Intrinsic value of Werner Enterprises - WERN

Previous Close

$31.40

  Intrinsic Value

$36.07

stock screener

  Rating & Target

hold

+15%

  Value-price divergence*

+4%

Previous close

$31.40

 
Intrinsic value

$36.07

 
Up/down potential

+15%

 
Rating

hold

 
Value-price divergence*

+4%

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

We calculate the intrinsic value of WERN 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 2.3

 

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, %
  -4.06
  3.70
  3.83
  3.95
  4.05
  4.15
  4.23
  4.31
  4.38
  4.44
  4.50
  4.55
  4.59
  4.63
  4.67
  4.70
  4.73
  4.76
  4.78
  4.80
  4.82
  4.84
  4.86
  4.87
  4.88
  4.90
  4.91
  4.92
  4.92
  4.93
  4.94
Revenue, $m
  2,009
  2,083
  2,163
  2,249
  2,340
  2,437
  2,540
  2,649
  2,765
  2,888
  3,018
  3,155
  3,300
  3,453
  3,614
  3,784
  3,963
  4,152
  4,350
  4,559
  4,779
  5,011
  5,254
  5,510
  5,779
  6,062
  6,360
  6,672
  7,001
  7,346
  7,709
Variable operating expenses, $m
 
  377
  392
  407
  423
  441
  460
  480
  501
  523
  546
  571
  597
  625
  654
  685
  717
  751
  787
  825
  865
  907
  951
  997
  1,046
  1,097
  1,151
  1,208
  1,267
  1,330
  1,395
Fixed operating expenses, $m
 
  1,591
  1,631
  1,671
  1,713
  1,756
  1,800
  1,845
  1,891
  1,938
  1,987
  2,036
  2,087
  2,139
  2,193
  2,248
  2,304
  2,362
  2,421
  2,481
  2,543
  2,607
  2,672
  2,739
  2,807
  2,877
  2,949
  3,023
  3,099
  3,176
  3,255
Total operating expenses, $m
  1,883
  1,968
  2,023
  2,078
  2,136
  2,197
  2,260
  2,325
  2,392
  2,461
  2,533
  2,607
  2,684
  2,764
  2,847
  2,933
  3,021
  3,113
  3,208
  3,306
  3,408
  3,514
  3,623
  3,736
  3,853
  3,974
  4,100
  4,231
  4,366
  4,506
  4,650
Operating income, $m
  126
  115
  141
  170
  203
  240
  280
  325
  374
  427
  485
  548
  615
  688
  767
  851
  942
  1,039
  1,142
  1,253
  1,371
  1,497
  1,631
  1,774
  1,926
  2,088
  2,259
  2,442
  2,635
  2,840
  3,058
EBITDA, $m
  336
  246
  277
  311
  350
  392
  439
  491
  547
  608
  674
  745
  822
  905
  994
  1,089
  1,190
  1,299
  1,415
  1,539
  1,671
  1,811
  1,961
  2,120
  2,288
  2,468
  2,658
  2,860
  3,074
  3,301
  3,542
Interest expense (income), $m
  2
  6
  7
  8
  9
  10
  12
  13
  14
  16
  18
  19
  21
  23
  25
  28
  30
  32
  35
  38
  40
  43
  47
  50
  53
  57
  61
  65
  69
  74
  78
Earnings before tax, $m
  127
  110
  134
  162
  194
  229
  269
  312
  359
  411
  467
  528
  594
  665
  742
  824
  912
  1,006
  1,107
  1,215
  1,331
  1,454
  1,585
  1,724
  1,873
  2,031
  2,198
  2,377
  2,566
  2,767
  2,980
Tax expense, $m
  48
  30
  36
  44
  52
  62
  73
  84
  97
  111
  126
  143
  160
  180
  200
  222
  246
  272
  299
  328
  359
  392
  428
  466
  506
  548
  594
  642
  693
  747
  805
Net income, $m
  79
  80
  98
  119
  142
  167
  196
  228
  262
  300
  341
  386
  434
  486
  541
  601
  666
  735
  808
  887
  971
  1,061
  1,157
  1,259
  1,367
  1,482
  1,605
  1,735
  1,873
  2,020
  2,175

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  17
  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
  1,793
  1,842
  1,913
  1,988
  2,069
  2,154
  2,246
  2,342
  2,445
  2,553
  2,668
  2,790
  2,918
  3,053
  3,195
  3,346
  3,504
  3,671
  3,846
  4,031
  4,226
  4,430
  4,646
  4,872
  5,110
  5,360
  5,623
  5,899
  6,190
  6,495
  6,816
Adjusted assets (=assets-cash), $m
  1,776
  1,842
  1,913
  1,988
  2,069
  2,154
  2,246
  2,342
  2,445
  2,553
  2,668
  2,790
  2,918
  3,053
  3,195
  3,346
  3,504
  3,671
  3,846
  4,031
  4,226
  4,430
  4,646
  4,872
  5,110
  5,360
  5,623
  5,899
  6,190
  6,495
  6,816
Revenue / Adjusted assets
  1.131
  1.131
  1.131
  1.131
  1.131
  1.131
  1.131
  1.131
  1.131
  1.131
  1.131
  1.131
  1.131
  1.131
  1.131
  1.131
  1.131
  1.131
  1.131
  1.131
  1.131
  1.131
  1.131
  1.131
  1.131
  1.131
  1.131
  1.131
  1.131
  1.131
  1.131
Average production assets, $m
  1,259
  1,306
  1,356
  1,410
  1,467
  1,528
  1,592
  1,661
  1,734
  1,811
  1,892
  1,978
  2,069
  2,165
  2,266
  2,373
  2,485
  2,603
  2,728
  2,859
  2,997
  3,142
  3,294
  3,455
  3,624
  3,801
  3,987
  4,184
  4,390
  4,606
  4,833
Working capital, $m
  158
  167
  173
  180
  187
  195
  203
  212
  221
  231
  241
  252
  264
  276
  289
  303
  317
  332
  348
  365
  382
  401
  420
  441
  462
  485
  509
  534
  560
  588
  617
Total debt, $m
  180
  192
  224
  257
  292
  330
  370
  413
  458
  506
  556
  609
  666
  725
  788
  854
  924
  997
  1,074
  1,156
  1,241
  1,331
  1,426
  1,526
  1,630
  1,740
  1,856
  1,978
  2,106
  2,240
  2,381
Total liabilities, $m
  798
  810
  842
  875
  910
  948
  988
  1,031
  1,076
  1,124
  1,174
  1,227
  1,284
  1,343
  1,406
  1,472
  1,542
  1,615
  1,692
  1,774
  1,859
  1,949
  2,044
  2,144
  2,248
  2,358
  2,474
  2,596
  2,724
  2,858
  2,999
Total equity, $m
  995
  1,032
  1,071
  1,113
  1,158
  1,206
  1,258
  1,312
  1,369
  1,430
  1,494
  1,562
  1,634
  1,710
  1,789
  1,874
  1,962
  2,056
  2,154
  2,257
  2,366
  2,481
  2,601
  2,728
  2,861
  3,002
  3,149
  3,304
  3,466
  3,637
  3,817
Total liabilities and equity, $m
  1,793
  1,842
  1,913
  1,988
  2,068
  2,154
  2,246
  2,343
  2,445
  2,554
  2,668
  2,789
  2,918
  3,053
  3,195
  3,346
  3,504
  3,671
  3,846
  4,031
  4,225
  4,430
  4,645
  4,872
  5,109
  5,360
  5,623
  5,900
  6,190
  6,495
  6,816
Debt-to-equity ratio
  0.181
  0.190
  0.210
  0.230
  0.250
  0.270
  0.290
  0.310
  0.330
  0.350
  0.370
  0.390
  0.410
  0.420
  0.440
  0.460
  0.470
  0.490
  0.500
  0.510
  0.520
  0.540
  0.550
  0.560
  0.570
  0.580
  0.590
  0.600
  0.610
  0.620
  0.620
Adjusted equity ratio
  0.551
  0.560
  0.560
  0.560
  0.560
  0.560
  0.560
  0.560
  0.560
  0.560
  0.560
  0.560
  0.560
  0.560
  0.560
  0.560
  0.560
  0.560
  0.560
  0.560
  0.560
  0.560
  0.560
  0.560
  0.560
  0.560
  0.560
  0.560
  0.560
  0.560
  0.560

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  79
  80
  98
  119
  142
  167
  196
  228
  262
  300
  341
  386
  434
  486
  541
  601
  666
  735
  808
  887
  971
  1,061
  1,157
  1,259
  1,367
  1,482
  1,605
  1,735
  1,873
  2,020
  2,175
Depreciation, amort., depletion, $m
  210
  131
  136
  141
  147
  153
  159
  166
  173
  181
  189
  198
  207
  216
  227
  237
  248
  260
  273
  286
  300
  314
  329
  345
  362
  380
  399
  418
  439
  461
  483
Funds from operations, $m
  320
  211
  234
  260
  288
  320
  355
  394
  436
  481
  530
  583
  641
  702
  768
  839
  914
  995
  1,081
  1,173
  1,271
  1,375
  1,486
  1,604
  1,729
  1,862
  2,004
  2,153
  2,312
  2,480
  2,659
Change in working capital, $m
  8
  6
  6
  7
  7
  8
  8
  9
  9
  10
  10
  11
  12
  12
  13
  14
  14
  15
  16
  17
  18
  19
  19
  20
  22
  23
  24
  25
  26
  28
  29
Cash from operations, $m
  312
  205
  227
  253
  281
  313
  347
  385
  426
  471
  520
  572
  629
  690
  755
  825
  900
  980
  1,065
  1,156
  1,253
  1,357
  1,467
  1,584
  1,708
  1,840
  1,980
  2,128
  2,286
  2,453
  2,630
Maintenance CAPEX, $m
  0
  -126
  -131
  -136
  -141
  -147
  -153
  -159
  -166
  -173
  -181
  -189
  -198
  -207
  -216
  -227
  -237
  -248
  -260
  -273
  -286
  -300
  -314
  -329
  -345
  -362
  -380
  -399
  -418
  -439
  -461
New CAPEX, $m
  -538
  -47
  -50
  -54
  -57
  -61
  -65
  -69
  -73
  -77
  -81
  -86
  -91
  -96
  -101
  -107
  -112
  -118
  -125
  -131
  -138
  -145
  -153
  -160
  -169
  -177
  -187
  -196
  -206
  -216
  -227
Cash from investing activities, $m
  -410
  -173
  -181
  -190
  -198
  -208
  -218
  -228
  -239
  -250
  -262
  -275
  -289
  -303
  -317
  -334
  -349
  -366
  -385
  -404
  -424
  -445
  -467
  -489
  -514
  -539
  -567
  -595
  -624
  -655
  -688
Free cash flow, $m
  -98
  32
  47
  64
  83
  105
  130
  157
  188
  221
  257
  297
  340
  387
  437
  492
  550
  613
  680
  753
  830
  912
  1,000
  1,094
  1,194
  1,300
  1,413
  1,534
  1,661
  1,797
  1,941
Issuance/(repayment) of debt, $m
  105
  29
  31
  33
  35
  38
  40
  43
  45
  48
  51
  53
  56
  59
  63
  66
  70
  73
  77
  81
  86
  90
  95
  100
  105
  110
  116
  122
  128
  134
  141
Issuance/(repurchase) of shares, $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
  0
Cash from financing (excl. dividends), $m  
  100
  29
  31
  33
  35
  38
  40
  43
  45
  48
  51
  53
  56
  59
  63
  66
  70
  73
  77
  81
  86
  90
  95
  100
  105
  110
  116
  122
  128
  134
  141
Total cash flow (excl. dividends), $m
  2
  61
  78
  97
  118
  143
  170
  200
  233
  269
  308
  351
  397
  447
  500
  558
  620
  686
  758
  834
  915
  1,002
  1,095
  1,193
  1,298
  1,410
  1,529
  1,655
  1,789
  1,932
  2,083
Retained Cash Flow (-), $m
  -59
  -37
  -40
  -42
  -45
  -48
  -51
  -54
  -57
  -61
  -64
  -68
  -72
  -76
  -80
  -84
  -89
  -93
  -98
  -103
  -109
  -115
  -121
  -127
  -133
  -140
  -147
  -155
  -163
  -171
  -180
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
 
  25
  38
  54
  73
  95
  119
  146
  175
  208
  244
  283
  325
  371
  420
  474
  531
  593
  659
  730
  806
  887
  974
  1,067
  1,165
  1,270
  1,382
  1,500
  1,627
  1,761
  1,903
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
 
  24
  35
  47
  60
  73
  86
  98
  110
  119
  128
  134
  139
  141
  141
  139
  135
  129
  121
  112
  102
  92
  81
  70
  59
  49
  40
  32
  25
  19
  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

Werner Enterprises, Inc., a transportation and logistics company, engages in transporting truckload shipments of general commodities in interstate and intrastate commerce in the United States, Mexico, Canada, China, and Australia. It operates through two segments, Truckload Transportation Services and Werner Logistics. The Truckload Transportation Services segment operates medium-to-long-haul van fleet, which transports various consumer nondurable products and other commodities in truckload quantities using dry van trailers; the expedited fleet that offers time-sensitive truckload services using driver teams; and regional short-haul fleet, which provides comparable truckload van service in the United States. This segment also offers truckload services dedicated to a specific customer, including services for products requiring specialized trailers, such as flatbed or temperature-controlled trailers. This segment transports retail store merchandise, consumer products, grocery products, and manufactured products. The Werner Logistics segment provides non-asset-based transportation and logistics services, including truck brokerage; logistics management services and solutions; rail transportation through alliances with rail and drayage providers; and management of shipments from origin to destination using a combination of air, ocean, truck, and rail transportation modes. As of December 31, 2016, the company had a fleet of 7,100 trucks, which included 6,305 company-operated, as well as 795 owned and operated by independent contractors; 24,350 company-owned trailers that comprised of 22,763 dry vans, 208 flatbeds, 1,333 temperature-controlled trailers, and 46 specialized trailers; and 74 intermodal drayage trucks. Werner Enterprises, Inc. was founded in 1956 and is headquartered in Omaha, Nebraska.

FINANCIAL RATIOS  of  Werner Enterprises (WERN)

Valuation Ratios
P/E Ratio 28.7
Price to Sales 1.1
Price to Book 2.3
Price to Tangible Book
Price to Cash Flow 7.3
Price to Free Cash Flow -10
Growth Rates
Sales Growth Rate -4.1%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate 18.5%
Cap. Spend. - 3 Yr. Gr. Rate 20.6%
Financial Strength
Quick Ratio 1
Current Ratio 0.1
LT Debt to Equity 16.1%
Total Debt to Equity 18.1%
Interest Coverage 65
Management Effectiveness
Return On Assets 4.7%
Ret/ On Assets - 3 Yr. Avg. 6.6%
Return On Total Capital 7.2%
Ret/ On T. Cap. - 3 Yr. Avg. 10.5%
Return On Equity 8.2%
Return On Equity - 3 Yr. Avg. 11.5%
Asset Turnover 1.2
Profitability Ratios
Gross Margin 83.8%
Gross Margin - 3 Yr. Avg. 80%
EBITDA Margin 16.9%
EBITDA Margin - 3 Yr. Avg. 17.2%
Operating Margin 6.3%
Oper. Margin - 3 Yr. Avg. 7.8%
Pre-Tax Margin 6.3%
Pre-Tax Margin - 3 Yr. Avg. 7.8%
Net Profit Margin 3.9%
Net Profit Margin - 3 Yr. Avg. 4.8%
Effective Tax Rate 37.8%
Eff/ Tax Rate - 3 Yr. Avg. 38.3%
Payout Ratio 21.5%

WERN stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the WERN stock intrinsic value calculation we used $2009 million for the last fiscal year's total revenue generated by Werner Enterprises. The default revenue input number comes from 2016 income statement of Werner Enterprises. 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 WERN stock valuation model: a) initial revenue growth rate of 3.7% 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 WERN is calculated based on our internal credit rating of Werner Enterprises, 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 Werner Enterprises.
    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 WERN stock the variable cost ratio is equal to 18.1%.

Fixed operating expenses is just that - expenses that are not dependant on the volume of production. They are set to $1552 million in the base year in the intrinsic value calculation for WERN 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 Werner Enterprises.

Corporate tax rate of 27% is the nominal tax rate for Werner Enterprises. 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 WERN 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 WERN are equal to 62.7%.

Life of production assets of 10 years is the average useful life of capital assets used in Werner Enterprises 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 WERN is equal to 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 - $995 million for Werner Enterprises - 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 71.804 million for Werner Enterprises 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 Werner Enterprises at the current share price and the inputted number of shares is $2.3 billion.

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COMPANY NEWS

▶ Werner Enterprises Announces Quarterly Dividend   [Aug-17-17 04:05PM  GlobeNewswire]
▶ Werner beats Street 2Q forecasts   [Jul-24-17 10:02PM  Associated Press]
▶ Werner beats Street 2Q forecasts   [05:02PM  Associated Press]
▶ Werner Logistics Named a 2017 Top 100 3PL Provider   [Jul-21-17 02:30PM  GlobeNewswire]
▶ Major Trucking Companies Stock Movement during the Last Year   [Jul-03-17 07:39AM  Market Realist]
▶ Werner Enterprises Named 2017 Green Supply Chain Partner   [Jun-27-17 11:00AM  GlobeNewswire]
▶ Werner Enterprises Increases Quarterly Dividend   [May-15-17 04:05PM  GlobeNewswire]
▶ Introducing Werner Final Mile   [11:55AM  GlobeNewswire]
▶ Werner beats Street 1Q forecasts   [Apr-20-17 04:24PM  Associated Press]
▶ Werner Enterprises Receives Distinguished Service Award   [Apr-04-17 10:00AM  GlobeNewswire]
▶ 11 Most Profitable Trucking Companies In America   [Mar-23-17 09:00PM  at Insider Monkey]
▶ Werner Enterprises Announces Quarterly Dividend   [Feb-14-17 04:05PM  GlobeNewswire]
▶ Werner Enterprises Celebrates 25,000th Veteran Hire   [Jan-17-17 11:00AM  GlobeNewswire]
▶ Werner Celebrates 35,000th Apprenticeship Program Enrollee   [Jan-10-17 01:45PM  GlobeNewswire]
▶ Werner Enterprises Unveils Laredo Terminal Expansion   [Dec-14-16 01:00PM  GlobeNewswire]
▶ Werner Enterprises Celebrates 10 Years in China   [Nov-17-16 01:00PM  GlobeNewswire]
▶ Werner Enterprises Announces Quarterly Dividend   [Nov-15-16 04:05PM  GlobeNewswire]
▶ Werner Enterprises Hosts Veterans Day Ceremonies   [Nov-11-16 01:00PM  GlobeNewswire]
Financial statements of WERN
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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