Intrinsic value of Werner Enterprises - WERN

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$29.75

  Intrinsic Value

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  Value-price divergence*

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*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 2.1

 

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
  2.00
  2.30
  2.57
  2.81
  3.03
  3.23
  3.41
  3.57
  3.71
  3.84
  3.95
  4.06
  4.15
  4.24
  4.31
  4.38
  4.44
  4.50
  4.55
  4.59
  4.64
  4.67
  4.70
  4.73
  4.76
  4.78
  4.81
  4.83
  4.84
  4.86
Revenue, $m
  2,009
  2,049
  2,096
  2,150
  2,211
  2,278
  2,351
  2,431
  2,518
  2,611
  2,712
  2,819
  2,933
  3,055
  3,184
  3,322
  3,467
  3,621
  3,784
  3,957
  4,138
  4,330
  4,533
  4,746
  4,970
  5,207
  5,456
  5,718
  5,994
  6,285
  6,590
Variable operating expenses, $m
 
  371
  379
  389
  400
  412
  426
  440
  456
  473
  491
  510
  531
  553
  576
  601
  628
  655
  685
  716
  749
  784
  820
  859
  900
  942
  988
  1,035
  1,085
  1,138
  1,193
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
  1,962
  2,010
  2,060
  2,113
  2,168
  2,226
  2,285
  2,347
  2,411
  2,478
  2,546
  2,618
  2,692
  2,769
  2,849
  2,932
  3,017
  3,106
  3,197
  3,292
  3,391
  3,492
  3,598
  3,707
  3,819
  3,937
  4,058
  4,184
  4,314
  4,448
Operating income, $m
  126
  87
  86
  90
  97
  109
  126
  146
  171
  200
  234
  272
  315
  363
  415
  473
  536
  604
  679
  759
  846
  940
  1,040
  1,148
  1,264
  1,387
  1,519
  1,660
  1,811
  1,971
  2,142
EBITDA, $m
  336
  302
  305
  314
  328
  348
  372
  400
  434
  473
  517
  567
  622
  682
  748
  820
  898
  983
  1,074
  1,173
  1,279
  1,392
  1,514
  1,644
  1,783
  1,931
  2,090
  2,258
  2,437
  2,628
  2,831
Interest expense (income), $m
  2
  6
  6
  7
  8
  8
  9
  10
  11
  13
  14
  15
  17
  18
  20
  22
  24
  26
  28
  30
  32
  35
  37
  40
  43
  46
  49
  53
  56
  60
  64
Earnings before tax, $m
  127
  82
  80
  83
  90
  101
  116
  136
  160
  188
  220
  257
  298
  344
  395
  451
  512
  579
  651
  729
  814
  905
  1,003
  1,108
  1,221
  1,341
  1,470
  1,608
  1,755
  1,911
  2,078
Tax expense, $m
  48
  22
  22
  22
  24
  27
  31
  37
  43
  51
  59
  69
  81
  93
  107
  122
  138
  156
  176
  197
  220
  244
  271
  299
  330
  362
  397
  434
  474
  516
  561
Net income, $m
  79
  60
  58
  60
  66
  74
  85
  99
  117
  137
  161
  188
  218
  251
  288
  329
  374
  423
  475
  533
  594
  661
  732
  809
  891
  979
  1,073
  1,174
  1,281
  1,395
  1,517

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
  1,812
  1,854
  1,901
  1,955
  2,014
  2,079
  2,150
  2,226
  2,309
  2,398
  2,492
  2,593
  2,701
  2,816
  2,937
  3,066
  3,202
  3,346
  3,498
  3,659
  3,829
  4,008
  4,196
  4,395
  4,604
  4,824
  5,056
  5,300
  5,557
  5,827
Adjusted assets (=assets-cash), $m
  1,776
  1,812
  1,854
  1,901
  1,955
  2,014
  2,079
  2,150
  2,226
  2,309
  2,398
  2,492
  2,593
  2,701
  2,816
  2,937
  3,066
  3,202
  3,346
  3,498
  3,659
  3,829
  4,008
  4,196
  4,395
  4,604
  4,824
  5,056
  5,300
  5,557
  5,827
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
  1,285
  1,314
  1,348
  1,386
  1,428
  1,474
  1,524
  1,579
  1,637
  1,700
  1,767
  1,839
  1,915
  1,997
  2,083
  2,174
  2,271
  2,373
  2,481
  2,595
  2,715
  2,842
  2,976
  3,116
  3,265
  3,421
  3,585
  3,758
  3,941
  4,132
Working capital, $m
  158
  164
  168
  172
  177
  182
  188
  195
  201
  209
  217
  226
  235
  244
  255
  266
  277
  290
  303
  317
  331
  346
  363
  380
  398
  417
  436
  457
  480
  503
  527
Total debt, $m
  180
  179
  198
  219
  242
  268
  297
  328
  362
  398
  437
  479
  523
  571
  621
  674
  731
  791
  854
  921
  992
  1,067
  1,145
  1,228
  1,316
  1,408
  1,505
  1,607
  1,714
  1,827
  1,946
Total liabilities, $m
  798
  797
  816
  837
  860
  886
  915
  946
  980
  1,016
  1,055
  1,097
  1,141
  1,189
  1,239
  1,292
  1,349
  1,409
  1,472
  1,539
  1,610
  1,685
  1,763
  1,846
  1,934
  2,026
  2,123
  2,225
  2,332
  2,445
  2,564
Total equity, $m
  995
  1,015
  1,038
  1,065
  1,095
  1,128
  1,164
  1,204
  1,247
  1,293
  1,343
  1,396
  1,452
  1,513
  1,577
  1,645
  1,717
  1,793
  1,874
  1,959
  2,049
  2,144
  2,244
  2,350
  2,461
  2,578
  2,702
  2,831
  2,968
  3,112
  3,263
Total liabilities and equity, $m
  1,793
  1,812
  1,854
  1,902
  1,955
  2,014
  2,079
  2,150
  2,227
  2,309
  2,398
  2,493
  2,593
  2,702
  2,816
  2,937
  3,066
  3,202
  3,346
  3,498
  3,659
  3,829
  4,007
  4,196
  4,395
  4,604
  4,825
  5,056
  5,300
  5,557
  5,827
Debt-to-equity ratio
  0.181
  0.180
  0.190
  0.210
  0.220
  0.240
  0.250
  0.270
  0.290
  0.310
  0.330
  0.340
  0.360
  0.380
  0.390
  0.410
  0.430
  0.440
  0.460
  0.470
  0.480
  0.500
  0.510
  0.520
  0.530
  0.550
  0.560
  0.570
  0.580
  0.590
  0.600
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
  60
  58
  60
  66
  74
  85
  99
  117
  137
  161
  188
  218
  251
  288
  329
  374
  423
  475
  533
  594
  661
  732
  809
  891
  979
  1,073
  1,174
  1,281
  1,395
  1,517
Depreciation, amort., depletion, $m
  210
  214
  219
  225
  231
  238
  246
  254
  263
  273
  283
  295
  307
  319
  333
  347
  362
  378
  395
  413
  432
  453
  474
  496
  519
  544
  570
  598
  626
  657
  689
Funds from operations, $m
  320
  274
  277
  285
  297
  312
  331
  353
  380
  410
  444
  482
  524
  571
  621
  676
  736
  801
  871
  946
  1,027
  1,113
  1,206
  1,305
  1,411
  1,523
  1,643
  1,771
  1,907
  2,052
  2,206
Change in working capital, $m
  8
  3
  4
  4
  5
  5
  6
  6
  7
  7
  8
  9
  9
  10
  10
  11
  12
  12
  13
  14
  15
  15
  16
  17
  18
  19
  20
  21
  22
  23
  24
Cash from operations, $m
  312
  375
  274
  281
  292
  306
  325
  347
  373
  403
  436
  474
  515
  561
  611
  665
  725
  789
  858
  932
  1,012
  1,098
  1,190
  1,288
  1,393
  1,504
  1,623
  1,750
  1,885
  2,029
  2,181
Maintenance CAPEX, $m
  0
  -210
  -214
  -219
  -225
  -231
  -238
  -246
  -254
  -263
  -273
  -283
  -295
  -307
  -319
  -333
  -347
  -362
  -378
  -395
  -413
  -432
  -453
  -474
  -496
  -519
  -544
  -570
  -598
  -626
  -657
New CAPEX, $m
  -538
  -26
  -30
  -34
  -38
  -42
  -46
  -50
  -54
  -59
  -63
  -67
  -72
  -76
  -81
  -86
  -91
  -97
  -102
  -108
  -114
  -120
  -127
  -134
  -141
  -148
  -156
  -164
  -173
  -182
  -191
Cash from investing activities, $m
  -410
  -236
  -244
  -253
  -263
  -273
  -284
  -296
  -308
  -322
  -336
  -350
  -367
  -383
  -400
  -419
  -438
  -459
  -480
  -503
  -527
  -552
  -580
  -608
  -637
  -667
  -700
  -734
  -771
  -808
  -848
Free cash flow, $m
  -98
  139
  30
  28
  29
  33
  41
  51
  64
  81
  100
  123
  149
  178
  210
  247
  286
  330
  377
  429
  485
  545
  610
  680
  756
  837
  923
  1,016
  1,115
  1,220
  1,333
Issuance/(repayment) of debt, $m
  105
  16
  18
  21
  24
  26
  29
  31
  34
  36
  39
  42
  45
  47
  50
  53
  57
  60
  63
  67
  71
  75
  79
  83
  87
  92
  97
  102
  107
  113
  119
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
  16
  18
  21
  24
  26
  29
  31
  34
  36
  39
  42
  45
  47
  50
  53
  57
  60
  63
  67
  71
  75
  79
  83
  87
  92
  97
  102
  107
  113
  119
Total cash flow (excl. dividends), $m
  2
  155
  48
  49
  53
  59
  69
  82
  98
  117
  139
  165
  193
  225
  261
  300
  343
  390
  441
  496
  555
  620
  689
  763
  843
  929
  1,020
  1,118
  1,222
  1,333
  1,452
Retained Cash Flow (-), $m
  -59
  -20
  -23
  -27
  -30
  -33
  -36
  -40
  -43
  -46
  -50
  -53
  -57
  -60
  -64
  -68
  -72
  -76
  -81
  -85
  -90
  -95
  -100
  -106
  -111
  -117
  -123
  -130
  -137
  -144
  -151
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
 
  136
  25
  22
  23
  26
  33
  43
  55
  71
  90
  112
  137
  165
  197
  232
  271
  313
  360
  411
  465
  525
  589
  658
  732
  811
  897
  988
  1,085
  1,189
  1,300
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
 
  130
  23
  19
  19
  20
  24
  29
  35
  41
  47
  53
  58
  63
  66
  68
  69
  68
  66
  63
  59
  54
  49
  43
  37
  32
  26
  21
  17
  13
  10
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 27.2
Price to Sales 1.1
Price to Book 2.2
Price to Tangible Book
Price to Cash Flow 6.9
Price to Free Cash Flow -9.5
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 2% whose default value is the revenue growth rate in the most recent quarter compared to the quarterly revenue a year ago; b) terminal revenue growth rate of 5% whose default value is chosen to be close to the average nominal (i.e. not adjusted for inflation) GDP growth rate; and c) revenue decline factor of 0.9, which stipulates that revenue growth rate in each forecasted year will be equal to the difference of the revenue growth rate in the preceding year and the terminal revenue growth rate multiplied by this revenue decline factor (with the passage of time the revenue growth rate will be approaching the terminal revenue growth rate, but not quite reaching it - though the difference could be infinitesimally small).
    At the revenue decline factor of 1, the future revenue growth rate is forecasted to be constant and equal to the initial revenue growth rate. The smaller the revenue decline factor, the faster the revenue growth rate will approach the terminal revenue growth.

Discount rate. The discount rate is used for determining the present value of future cash flows: future cash flows are "discounted" as at normal conditions (that translate into positive expected return on investment) one dollar today is worth more than the same dollar in the future. Unlike all other valuation models, we use variable discount rate, i.e. it increases for each consecutive year. This is done to account for higher risk of cash flows coming in further in the future.
    The initial discount rate of 4.3%, whose default value for 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 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 $2.1 billion.


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COMPANY NEWS

▶ 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]
▶ Werner Celebrates 500th Veteran Spouse Hire   [Sep-22-16 09:00AM  Business Wire]
▶ Werner Enterprises Named a 2016 Top 100 Trucker   [Sep-12-16 12:00PM  Business Wire]
▶ Werner Enterprises Team Wins Big at GATS   [Aug-31-16 05:00PM  Business Wire]
Stock chart of WERN Financial statements of WERN Annual reports 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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