
  231
  254
  278
  303
  329
  357
  387
  418
  451
  486
  522
  560
  601
  643
  688
Total liabilities, $m
  292
  299
  306
  314
  323
  333
  343
  355
  368
  381
  396
  412
  428
  446
  465
  485
  506
  529
  553
  578
  604
  632
  662
  693
  726
  761
  797
  835
  876
  918
  963
Total equity, $m
  786
  793
  811
  832
  856
  881
  910
  941
  974
  1,011
  1,049
  1,091
  1,135
  1,182
  1,232
  1,286
  1,342
  1,401
  1,465
  1,531
  1,602
  1,676
  1,754
  1,837
  1,924
  2,015
  2,111
  2,213
  2,320
  2,432
  2,550
Total liabilities and equity, $m
  1,078
  1,092
  1,117
  1,146
  1,179
  1,214
  1,253
  1,296
  1,342
  1,392
  1,445
  1,503
  1,563
  1,628
  1,697
  1,771
  1,848
  1,930
  2,018
  2,109
  2,206
  2,308
  2,416
  2,530
  2,650
  2,776
  2,908
  3,048
  3,196
  3,350
  3,513
Debt-to-equity ratio
  0.023
  0.030
  0.040
  0.050
  0.060
  0.070
  0.080
  0.090
  0.100
  0.110
  0.120
  0.130
  0.140
  0.140
  0.150
  0.160
  0.170
  0.180
  0.190
  0.200
  0.210
  0.210
  0.220
  0.230
  0.230
  0.240
  0.250
  0.250
  0.260
  0.260
  0.270
Adjusted equity ratio
  0.726
  0.726
  0.726
  0.726
  0.726
  0.726
  0.726
  0.726
  0.726
  0.726
  0.726
  0.726
  0.726
  0.726
  0.726
  0.726
  0.726
  0.726
  0.726
  0.726
  0.726
  0.726
  0.726
  0.726
  0.726
  0.726
  0.726
  0.726
  0.726
  0.726
  0.726

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  94
  102
  104
  107
  110
  115
  121
  128
  136
  145
  155
  170
  182
  195
  210
  226
  243
  261
  281
  302
  325
  349
  376
  403
  433
  464
  498
  534
  572
  612
  654
Depreciation, amort., depletion, $m
  116
  116
  118
  121
  125
  128
  132
  137
  141
  146
  152
  153
  159
  166
  173
  180
  188
  196
  205
  215
  224
  235
  246
  257
  270
  282
  296
  310
  325
  341
  357
Funds from operations, $m
  276
  218
  222
  228
  235
  244
  253
  265
  277
  291
  307
  323
  341
  361
  383
  406
  431
  458
  486
  517
  549
  584
  621
  661
  702
  747
  794
  844
  897
  953
  1,012
Change in working capital, $m
  33
  2
  2
  3
  3
  3
  4
  4
  4
  5
  5
  5
  6
  6
  7
  7
  7
  8
  8
  9
  9
  10
  10
  11
  12
  12
  13
  13
  14
  15
  16
Cash from operations, $m
  243
  216
  220
  225
  232
  240
  250
  261
  273
  287
  302
  317
  335
  355
  376
  399
  423
  450
  478
  508
  540
  574
  611
  650
  691
  735
  781
  830
  882
  938
  996
Maintenance CAPEX, $m
  0
  -109
  -111
  -114
  -117
  -120
  -123
  -127
  -132
  -137
  -142
  -147
  -153
  -159
  -166
  -173
  -180
  -188
  -196
  -205
  -215
  -224
  -235
  -246
  -257
  -270
  -282
  -296
  -310
  -325
  -341
New CAPEX, $m
  -155
  -16
  -19
  -22
  -24
  -27
  -30
  -32
  -35
  -37
  -40
  -43
  -46
  -49
  -52
  -55
  -58
  -62
  -65
  -69
  -73
  -77
  -81
  -86
  -90
  -95
  -100
  -105
  -111
  -116
  -123
Cash from investing activities, $m
  -101
  -125
  -130
  -136
  -141
  -147
  -153
  -159
  -167
  -174
  -182
  -190
  -199
  -208
  -218
  -228
  -238
  -250
  -261
  -274
  -288
  -301
  -316
  -332
  -347
  -365
  -382
  -401
  -421
  -441
  -464
Free cash flow, $m
  142
  91
  90
  90
  91
  93
  97
  101
  106
  113
  120
  127
  136
  147
  158
  171
  185
  200
  216
  234
  253
  273
  295
  318
  343
  370
  399
  429
  462
  496
  533
Issuance/(repayment) of debt, $m
  -94
  6
  7
  8
  9
  10
  11
  12
  13
  14
  15
  16
  17
  18
  19
  20
  21
  23
  24
  25
  27
  28
  30
  31
  33
  35
  36
  38
  40
  42
  45
Issuance/(repurchase) of shares, $m
  -27
  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  
  -123
  6
  7
  8
  9
  10
  11
  12
  13
  14
  15
  16
  17
  18
  19
  20
  21
  23
  24
  25
  27
  28
  30
  31
  33
  35
  36
  38
  40
  42
  45
Total cash flow (excl. dividends), $m
  19
  97
  97
  98
  100
  103
  107
  113
  119
  126
  135
  143
  153
  165
  177
  191
  206
  222
  240
  259
  279
  301
  324
  350
  376
  405
  435
  468
  502
  539
  577
Retained Cash Flow (-), $m
  -48
  -15
  -18
  -21
  -23
  -26
  -28
  -31
  -34
  -36
  -39
  -41
  -44
  -47
  -50
  -53
  -56
  -60
  -63
  -67
  -70
  -74
  -78
  -83
  -87
  -92
  -96
  -101
  -107
  -112
  -118
Prev. year cash balance distribution, $m
 
  8
  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
 
  90
  78
  77
  77
  77
  79
  82
  85
  90
  96
  101
  109
  117
  127
  138
  150
  163
  177
  192
  209
  227
  246
  267
  289
  313
  339
  366
  395
  426
  459
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
 
  86
  72
  67
  63
  60
  57
  55
  53
  52
  50
  48
  46
  45
  43
  40
  38
  35
  33
  30
  27
  23
  20
  17
  15
  12
  10
  8
  6
  5
  3
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

Knight Transportation, Inc., together with its subsidiaries, operates as a short-to-medium haul truckload carrier of general commodities primarily in the United States. It operates through two segments, Trucking and Logistics. The Trucking segment offers truckload carrier dry van, temperature-controlled truckload, and drayage services between ocean ports, rail ramps, and shipping docks. As of December 31, 2015, it operated approximately 4,363 company-owned tractors; and an average of 11,789 trailers, as well as had 407 tractors under contract that are owned and operated by independent contractors. The Logistics segment provides logistics, freight management, freight brokerage, rail intermodal, and other non-trucking services. Knight Transportation, Inc. was founded in 1989 and is headquartered in Phoenix, Arizona.

FINANCIAL RATIOS  of  Knight Transportation (KNX)

Valuation Ratios
P/E Ratio 28.4
Price to Sales 2.4
Price to Book 3.4
Price to Tangible Book
Price to Cash Flow 11
Price to Free Cash Flow 30.3
Growth Rates
Sales Growth Rate -5.5%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate -30.2%
Cap. Spend. - 3 Yr. Gr. Rate 1.9%
Financial Strength
Quick Ratio NaN
Current Ratio 0.2
LT Debt to Equity 2.3%
Total Debt to Equity 2.3%
Interest Coverage 154
Management Effectiveness
Return On Assets 8.6%
Ret/ On Assets - 3 Yr. Avg. 10.1%
Return On Total Capital 11.4%
Ret/ On T. Cap. - 3 Yr. Avg. 13.4%
Return On Equity 12.3%
Return On Equity - 3 Yr. Avg. 15.2%
Asset Turnover 1
Profitability Ratios
Gross Margin 67.4%
Gross Margin - 3 Yr. Avg. 64.5%
EBITDA Margin 24.2%
EBITDA Margin - 3 Yr. Avg. 24.5%
Operating Margin 13.2%
Oper. Margin - 3 Yr. Avg. 14.3%
Pre-Tax Margin 13.7%
Pre-Tax Margin - 3 Yr. Avg. 15%
Net Profit Margin 8.4%
Net Profit Margin - 3 Yr. Avg. 9.2%
Effective Tax Rate 37.9%
Eff/ Tax Rate - 3 Yr. Avg. 38.1%
Payout Ratio 21.3%

KNX stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the KNX stock intrinsic value calculation we used $1118 million for the last fiscal year's total revenue generated by Knight Transportation. The default revenue input number comes from 2016 income statement of Knight Transportation. 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 KNX stock valuation model: a) initial revenue growth rate of 2% 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 KNX is calculated based on our internal credit rating of Knight Transportation, 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 Knight Transportation.
    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 KNX stock the variable cost ratio is equal to 53.8%.

Fixed operating expenses is just that - expenses that are not dependant on the volume of production. They are set to $377 million in the base year in the intrinsic value calculation for KNX 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 Knight Transportation.

Corporate tax rate of 27% is the nominal tax rate for Knight Transportation. 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 KNX 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 KNX are equal to 72.1%.

Life of production assets of 7.4 years is the average useful life of capital assets used in Knight Transportation 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 KNX is equal to 9.2%. 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 - $786 million for Knight Transportation - 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 81.991 million for Knight Transportation 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 Knight Transportation at the current share price and the inputted number of shares is $2.7 billion.


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COMPANY NEWS

▶ Knight Transportation Offers Shaky Geometry Lesson   [May-26-17 03:07PM  TheStreet.com]
▶ Trucking Industrys Tale of Woe: Too Many Big Rigs   [May-12-17 10:48PM  The Wall Street Journal]
▶ Trucking Industry's Tale of Woe: Too Many Big Rigs:   [05:30AM  The Wall Street Journal]
▶ Knight Transportation Announces Quarterly Cash Dividend   [May-11-17 06:30PM  Business Wire]
▶ Knight Transportation meets 1Q profit forecasts   [Apr-26-17 04:10PM  Associated Press]
▶ Merger of Memphis' top trucking companies creates $5 billion company   [Apr-13-17 04:00PM  American City Business Journals]
▶ Exploring the Deal Between Swift and Knight Transportation   [Apr-12-17 05:35PM  Market Realist]
▶ Knight and Swift Hookup A Win for Shareholders   [Apr-11-17 01:00PM  Morningstar]
▶ [$$] Long-Friendly Families to Unite in Truck Merger   [Apr-10-17 06:28PM  The Wall Street Journal]
▶ Happy Trucker, Happy Merger   [02:42PM  Bloomberg]
▶ [$$] Truckers Swift and Knight to Merge   [12:18PM  The Wall Street Journal]
▶ Swift, Knight Jump On Stock-Swap Merger   [11:32AM  Barrons.com]
▶ Today's Top Supply Chain and Logistics News From WSJ   [06:26AM  The Wall Street Journal]
▶ Swift and Knight Transportation to merge   [02:11AM  CNBC Videos]
▶ [$$] Truckers Swift and Knight to Merge   [12:10AM  The Wall Street Journal]
▶ What Drove Norfolk Southerns Intermodal Traffic in Week 12   [Apr-03-17 07:37AM  Market Realist]
▶ 11 Most Profitable Trucking Companies In America   [Mar-23-17 09:00PM  at Insider Monkey]
▶ Is NSCs Intermodal Volume Growth Keeping Pace with Peers?   [Mar-21-17 09:07AM  Market Realist]
▶ How Norfolk Southerns Intermodal Volumes Compare to Peers   [Mar-15-17 09:06AM  Market Realist]
▶ How Norfolk Southerns Intermodal Volumes Stands up to Peers   [Feb-14-17 12:28PM  Market Realist]
▶ USA Truck's Troubles Could Invite Activist Scrutiny, Again   [Feb-08-17 04:35PM  TheStreet.com]
▶ Knight Transportation Announces Quarterly Cash Dividend   [Feb-01-17 04:30PM  Business Wire]
▶ Sell the Trump bump in these truck stocks now, analyst says   [Dec-16-16 04:17PM  at MarketWatch]
▶ Is Knight Transportation (KNX) A Good Stock To Buy?   [Dec-12-16 09:19PM  at Insider Monkey]
Stock chart of KNX Financial statements of KNX Annual reports of KNX
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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