Intrinsic value of XPO Logistics - XPO

Previous Close

$97.12

  Intrinsic Value

$43.83

stock screener

  Rating & Target

str. sell

-55%

Previous close

$97.12

 
Intrinsic value

$43.83

 
Up/down potential

-55%

 
Rating

str. 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

Initial revenue growth rate, %
Terminal revenue growth rate, %
Revenue decline factor
Initial discount rate, %
Discount rate multiplier
Shares outstanding, mln

 

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
  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
  4.94
  4.95
  4.95
  4.96
  4.96
  4.97
  4.97
  4.97
  4.98
  4.98
  4.98
  4.98
  4.98
  4.99
Revenue, $m
  14,619
  15,306
  16,030
  16,793
  17,596
  18,441
  19,330
  20,266
  21,250
  22,285
  23,373
  24,518
  25,720
  26,985
  28,313
  29,709
  31,177
  32,718
  34,338
  36,039
  37,826
  39,704
  41,676
  43,748
  45,923
  48,208
  50,608
  53,129
  55,776
  58,556
  61,476
Variable operating expenses, $m
 
  14,306
  14,962
  15,654
  16,381
  17,147
  17,954
  18,802
  19,694
  20,632
  21,618
  22,223
  23,313
  24,459
  25,663
  26,929
  28,259
  29,656
  31,124
  32,666
  34,286
  35,988
  37,776
  39,653
  41,625
  43,697
  45,872
  48,157
  50,556
  53,076
  55,722
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
  14,848
  15,518
  16,224
  16,965
  17,746
  18,567
  19,431
  20,339
  21,293
  22,295
  22,917
  24,024
  25,188
  26,410
  27,695
  29,044
  30,461
  31,949
  33,512
  35,153
  36,876
  38,687
  40,586
  42,582
  44,678
  46,877
  49,187
  51,612
  54,159
  56,832
Operating income, $m
  418
  458
  512
  569
  630
  695
  763
  835
  912
  992
  1,078
  1,601
  1,696
  1,796
  1,902
  2,014
  2,133
  2,257
  2,389
  2,527
  2,673
  2,827
  2,990
  3,161
  3,341
  3,531
  3,731
  3,942
  4,164
  4,398
  4,644
EBITDA, $m
  1,061
  1,224
  1,294
  1,368
  1,447
  1,530
  1,617
  1,710
  1,808
  1,911
  2,020
  2,135
  2,257
  2,385
  2,520
  2,662
  2,813
  2,971
  3,138
  3,313
  3,498
  3,693
  3,899
  4,115
  4,343
  4,583
  4,835
  5,101
  5,381
  5,675
  5,985
Interest expense (income), $m
  363
  336
  365
  396
  429
  463
  500
  538
  578
  620
  665
  711
  761
  812
  867
  924
  984
  1,047
  1,113
  1,182
  1,255
  1,332
  1,413
  1,498
  1,587
  1,680
  1,778
  1,881
  1,990
  2,103
  2,223
Earnings before tax, $m
  107
  122
  147
  173
  201
  231
  263
  297
  334
  372
  413
  889
  935
  984
  1,036
  1,091
  1,149
  1,211
  1,276
  1,345
  1,418
  1,495
  1,577
  1,663
  1,755
  1,851
  1,953
  2,061
  2,174
  2,295
  2,421
Tax expense, $m
  22
  33
  40
  47
  54
  62
  71
  80
  90
  100
  112
  240
  252
  266
  280
  295
  310
  327
  344
  363
  383
  404
  426
  449
  474
  500
  527
  556
  587
  620
  654
Net income, $m
  69
  89
  107
  127
  147
  169
  192
  217
  244
  272
  302
  649
  683
  718
  756
  796
  839
  884
  931
  982
  1,035
  1,091
  1,151
  1,214
  1,281
  1,351
  1,426
  1,504
  1,587
  1,675
  1,768

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
  11,856
  12,417
  13,007
  13,629
  14,284
  14,973
  15,698
  16,460
  17,262
  18,105
  18,991
  19,923
  20,902
  21,931
  23,013
  24,149
  25,343
  26,598
  27,916
  29,300
  30,754
  32,282
  33,887
  35,572
  37,342
  39,201
  41,153
  43,204
  45,357
  47,619
Adjusted assets (=assets-cash), $m
  11,325
  11,856
  12,417
  13,007
  13,629
  14,284
  14,973
  15,698
  16,460
  17,262
  18,105
  18,991
  19,923
  20,902
  21,931
  23,013
  24,149
  25,343
  26,598
  27,916
  29,300
  30,754
  32,282
  33,887
  35,572
  37,342
  39,201
  41,153
  43,204
  45,357
  47,619
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
  4,607
  4,825
  5,055
  5,296
  5,551
  5,818
  6,100
  6,396
  6,708
  7,035
  7,380
  7,742
  8,122
  8,522
  8,943
  9,384
  9,848
  10,336
  10,848
  11,386
  11,951
  12,544
  13,168
  13,823
  14,511
  15,233
  15,992
  16,789
  17,625
  18,504
Working capital, $m
  342
  122
  128
  134
  141
  148
  155
  162
  170
  178
  187
  196
  206
  216
  227
  238
  249
  262
  275
  288
  303
  318
  333
  350
  367
  386
  405
  425
  446
  468
  492
Total debt, $m
  4,879
  5,141
  5,579
  6,040
  6,526
  7,037
  7,575
  8,141
  8,736
  9,362
  10,021
  10,713
  11,441
  12,206
  13,009
  13,854
  14,741
  15,674
  16,654
  17,683
  18,764
  19,900
  21,093
  22,346
  23,663
  25,045
  26,497
  28,022
  29,623
  31,305
  33,071
Total liabilities, $m
  8,998
  9,260
  9,698
  10,159
  10,645
  11,156
  11,694
  12,260
  12,855
  13,481
  14,140
  14,832
  15,560
  16,325
  17,128
  17,973
  18,860
  19,793
  20,773
  21,802
  22,883
  24,019
  25,212
  26,465
  27,782
  29,164
  30,616
  32,141
  33,742
  35,424
  37,190
Total equity, $m
  2,700
  2,596
  2,719
  2,849
  2,985
  3,128
  3,279
  3,438
  3,605
  3,780
  3,965
  4,159
  4,363
  4,578
  4,803
  5,040
  5,289
  5,550
  5,825
  6,114
  6,417
  6,735
  7,070
  7,421
  7,790
  8,178
  8,585
  9,013
  9,462
  9,933
  10,429
Total liabilities and equity, $m
  11,698
  11,856
  12,417
  13,008
  13,630
  14,284
  14,973
  15,698
  16,460
  17,261
  18,105
  18,991
  19,923
  20,903
  21,931
  23,013
  24,149
  25,343
  26,598
  27,916
  29,300
  30,754
  32,282
  33,886
  35,572
  37,342
  39,201
  41,154
  43,204
  45,357
  47,619
Debt-to-equity ratio
  1.807
  1.980
  2.050
  2.120
  2.190
  2.250
  2.310
  2.370
  2.420
  2.480
  2.530
  2.580
  2.620
  2.670
  2.710
  2.750
  2.790
  2.820
  2.860
  2.890
  2.920
  2.950
  2.980
  3.010
  3.040
  3.060
  3.090
  3.110
  3.130
  3.150
  3.170
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
  89
  107
  127
  147
  169
  192
  217
  244
  272
  302
  649
  683
  718
  756
  796
  839
  884
  931
  982
  1,035
  1,091
  1,151
  1,214
  1,281
  1,351
  1,426
  1,504
  1,587
  1,675
  1,768
Depreciation, amort., depletion, $m
  643
  766
  782
  799
  816
  835
  854
  875
  896
  919
  942
  535
  561
  589
  618
  648
  680
  714
  749
  786
  825
  866
  909
  954
  1,002
  1,052
  1,104
  1,159
  1,217
  1,277
  1,341
Funds from operations, $m
  434
  855
  889
  925
  963
  1,004
  1,047
  1,092
  1,140
  1,190
  1,244
  1,184
  1,244
  1,307
  1,374
  1,444
  1,519
  1,597
  1,680
  1,768
  1,860
  1,957
  2,060
  2,168
  2,283
  2,403
  2,530
  2,663
  2,804
  2,952
  3,108
Change in working capital, $m
  -191
  5
  6
  6
  6
  7
  7
  7
  8
  8
  9
  9
  10
  10
  11
  11
  12
  12
  13
  14
  14
  15
  16
  17
  17
  18
  19
  20
  21
  22
  23
Cash from operations, $m
  625
  850
  884
  919
  957
  997
  1,039
  1,084
  1,132
  1,182
  1,235
  1,175
  1,234
  1,297
  1,363
  1,433
  1,507
  1,585
  1,667
  1,754
  1,846
  1,942
  2,044
  2,152
  2,265
  2,385
  2,510
  2,643
  2,783
  2,930
  3,085
Maintenance CAPEX, $m
  0
  -319
  -334
  -350
  -366
  -384
  -402
  -422
  -442
  -463
  -486
  -510
  -535
  -561
  -589
  -618
  -648
  -680
  -714
  -749
  -786
  -825
  -866
  -909
  -954
  -1,002
  -1,052
  -1,104
  -1,159
  -1,217
  -1,277
New CAPEX, $m
  -483
  -206
  -218
  -230
  -242
  -254
  -268
  -282
  -296
  -312
  -328
  -344
  -362
  -381
  -400
  -420
  -442
  -464
  -487
  -512
  -538
  -565
  -594
  -624
  -655
  -688
  -722
  -759
  -797
  -837
  -879
Cash from investing activities, $m
  142
  -525
  -552
  -580
  -608
  -638
  -670
  -704
  -738
  -775
  -814
  -854
  -897
  -942
  -989
  -1,038
  -1,090
  -1,144
  -1,201
  -1,261
  -1,324
  -1,390
  -1,460
  -1,533
  -1,609
  -1,690
  -1,774
  -1,863
  -1,956
  -2,054
  -2,156
Free cash flow, $m
  767
  325
  332
  340
  349
  359
  369
  381
  394
  407
  422
  320
  337
  355
  375
  395
  417
  441
  466
  493
  522
  552
  585
  619
  656
  695
  736
  780
  827
  877
  929
Issuance/(repayment) of debt, $m
  -649
  410
  438
  461
  486
  511
  538
  566
  595
  626
  658
  692
  728
  765
  804
  845
  888
  933
  980
  1,029
  1,081
  1,136
  1,193
  1,253
  1,316
  1,382
  1,452
  1,525
  1,601
  1,682
  1,766
Issuance/(repurchase) of shares, $m
  0
  33
  16
  3
  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
  443
  454
  464
  486
  511
  538
  566
  595
  626
  658
  692
  728
  765
  804
  845
  888
  933
  980
  1,029
  1,081
  1,136
  1,193
  1,253
  1,316
  1,382
  1,452
  1,525
  1,601
  1,682
  1,766
Total cash flow (excl. dividends), $m
  89
  767
  785
  804
  835
  870
  908
  947
  989
  1,033
  1,080
  1,013
  1,065
  1,120
  1,178
  1,240
  1,305
  1,374
  1,446
  1,522
  1,603
  1,688
  1,778
  1,872
  1,972
  2,077
  2,188
  2,305
  2,429
  2,558
  2,695
Retained Cash Flow (-), $m
  17
  -121
  -123
  -129
  -136
  -143
  -151
  -159
  -167
  -176
  -185
  -194
  -204
  -214
  -225
  -237
  -249
  -261
  -275
  -289
  -303
  -318
  -335
  -351
  -369
  -388
  -407
  -428
  -449
  -472
  -495
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
 
  870
  663
  675
  699
  727
  757
  788
  822
  858
  895
  819
  861
  906
  953
  1,003
  1,056
  1,112
  1,171
  1,234
  1,300
  1,370
  1,443
  1,521
  1,603
  1,690
  1,781
  1,878
  1,980
  2,087
  2,200
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
 
  799
  553
  508
  470
  432
  394
  355
  317
  279
  242
  182
  154
  129
  106
  86
  68
  53
  40
  30
  22
  15
  11
  7
  5
  3
  2
  1
  1
  0
  0
Current shareholders' claim on cash, %
  100
  99.7
  99.6
  99.5
  99.5
  99.5
  99.5
  99.5
  99.5
  99.5
  99.5
  99.5
  99.5
  99.5
  99.5
  99.5
  99.5
  99.5
  99.5
  99.5
  99.5
  99.5
  99.5
  99.5
  99.5
  99.5
  99.5
  99.5
  99.5
  99.5
  99.5

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 156.4
Price to Sales 0.7
Price to Book 4
Price to Tangible Book
Price to Cash Flow 17.3
Price to Free Cash Flow 76
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 4.7% 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 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 119.555 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 $11.6 billion.

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COMPANY NEWS

▶ 3 Growth Stocks to Buy and Hold for 25 Years   [Jan-17-18 08:11AM  Motley Fool]
▶ The day's big movers in the trader blitz   [Jan-11-18 01:24PM  CNBC Videos]
▶ Why XPO Logistics Stock Rose in 2017   [07:46AM  Market Realist]
▶ Report: Home Depot, Amazon may go head-to-head over shipping giant   [Dec-28-17 02:30PM  American City Business Journals]
▶ Ain't Gonna Happen? Why Home Depot Won't Buy XPO   [Dec-27-17 03:40PM  Barrons.com]
▶ How Much Upside Is Left in Home Depot Stock?   [09:35AM  Market Realist]
▶ Will Home Depot Acquire XPO Logistics?   [08:03AM  Market Realist]
▶ Here's Why Home Depot Might Be Looking to Buy XPO Logistics   [Dec-22-17 06:00PM  TheStreet.com]
▶ Why XPO Logistics Inc. Stock Surged Today   [05:14PM  Motley Fool]
▶ A Look at FedExs Revenues in Fiscal 2Q18   [10:35AM  Market Realist]
▶ XPO Logistics E-commerce Volume Spikes 24% in U.S.   [Dec-21-17 08:31AM  GlobeNewswire]
▶ These 3 Shipping Stocks Could Deliver Happy Returns in 2018   [Dec-20-17 12:14PM  TheStreet.com]
▶ How FedEx Is Valued among Peers before Fiscal 2Q18 Earnings   [Dec-18-17 09:01AM  Market Realist]
▶ FedEx Analysts: Why Theyre Recommending a Buy   [07:31AM  Market Realist]
▶ XPO Logistics Supports Elves & More this Holiday Season   [Dec-12-17 08:31AM  GlobeNewswire]
▶ XPO Logistics Ranked Among Best Places to Work in Italy   [Dec-01-17 08:31AM  GlobeNewswire]
▶ Oppenheimer's Top Stock Picks For December   [Nov-30-17 10:17AM  Benzinga]
▶ Deals Fuel XPO Logistics Into the Fast Lane   [Nov-20-17 07:30AM  Bloomberg]
▶ Why a Majority of Analysts Recommend a Buy for XPO Logistics   [Nov-10-17 10:31AM  Market Realist]
▶ XPO Logistics: Why Transportation Revenues Grew in 3Q17   [Nov-09-17 10:32AM  Market Realist]
▶ Top 15 Biggest Logistics Companies In The World in 2017   [Nov-06-17 09:45AM  Insider Monkey]
▶ XPO Logistics Gets Benefits From E-Commerce   [Nov-03-17 09:54AM  Motley Fool]
▶ XPO tops Street 3Q forecasts   [Nov-01-17 06:02PM  Associated Press]
▶ XPO Logistics Flies to New Price Targets and Higher Stops   [Oct-30-17 10:20AM  TheStreet.com]
▶ 3 Stocks That Could Soar More Than Salesforce   [Oct-25-17 01:57PM  Motley Fool]
▶ XPO Logistics to hire 6,000-plus seasonal workers   [Oct-23-17 12:58PM  MarketWatch]
▶ 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]
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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