Intrinsic value of XPO Logistics - XPO

Previous Close

$67.61

  Intrinsic Value

$36.26

stock screener

  Rating & Target

sell

-46%

Previous close

$67.61

 
Intrinsic value

$36.26

 
Up/down potential

-46%

 
Rating

sell

We calculate the intrinsic value of XPO 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 8.0

 

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, %
  91.77
  2.10
  2.39
  2.65
  2.89
  3.10
  3.29
  3.46
  3.61
  3.75
  3.88
  3.99
  4.09
  4.18
  4.26
  4.34
  4.40
  4.46
  4.52
  4.56
  4.61
  4.65
  4.68
  4.71
  4.74
  4.77
  4.79
  4.81
  4.83
  4.85
  4.86
Revenue, $m
  14,619
  14,926
  15,283
  15,688
  16,141
  16,641
  17,188
  17,782
  18,425
  19,116
  19,857
  20,649
  21,493
  22,392
  23,347
  24,359
  25,431
  26,566
  27,766
  29,034
  30,372
  31,783
  33,271
  34,840
  36,492
  38,233
  40,065
  41,993
  44,022
  46,156
  48,401
Variable operating expenses, $m
 
  13,962
  14,285
  14,652
  15,063
  15,516
  16,012
  16,550
  17,133
  17,759
  18,431
  18,716
  19,482
  20,296
  21,162
  22,079
  23,051
  24,080
  25,168
  26,316
  27,529
  28,809
  30,158
  31,579
  33,077
  34,654
  36,315
  38,063
  39,902
  41,836
  43,871
Fixed operating expenses, $m
 
  542
  556
  570
  584
  599
  613
  629
  645
  661
  677
  694
  711
  729
  747
  766
  785
  805
  825
  846
  867
  888
  911
  933
  957
  981
  1,005
  1,030
  1,056
  1,083
  1,110
Total operating expenses, $m
  14,201
  14,504
  14,841
  15,222
  15,647
  16,115
  16,625
  17,179
  17,778
  18,420
  19,108
  19,410
  20,193
  21,025
  21,909
  22,845
  23,836
  24,885
  25,993
  27,162
  28,396
  29,697
  31,069
  32,512
  34,034
  35,635
  37,320
  39,093
  40,958
  42,919
  44,981
Operating income, $m
  418
  422
  442
  466
  494
  526
  563
  603
  647
  696
  749
  1,238
  1,300
  1,366
  1,438
  1,514
  1,595
  1,681
  1,774
  1,872
  1,976
  2,086
  2,203
  2,327
  2,459
  2,598
  2,744
  2,900
  3,064
  3,237
  3,420
EBITDA, $m
  1,061
  1,180
  1,208
  1,241
  1,279
  1,322
  1,370
  1,423
  1,482
  1,545
  1,614
  1,689
  1,769
  1,855
  1,947
  2,045
  2,150
  2,261
  2,379
  2,505
  2,638
  2,779
  2,929
  3,087
  3,255
  3,431
  3,618
  3,816
  4,024
  4,244
  4,476
Interest expense (income), $m
  363
  336
  349
  364
  381
  401
  422
  446
  471
  499
  529
  560
  594
  631
  669
  710
  754
  800
  849
  900
  955
  1,012
  1,073
  1,137
  1,204
  1,275
  1,350
  1,428
  1,511
  1,598
  1,690
Earnings before tax, $m
  107
  86
  93
  102
  113
  125
  140
  157
  176
  197
  220
  678
  706
  736
  768
  803
  841
  882
  925
  971
  1,021
  1,074
  1,131
  1,191
  1,255
  1,323
  1,395
  1,471
  1,553
  1,639
  1,730
Tax expense, $m
  22
  23
  25
  28
  30
  34
  38
  42
  47
  53
  59
  183
  191
  199
  207
  217
  227
  238
  250
  262
  276
  290
  305
  321
  339
  357
  377
  397
  419
  443
  467
Net income, $m
  69
  63
  68
  74
  82
  92
  102
  115
  128
  144
  161
  495
  515
  537
  561
  586
  614
  644
  675
  709
  745
  784
  825
  869
  916
  965
  1,018
  1,074
  1,133
  1,196
  1,263

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  373
  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
  11,698
  11,562
  11,838
  12,152
  12,502
  12,890
  13,313
  13,774
  14,272
  14,807
  15,381
  15,994
  16,649
  17,345
  18,084
  18,868
  19,699
  20,578
  21,508
  22,489
  23,526
  24,619
  25,772
  26,987
  28,267
  29,615
  31,034
  32,527
  34,099
  35,752
  37,491
Adjusted assets (=assets-cash), $m
  11,325
  11,562
  11,838
  12,152
  12,502
  12,890
  13,313
  13,774
  14,272
  14,807
  15,381
  15,994
  16,649
  17,345
  18,084
  18,868
  19,699
  20,578
  21,508
  22,489
  23,526
  24,619
  25,772
  26,987
  28,267
  29,615
  31,034
  32,527
  34,099
  35,752
  37,491
Revenue / Adjusted assets
  1.291
  1.291
  1.291
  1.291
  1.291
  1.291
  1.291
  1.291
  1.291
  1.291
  1.291
  1.291
  1.291
  1.291
  1.291
  1.291
  1.291
  1.291
  1.291
  1.291
  1.291
  1.291
  1.291
  1.291
  1.291
  1.291
  1.291
  1.291
  1.291
  1.291
  1.291
Average production assets, $m
  4,401
  4,493
  4,600
  4,722
  4,858
  5,009
  5,173
  5,352
  5,546
  5,754
  5,977
  6,215
  6,470
  6,740
  7,027
  7,332
  7,655
  7,996
  8,358
  8,739
  9,142
  9,567
  10,015
  10,487
  10,984
  11,508
  12,059
  12,640
  13,251
  13,893
  14,569
Working capital, $m
  342
  119
  122
  126
  129
  133
  138
  142
  147
  153
  159
  165
  172
  179
  187
  195
  203
  213
  222
  232
  243
  254
  266
  279
  292
  306
  321
  336
  352
  369
  387
Total debt, $m
  4,879
  4,911
  5,126
  5,371
  5,645
  5,948
  6,279
  6,638
  7,027
  7,445
  7,894
  8,373
  8,884
  9,427
  10,005
  10,617
  11,266
  11,953
  12,678
  13,445
  14,255
  15,108
  16,009
  16,958
  17,957
  19,010
  20,118
  21,285
  22,512
  23,803
  25,161
Total liabilities, $m
  8,998
  9,030
  9,245
  9,490
  9,764
  10,067
  10,398
  10,757
  11,146
  11,564
  12,013
  12,492
  13,003
  13,546
  14,124
  14,736
  15,385
  16,072
  16,797
  17,564
  18,374
  19,227
  20,128
  21,077
  22,076
  23,129
  24,237
  25,404
  26,631
  27,922
  29,280
Total equity, $m
  2,700
  2,532
  2,593
  2,661
  2,738
  2,823
  2,916
  3,016
  3,125
  3,243
  3,368
  3,503
  3,646
  3,798
  3,960
  4,132
  4,314
  4,507
  4,710
  4,925
  5,152
  5,392
  5,644
  5,910
  6,190
  6,486
  6,796
  7,123
  7,468
  7,830
  8,210
Total liabilities and equity, $m
  11,698
  11,562
  11,838
  12,151
  12,502
  12,890
  13,314
  13,773
  14,271
  14,807
  15,381
  15,995
  16,649
  17,344
  18,084
  18,868
  19,699
  20,579
  21,507
  22,489
  23,526
  24,619
  25,772
  26,987
  28,266
  29,615
  31,033
  32,527
  34,099
  35,752
  37,490
Debt-to-equity ratio
  1.807
  1.940
  1.980
  2.020
  2.060
  2.110
  2.150
  2.200
  2.250
  2.300
  2.340
  2.390
  2.440
  2.480
  2.530
  2.570
  2.610
  2.650
  2.690
  2.730
  2.770
  2.800
  2.840
  2.870
  2.900
  2.930
  2.960
  2.990
  3.010
  3.040
  3.060
Adjusted equity ratio
  0.206
  0.219
  0.219
  0.219
  0.219
  0.219
  0.219
  0.219
  0.219
  0.219
  0.219
  0.219
  0.219
  0.219
  0.219
  0.219
  0.219
  0.219
  0.219
  0.219
  0.219
  0.219
  0.219
  0.219
  0.219
  0.219
  0.219
  0.219
  0.219
  0.219
  0.219

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  69
  63
  68
  74
  82
  92
  102
  115
  128
  144
  161
  495
  515
  537
  561
  586
  614
  644
  675
  709
  745
  784
  825
  869
  916
  965
  1,018
  1,074
  1,133
  1,196
  1,263
Depreciation, amort., depletion, $m
  643
  758
  766
  775
  785
  796
  807
  820
  834
  850
  866
  450
  469
  488
  509
  531
  555
  579
  606
  633
  662
  693
  726
  760
  796
  834
  874
  916
  960
  1,007
  1,056
Funds from operations, $m
  434
  821
  834
  849
  867
  887
  910
  935
  963
  993
  1,026
  945
  984
  1,025
  1,070
  1,118
  1,169
  1,223
  1,281
  1,342
  1,408
  1,477
  1,551
  1,629
  1,712
  1,799
  1,892
  1,990
  2,094
  2,203
  2,319
Change in working capital, $m
  -191
  2
  3
  3
  4
  4
  4
  5
  5
  6
  6
  6
  7
  7
  8
  8
  9
  9
  10
  10
  11
  11
  12
  13
  13
  14
  15
  15
  16
  17
  18
Cash from operations, $m
  625
  819
  831
  846
  863
  883
  905
  930
  958
  988
  1,020
  939
  977
  1,018
  1,062
  1,110
  1,160
  1,214
  1,271
  1,332
  1,397
  1,466
  1,539
  1,617
  1,699
  1,785
  1,877
  1,975
  2,077
  2,186
  2,301
Maintenance CAPEX, $m
  0
  -319
  -326
  -333
  -342
  -352
  -363
  -375
  -388
  -402
  -417
  -433
  -450
  -469
  -488
  -509
  -531
  -555
  -579
  -606
  -633
  -662
  -693
  -726
  -760
  -796
  -834
  -874
  -916
  -960
  -1,007
New CAPEX, $m
  -483
  -92
  -107
  -122
  -136
  -150
  -165
  -179
  -193
  -208
  -223
  -238
  -254
  -270
  -287
  -305
  -323
  -342
  -361
  -382
  -403
  -425
  -448
  -472
  -497
  -524
  -551
  -580
  -611
  -642
  -676
Cash from investing activities, $m
  142
  -411
  -433
  -455
  -478
  -502
  -528
  -554
  -581
  -610
  -640
  -671
  -704
  -739
  -775
  -814
  -854
  -897
  -940
  -988
  -1,036
  -1,087
  -1,141
  -1,198
  -1,257
  -1,320
  -1,385
  -1,454
  -1,527
  -1,602
  -1,683
Free cash flow, $m
  767
  408
  398
  391
  385
  381
  378
  377
  377
  378
  380
  267
  273
  279
  287
  296
  306
  318
  331
  345
  361
  379
  398
  419
  441
  466
  492
  520
  551
  583
  618
Issuance/(repayment) of debt, $m
  -649
  180
  216
  245
  274
  302
  331
  360
  389
  418
  448
  479
  511
  544
  577
  612
  649
  687
  726
  767
  809
  854
  900
  949
  1,000
  1,053
  1,108
  1,166
  1,227
  1,291
  1,358
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  
  -676
  180
  216
  245
  274
  302
  331
  360
  389
  418
  448
  479
  511
  544
  577
  612
  649
  687
  726
  767
  809
  854
  900
  949
  1,000
  1,053
  1,108
  1,166
  1,227
  1,291
  1,358
Total cash flow (excl. dividends), $m
  89
  588
  614
  636
  659
  683
  709
  736
  765
  796
  829
  747
  784
  823
  864
  908
  955
  1,004
  1,057
  1,112
  1,171
  1,233
  1,298
  1,368
  1,441
  1,518
  1,600
  1,687
  1,778
  1,875
  1,976
Retained Cash Flow (-), $m
  17
  -57
  -61
  -69
  -77
  -85
  -93
  -101
  -109
  -117
  -126
  -134
  -143
  -152
  -162
  -172
  -182
  -193
  -204
  -215
  -227
  -239
  -252
  -266
  -280
  -295
  -311
  -327
  -344
  -362
  -381
Prev. year cash balance distribution, $m
 
  225
  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
 
  756
  554
  567
  582
  598
  616
  635
  656
  679
  703
  612
  640
  670
  702
  736
  773
  812
  853
  897
  944
  993
  1,046
  1,102
  1,161
  1,223
  1,290
  1,360
  1,434
  1,513
  1,596
Discount rate, %
 
  9.00
  9.45
  9.92
  10.42
  10.94
  11.49
  12.06
  12.66
  13.30
  13.96
  14.66
  15.39
  16.16
  16.97
  17.82
  18.71
  19.65
  20.63
  21.66
  22.74
  23.88
  25.07
  26.33
  27.64
  29.03
  30.48
  32.00
  33.60
  35.28
  37.05
PV of cash for distribution, $m
 
  693
  462
  427
  391
  356
  321
  286
  253
  221
  190
  136
  115
  96
  78
  63
  50
  38
  29
  22
  16
  11
  8
  5
  3
  2
  1
  1
  0
  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

XPO Logistics, Inc. is a global provider of supply chain solutions. The Company operates in two segments: Transportation and Logistics. The Transportation segment provides freight brokerage, last mile, less-than-truckload (LTL), full truckload and global forwarding services. The Logistics segment provides a range of contract logistics services, including highly engineered and customized solutions, value-added warehousing and distribution, cold chain solutions and other inventory solutions. Its freight brokerage operations encompass truck brokerage globally, as well as intermodal, drayage and expedite services in North America. In Logistics segment, it provides warehousing and distribution solutions, such as factory support, aftermarket support, integrated manufacturing, packaging, labeling and transportation. As of December 31, 2016, the Company had more than 10,000 independent owner operators under contract to provide drayage, expedite, last mile and LTL services to its customers.

FINANCIAL RATIOS  of  XPO Logistics (XPO)

Valuation Ratios
P/E Ratio 108.9
Price to Sales 0.5
Price to Book 2.8
Price to Tangible Book
Price to Cash Flow 12
Price to Free Cash Flow 52.9
Growth Rates
Sales Growth Rate 91.8%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate 86.5%
Cap. Spend. - 3 Yr. Gr. Rate 109.4%
Financial Strength
Quick Ratio 3
Current Ratio 0.1
LT Debt to Equity 175.2%
Total Debt to Equity 180.7%
Interest Coverage 1
Management Effectiveness
Return On Assets 2.9%
Ret/ On Assets - 3 Yr. Avg. -0.3%
Return On Total Capital 0.9%
Ret/ On T. Cap. - 3 Yr. Avg. -2.4%
Return On Equity 2.5%
Return On Equity - 3 Yr. Avg. -4.1%
Asset Turnover 1.2
Profitability Ratios
Gross Margin 46.1%
Gross Margin - 3 Yr. Avg. 39.7%
EBITDA Margin 7.6%
EBITDA Margin - 3 Yr. Avg. 4%
Operating Margin 2.9%
Oper. Margin - 3 Yr. Avg. 0.2%
Pre-Tax Margin 0.7%
Pre-Tax Margin - 3 Yr. Avg. -2.3%
Net Profit Margin 0.5%
Net Profit Margin - 3 Yr. Avg. -1.6%
Effective Tax Rate 20.6%
Eff/ Tax Rate - 3 Yr. Avg. 27.2%
Payout Ratio 7.2%

XPO stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the XPO stock intrinsic value calculation we used $14619 million for the last fiscal year's total revenue generated by XPO Logistics. The default revenue input number comes from 2016 income statement of XPO Logistics. 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 XPO stock valuation model: a) initial revenue growth rate of 2.1% 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 9%, whose default value for XPO is calculated based on our internal credit rating of XPO Logistics, 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 XPO Logistics.
    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 XPO stock the variable cost ratio is equal to 93.6%.

Fixed operating expenses is just that - expenses that are not dependant on the volume of production. They are set to $529 million in the base year in the intrinsic value calculation for XPO 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 7.1% for XPO Logistics.

Corporate tax rate of 27% is the nominal tax rate for XPO Logistics. 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 XPO 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 XPO are equal to 30.1%.

Life of production assets of 13.8 years is the average useful life of capital assets used in XPO Logistics 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 XPO is equal to 0.8%. 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 - $2700 million for XPO Logistics - 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 117.882 million for XPO Logistics 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 XPO Logistics at the current share price and the inputted number of shares is $8.0 billion.

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COMPANY NEWS

▶ 29 Top Stock Ideas For October And Beyond   [Oct-16-17 03:29PM  Benzinga]
▶ Opening Bell, October 11, 2017   [Oct-11-17 09:30AM  CNBC Videos]
▶ XPO Logistics Keeps on Trucking   [Sep-29-17 11:30AM  TheStreet.com]
▶ How FedExs Valuation Stacks up to Peers after Fiscal 1Q18   [Sep-26-17 09:07AM  Market Realist]
▶ XPO Logistics Names AnnaMaria DeSalva to Board of Directors   [Sep-20-17 04:16PM  GlobeNewswire]
▶ XPO Logistics: Cramer's Top Takeaways   [06:32AM  TheStreet.com]
▶ XPO Logistics Scores Relative Strength Rating Upgrade   [Sep-11-17 03:00AM  Investor's Business Daily]
▶ Oppenheimer Presents New Menu Of Top Picks   [Sep-01-17 11:59AM  Benzinga]
▶ XPO Logistics Looks Set For New Highs   [Aug-31-17 10:20AM  TheStreet.com]
▶ Stocks Flashing Renewed Technical Strength: XPO Logistics   [03:00AM  Investor's Business Daily]
▶ Overstock.com Considers Adding 2-Day Delivery   [Aug-17-17 12:47PM  InvestorPlace]
▶ How EXPDs Custom Brokerage Segment Performed in 2Q17   [Aug-16-17 09:07AM  Market Realist]
▶ How Fools Stack Up Picking the Long-Term Market Winners   [Aug-12-17 03:55PM  Motley Fool]
▶ Why Analysts Are Recommending a Buy for XPO Logistics   [Aug-10-17 10:37AM  Market Realist]
▶ XPO Logistics: Why Transportation Revenues Declined in 2Q17   [Aug-09-17 06:06PM  Market Realist]
▶ XPO Logistics 2Q17 Earnings Missed Estimate   [02:36PM  Market Realist]
▶ What Led to YRC Worldwides Revenue Growth in 2Q17?   [Aug-08-17 05:35PM  Market Realist]
▶ Last-Mile Lifts XPO Logistics to a New Level   [Aug-03-17 10:03AM  Motley Fool]
▶ Today's Top Supply Chain and Logistics News From WSJ   [07:43AM  The Wall Street Journal]
▶ XPO Logistics May Spend Up to $8 Billion on Acquisitions   [Aug-02-17 06:48PM  The Wall Street Journal]
▶ 2 Ways to Play E-Commerce That Are Better Than Amazon   [Jul-13-17 07:06PM  Motley Fool]
▶ What It Took For People to Believe in This CEOs Vision   [Jul-05-17 04:32PM  Fortune Videos]
▶ ETFs with exposure to XPO Logistics, Inc. : July 3, 2017   [Jul-03-17 04:03PM  Capital Cube]
▶ Options say this steel stock is set to shine   [Jun-28-17 01:43PM  CNBC Videos]
▶ 3 Top Freight and Logistics Stocks to Buy in 2017   [Jun-27-17 12:51PM  Motley Fool]
▶ ETFs with exposure to XPO Logistics, Inc. : June 22, 2017   [Jun-22-17 04:41PM  Capital Cube]
▶ 2 Top Transportation Stocks to Buy in 2017   [Jun-20-17 09:32AM  Motley Fool]
▶ [$$] XPO Logistics Looking at Merger Targets Again   [12:00AM  The Wall Street Journal]
▶ [$$] XPO Logistics Looking at Merger Targets Again   [Jun-16-17 12:28PM  The Wall Street Journal]
Financial statements of XPO
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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