Intrinsic value of Werner Enterprises - WERN

Previous Close

$35.65

  Intrinsic Value

$38.95

stock screener

  Rating & Target

hold

+9%

Previous close

$35.65

 
Intrinsic value

$38.95

 
Up/down potential

+9%

 
Rating

hold

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 2.6

 

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
  3.90
  4.01
  4.11
  4.20
  4.28
  4.35
  4.42
  4.47
  4.53
  4.57
  4.62
  4.65
  4.69
  4.72
  4.75
  4.77
  4.80
  4.82
  4.83
  4.85
  4.87
  4.88
  4.89
  4.90
  4.91
  4.92
  4.93
  4.94
  4.94
  4.95
Revenue, $m
  2,009
  2,087
  2,171
  2,260
  2,355
  2,456
  2,563
  2,676
  2,796
  2,922
  3,056
  3,197
  3,346
  3,503
  3,668
  3,842
  4,026
  4,219
  4,422
  4,636
  4,860
  5,097
  5,346
  5,607
  5,882
  6,171
  6,475
  6,794
  7,129
  7,482
  7,852
Variable operating expenses, $m
 
  378
  393
  409
  426
  445
  464
  484
  506
  529
  553
  579
  606
  634
  664
  695
  729
  764
  800
  839
  880
  923
  968
  1,015
  1,065
  1,117
  1,172
  1,230
  1,290
  1,354
  1,421
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
  1,969
  2,024
  2,080
  2,139
  2,201
  2,264
  2,329
  2,397
  2,467
  2,540
  2,615
  2,693
  2,773
  2,857
  2,943
  3,033
  3,126
  3,221
  3,320
  3,423
  3,530
  3,640
  3,754
  3,872
  3,994
  4,121
  4,253
  4,389
  4,530
  4,676
Operating income, $m
  126
  119
  148
  180
  216
  255
  299
  347
  399
  455
  516
  582
  653
  729
  811
  899
  993
  1,093
  1,201
  1,315
  1,438
  1,568
  1,706
  1,854
  2,010
  2,177
  2,354
  2,541
  2,740
  2,951
  3,175
EBITDA, $m
  336
  337
  374
  416
  462
  512
  567
  626
  691
  760
  835
  916
  1,002
  1,095
  1,194
  1,300
  1,414
  1,534
  1,663
  1,800
  1,945
  2,100
  2,265
  2,440
  2,625
  2,822
  3,030
  3,251
  3,485
  3,733
  3,996
Interest expense (income), $m
  2
  6
  7
  8
  9
  10
  12
  13
  15
  16
  18
  20
  22
  24
  26
  28
  31
  33
  36
  39
  41
  45
  48
  51
  55
  58
  62
  67
  71
  75
  80
Earnings before tax, $m
  127
  113
  141
  172
  207
  245
  287
  333
  384
  439
  498
  562
  631
  705
  785
  871
  962
  1,060
  1,165
  1,277
  1,396
  1,523
  1,658
  1,802
  1,956
  2,118
  2,291
  2,475
  2,669
  2,876
  3,095
Tax expense, $m
  48
  31
  38
  46
  56
  66
  78
  90
  104
  118
  134
  152
  170
  190
  212
  235
  260
  286
  315
  345
  377
  411
  448
  487
  528
  572
  619
  668
  721
  776
  836
Net income, $m
  79
  83
  103
  125
  151
  179
  210
  243
  280
  320
  363
  410
  461
  515
  573
  636
  702
  774
  850
  932
  1,019
  1,112
  1,211
  1,316
  1,428
  1,546
  1,673
  1,806
  1,949
  2,099
  2,259

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
  1,846
  1,920
  1,998
  2,082
  2,171
  2,266
  2,366
  2,472
  2,584
  2,702
  2,827
  2,958
  3,097
  3,243
  3,397
  3,559
  3,730
  3,910
  4,099
  4,297
  4,507
  4,727
  4,958
  5,201
  5,456
  5,725
  6,007
  6,303
  6,615
  6,942
Adjusted assets (=assets-cash), $m
  1,776
  1,846
  1,920
  1,998
  2,082
  2,171
  2,266
  2,366
  2,472
  2,584
  2,702
  2,827
  2,958
  3,097
  3,243
  3,397
  3,559
  3,730
  3,910
  4,099
  4,297
  4,507
  4,727
  4,958
  5,201
  5,456
  5,725
  6,007
  6,303
  6,615
  6,942
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
  1,309
  1,361
  1,417
  1,477
  1,540
  1,607
  1,678
  1,753
  1,832
  1,916
  2,004
  2,098
  2,196
  2,300
  2,409
  2,524
  2,645
  2,772
  2,906
  3,047
  3,196
  3,352
  3,516
  3,688
  3,869
  4,060
  4,260
  4,470
  4,691
  4,923
Working capital, $m
  158
  167
  174
  181
  188
  196
  205
  214
  224
  234
  244
  256
  268
  280
  293
  307
  322
  337
  354
  371
  389
  408
  428
  449
  471
  494
  518
  544
  570
  599
  628
Total debt, $m
  180
  194
  227
  261
  298
  337
  379
  423
  470
  519
  571
  626
  684
  745
  809
  877
  948
  1,023
  1,102
  1,185
  1,273
  1,365
  1,462
  1,563
  1,670
  1,783
  1,901
  2,025
  2,156
  2,293
  2,437
Total liabilities, $m
  798
  812
  845
  879
  916
  955
  997
  1,041
  1,088
  1,137
  1,189
  1,244
  1,302
  1,363
  1,427
  1,495
  1,566
  1,641
  1,720
  1,803
  1,891
  1,983
  2,080
  2,181
  2,288
  2,401
  2,519
  2,643
  2,774
  2,911
  3,055
Total equity, $m
  995
  1,034
  1,075
  1,119
  1,166
  1,216
  1,269
  1,325
  1,384
  1,447
  1,513
  1,583
  1,657
  1,734
  1,816
  1,902
  1,993
  2,089
  2,189
  2,295
  2,407
  2,524
  2,647
  2,776
  2,912
  3,055
  3,206
  3,364
  3,530
  3,704
  3,888
Total liabilities and equity, $m
  1,793
  1,846
  1,920
  1,998
  2,082
  2,171
  2,266
  2,366
  2,472
  2,584
  2,702
  2,827
  2,959
  3,097
  3,243
  3,397
  3,559
  3,730
  3,909
  4,098
  4,298
  4,507
  4,727
  4,957
  5,200
  5,456
  5,725
  6,007
  6,304
  6,615
  6,943
Debt-to-equity ratio
  0.181
  0.190
  0.210
  0.230
  0.260
  0.280
  0.300
  0.320
  0.340
  0.360
  0.380
  0.400
  0.410
  0.430
  0.450
  0.460
  0.480
  0.490
  0.500
  0.520
  0.530
  0.540
  0.550
  0.560
  0.570
  0.580
  0.590
  0.600
  0.610
  0.620
  0.630
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
  83
  103
  125
  151
  179
  210
  243
  280
  320
  363
  410
  461
  515
  573
  636
  702
  774
  850
  932
  1,019
  1,112
  1,211
  1,316
  1,428
  1,546
  1,673
  1,806
  1,949
  2,099
  2,259
Depreciation, amort., depletion, $m
  210
  218
  227
  236
  246
  257
  268
  280
  292
  305
  319
  334
  350
  366
  383
  401
  421
  441
  462
  484
  508
  533
  559
  586
  615
  645
  677
  710
  745
  782
  821
Funds from operations, $m
  320
  301
  330
  362
  397
  435
  477
  523
  572
  626
  683
  744
  810
  881
  956
  1,037
  1,123
  1,215
  1,313
  1,417
  1,527
  1,645
  1,769
  1,902
  2,042
  2,191
  2,349
  2,516
  2,694
  2,881
  3,080
Change in working capital, $m
  8
  6
  7
  7
  8
  8
  9
  9
  10
  10
  11
  11
  12
  13
  13
  14
  15
  15
  16
  17
  18
  19
  20
  21
  22
  23
  24
  26
  27
  28
  30
Cash from operations, $m
  312
  294
  323
  355
  389
  427
  469
  514
  563
  615
  672
  733
  798
  868
  943
  1,023
  1,108
  1,199
  1,296
  1,399
  1,509
  1,626
  1,749
  1,881
  2,020
  2,168
  2,325
  2,491
  2,667
  2,853
  3,050
Maintenance CAPEX, $m
  0
  -210
  -218
  -227
  -236
  -246
  -257
  -268
  -280
  -292
  -305
  -319
  -334
  -350
  -366
  -383
  -401
  -421
  -441
  -462
  -484
  -508
  -533
  -559
  -586
  -615
  -645
  -677
  -710
  -745
  -782
New CAPEX, $m
  -538
  -50
  -52
  -56
  -59
  -63
  -67
  -71
  -75
  -79
  -84
  -88
  -93
  -98
  -104
  -109
  -115
  -121
  -127
  -134
  -141
  -148
  -156
  -164
  -172
  -181
  -190
  -200
  -210
  -221
  -232
Cash from investing activities, $m
  -410
  -260
  -270
  -283
  -295
  -309
  -324
  -339
  -355
  -371
  -389
  -407
  -427
  -448
  -470
  -492
  -516
  -542
  -568
  -596
  -625
  -656
  -689
  -723
  -758
  -796
  -835
  -877
  -920
  -966
  -1,014
Free cash flow, $m
  -98
  35
  52
  72
  94
  118
  145
  175
  208
  244
  283
  325
  371
  420
  473
  531
  592
  658
  728
  803
  884
  969
  1,061
  1,158
  1,262
  1,372
  1,490
  1,614
  1,747
  1,887
  2,036
Issuance/(repayment) of debt, $m
  105
  31
  33
  35
  37
  39
  42
  44
  47
  49
  52
  55
  58
  61
  64
  68
  71
  75
  79
  83
  87
  92
  97
  102
  107
  112
  118
  124
  130
  137
  144
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
  31
  33
  35
  37
  39
  42
  44
  47
  49
  52
  55
  58
  61
  64
  68
  71
  75
  79
  83
  87
  92
  97
  102
  107
  112
  118
  124
  130
  137
  144
Total cash flow (excl. dividends), $m
  2
  66
  85
  106
  131
  157
  187
  219
  255
  293
  335
  380
  429
  481
  538
  598
  663
  733
  807
  886
  971
  1,061
  1,158
  1,260
  1,369
  1,485
  1,608
  1,738
  1,877
  2,024
  2,180
Retained Cash Flow (-), $m
  -59
  -39
  -41
  -44
  -47
  -50
  -53
  -56
  -59
  -63
  -66
  -70
  -74
  -78
  -82
  -86
  -91
  -96
  -101
  -106
  -111
  -117
  -123
  -129
  -136
  -143
  -150
  -158
  -166
  -174
  -183
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
 
  27
  43
  62
  84
  107
  134
  163
  195
  230
  269
  310
  355
  404
  456
  512
  572
  637
  706
  781
  860
  944
  1,034
  1,130
  1,233
  1,342
  1,457
  1,580
  1,711
  1,850
  1,997
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
 
  26
  40
  54
  69
  83
  97
  110
  122
  132
  141
  147
  152
  153
  153
  150
  145
  139
  130
  120
  109
  98
  86
  74
  63
  52
  43
  34
  26
  20
  15
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. is a transportation and logistics company. The Company is engaged in transporting truckload shipments of general commodities in both interstate and intrastate commerce. It operates through two segments: Truckload and Werner Logistics. It provides logistics services through its Werner Logistics division. As of December 31, 2016, it had a fleet of approximately 7,100 trucks, of which 6,305 were company-operated and 795 were owned and operated by independent contractors. Its Werner Logistics division operated 74 intermodal drayage trucks as of December 31, 2016. Its Truckload segment comprises the One-Way Truckload and Specialized Services units. It operates in several provinces of Canada to provide through-trailer service into and out of Mexico. Its Werner Logistic segment is a non-asset-based transportation and logistics provider and comprises four operating units: truck brokerage, freight management, the intermodal and Werner Global Logistics international.

FINANCIAL RATIOS  of  Werner Enterprises (WERN)

Valuation Ratios
P/E Ratio 32.6
Price to Sales 1.3
Price to Book 2.6
Price to Tangible Book
Price to Cash Flow 8.2
Price to Free Cash Flow -11.4
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 3.9% 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 6 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 72.37 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 $2.6 billion.

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COMPANY NEWS

▶ Werner Enterprises Earns 2017 SmartWay Excellence Award   [Oct-23-17 11:00AM  GlobeNewswire]
▶ Werner misses Street 3Q forecasts   [04:27PM  Associated Press]
▶ Transportation Stocks Keep Trucking Higher   [Oct-13-17 01:19PM  Zacks]
▶ New Strong Buy Stocks for October 4th   [Oct-04-17 09:52AM  Zacks]
▶ Werner Enterprises Named a 2017 SmartWay High Performer   [Sep-13-17 04:45PM  GlobeNewswire]
▶ Werner Enterprises Named a 2017 Top 100 Trucker   [Sep-11-17 11:00AM  GlobeNewswire]
▶ New Strong Buy Stocks for September 8th   [Sep-08-17 10:31AM  Zacks]
▶ Werner-Sponsored Porky Butts BBQ Named 2017 Grand Champion   [Sep-06-17 12:00PM  GlobeNewswire]
▶ 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]
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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