Intrinsic value of Ryder System - R

Previous Close

$82.02

  Intrinsic Value

$48.99

stock screener

  Rating & Target

sell

-40%

Previous close

$82.02

 
Intrinsic value

$48.99

 
Up/down potential

-40%

 
Rating

sell

We calculate the intrinsic value of R 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 4.3

 

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, %
  3.27
  3.30
  3.47
  3.62
  3.76
  3.88
  4.00
  4.10
  4.19
  4.27
  4.34
  4.41
  4.47
  4.52
  4.57
  4.61
  4.65
  4.68
  4.72
  4.74
  4.77
  4.79
  4.81
  4.83
  4.85
  4.86
  4.88
  4.89
  4.90
  4.91
  4.92
Revenue, $m
  6,787
  7,011
  7,254
  7,517
  7,800
  8,103
  8,427
  8,772
  9,139
  9,529
  9,943
  10,381
  10,845
  11,335
  11,853
  12,399
  12,976
  13,584
  14,224
  14,899
  15,610
  16,358
  17,146
  17,974
  18,846
  19,763
  20,727
  21,740
  22,806
  23,926
  25,103
Variable operating expenses, $m
 
  5,152
  5,329
  5,521
  5,727
  5,948
  6,184
  6,436
  6,704
  6,988
  7,290
  7,571
  7,909
  8,266
  8,644
  9,043
  9,463
  9,906
  10,374
  10,866
  11,384
  11,930
  12,504
  13,109
  13,744
  14,413
  15,116
  15,855
  16,632
  17,449
  18,307
Fixed operating expenses, $m
 
  1,309
  1,342
  1,375
  1,410
  1,445
  1,481
  1,518
  1,556
  1,595
  1,635
  1,676
  1,717
  1,760
  1,804
  1,849
  1,896
  1,943
  1,992
  2,041
  2,093
  2,145
  2,198
  2,253
  2,310
  2,367
  2,427
  2,487
  2,550
  2,613
  2,679
Total operating expenses, $m
  6,234
  6,461
  6,671
  6,896
  7,137
  7,393
  7,665
  7,954
  8,260
  8,583
  8,925
  9,247
  9,626
  10,026
  10,448
  10,892
  11,359
  11,849
  12,366
  12,907
  13,477
  14,075
  14,702
  15,362
  16,054
  16,780
  17,543
  18,342
  19,182
  20,062
  20,986
Operating income, $m
  553
  550
  583
  621
  663
  710
  761
  818
  879
  946
  1,018
  1,135
  1,218
  1,308
  1,404
  1,507
  1,617
  1,734
  1,859
  1,992
  2,133
  2,283
  2,443
  2,612
  2,792
  2,982
  3,184
  3,398
  3,624
  3,863
  4,117
EBITDA, $m
  1,808
  1,838
  1,914
  1,999
  2,091
  2,192
  2,301
  2,419
  2,546
  2,682
  2,828
  2,984
  3,150
  3,327
  3,515
  3,715
  3,928
  4,153
  4,392
  4,645
  4,913
  5,197
  5,497
  5,814
  6,148
  6,502
  6,876
  7,270
  7,686
  8,125
  8,588
Interest expense (income), $m
  144
  187
  197
  208
  220
  233
  246
  261
  277
  293
  311
  330
  350
  371
  393
  416
  441
  467
  495
  524
  555
  587
  621
  656
  694
  733
  775
  819
  865
  913
  964
Earnings before tax, $m
  406
  364
  387
  413
  443
  477
  515
  557
  603
  653
  707
  805
  869
  937
  1,011
  1,091
  1,176
  1,267
  1,364
  1,468
  1,579
  1,697
  1,822
  1,956
  2,098
  2,249
  2,409
  2,579
  2,759
  2,950
  3,153
Tax expense, $m
  141
  98
  104
  112
  120
  129
  139
  150
  163
  176
  191
  217
  235
  253
  273
  294
  317
  342
  368
  396
  426
  458
  492
  528
  566
  607
  650
  696
  745
  797
  851
Net income, $m
  262
  265
  282
  302
  324
  348
  376
  407
  440
  476
  516
  588
  634
  684
  738
  796
  858
  925
  996
  1,072
  1,152
  1,239
  1,330
  1,428
  1,531
  1,642
  1,759
  1,883
  2,014
  2,154
  2,302

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  59
  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
  10,902
  11,200
  11,588
  12,008
  12,460
  12,944
  13,461
  14,012
  14,599
  15,222
  15,883
  16,583
  17,324
  18,107
  18,934
  19,807
  20,728
  21,699
  22,722
  23,801
  24,936
  26,131
  27,389
  28,713
  30,105
  31,570
  33,110
  34,729
  36,431
  38,220
  40,100
Adjusted assets (=assets-cash), $m
  10,843
  11,200
  11,588
  12,008
  12,460
  12,944
  13,461
  14,012
  14,599
  15,222
  15,883
  16,583
  17,324
  18,107
  18,934
  19,807
  20,728
  21,699
  22,722
  23,801
  24,936
  26,131
  27,389
  28,713
  30,105
  31,570
  33,110
  34,729
  36,431
  38,220
  40,100
Revenue / Adjusted assets
  0.626
  0.626
  0.626
  0.626
  0.626
  0.626
  0.626
  0.626
  0.626
  0.626
  0.626
  0.626
  0.626
  0.626
  0.626
  0.626
  0.626
  0.626
  0.626
  0.626
  0.626
  0.626
  0.626
  0.626
  0.626
  0.626
  0.626
  0.626
  0.626
  0.626
  0.626
Average production assets, $m
  8,948
  9,240
  9,561
  9,908
  10,280
  10,679
  11,106
  11,561
  12,045
  12,559
  13,105
  13,682
  14,293
  14,939
  15,622
  16,342
  17,102
  17,903
  18,748
  19,637
  20,574
  21,560
  22,598
  23,690
  24,839
  26,047
  27,318
  28,654
  30,058
  31,534
  33,085
Working capital, $m
  -642
  91
  94
  98
  101
  105
  110
  114
  119
  124
  129
  135
  141
  147
  154
  161
  169
  177
  185
  194
  203
  213
  223
  234
  245
  257
  269
  283
  296
  311
  326
Total debt, $m
  5,391
  5,624
  5,939
  6,280
  6,646
  7,038
  7,458
  7,905
  8,381
  8,886
  9,422
  9,990
  10,591
  11,226
  11,896
  12,604
  13,351
  14,139
  14,969
  15,843
  16,764
  17,733
  18,754
  19,827
  20,956
  22,144
  23,393
  24,706
  26,086
  27,537
  29,062
Total liabilities, $m
  8,850
  9,083
  9,398
  9,739
  10,105
  10,497
  10,917
  11,364
  11,840
  12,345
  12,881
  13,449
  14,050
  14,685
  15,355
  16,063
  16,810
  17,598
  18,428
  19,302
  20,223
  21,192
  22,213
  23,286
  24,415
  25,603
  26,852
  28,165
  29,545
  30,996
  32,521
Total equity, $m
  2,052
  2,117
  2,190
  2,270
  2,355
  2,446
  2,544
  2,648
  2,759
  2,877
  3,002
  3,134
  3,274
  3,422
  3,578
  3,744
  3,918
  4,101
  4,295
  4,498
  4,713
  4,939
  5,177
  5,427
  5,690
  5,967
  6,258
  6,564
  6,885
  7,224
  7,579
Total liabilities and equity, $m
  10,902
  11,200
  11,588
  12,009
  12,460
  12,943
  13,461
  14,012
  14,599
  15,222
  15,883
  16,583
  17,324
  18,107
  18,933
  19,807
  20,728
  21,699
  22,723
  23,800
  24,936
  26,131
  27,390
  28,713
  30,105
  31,570
  33,110
  34,729
  36,430
  38,220
  40,100
Debt-to-equity ratio
  2.627
  2.660
  2.710
  2.770
  2.820
  2.880
  2.930
  2.980
  3.040
  3.090
  3.140
  3.190
  3.230
  3.280
  3.320
  3.370
  3.410
  3.450
  3.490
  3.520
  3.560
  3.590
  3.620
  3.650
  3.680
  3.710
  3.740
  3.760
  3.790
  3.810
  3.830
Adjusted equity ratio
  0.189
  0.189
  0.189
  0.189
  0.189
  0.189
  0.189
  0.189
  0.189
  0.189
  0.189
  0.189
  0.189
  0.189
  0.189
  0.189
  0.189
  0.189
  0.189
  0.189
  0.189
  0.189
  0.189
  0.189
  0.189
  0.189
  0.189
  0.189
  0.189
  0.189
  0.189

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  262
  265
  282
  302
  324
  348
  376
  407
  440
  476
  516
  588
  634
  684
  738
  796
  858
  925
  996
  1,072
  1,152
  1,239
  1,330
  1,428
  1,531
  1,642
  1,759
  1,883
  2,014
  2,154
  2,302
Depreciation, amort., depletion, $m
  1,255
  1,287
  1,331
  1,378
  1,428
  1,482
  1,540
  1,601
  1,666
  1,736
  1,810
  1,849
  1,932
  2,019
  2,111
  2,208
  2,311
  2,419
  2,533
  2,654
  2,780
  2,914
  3,054
  3,201
  3,357
  3,520
  3,692
  3,872
  4,062
  4,261
  4,471
Funds from operations, $m
  1,537
  1,553
  1,613
  1,679
  1,752
  1,830
  1,916
  2,008
  2,106
  2,212
  2,326
  2,436
  2,566
  2,703
  2,849
  3,005
  3,169
  3,344
  3,529
  3,725
  3,933
  4,152
  4,384
  4,629
  4,888
  5,162
  5,450
  5,755
  6,076
  6,415
  6,773
Change in working capital, $m
  -62
  3
  3
  3
  4
  4
  4
  4
  5
  5
  5
  6
  6
  6
  7
  7
  7
  8
  8
  9
  9
  10
  10
  11
  11
  12
  13
  13
  14
  15
  15
Cash from operations, $m
  1,599
  1,550
  1,610
  1,676
  1,748
  1,826
  1,911
  2,003
  2,102
  2,207
  2,320
  2,431
  2,560
  2,697
  2,843
  2,997
  3,162
  3,336
  3,521
  3,716
  3,923
  4,142
  4,374
  4,618
  4,877
  5,150
  5,438
  5,742
  6,062
  6,401
  6,757
Maintenance CAPEX, $m
  0
  -1,209
  -1,249
  -1,292
  -1,339
  -1,389
  -1,443
  -1,501
  -1,562
  -1,628
  -1,697
  -1,771
  -1,849
  -1,932
  -2,019
  -2,111
  -2,208
  -2,311
  -2,419
  -2,533
  -2,654
  -2,780
  -2,914
  -3,054
  -3,201
  -3,357
  -3,520
  -3,692
  -3,872
  -4,062
  -4,261
New CAPEX, $m
  -1,905
  -292
  -321
  -346
  -373
  -399
  -427
  -455
  -484
  -514
  -545
  -578
  -611
  -646
  -682
  -720
  -760
  -801
  -844
  -890
  -937
  -986
  -1,038
  -1,092
  -1,149
  -1,208
  -1,271
  -1,336
  -1,404
  -1,476
  -1,551
Cash from investing activities, $m
  -1,406
  -1,501
  -1,570
  -1,638
  -1,712
  -1,788
  -1,870
  -1,956
  -2,046
  -2,142
  -2,242
  -2,349
  -2,460
  -2,578
  -2,701
  -2,831
  -2,968
  -3,112
  -3,263
  -3,423
  -3,591
  -3,766
  -3,952
  -4,146
  -4,350
  -4,565
  -4,791
  -5,028
  -5,276
  -5,538
  -5,812
Free cash flow, $m
  193
  48
  40
  37
  36
  38
  41
  47
  55
  65
  78
  82
  100
  119
  141
  166
  194
  224
  257
  293
  333
  376
  422
  473
  527
  585
  647
  714
  786
  863
  945
Issuance/(repayment) of debt, $m
  -72
  292
  315
  340
  366
  393
  419
  447
  476
  505
  536
  568
  601
  635
  671
  708
  747
  788
  830
  874
  921
  969
  1,020
  1,073
  1,129
  1,188
  1,249
  1,313
  1,380
  1,451
  1,525
Issuance/(repurchase) of shares, $m
  -19
  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  
  -95
  292
  315
  340
  366
  393
  419
  447
  476
  505
  536
  568
  601
  635
  671
  708
  747
  788
  830
  874
  921
  969
  1,020
  1,073
  1,129
  1,188
  1,249
  1,313
  1,380
  1,451
  1,525
Total cash flow (excl. dividends), $m
  89
  340
  356
  378
  403
  430
  461
  494
  531
  571
  614
  650
  700
  754
  812
  874
  940
  1,011
  1,087
  1,168
  1,254
  1,345
  1,443
  1,546
  1,656
  1,772
  1,896
  2,027
  2,166
  2,314
  2,470
Retained Cash Flow (-), $m
  -65
  -65
  -73
  -79
  -85
  -91
  -98
  -104
  -111
  -118
  -125
  -132
  -140
  -148
  -156
  -165
  -174
  -184
  -193
  -204
  -215
  -226
  -238
  -250
  -263
  -277
  -291
  -306
  -322
  -338
  -355
Prev. year cash balance distribution, $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 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
 
  275
  282
  298
  317
  339
  363
  390
  420
  453
  489
  518
  560
  606
  656
  709
  766
  828
  894
  964
  1,039
  1,119
  1,205
  1,296
  1,393
  1,496
  1,605
  1,721
  1,845
  1,975
  2,114
Discount rate, %
 
  8.90
  9.35
  9.81
  10.30
  10.82
  11.36
  11.93
  12.52
  13.15
  13.81
  14.50
  15.22
  15.98
  16.78
  17.62
  18.50
  19.43
  20.40
  21.42
  22.49
  23.61
  24.80
  26.03
  27.34
  28.70
  30.14
  31.65
  33.23
  34.89
  36.63
PV of cash for distribution, $m
 
  253
  236
  225
  214
  203
  190
  177
  163
  149
  134
  117
  102
  88
  75
  62
  51
  40
  32
  24
  18
  13
  9
  6
  4
  3
  2
  1
  1
  0
  0
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

Ryder System, Inc. is engaged in offering transportation and supply chain management solutions. The Company operates through three segments: Fleet Management Solutions (FMS), which provides leasing, commercial rental, contract maintenance, and contract-related maintenance of trucks, tractors and trailers to customers principally in the United States, Canada and the United Kingdom; Dedicated Transportation Solutions (DTS), which provides vehicles and drivers as part of a dedicated transportation solution in the United States, and Supply Chain Solutions (SCS), which provides supply chain solutions, including distribution and transportation services in North America and Asia. Through its FMS business, the Company provides its customers with various fleet solutions. In addition, it provides its customers to purchase a selection of used trucks, tractors and trailers through its used vehicle sales program. Its customer base includes enterprises operating in various industries.

FINANCIAL RATIOS  of  Ryder System (R)

Valuation Ratios
P/E Ratio 16.7
Price to Sales 0.6
Price to Book 2.1
Price to Tangible Book
Price to Cash Flow 2.7
Price to Free Cash Flow -14.3
Growth Rates
Sales Growth Rate 3.3%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate -28.6%
Cap. Spend. - 3 Yr. Gr. Rate -2.1%
Financial Strength
Quick Ratio 0
Current Ratio 0
LT Debt to Equity 224.1%
Total Debt to Equity 262.7%
Interest Coverage 4
Management Effectiveness
Return On Assets 3.3%
Ret/ On Assets - 3 Yr. Avg. 3.5%
Return On Total Capital 3.5%
Ret/ On T. Cap. - 3 Yr. Avg. 3.8%
Return On Equity 13%
Return On Equity - 3 Yr. Avg. 13.6%
Asset Turnover 0.6
Profitability Ratios
Gross Margin 55%
Gross Margin - 3 Yr. Avg. 54%
EBITDA Margin 26.6%
EBITDA Margin - 3 Yr. Avg. 25.9%
Operating Margin 8.1%
Oper. Margin - 3 Yr. Avg. 7%
Pre-Tax Margin 6%
Pre-Tax Margin - 3 Yr. Avg. 6.1%
Net Profit Margin 3.9%
Net Profit Margin - 3 Yr. Avg. 3.9%
Effective Tax Rate 34.7%
Eff/ Tax Rate - 3 Yr. Avg. 34.8%
Payout Ratio 34.7%

R stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the R stock intrinsic value calculation we used $6787 million for the last fiscal year's total revenue generated by Ryder System. The default revenue input number comes from 2016 income statement of Ryder System. 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 R stock valuation model: a) initial revenue growth rate of 3.3% 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 8.9%, whose default value for R is calculated based on our internal credit rating of Ryder System, 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 Ryder System.
    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 R stock the variable cost ratio is equal to 73.5%.

Fixed operating expenses is just that - expenses that are not dependant on the volume of production. They are set to $1277 million in the base year in the intrinsic value calculation for R 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 Ryder System.

Corporate tax rate of 27% is the nominal tax rate for Ryder System. 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 R 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 R are equal to 131.8%.

Life of production assets of 7.4 years is the average useful life of capital assets used in Ryder System 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 R is equal to 1.3%. 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 - $2052 million for Ryder System - 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 52.959 million for Ryder System 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 Ryder System at the current share price and the inputted number of shares is $4.3 billion.

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COMPANY NEWS

▶ Ryder Receives U.S. EPA 2017 SmartWay┬« Excellence Award   [Nov-30-17 04:30PM  Business Wire]
▶ Analyst Views of US Truckload Carriers after 3Q17 Earnings   [Nov-29-17 10:31AM  Market Realist]
▶ Behind US Truckload Carriers 3Q17 Earnings   [Nov-27-17 10:31AM  Market Realist]
▶ Which US Truckload Carriers Performed Best in 3Q17 Revenue?   [Nov-24-17 03:45PM  Market Realist]
▶ Ryder tops Street 3Q forecasts   [08:07AM  Associated Press]
▶ Ryder Reports Third Quarter 2017 Results   [07:55AM  Business Wire]
▶ Stocks With Rising Relative Strength: Ryder System   [03:00AM  Investor's Business Daily]
▶ Red Eagle Mining Santa Rosa Operations Update   [Oct-10-17 05:30AM  GlobeNewswire]
▶ Ryder Declares Quarterly Cash Dividend   [Oct-06-17 04:30PM  Business Wire]
▶ Ryder System inks partnership to modernize its heavy-duty trucks   [Sep-28-17 06:50AM  American City Business Journals]
▶ Hub Group Earns Intermodal Carrier Quality Award from Ryder   [Sep-21-17 01:00PM  GlobeNewswire]
▶ Should You Be A Buyer Of Ryder?   [Sep-14-17 11:31AM  Benzinga]
▶ Corporate Tech Teams Prep for Hurricane Irma   [Sep-07-17 04:01PM  The Wall Street Journal]
▶ Stocks Generating Improved Relative Strength: Ryder System   [03:00AM  Investor's Business Daily]
▶ Inbound Logistics Names Ryder a 2017 Top 100 3PL Provider   [Aug-29-17 06:55AM  Business Wire]
▶ Is Boone Pickens Is Wrong On Natural Gas?   [Aug-19-17 07:00PM  Oilprice.com]
▶ Red Eagle Mining Reports Q2 2017 Financial Results   [Aug-15-17 05:30AM  GlobeNewswire]
▶ Local Fortune 500 company inks exclusive partnership with electric-vehicle maker   [Aug-14-17 02:45PM  American City Business Journals]
▶ Hertz Global Holdings, Inc (HTZ) Stock Is a Tire Fire   [Aug-07-17 11:14AM  InvestorPlace]
▶ Ryder beats Street 2Q forecasts   [Jul-26-17 09:19PM  Associated Press]
Financial statements of R
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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