Intrinsic value of Old Dominion Freight Line - ODFL

Previous Close

$110.63

  Intrinsic Value

$38.14

stock screener

  Rating & Target

str. sell

-66%

  Value-price divergence*

-57%

Previous close

$110.63

 
Intrinsic value

$38.14

 
Up/down potential

-66%

 
Rating

str. sell

 
Value-price divergence*

-57%

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

We calculate the intrinsic value of ODFL 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 9.3

 

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, %
  0.67
  11.30
  10.67
  10.10
  9.59
  9.13
  8.72
  8.35
  8.01
  7.71
  7.44
  7.20
  6.98
  6.78
  6.60
  6.44
  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
  5.33
  5.30
Revenue, $m
  2,992
  3,330
  3,685
  4,058
  4,447
  4,853
  5,276
  5,717
  6,175
  6,651
  7,146
  7,660
  8,195
  8,750
  9,328
  9,929
  10,554
  11,205
  11,883
  12,589
  13,326
  14,094
  14,896
  15,734
  16,608
  17,522
  18,477
  19,476
  20,522
  21,615
  22,760
Variable operating expenses, $m
 
  2,774
  3,070
  3,379
  3,703
  4,042
  4,394
  4,760
  5,142
  5,538
  5,950
  6,376
  6,821
  7,283
  7,764
  8,264
  8,785
  9,327
  9,891
  10,479
  11,092
  11,732
  12,399
  13,096
  13,824
  14,585
  15,380
  16,211
  17,081
  17,992
  18,945
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
  2,508
  2,774
  3,070
  3,379
  3,703
  4,042
  4,394
  4,760
  5,142
  5,538
  5,950
  6,376
  6,821
  7,283
  7,764
  8,264
  8,785
  9,327
  9,891
  10,479
  11,092
  11,732
  12,399
  13,096
  13,824
  14,585
  15,380
  16,211
  17,081
  17,992
  18,945
Operating income, $m
  484
  556
  616
  678
  744
  812
  883
  956
  1,033
  1,113
  1,196
  1,284
  1,374
  1,467
  1,564
  1,664
  1,769
  1,878
  1,992
  2,110
  2,234
  2,363
  2,497
  2,637
  2,784
  2,937
  3,097
  3,265
  3,440
  3,623
  3,815
EBITDA, $m
  674
  768
  850
  936
  1,026
  1,120
  1,217
  1,319
  1,425
  1,535
  1,649
  1,767
  1,891
  2,019
  2,152
  2,291
  2,435
  2,585
  2,742
  2,905
  3,075
  3,252
  3,437
  3,630
  3,832
  4,043
  4,263
  4,494
  4,735
  4,987
  5,252
Interest expense (income), $m
  6
  5
  10
  15
  20
  26
  32
  38
  44
  50
  57
  64
  71
  79
  87
  95
  103
  112
  121
  131
  141
  151
  162
  174
  185
  198
  211
  224
  238
  253
  269
Earnings before tax, $m
  478
  551
  606
  663
  723
  786
  851
  919
  989
  1,063
  1,139
  1,220
  1,302
  1,388
  1,477
  1,570
  1,666
  1,766
  1,871
  1,979
  2,093
  2,211
  2,335
  2,464
  2,599
  2,739
  2,887
  3,041
  3,202
  3,370
  3,547
Tax expense, $m
  182
  149
  164
  179
  195
  212
  230
  248
  267
  287
  308
  329
  352
  375
  399
  424
  450
  477
  505
  534
  565
  597
  630
  665
  702
  740
  779
  821
  864
  910
  958
Net income, $m
  296
  402
  442
  484
  528
  574
  621
  671
  722
  776
  831
  891
  951
  1,013
  1,078
  1,146
  1,216
  1,289
  1,366
  1,445
  1,528
  1,614
  1,704
  1,799
  1,897
  2,000
  2,107
  2,220
  2,337
  2,460
  2,589

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  10
  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
  2,696
  2,989
  3,308
  3,643
  3,992
  4,357
  4,736
  5,132
  5,543
  5,971
  6,415
  6,876
  7,356
  7,855
  8,373
  8,913
  9,474
  10,058
  10,667
  11,301
  11,962
  12,652
  13,372
  14,123
  14,909
  15,729
  16,586
  17,483
  18,421
  19,403
  20,431
Adjusted assets (=assets-cash), $m
  2,686
  2,989
  3,308
  3,643
  3,992
  4,357
  4,736
  5,132
  5,543
  5,971
  6,415
  6,876
  7,356
  7,855
  8,373
  8,913
  9,474
  10,058
  10,667
  11,301
  11,962
  12,652
  13,372
  14,123
  14,909
  15,729
  16,586
  17,483
  18,421
  19,403
  20,431
Revenue / Adjusted assets
  1.114
  1.114
  1.114
  1.114
  1.114
  1.114
  1.114
  1.114
  1.114
  1.114
  1.114
  1.114
  1.114
  1.114
  1.114
  1.114
  1.114
  1.114
  1.114
  1.114
  1.114
  1.114
  1.114
  1.114
  1.114
  1.114
  1.114
  1.114
  1.114
  1.114
  1.114
Average production assets, $m
  2,133
  2,374
  2,628
  2,893
  3,171
  3,460
  3,762
  4,076
  4,403
  4,742
  5,095
  5,462
  5,843
  6,239
  6,651
  7,079
  7,525
  7,989
  8,473
  8,976
  9,501
  10,049
  10,621
  11,218
  11,842
  12,493
  13,174
  13,887
  14,632
  15,412
  16,228
Working capital, $m
  94
  93
  103
  114
  125
  136
  148
  160
  173
  186
  200
  214
  229
  245
  261
  278
  296
  314
  333
  353
  373
  395
  417
  441
  465
  491
  517
  545
  575
  605
  637
Total debt, $m
  105
  202
  302
  407
  517
  632
  752
  877
  1,006
  1,141
  1,281
  1,426
  1,577
  1,734
  1,898
  2,068
  2,244
  2,428
  2,620
  2,820
  3,028
  3,245
  3,472
  3,709
  3,956
  4,215
  4,485
  4,767
  5,063
  5,372
  5,696
Total liabilities, $m
  845
  942
  1,042
  1,147
  1,257
  1,372
  1,492
  1,617
  1,746
  1,881
  2,021
  2,166
  2,317
  2,474
  2,638
  2,808
  2,984
  3,168
  3,360
  3,560
  3,768
  3,985
  4,212
  4,449
  4,696
  4,955
  5,225
  5,507
  5,803
  6,112
  6,436
Total equity, $m
  1,851
  2,048
  2,266
  2,495
  2,734
  2,984
  3,244
  3,515
  3,797
  4,090
  4,394
  4,710
  5,039
  5,381
  5,736
  6,105
  6,490
  6,890
  7,307
  7,741
  8,194
  8,667
  9,160
  9,675
  10,212
  10,774
  11,362
  11,976
  12,619
  13,291
  13,995
Total liabilities and equity, $m
  2,696
  2,990
  3,308
  3,642
  3,991
  4,356
  4,736
  5,132
  5,543
  5,971
  6,415
  6,876
  7,356
  7,855
  8,374
  8,913
  9,474
  10,058
  10,667
  11,301
  11,962
  12,652
  13,372
  14,124
  14,908
  15,729
  16,587
  17,483
  18,422
  19,403
  20,431
Debt-to-equity ratio
  0.057
  0.100
  0.130
  0.160
  0.190
  0.210
  0.230
  0.250
  0.260
  0.280
  0.290
  0.300
  0.310
  0.320
  0.330
  0.340
  0.350
  0.350
  0.360
  0.360
  0.370
  0.370
  0.380
  0.380
  0.390
  0.390
  0.390
  0.400
  0.400
  0.400
  0.410
Adjusted equity ratio
  0.685
  0.685
  0.685
  0.685
  0.685
  0.685
  0.685
  0.685
  0.685
  0.685
  0.685
  0.685
  0.685
  0.685
  0.685
  0.685
  0.685
  0.685
  0.685
  0.685
  0.685
  0.685
  0.685
  0.685
  0.685
  0.685
  0.685
  0.685
  0.685
  0.685
  0.685

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  296
  402
  442
  484
  528
  574
  621
  671
  722
  776
  831
  891
  951
  1,013
  1,078
  1,146
  1,216
  1,289
  1,366
  1,445
  1,528
  1,614
  1,704
  1,799
  1,897
  2,000
  2,107
  2,220
  2,337
  2,460
  2,589
Depreciation, amort., depletion, $m
  190
  212
  234
  258
  282
  308
  335
  363
  392
  422
  453
  483
  517
  552
  589
  626
  666
  707
  750
  794
  841
  889
  940
  993
  1,048
  1,106
  1,166
  1,229
  1,295
  1,364
  1,436
Funds from operations, $m
  610
  614
  677
  742
  810
  882
  956
  1,033
  1,114
  1,197
  1,284
  1,374
  1,468
  1,565
  1,667
  1,772
  1,882
  1,996
  2,115
  2,239
  2,369
  2,504
  2,644
  2,791
  2,945
  3,105
  3,273
  3,449
  3,632
  3,824
  4,025
Change in working capital, $m
  44
  9
  10
  10
  11
  11
  12
  12
  13
  13
  14
  14
  15
  16
  16
  17
  18
  18
  19
  20
  21
  22
  22
  23
  24
  26
  27
  28
  29
  31
  32
Cash from operations, $m
  566
  605
  667
  732
  800
  870
  944
  1,021
  1,101
  1,184
  1,270
  1,360
  1,453
  1,550
  1,651
  1,755
  1,864
  1,978
  2,096
  2,220
  2,348
  2,482
  2,622
  2,768
  2,920
  3,080
  3,246
  3,421
  3,603
  3,794
  3,993
Maintenance CAPEX, $m
  0
  -189
  -210
  -233
  -256
  -281
  -306
  -333
  -361
  -390
  -420
  -451
  -483
  -517
  -552
  -589
  -626
  -666
  -707
  -750
  -794
  -841
  -889
  -940
  -993
  -1,048
  -1,106
  -1,166
  -1,229
  -1,295
  -1,364
New CAPEX, $m
  -418
  -242
  -253
  -265
  -278
  -290
  -302
  -314
  -327
  -340
  -353
  -367
  -381
  -396
  -412
  -428
  -446
  -464
  -483
  -504
  -525
  -548
  -572
  -597
  -624
  -652
  -681
  -712
  -745
  -780
  -816
Cash from investing activities, $m
  -407
  -431
  -463
  -498
  -534
  -571
  -608
  -647
  -688
  -730
  -773
  -818
  -864
  -913
  -964
  -1,017
  -1,072
  -1,130
  -1,190
  -1,254
  -1,319
  -1,389
  -1,461
  -1,537
  -1,617
  -1,700
  -1,787
  -1,878
  -1,974
  -2,075
  -2,180
Free cash flow, $m
  159
  174
  203
  234
  266
  300
  336
  374
  414
  455
  498
  542
  588
  637
  687
  738
  792
  848
  906
  966
  1,028
  1,093
  1,161
  1,231
  1,304
  1,380
  1,460
  1,542
  1,629
  1,719
  1,813
Issuance/(repayment) of debt, $m
  -29
  97
  100
  105
  110
  115
  120
  125
  130
  135
  140
  145
  151
  157
  163
  170
  177
  184
  192
  200
  208
  217
  227
  237
  247
  258
  270
  283
  296
  309
  324
Issuance/(repurchase) of shares, $m
  -130
  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  
  -159
  97
  100
  105
  110
  115
  120
  125
  130
  135
  140
  145
  151
  157
  163
  170
  177
  184
  192
  200
  208
  217
  227
  237
  247
  258
  270
  283
  296
  309
  324
Total cash flow (excl. dividends), $m
  -1
  271
  304
  339
  376
  415
  456
  499
  543
  590
  638
  687
  740
  794
  850
  908
  969
  1,032
  1,098
  1,166
  1,237
  1,311
  1,388
  1,468
  1,551
  1,639
  1,730
  1,825
  1,924
  2,028
  2,137
Retained Cash Flow (-), $m
  -166
  -207
  -218
  -229
  -239
  -250
  -260
  -271
  -282
  -293
  -304
  -316
  -329
  -342
  -355
  -369
  -384
  -400
  -417
  -434
  -453
  -472
  -493
  -515
  -538
  -562
  -587
  -614
  -643
  -673
  -704
Prev. year cash balance distribution, $m
 
  10
  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
 
  74
  85
  110
  137
  165
  196
  228
  261
  297
  334
  371
  411
  452
  495
  539
  585
  632
  681
  731
  784
  838
  895
  953
  1,014
  1,077
  1,142
  1,211
  1,282
  1,356
  1,433
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
 
  71
  78
  96
  113
  128
  142
  154
  163
  170
  175
  176
  175
  172
  166
  158
  149
  137
  125
  113
  100
  87
  74
  62
  52
  42
  33
  26
  20
  15
  11
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

Old Dominion Freight Line, Inc. is a union-free motor carrier providing regional, inter-regional and national less-than-truckload (LTL) services. The Company's LTL services include ground and air expedited transportation for time-sensitive shipments, consumer household pickup and delivery and freight delivery services throughout North America. In addition to its LTL services, the Company offers a range of other value-added services that include container drayage, truckload brokerage, supply chain consulting and warehousing. As of December 31, 2016, the Company operated 226 service center locations, of which it owned 182 and leased 44. As of December 31, 2016, its network included 10 breakbulk facilities located in Rialto, California; Atlanta, Georgia; Columbus, Ohio; Indianapolis, Indiana; Greensboro, North Carolina; Harrisburg, Pennsylvania; Memphis and Morristown, Tennessee; Dallas, Texas, and Salt Lake City, Utah. As of December 31, 2016, the Company owned 7,994 tractors.

FINANCIAL RATIOS  of  Old Dominion Freight Line (ODFL)

Valuation Ratios
P/E Ratio 30.8
Price to Sales 3
Price to Book 4.9
Price to Tangible Book
Price to Cash Flow 16.1
Price to Free Cash Flow 61.6
Growth Rates
Sales Growth Rate 0.7%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate -9.5%
Cap. Spend. - 3 Yr. Gr. Rate 7.1%
Financial Strength
Quick Ratio NaN
Current Ratio 0
LT Debt to Equity 5.7%
Total Debt to Equity 5.7%
Interest Coverage 81
Management Effectiveness
Return On Assets 11.6%
Ret/ On Assets - 3 Yr. Avg. 12.6%
Return On Total Capital 15.7%
Ret/ On T. Cap. - 3 Yr. Avg. 16.9%
Return On Equity 16.7%
Return On Equity - 3 Yr. Avg. 18.5%
Asset Turnover 1.2
Profitability Ratios
Gross Margin 89.2%
Gross Margin - 3 Yr. Avg. 87.3%
EBITDA Margin 22.5%
EBITDA Margin - 3 Yr. Avg. 22%
Operating Margin 16.2%
Oper. Margin - 3 Yr. Avg. 16.3%
Pre-Tax Margin 16%
Pre-Tax Margin - 3 Yr. Avg. 16%
Net Profit Margin 9.9%
Net Profit Margin - 3 Yr. Avg. 9.9%
Effective Tax Rate 38.1%
Eff/ Tax Rate - 3 Yr. Avg. 38%
Payout Ratio 0%

ODFL stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the ODFL stock intrinsic value calculation we used $2992 million for the last fiscal year's total revenue generated by Old Dominion Freight Line. The default revenue input number comes from 2016 income statement of Old Dominion Freight Line. 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 ODFL stock valuation model: a) initial revenue growth rate of 11.3% 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 ODFL is calculated based on our internal credit rating of Old Dominion Freight Line, 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 Old Dominion Freight Line.
    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 ODFL stock the variable cost ratio is equal to 83.3%.

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 ODFL 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 5% for Old Dominion Freight Line.

Corporate tax rate of 27% is the nominal tax rate for Old Dominion Freight Line. 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 ODFL 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 ODFL are equal to 71.3%.

Life of production assets of 11.3 years is the average useful life of capital assets used in Old Dominion Freight Line 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 ODFL is equal to 2.8%. 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 - $1851 million for Old Dominion Freight Line - 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 84.049 million for Old Dominion Freight Line 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 Old Dominion Freight Line at the current share price and the inputted number of shares is $9.3 billion.

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COMPANY NEWS

▶ Freightliner, Old Dominion mark 26-year partnership with Rowan ceremony   [12:05PM  American City Business Journals]
▶ How the Market Views Less-than-Truckload Carriers   [Oct-03-17 07:37AM  Market Realist]
▶ Do SAIAs 3Q17 Operating Metrics Support LTL Trend?   [Oct-02-17 09:08AM  Market Realist]
▶ Old Dominion Fght Line Sees Its Composite Rating Rise To 96   [03:00AM  Investor's Business Daily]
▶ As Harvey gained fury, Home Depot raced to respond   [Aug-31-17 06:59PM  Reuters]
▶ Songwriting is most important to Old Dominion   [04:57PM  Associated Press Videos]
▶ YRC Worldwide Missed 2Q17 Earnings: Stock Rose   [Aug-08-17 03:47PM  Market Realist]
▶ Old Dominion tops Street 2Q forecasts   [Jul-28-17 01:06AM  Associated Press]
▶ Trucker Stocks Shake Off J.B. Hunt Shortfall   [Jul-17-17 12:35PM  Investopedia]
▶ The 3 Best Dividend Stocks In Freight   [Jul-05-17 11:20AM  Motley Fool]
▶ Chart in Focus: ODFLs May 2017 Operating Metrics   [Jun-30-17 10:39AM  Market Realist]
▶ PACCAR Stock Upgraded: What You Need to Know   [Jun-06-17 02:23PM  Motley Fool]
▶ Old Dominion Freight Line: The Truck Could Be Backing Up   [May-26-17 02:18PM  TheStreet.com]
▶ Opening Bell, May 2, 2017   [May-02-17 09:29AM  CNBC Videos]
▶ Today's Bell Ringer, May 2, 2017   [09:14AM  CNBC Videos]
▶ Old Dominion beats Street 1Q forecasts   [Apr-27-17 07:20AM  Associated Press]
▶ Old Dominion Signs Sponsorship Deal With MLB   [10:44AM  TheStreet.com]
▶ How Canadian Pacifics Intermodal Traffic Trended   [Mar-20-17 05:00PM  Market Realist]
▶ Old Dominion misses 4Q profit forecasts   [07:32AM  Associated Press]
Financial statements of ODFL
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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